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Influences

The major influences to the investment process and bedrock of the ACI Partnership Fund consists of the business and value teachings of Benjamin Graham, Warren Buffett, Martin J. Whitman and Philip A. Fisher. From this bedrock of the margin of safety, value and quality approach, is the starting point and foundation of any investment decision.

The only deviations from this foundation lie from the influences of Charlie Munger’s teachings to concentrate when the evidence is clear.

Stock-picking is like gambling; those who win well, seldom bet, but when they do, they bet heavily. (Charles Munger)

Though we have over 20 years of investment experience, other influences beside just plain investment hard knocks (and some emotional scars to prove it), are the studies of the following texts that also have played major roles in the expansion of the investment process are as follows:

  • Intelligent Investor — by Benjamin Graham
  • Aggressive Conservative Investor — by Martin J. Whitman
  • The Autobiography of Benjamin Franklin — by Benjamin Franklin
  • The Warren Buffett Portfolio — by Robert Hagstrom
  • Letters to Shareholders 1977-1990 — by Warren Buffett
  • Common Stocks and Uncommon Profits — by Philip A. Fisher
  • The Black Swan — by Nassim Nicholas Taleb
  • Fooled By Randomness — by Nassim Nicholas Taleb
  • Poor Charlie’s Almanack — by Charles Munger
  • Extraordinary Popular Delusions & the Madness of Crowds — by Charles Mackay
  • The Art of Contrary Thinking — by Humphrey B. Neill
  • The Battle for Investment Survival — by Gerald M. Loab
  • The Wealth and Poverty of Nations — by David S. Landes
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