Start picking the five-string banjo like a pro with this definitive guide to bluegrass banjo! Whether you’re an absolute beginner or an experienced player, Bluegrass Banjo For Dummies gets you started off the right way and is your road map for mastering today’s most popular traditional and contemporary banjo picking styles. Online audio and video clips combine with the book’s clear step-by-step instructions to provide the most complete – and fun – banjo instruction experience available anywhere! Bluegrass banjo has never been more popular and is heard today not only in country and folk music, but in jazz, rock and country styles. Bluegrass Banjo For Dummies provides everything you need to know to play just about any kind of music on the five-string banjo by getting you started with the roll patterns essential to Scruggs style picking. You’ll then add left-hand techniques such as slides, hammer-ons and pull-offs, play great sounding licks and perform classic tunes like “Cripple Creek” and “Old Joe Clark.” You’ll navigate up the neck on the instrument as well as learn the essential skills you need to play with others in jam sessions and in bands. You’ll even tackle contemporary banjo styles using melodic and single-string scales and picking techniques. Choose a banjo and accessories that are just right for you and your budget. Put on your fingerpicks, find your optimal hand position and start playing with the help of online audio and video. Explore the fingerboard using melodic and single-string playing styles. Accompany others in different keys with roll patterns and chord vamping techniques. Keep your banjo sounding its best with practical and easy set up tips. Bill Evans is one of the world’s most popular banjo players and teachers, with over forty years of professional experience. In Bluegrass Banjo For Dummies, he shares the tips, secrets and shortcuts that have helped thousands of musicians, including many of today’s top young professionals, to become great banjo players.
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Carlisle Tobias E.. Concentrated Investing
Preface
Acknowledgments
Introduction
CHAPTER 1. Lou Simpson: The Disciplined Investor: A Portrait of Concentration
CHAPTER 2. John Maynard Keynes: Investor Philosopher: The Economics of Concentration
CHAPTER 3. Kelly, Shannon, and Thorp: Mathematical Investors: Concentration Quantified
CHAPTER 4. Warren Buffett: The Kelly-Betting Value Investor: Portfolio Concentration for Value Investors
CHAPTER 5. Charlie Munger: Concentration’s Muse: Quality without Compromise
CHAPTER 6. Kristian Siem: The Industrialist: The Importance of Permanent Capital to the Long-Term Investor
CHAPTER 7. Grinnell College: The School of Concentration: Concentration and Long-Term Investing for Endowment
CHAPTER 8. Glenn Greenberg: The Iconoclast: Simple, Common Sense Research, and Tennis Shoes
CHAPTER 9. Conclusion: The Concentrated Investor’s Temperament
About the Authors
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Michael and I came up with the idea for this book while riding in a taxi on the way to a meeting with an investment manager. Michael interviews managers of value oriented funds regularly for his fund of funds business, and has met with at least a few hundred during the course of his career. On this particular occasion Michael asked me to come along to help evaluate a new manager, and I agreed to join him in between meetings of my own. As unlikely a place as it was to hatch the inspiration for this project, we were both puzzled by a strange paradox that we had observed over many years in the investment business: The returns generated by investors do not always correlate to their ability to analyze and understand companies.
With the initial idea for a book, and a set of interviews, Michael and I reached out to Bill Falloon at Wiley for help. Bill introduced Michael and me to Tobias Carlisle, the author of two other successful investment books, “Quantitative Value” and “Deep Value.” We found that they shared a very similar set of ideas about investing in general and about the theme for the book, concentrated investing, in particular. We hit it off immediately. Tobias agreed to come on board as a coauthor along with Michael and me. He has been instrumental in helping to take the raw interviews and put the investors and their flagship investments into their proper historical and theoretical context. He also helped to examine the strategy quantitatively to determine the drivers of outperformance: Was it a matter of selecting the right securities, or holding them in the right amounts?
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In Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors, we examine some of the methods these extraordinary individuals employ, providing the reader an insight into how they function and how they have managed to accomplish their returns. However, two very important caveats are necessary. First, concentrated investing is not for everyone. As Glenn Greenberg said, Peter Lynch (manager of the Fidelity Magellan Fund during its most successful period, earning truly amazing average annual returns during his tenure) was anything but a concentrated investor, owning a large number of securities in the fund. Furthermore, concentrated investing should only be undertaken by people who are prepared to do intensive research and analysis on their investments. People outside of the investment profession usually don’t have the time to do this, and are far better off with an index fund or finding a competent investment manager – preferably one who employs a focused approach.
The second caveat is more important, and applies to investment professionals and non-professionals alike (perhaps even more to professionals). It is summed up in an insightful and humbling quote from legendary martial artist Bruce Lee, which is as follows:
