📖John Neff
Checklist Discipline
Use checklists to prevent investment oversights.
Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis.
🏠 Everyday Analogy
📖 Core Interpretation
John Neff advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Checklists enforce discipline and prevent errors.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Fannie Mae Turnaround (1982)
Neff purchased Fannie Mae when it was losing money and shunned over interest‑rate volatility. He focused on normalized earnings power, asset quality, and housing demand instead of short‑term losses.
✨ Outcome：As rates fell and earnings recovered, Fannie Mae’s stock multiplied, becoming one of Windsor Fund’s notable winners.
2
Avon Collapse (1973)
Neff bought Avon Products after a sharp decline left it with a double‑digit dividend yield and low P/E despite solid franchises.
✨ Outcome：Dividend cushioned downside; eventual recovery produced strong total returns versus the market.
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