Investing Deliberate Practice Program Prior to Practice: Write down specific goals for practice and how I will

achieve them. During Practice: Metacognition -Realize what your natural tendencies are and understand them. -Suppress psychological biases. -Find your strengths and weaknesses. After Practice: Generate feedback Short Term Feedback(case studies) Long Term Feedback(save practice and monitor results as it plays out) Judge yourself on specific criteria that measures your progress. a. Not market values, but future expected fundamentals, management decisions, or other aspect that pertains more directly to your personal skills. Write down one thing you need to improve upon(for generation of more practice types) Practice Methods:

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Master Case Studies: Study the famous past investments of known money masters where filings can be found. a. Look at old filings and do research as if it was in the time period. b. Match conclusions with documented results of the masters(in press releases or in future stock performance) Semi-Pro Case Studies: Study the much less famous past investments of investors whose skill in fundamental analysis is undeniable. A. Value Investors Club B. Sumzero C. Bloggers: Whopper Investments, Oddball Stocks, Long Term Value Blog, Gannon On Investing, Kelpie Capital, OTCadventures,csinvesting, the red corner. looking at older filings. Attempt to identify the telltale signs of a successful company in the making, and recognize what made these companies more likely to succeed than others. A. Follow these studies through the history of their filings. For example, it is possible to get Wal-Marts Annual Reports back to 1975. One could, therefore, study the company and its valuation compared to market price throughout its history, building ones understanding almost as if in real time by reading a newer 10-K to confirm or deny conclusions from the previous 10-K. 4. Improve Research Process: Practice specific parts of researching a possible investment for more efficient synthesis of information and quicker understanding of the implications of aspects of business on a valuation. A. Learn to Absorb Information Faster - Speed Reading Course B. Learn to analyze 10-Ks faster - Read first 10 pages(1 min/pg) and summarize the business in own words. - Make notes, then, on what would be required for the business to thrive and the potential risks of the business(without reading any filings). - If still interested, analyze the business as a potential modern case study(see below) 5. Conditioning: You can never have too much of the basics. To make sure youre up to scratch on investment basics, review these essentials: The Intelligent Investor and Security Analysis by Benjamin Graham B. Buffetts Berkshire Hathaway and Partnership Letters C.Mungers Wesco Financial Letters

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3. Successful Business Case Studies: Study businesses that have had a long run of success by

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The Most Important Thing by Howard Marks

Investing Deliberate Practice Program

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Co.

Value Investing: From Graham to Buffett and Beyond by Bruce Greenwald and

F. Common Stocks and Uncommon Profits by Philip Fisher G. Competitive Strategy and Competitive Advantage by Michael Porter H. Competition Demystified by Bruce Greenwald and Judd Kahn
I. Any college level accounting textbook

J. Financial Shenanigans by Howard Schilit 6. Sharpening Finer Aspects of Investing and Business: Learn and Apply Concepts from Books
about Competitive Strategy, Accounting, and Business. Competitive Strategy Books: All books by Michael Porter and Competition Demystified by Bruce Greenwald and Judd Kahn. B.Accounting: Accounting Textbook, Financial Shenanigans by Howard Schilit, Creative Cash Flow Reporting by Charles Mulford and Eugene Comiskey, and Quality of Earnings by Thornton OGlove 7. Expand Circle of Competence/Practice Competitive Analysis: To obtain a better understanding of potential investments, grow your circle of competence gradually to understand different industries and sectors. Also conduct a thorough competitive analysis of the industry to put into practice principles from Competitive Strategy. A. Analyze industries on a micro level by researching at least 7 companies in the industry thoroughly. i. Compare and Contrast these companies, understanding their market positions and competitive strategies. ii. Conduct Value Driver Analysis to see the strengths and weaknesses of each company. iii. See the company in the eyes of management. What would your strategy be? Why? B. Understand these industries on a higher level as well by learning to identify longterm business and industry prospects. C. Conclude with key insights on the industry, identifying what differentiates each company and their market position and how the prospects of each company will be determined. D. Collect industry analysis for reference in case of a future potential investment. 8. Develop a Mental Model A. Explore how changes in the quality and practices of a business change a business valuation. i. How do changes in margins, turnover, Capex, growth rates, or even management(and the prospects that management brings with it) effect a business valuation? B. Explore how changes in every aspect of a companys valuation effect the resulting value. 9. Deepen Knowledge Within Your Field: Learn parts of the business you dont already understand for the sake of increasing your general knowledge, giving your analysis context in future situations, or allowing you to take advantage of future opportunities in different areas. A. Understand the process of investing in bonds. i. Learn to invest in high yield bonds. B. Learn the bankruptcy process and how to spot value in bankruptcy. C. Learn how to conduct arbitrage in as many forms as possible. D. Learn Financial History. Read A Short History of Financial Euphoria and study the past. E. Learn about investor psychology. Read Fooled by Randomness and Thinking Fast and Slow

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Modern Case Studies-Practicing Communication: Study a modern company for possible investment. Do all the research required to make a decision on the company and write down

Investing Deliberate Practice Program why you did or did not decide to invest. Later, return to the thesis and give judgement on where I was right or wrong. After each practice, you must write down one thing you need to improve upon in the future. If in need of more methods of practice, consult that list for potential options.