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	<title>Tom Spencer consulting blog &#187; Investing</title>
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	<link>http://www.tomspencer.com.au</link>
	<description>Management Consulting &#38; Business Strategy</description>
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		<title>5 Principles for Value Investing</title>
		<link>http://www.tomspencer.com.au/2011/06/12/5-principles-for-value-investing/</link>
		<comments>http://www.tomspencer.com.au/2011/06/12/5-principles-for-value-investing/#comments</comments>
		<pubDate>Sat, 11 Jun 2011 15:13:33 +0000</pubDate>
		<dc:creator>Tom Spencer</dc:creator>
				<category><![CDATA[Investing]]></category>
		<category><![CDATA[Business Drivers]]></category>
		<category><![CDATA[cash flow]]></category>
		<category><![CDATA[circle of competence]]></category>
		<category><![CDATA[Intrinsic Value]]></category>
		<category><![CDATA[Low Leverage]]></category>
		<category><![CDATA[Margin of Safety]]></category>
		<category><![CDATA[Prospects for Growth]]></category>
		<category><![CDATA[Quality Management]]></category>
		<category><![CDATA[Sustainable Competitive Advantage]]></category>
		<category><![CDATA[value investing]]></category>
		<category><![CDATA[Warren Buffett]]></category>

		<guid isPermaLink="false">http://www.tomspencer.com.au/?p=5266</guid>
		<description><![CDATA[WARREN Buffett is the world&#8217;s most successful value investor. Very few people have ever managed to achieve his level of investment success.  The interesting thing about that fact is that there are only a few simple principles that you need to know if you want to be a successful value investor. Stick to your Circle [...]<div class="addthis_toolbox addthis_default_style " addthis:url='http://www.tomspencer.com.au/2011/06/12/5-principles-for-value-investing/' addthis:title='5 Principles for Value Investing '  ><a class="addthis_button_facebook_like" fb:like:layout="button_count"></a><a class="addthis_button_tweet"></a><a class="addthis_button_google_plusone" g:plusone:size="medium"></a><a class="addthis_counter addthis_pill_style"></a></div>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Madoff made off with $65 billion</title>
		<link>http://www.tomspencer.com.au/2009/06/30/bernard-madoff-made-off-with-65-billion/</link>
		<comments>http://www.tomspencer.com.au/2009/06/30/bernard-madoff-made-off-with-65-billion/#comments</comments>
		<pubDate>Tue, 30 Jun 2009 02:59:17 +0000</pubDate>
		<dc:creator>Tom Spencer</dc:creator>
				<category><![CDATA[Investing]]></category>
		<category><![CDATA[$65 billion]]></category>
		<category><![CDATA[150 years]]></category>
		<category><![CDATA[29 June 2009]]></category>
		<category><![CDATA[Bernard Madoff]]></category>
		<category><![CDATA[Charles Ponzi]]></category>
		<category><![CDATA[imprisonment]]></category>
		<category><![CDATA[investment fraud]]></category>
		<category><![CDATA[Madoff scheme]]></category>
		<category><![CDATA[Ponzi scheme]]></category>
		<category><![CDATA[white collar crime]]></category>

		<guid isPermaLink="false">http://www.tomspencer.com.au/?p=1902</guid>
		<description><![CDATA[ON 29 June 2009, Bernard Madoff pleaded guilty to defauding investors and was sentenced to 150 years in prison. The 71 year-old swindler is due to be released in 2159. Madoff&#8217;s $65 billion investment fraud has been referred to as a gigantic Ponzi scheme &#8220;dating at least as far back as the 1980s&#8221; (The Economist). [...]<div class="addthis_toolbox addthis_default_style " addthis:url='http://www.tomspencer.com.au/2009/06/30/bernard-madoff-made-off-with-65-billion/' addthis:title='Madoff made off with $65 billion '  ><a class="addthis_button_facebook_like" fb:like:layout="button_count"></a><a class="addthis_button_tweet"></a><a class="addthis_button_google_plusone" g:plusone:size="medium"></a><a class="addthis_counter addthis_pill_style"></a></div>]]></description>
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		<slash:comments>2</slash:comments>
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		<title>Warren Buffett on hard work</title>
		<link>http://www.tomspencer.com.au/2008/06/24/warren-buffett-on-hard-work/</link>
		<comments>http://www.tomspencer.com.au/2008/06/24/warren-buffett-on-hard-work/#comments</comments>
		<pubDate>Tue, 24 Jun 2008 12:28:46 +0000</pubDate>
		<dc:creator>Tom Spencer</dc:creator>
				<category><![CDATA[Investing]]></category>
		<category><![CDATA[hard work]]></category>
		<category><![CDATA[investment]]></category>
		<category><![CDATA[long term value investing]]></category>
		<category><![CDATA[value investing]]></category>
		<category><![CDATA[Warren Buffet]]></category>
		<category><![CDATA[Warren Buffet quotes]]></category>
		<category><![CDATA[Warren Buffett]]></category>

