The other day I came across one of the best resources on valuation you can find online. The notes from Joel Greenblatt’s classes at Columbia taken by John Chew, the founder of csinvesting.org . 

I have to thank Andrew Kuhn for sharing this on Twitter. He’s doing an amazing job over at FocusedCompounding.com. Be sure to check it out.

I’ve been studying these pages for some time now and although I’ve been learning a lot, I am yet to incorporate these teachings into my analyses in a structured way.

I like to think of myself as one of those companies that are calmly backfilling their fundamentals before they can go back to growing again

These pages are filled with what you could call the “tips and tricks” of one of the best investors in the world, but what they really show is a great body of knowledge. One that has been constructed through several decades and has “now” been distilled into simple words. I say “now” because these classes took place between 2002 and 2006.

Really understanding how a business works and how to interpret financial statements beyond what is printed on the actual paper is a craft that takes time to perfect and needs an open mind to break away from long-established preconceptions.

The other day I was watching the news and there was this group of old farmers who after years of driving tractors had agreed to take a short course at a local university on how to properly use a tractor. 

Much to my surprise – and the reporter’s – these men came out of that classroom with a big smile on their faces, eager to tell the camera all about the amazing things they had just learned. 

Here were these guys, who even after spending their whole lives driving tractors, were open-minded enough to let someone half their age teach them a few things about their lifelong occupation. And they were ecstatic.

Imagine for a moment that they had kept a closed mind and hadn’t attended that course. What they would’ve missed. Not only the knowledge that they got but also the joy in getting such knowledge. And I’m sure that the teacher must have learned something too.

This reminded me that just doing something over and over again without seeking guidance or minding what others might have to teach you doesn’t make you a better tractor driver.

What a great lesson these sweet old guys have taught me.

It will take me a lifetime to learn how to put aside my ego and properly listen to others, but I will do my best to get there. 

During my short, albeit intensive career as an investor, I’ve been fortunate enough to come across amazing teachers who have slowed down their pace to help a young guy in his early years. That is one of the things I love about investing. The broad willingness to help others.

I really hope I can go on for years learning from everyone around me. Be sure that when you have a different or opposing view from mine, I will be listening. Even if it doesn’t seem like it at first.

Don’t be afraid to share your opinions, however much different they are from the rest. It’s from the respectful discussion of different ideas, concepts, and points of view that progress is achieved. And who wouldn’t want progress?

Always keep an open mind, be humble and try to learn from others.