I have been a little too busy with unproductive activities to post anything new lately, so this short post will simply alert you to a “new” resource that you will find more valuable than anything I’ve ever posted.
http://oid.com/home is the new website of the Outstanding Investor Digest (OID). Some of you more seasoned investors have a pretty good appreciation for how good this newsletter is, but if you have never heard of it, this might convince you to check it out:
“I’d advise you to subscribe. I read each issue religiously. Anyone interested in investing who doesn’t subscribe is making a big mistake.” – WARREN BUFFETT
Each issue is comprised of several long interviews with notable value investors (think Seth Klarman and people like that). Most of the interviews develop into 10 page stock pitches by the interviewee and subscribers have generally found those to be quite actionable. In fact, many people consider Bruce Berkowitz’s rise to fame in the 1990s as largely attributable to a call he made on Wells Fargo in the 1991 edition of OID, during the banking crisis. Anyone who followed him into the stock (including Buffett) made an absolute killing in the subsequent years.
Many issues also come with a full transcript of that year’s Q&A session of the Berkshire Hathaway annual meeting which needless to say, exposes you to a ton of wisdom.
On the flip side, they have also increased the cost of subscription. I believe the old price was $295 for ten issues and that is no longer the case. A one year subscription now costs $395, and covers the cost of all of the editions published that year or a minimum of four editions, whichever is longer. While that sounds pricey, lookit, if one can just learn one thing useful from the letter, it could mean $millions of potential profits/loss savings in his future investing endeavors (I use the same excuse to justify my Amazon shopping binges).
I’ve always felt that they charged too low a price for the product, especially considering that the editions came out very infrequently, and it seems that the author has chosen an opportune time to make use of the untapped pricing power (A competing product called the Value Investor Insight, organized by Whitney Tilson and John Heins, has recently been put on sale). The new pricing structure also suggests to me that the author may increase the frequency of publishing new editions.
Another valuable resource that comes with it is the archive of old OID issues dating all the way back to 1986. That’s 4000 pages of Buffett & Munger wisdom and interviews with other investing titans. While the material is old, the lessons are timeless. Access to the archive costs $495 per year, or can be purchased with a year worth’s of new issues for $695.
(I don’t get compensated for recommending OID, do your own DD before you subscribe)