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    Value Investing Arquitos Capital Q4 2017 Letter

    January 25, 2018

    Value Investing Arquitos Capital Q4 2017 Letter

    Arquitos Capital Q4 2017 Letter

    Posted: 24 Jan 2018 11:35 PM PST

    How google is creating price transparency in the UK funeral market. One of the finest reports I have read in my career and explains why the share price of Dignity fell of -47% last Friday

    Posted: 24 Jan 2018 10:16 PM PST

    Warren Buffett Stock Ideas from the 1950's (Geico, Western Insurance, Home Protective Co., and Oil & Gas Property Management)

    Posted: 24 Jan 2018 09:52 AM PST

    The Mckinsey Valuation online course

    Posted: 24 Jan 2018 12:58 PM PST

    Has anyone tried the Mckinsey Valuation online course, if so, does it provide any clarification above the book and workbook? Here's a link to it: https://www.wiley.com/en-us/Valuation+Course+Download-p-9781119036050

    I already have the book, and workbook but there are some inconsistencies, and at points, the book fails to explain the process for finding certain things. Considering buying the online course if it goes more in depth.

    submitted by /u/FOREXAaron
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    What's the merit of High ROIC when growth is zero?

    Posted: 24 Jan 2018 08:25 PM PST

    Although high ROIC is well known as quality factor of a firm.
    according to following formula (1 - g/ROIC) / (WACC - g)
    there's no actual difference between High ROIC and Low ROIC when g is zero. then what's the merit of High ROIC in this case? is it just implying low reinvestment requirement when growth is back?

    submitted by /u/99rrr
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    Damodaran - The Currency Conundrum

    Posted: 24 Jan 2018 07:12 AM PST

    Ben Thompson on the Network Effects that Amazon Continues to Develop

    Posted: 24 Jan 2018 07:44 PM PST

    Standard Adjustments for Operating Leases

    Posted: 24 Jan 2018 07:23 PM PST

    According to Moody's, the general "rule-of-thumb" for capitalizing operating leases is to multiply rent by 8. However, what is the rationale for this? I understand that it differs industry to industry and that it is just a estimation, but I don't understand the rationale.

    From the link below from Moody's (page 10): "an '8x' rent factor, while providing a quick thumbnail estimate, assumes a certain interest rate (6%) on a piece of capital equipment with a long useful life (15 years)."

    I'm confused how this is arrived. When having 15 years of $100 of annual rent and discounting each by 1.06, we arrive at a NPV of ~$971. This represents a 9.7x multiple of the $100 of rent.

    Can someone help me understand this? Thanks!

    http://web.dpworld.com/wp-content/uploads/2014/05/Moodys-Approach-to-Global-Standard-Adjustments-in-the-Analysis-of-Financial-Statements-for-Non-Financial-Corporations-1012.pdf

    submitted by /u/aspiringinvestor69
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    Applied value investing - book

    Posted: 24 Jan 2018 08:27 AM PST

    Wanted to read the book this weekend and came across the fact somewhere that the book contained valuation flaws. Pardon the laziness, could anyone can please point me to the key mistakes?

    submitted by /u/sjulz31
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    x 'Is the Electric Vehicle Revolution Real?' with Marin Katusa of Katusa Research

    Posted: 24 Jan 2018 03:33 PM PST

    Rick Rule - Don't confuse a bull market for brains - on commodities

    Posted: 24 Jan 2018 03:32 PM PST

    Spirit Realty: Leveraged Shopko Spinoff Uncovering Value

    Posted: 24 Jan 2018 06:56 AM PST

    Question about WACC and Adjusted Present Value method of DCF.

    Posted: 24 Jan 2018 07:57 AM PST

    I am working through some textbook problems and noticed that sometimes the answers use after tax cash flows and discount them to the present and other times the answers involve just discounting the pre tax cashflows. When using the WACC do I discount the pretax cashflows at the WACC and similarly do I discount after tax CF using the unlevered cost of capital for APV and then calculate PV(interest tax shield)? Or should I always use the pre tax cash flows?

    submitted by /u/permanent_username
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