![]() ![]() What to target all depends on the unique demands of the situation.Īsking other companies who the good operators are in their field, who's doing it right, how, and why, gives us a better understanding of where a particular company fits within that industry. Even in models heavily tilted towards consumers, like a grocery store, we often get more worthwhile information from talking to the competitors, who can see the bigger picture, versus talking to a shopper in the produce aisle-although we’ll do this too. However, sometimes this information is less important than, say, talking to competitors. For example, it is often helpful to talk to a company’s customer base to understand what drives their buying decisions. How we approach the scuttlebutt process depends on the business model. ![]() We make a concerted effort to engage in such conversations in order to gain substantive insights about companies and to then weigh the impact of that information against our investment thesis. As long-term investors, however, we believe scuttlebutt provides us with an edge. Many investors-especially those who have short investment horizons-do not engage in these thorough activities. ![]() In his enduringly seminal book of investment philosophies, Common Stocks and Uncommon Profits, Philip Fisher used scuttlebutt to characterize the fastidious process of speaking with a potential investment’s customers, suppliers, business managers, similar businesses, and even direct competitors for information. Not to be confused with insider information, scuttlebutt falls under the “ Mosaic Theory,” which refers to a method of analysis whereby an analyst interprets a mix of public and non-public non-material information about a chosen company in order to derive a more balanced and informed basis for valuation. ![]() Eventually it made its way into investing parlance to describe the qualitative, often conversational information investors consider when assessing potential investments-alongside the hard numbers and analytics. Scuttlebutt was originally a nautical term for a ship’s cask where sailors would gather to share gossip-the early equivalent of today’s water cooler. Bruce really is The Boss.“Go to five companies in an industry, ask each of them intelligent questions about the points of strength and weakness of the other four, and nine times out of ten a surprisingly detailed and accurate picture of all five will emerge.”įunny word, fun to say, but how relevant is it for investors? For us, scuttlebutt is a valuable tool for both due diligence and idea generation. Pedal functions as it should and sounds great.Īlso comes with original auction hang tag and all paperwork from the original sale to document provenance.Ī really nice and rare piece from a legendary songwriter and musician. And this pedal has great display qualities, bright and deep orange color with black lettering, all 4 knobs are original, and the metal hardware provides a nice accent to the black and white colors. Finding a documented guitar pedal from Bruce Springsteen’s career is extremely rare. In Very Good condition!! (See pics) Some cosmetic wear from normal use, but overall still looks very good. This pedal was designed to emulate the distortion characteristics of an early 80s Marshall JCM-800. This pedal was owned and used by Bruce Springsteen. Rare guitar pedal, dates from the early to mid 1980s. Bruce Springsteen Personally Owned & Used Bartolini Tube-It Guitar Pedal w/ COA. ![]()
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