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“Let’s not make any mistakes here, John,” says Hughey. “We’re only just fetching this mark. Will we need two tacks?” I am not sure. We are still only just in front, and I can hear that sinister sound of Liberty’s bow wave right behind us. I feel that we need every last second of advantage here, and slightly against my adviser’s better judgment, I decide to sail the boat around the mark in one try. Now I aim Australia II into the very eye of the wind. The most I can expect to miss the buoy by is about four feet, and that’s really close. Any closer to the wind and we’ll stall. Edging her up inch by inch, until the great mainsail is shuddering in protest, the jib shivering out above the foredeck, I hold her steady and wheel around the mark 23 seconds to the good. I may have experienced a more complete feeling of exaltation in a boat race before, but I cannot now recall one.
Born to Win
John Bertrand
Toward the end of the picnic I sat on the sand and looked out across the Pacific Ocean. I was living two separate lives, both wonderful, both merging. Back home I was part of a team, me and Woodell and Johnson—and now Penny. Here in Japan I was part of a team, me and Kitami and all the good people of Onitsuka. By nature I was a loner, but since childhood I’d thrived in team sports. My psyche was in true harmony when I had a mix of alone time and team time. Exactly what I had now.
basic checklist introduced earlier in this chapter: 1. Does the stock have a high earnings yield—that is, a low P/E? 2. Does the company do something unique that will allow it to earn super-profits on its growth opportunities? Does it have a moat? 3. Is the company built to last, or is it at risk from competition, fads, obsolescence, or excessive debt? 4. Are the company’s finances stable and predictable into the extended future, or are they cyclical, volatile, and uncertain? This checklist does not catch every undervalued stock, but it does cull out the most common sources of disappointment. It does not guarantee that bad things can’t happen, but it does improve your odds. When I can fill my portfolio with stocks with all four qualities, I see no need to consider those with defects. Most stocks will fail this screen, but that does not mean they are not undervalued.
Big Money Thinks Small
Joel Tillinghast
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