Alistair Cowley is a value investor who runs a website: growthwithvalue.com and podcast by the same name (https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8xZjJjYzQ5MC9wb2RjYXN0L3Jzcw?sa=X&ved=0CAMQ4aUDahcKEwjwy9yy_azvAhUAAAAAHQAAAAAQAg&hl=en-QA). His heroes include Warren Buffett and Tony Hansen:
…particularly with regard to having skin in the game and only taking a performance fee. As an aspiring fund manager, Alistair has written an owner’s manual for his portfolio (https://growthwithvalue.com/wp-content/uploads/2020/11/Owners-Manual-1.pdf).
An example of his analysis skills is this report on Flight Centre: https://growthwithvalue.com/wp-content/uploads/2020/12/Flight-Centre-Company-Analysis.pdf. As shown in this report, he uses a checklist. This has been distilled from a number of books by expert investors, such as found in:
- The book Financial Shenanigans (https://www.amazon.com/Financial-Shenanigans-Accounting-Gimmicks-Reports/dp/0071703071), and the
- Credit Suisse whitepaper Measuring the Moat (https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=em&document_id=1066439791&serialid=RojFyPPuyB52GjdsfOiNhlbEB2L63HISLZqSTpL1p48%3d)*
- And Tao of Charlie Munger (https://www.amazon.com/Tao-Charlie-Munger-Compilation-Commentary/dp/150115334X) In one of our standard final questions he mentioned the mental handwashing equivalent of ignoring market volatility.
This is a point emphasised by the great Australian investment advisor Peter Thornhill: https://www.youtube.com/channel/UCwH2W3eN7WoWWTC7KiUVR6A/videos. Some useful episodes from the Growth With Value Podcast are:
- Filtering the market: https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8xZjJjYzQ5MC9wb2RjYXN0L3Jzcw/episode/ZTQwM2JkMGQtN2VmNy00MDQ5LTg1YjgtN2JjNDIyODQ0OWY4?sa=X&ved=0CAUQkfYCahcKEwjwy9yy_azvAhUAAAAAHQAAAAAQAw&hl=en-QA
- Discount Cashflow Analysis: https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8xZjJjYzQ5MC9wb2RjYXN0L3Jzcw/episode/NTk5MjE4N2QtMzI2NS00OWQxLWIyNjgtM2JlYzQ5YjlkN2E1?sa=X&ved=0CAUQkfYCahcKEwjwy9yy_azvAhUAAAAAHQAAAAAQAw&hl=en-QA
Alistair’s watchlist can be found here: https://growthwithvalue.com/watchlist/. It is a good place to start to see which businesses he likes based on his framework.
*Mauboussin is a great resource: https://themokaya.com/2020/12/28/michael-mauboussin-resources/