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Geoff Gannon Profile and Articles

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1). The Danger of Inflexible Enterprises
Copyright 2006 Geoff Gannon

Whenever a large investment has been made in a particular area, whenever there is a lot capital, people, and ego tied up with some operation, the transition away from that operation is apt to be far slower than what an objective observer would have expected.

As an investor, it’s easy to look at a corporation from afar and see the business the way a rational capital allocator would see it.

2). Comparing Google's Search Franchise To Mccormick's Spice Franchise
Google has a competitive advantage. In fact, one might even say it has a franchise in web search. I wouldn’t say that. I mean, Google does have a franchise; but, it doesn’t have a monopoly on web search and never will. There are real problems with Google’s model that are often overlooked. It does a poor job of finding certain sites that are difficult to describe in keywords.

3). An Analysis Of Lexmark
In 2005, Berkshire Hathaway bought about a million shares of Lexmark. I haven’t followed this story closely, but I assume the stock was purchased by Lou Simpson rather than Warren Buffett. I have only two reasons for believing this: the total purchase was small relative to Berkshire’s investable assets and the Lexmark purchase is typical of Simpson’s investment philosophy (or at least, what little I can glean about his investment philosophy from his past purchases).

4). Buffett's Big Bet
Over the past few days, there have been several stories written about Warren Buffett’s $14 billion bet on global stock markets. I believe these stories are all in reference to this excerpt form Berkshire Hathaway’s annual report:

“Berkshire is also subject to equity price risk with respect to certain long duration equity index put contracts. Berkshire’s maximum exposure with respect to such contracts is approximately $14 billion at December 31, 2005.

5). The Wonders And Horrors Of Compounding
Google Price Target: $16,578.90

Some of you will immediately recognize this headline is a joke. For the rest of you, I was kind of hoping the ninety cents part would give it away.

If you’re reading this because you’re interested in what I have to say about Google (GOOG), you can stop now. I’m not going to say anything interesting about Google. Rather, I’m going to say something (that I hope is) very interesting about the wonders of compounding.

6). What Is Value Investing?
Different sources define value investing differently. Some say value investing is the investment philosophy that favors the purchase of stocks that are currently selling at low price-to-book ratios and have high dividend yields. Others say value investing is all about buying stocks with low P/E ratios. You will even sometimes hear that value investing has more to do with the balance sheet than the income statement.

7). Some Lessons From Warren Buffett's Annual Letter
Warren Buffett’s annual letter to Berkshire Hathaway shareholders was released over the weekend. Readers will find plenty of investing lessons among the twenty-three pages. Warren began this letter as he begins each letter, by stating Berkshire’s change in per-share book value:

"Our gain in net worth during 2005 was $5.6 billion, which increased the per-share book value of both our Class A and Class B stock by 6.

8). 3 Ways To Help You Quit Smoking And Drop The Habit
Smoking is addictive and life threatening, but that does not stop millions of men and women from sneaking a puff in times of stress and anxiety. Learn how to quit for good, with these great tips.

9). Return On Assets Is The Hit By Pitch Of Investing
Despite all appearances to the contrary, this is a post about investing – not baseball. So, to those of you who love reading about investing but hate reading about baseball: don’t be deterred. It’s worth reading all the way through.

Return on assets is the hit by pitch of investing. Common sense suggests it isn’t a very important measure. Why would.

10). 4 Great Closet Organzing Tips
Mornings can feel very frustrating if you have an unorganized closet. Learn how to organize your closet quickly with these great tips.



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