		<guid isPermaLink="false">http://www.tomspencer.com.au/?p=32</guid>
		<description><![CDATA[WARREN Buffett&#8216;s 2006 letter to shareholders makes for very interesting reading. One of the sentiments that Buffett expresses in the very first page of his letter is one of gratitude to the managers who have run his companies over the last 42 (now 44) years. Buffett indicates that he and Charlie Munger, Berkshire&#8217;s vice chairman, [...]<div class="addthis_toolbox addthis_default_style " addthis:url='http://www.tomspencer.com.au/2008/06/24/warren-buffett-on-hard-work/' addthis:title='Warren Buffett on hard work '  ><a class="addthis_button_facebook_like" fb:like:layout="button_count"></a><a class="addthis_button_tweet"></a><a class="addthis_button_google_plusone" g:plusone:size="medium"></a><a class="addthis_counter addthis_pill_style"></a></div>]]></description>
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		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Understanding financial statements 101</title>
		<link>http://www.tomspencer.com.au/2008/06/01/understanding-financial-statements-101-four-top-key-main-balance-sheet-profit-and-loss-cashflow-retained-earnings-owners-equity/</link>
		<comments>http://www.tomspencer.com.au/2008/06/01/understanding-financial-statements-101-four-top-key-main-balance-sheet-profit-and-loss-cashflow-retained-earnings-owners-equity/#comments</comments>
		<pubDate>Sun, 01 Jun 2008 03:56:32 +0000</pubDate>
		<dc:creator>Tom Spencer</dc:creator>
				<category><![CDATA[Investing]]></category>
		<category><![CDATA[asset]]></category>
		<category><![CDATA[balance sheet]]></category>
		<category><![CDATA[cashflow]]></category>
		<category><![CDATA[cashflow statement]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[equity]]></category>
		<category><![CDATA[equity holder]]></category>
		<category><![CDATA[expense]]></category>
		<category><![CDATA[financial statement]]></category>
		<category><![CDATA[investment]]></category>
		<category><![CDATA[liability]]></category>
		<category><![CDATA[net profit]]></category>
		<category><![CDATA[profit and loss statement]]></category>
		<category><![CDATA[revenue]]></category>
		<category><![CDATA[statement of owners equity]]></category>
		<category><![CDATA[statement of retained earnings]]></category>

		<guid isPermaLink="false">http://www.tomspencer.com.au/?p=26</guid>
		<description><![CDATA[UNDERSTANDING financial statements is very important if you are looking to invest, become a consultant, work as a CEO or in upper management, or want to start and run your own business. Understanding financial statements will allow you to assess a company&#8217;s current financial strength, and determine its profitability and creditworthiness. This article provides an [...]<div class="addthis_toolbox addthis_default_style " addthis:url='http://www.tomspencer.com.au/2008/06/01/understanding-financial-statements-101-four-top-key-main-balance-sheet-profit-and-loss-cashflow-retained-earnings-owners-equity/' addthis:title='Understanding financial statements 101 '  ><a class="addthis_button_facebook_like" fb:like:layout="button_count"></a><a class="addthis_button_tweet"></a><a class="addthis_button_google_plusone" g:plusone:size="medium"></a><a class="addthis_counter addthis_pill_style"></a></div>]]></description>
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		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>What is an asset? What does it mean to be wealthy?</title>
		<link>http://www.tomspencer.com.au/2008/04/20/what-is-an-asset-what-does-it-mean-to-be-wealthy/</link>
		<comments>http://www.tomspencer.com.au/2008/04/20/what-is-an-asset-what-does-it-mean-to-be-wealthy/#comments</comments>
		<pubDate>Sun, 20 Apr 2008 08:09:30 +0000</pubDate>
		<dc:creator>Tom Spencer</dc:creator>
				<category><![CDATA[Investing]]></category>
		<category><![CDATA[asset]]></category>
		<category><![CDATA[cashflow]]></category>
		<category><![CDATA[define wealth]]></category>
		<category><![CDATA[definition rich]]></category>
		<category><![CDATA[investment]]></category>
		<category><![CDATA[Kiyosaki]]></category>
		<category><![CDATA[passive income]]></category>
		<category><![CDATA[rich]]></category>
		<category><![CDATA[Rich Dad]]></category>
		<category><![CDATA[riches]]></category>
		<category><![CDATA[Robert Kiyosaki]]></category>
		<category><![CDATA[wealth]]></category>

		<guid isPermaLink="false">http://www.tomspencer.com.au/?p=10</guid>
		<description><![CDATA[What is an asset? THE question, “What is an asset?” seems like an absurdly simple question. But if you understand the answer to that simple question, and act on it, you have started down the path that leads to riches. Few people become rich, so clearly then, few people understand the answer to this question. [...]<div class="addthis_toolbox addthis_default_style " addthis:url='http://www.tomspencer.com.au/2008/04/20/what-is-an-asset-what-does-it-mean-to-be-wealthy/' addthis:title='What is an asset? What does it mean to be wealthy? '  ><a class="addthis_button_facebook_like" fb:like:layout="button_count"></a><a class="addthis_button_tweet"></a><a class="addthis_button_google_plusone" g:plusone:size="medium"></a><a class="addthis_counter addthis_pill_style"></a></div>]]></description>
		<wfw:commentRss>http://www.tomspencer.com.au/2008/04/20/what-is-an-asset-what-does-it-mean-to-be-wealthy/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
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