100Baggers

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THE 100-BAGGERS OF THE LAST 50 YEARS 73 For the next few chapters, though, I’d like to explore further the qualities you’ll want to look for in these big winners.
CHAPTER 6: THE KEY TO 100-BAGGERS If a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price, you’ll end up with a fine result. — Charlie Munger Jason Donville at Donville Kent Asset Management poses an interesting hypothetical. He says, imagine you invested in a fund 15 years ago whose fund manager delivered the returns shown in the nearby table, “Stellar returns.” At first you might think you’ve found the next Bernie Madoff, who also delivered incredibly steady returns for a long time—by making them up. But this isn’t Madoff. This is real. This manager really exists. His name is Gerry Solloway. And he is the CEO of a Canadian consumer-finance company called Home Capital Group (HCG). These returns, though, are not returns on a fund. What the table on the next page shows you is the return on equity for Home Capital in each of the 15 years from 1998 through 2012. ROE is a measure of what return a business generates on the equity invested in the business. Say you invested $100 to start your own shoeshine business. You earn $25 in your first year. Your ROE would be 25 percent. “Over time,” Donville wrote, “the return of a stock and its ROE tend to coincide quite nicely.” If you had invested in Home Capital on January 1, 1998, you’d have paid $1.63 per share. In January of 2014, it was
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100 BAGGERS STOCKS THAT RETURN 100-
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In memory of Thomas W. Phelps, auth
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CONTENTS Chapter 1: Introducing 100
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2 100-BAGGERS You should read this
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4 100-BAGGERS year by year—that m
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6 100-BAGGERS of compounding, to fo
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8 100-BAGGERS some new insights, si
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10 100-BAGGERS These principles I w
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12 100-BAGGERS I have had my share
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14 100-BAGGERS fears. The list of r
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16 100-BAGGERS The idea is simple:
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18 100-BAGGERS Here’s Kerber: The
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20 100-BAGGERS (Lowenstein is also
Page 28 and 29: 22 100-BAGGERS only when you are in
Page 30 and 31: 24 100-BAGGERS earned around $21 mi
Page 32 and 33: 26 100-BAGGERS But Biggs was someth
Page 34 and 35: 28 100-BAGGERS unlikely, given all
Page 36 and 37: 30 100-BAGGERS It seems to me a bet
Page 38 and 39: 32 100-BAGGERS He looked at 19 such
Page 40 and 41: 34 100-BAGGERS MTY’s path to cove
Page 42 and 43: 36 100-BAGGERS Years it takes for 1
Page 44 and 45: 38 100-BAGGERS Martelli’s study,
Page 46 and 47: 40 100-BAGGERS Another trap is that
Page 48 and 49: CHAPTER 5: THE 100-BAGGERS OF THE L
Page 50 and 51: THE 100-BAGGERS OF THE LAST 50 YEAR
Page 80 and 81: 76 100-BAGGERS about $80 per share.
Page 82 and 83: 78 100-BAGGERS “That’s exactly
Page 84 and 85: 80 100-BAGGERS But he has no intere
Page 86 and 87: CHAPTER 7: OWNER-OPERATORS: SKIN IN
Page 88 and 89: OWNER-OPERATORS: SKIN IN THE GAME 8
Page 96 and 97: CHAPTER 8: THE OUTSIDERS: THE BEST
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Page 100 and 101: THE OUTSIDERS: THE BEST CEOS 97 bou
Page 102 and 103: THE OUTSIDERS: THE BEST CEOS 99 •
Page 104 and 105: THE OUTSIDERS: THE BEST CEOS 101 Le
Page 106 and 107: 104 100-BAGGERS “The amount of le
Page 108 and 109: 106 100-BAGGERS The Berkshire Hatha
Page 110 and 111: 108 100-BAGGERS Next was Canadian f
Page 112 and 113: CHAPTER 10: KELLY’S HEROES: BET B
Page 114 and 115: KELLY’S HEROES: BET BIG 113 The f
Page 116 and 117: CHAPTER 11: STOCK BUYBACKS: ACCELER
Page 118 and 119: STOCK BUYBACKS: ACCELERATE RETURNS
Page 120 and 121: STOCK BUYBACKS: ACCELERATE RETURNS
Page 122 and 123: 122 100-BAGGERS houses, items that
Page 124 and 125: 124 100-BAGGERS has no moat. See wh
Page 126 and 127: 126 100-BAGGERS The beverage indust
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128 100-BAGGERS gross margin. “Am
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130 100-BAGGERS It seems to me a bo
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132 100-BAGGERS The problem with th
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134 100-BAGGERS “Boredom”—as
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136 100-BAGGERS The same kind of ar
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138 100-BAGGERS How can you deal wi
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140 100-BAGGERS Market-Research Fir
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142 100-BAGGERS Many investors watc
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144 100-BAGGERS Note how the consen
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146 100-BAGGERS The results showed
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148 100-BAGGERS ideas often come fr
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150 100-BAGGERS A similar compariso
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152 100-BAGGERS this investment is
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CHAPTER 14: IN CASE OF THE NEXT GRE
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IN CASE OF THE NEXT GREAT DEPRESSIO
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CHAPTER 15: 100-BAGGERS DISTILLED:
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100-BAGGERS DISTILLED: ESSENTIAL PR
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APPENDIX THE 100-BAGGERS (1962-2014
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APPENDIX: THE 100-BAGGERS (1962-201
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100Baggers

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