Value investing · Course 18 of 39 · The practice
The masters: quality first
Fisher, Buffett, Munger, Lynch, Greenblatt, Greenwald and Terry Smith, investors who started from the business, in what each actually published.
For a reader who wants each quality-first method in its own terms, from the published record, not a summary of a summary.
After it you can run Fisher's fifteen points and scuttlebutt method, see the arithmetic behind Buffett and Munger's shift from statistical bargains to paying up for quality, sort a company into Lynch's six categories and test his P/E-to-growth rule, compute Greenblatt's earnings yield and return on capital, stack Greenwald's three layers of value, and read Terry Smith's published test for a quality compounder.
It assumes Business models and moats and the valuation courses, and one lesson draws on the ranking method in Screens and factors.
The method, not the running of it
The masters: quality first is 7 lessons on running the whole method on one company. Running it is the part that only happens against real filings, on a real date, and this course has none of yours. It also cannot tell you the day one of your reasons stops being true, which is the part that matters after you have bought.
See our methodology for how the product reads a filing and what it refuses to compute.