American Express Analysis
Here is a link (opens PDF) to a 9 page analysis I did of American Express (AXP). Warning: it is a bit dry. I was going to present American Express at Value Investing Congress in Pasadena, but the stock ran up and exhausted a good portion of margin of safety.
Amex is one of the best, most transparent (you can actually analyze it) financial companies I’d want to own in today’s environment. We’ll probably get an opportunity to load up on it in the future, albeit at a lower price.
I ended up presenting my very contrarian case on Joseph A. Bank, 93% of float is short. Here is a link to the full presentation, JOSB starts on slide 31.
I am the CEO at IMA, which is anything but your average investment firm. (Why? Get our company brochure here, or simply visit our website).
In a brief moment of senility, Forbes magazine called me “the new Benjamin Graham.”
I’ve written two books on investing, which were published by John Wiley & Sons and have been translated into eight languages. (I’m working on a third - you can read a chapter from it, titled “The 6 Commandments of Value Investing” here).
And if you prefer listening, audio versions of my articles are published weekly at investor.fm.
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