Value Investing Great company at fair price vs. bad company at discount |
- Great company at fair price vs. bad company at discount
- Principles For the Application of Fair Value Accounting
- Accounting for Uncertainty
- 2014 Ivey Value Investing Classes Guest Speaker: Jean-Marie Eveillard
- Useful frameworks/methods to assess competitive advantage
- Small Cap Value Resources
- "Is it time for Value now?" by Alexander Roepers (Atlantic Investment Management)
- Apple's Reliance On China (Supply Chain)
| Great company at fair price vs. bad company at discount Posted: 27 Nov 2018 03:28 PM PST In other words: Warren Buffet: "I'd rather buy a great business at a reasonable price than a reasonable business at a great price." vs. Howard Marks: "It's not what you buy, it's the price you pay that makes a good investment." Although these notions aren't mutually exclusive, it makes me wonder, if it's better to focus on price or quality for high returns. I'm usually looking for undervalued securities that trade at a discount to their intrinsic value, particularly in small caps and spin-offs. However, recently I've been spending more time thinking about the qualitiy of businesses, esecially in terms of the qualitative factors that promote and sustain high levels of ROIC and growth - the key metrics driving high cash flow generation and shareholder returns. Could you possibly be better off investing in a handful of amazing companies at a fair price and prticipate in their long term value generation? Or is it maybe that both approaches can yield equally high returns depending on the specific strengths of the investor? Maybe one is better at assassing businesses competitive advantage and their long term prospects and the others strength lies in finding inefficiencies and undiscovered value. [link] [comments]  |
| Principles For the Application of Fair Value Accounting Posted: 28 Nov 2018 03:53 AM PST |
| Posted: 28 Nov 2018 03:37 AM PST |
| 2014 Ivey Value Investing Classes Guest Speaker: Jean-Marie Eveillard Posted: 28 Nov 2018 12:58 AM PST |
| Useful frameworks/methods to assess competitive advantage Posted: 27 Nov 2018 06:22 PM PST Hi all, What are some of the best frameworks and models you have come across to assess competitive advantage in a firm? We all know classic ones like "Porter's 5 Forces", but have you come across any other very useful, lesser-known models? Also, when you're assessing the competitive advantage of a firm, how do you tackle this question? Thanks in advance! [link] [comments]  |
| Posted: 27 Nov 2018 05:32 PM PST Honestly getting kind of bored with big blue chip stocks and the same old mumbo jumbo (yes, I know investing should be boring). Im just looking for some good info in small cap value investing. Whether it's articles, reports, journals, books, letters etc. Just need something a little more stimulating. Thanks [link] [comments]  |
| "Is it time for Value now?" by Alexander Roepers (Atlantic Investment Management) Posted: 27 Nov 2018 08:27 AM PST Hey guys, you might like these videos with Alex Roepers from Atlantic Investment Management:
You can also take a look at the other videos from the International Value Investing Conference 2018. Enjoy! [link] [comments]  |
| Apple's Reliance On China (Supply Chain) Posted: 27 Nov 2018 05:28 AM PST I am doing some research on Apple and I am a big believer in the companies future as a cash machine. The arguments about disruption, the glasses, Apple's reliance on increasing their prices - these things don't bother me. There are two issues that are troubling me though The first is Apple's $66 billion in corporate bonds. But that is for another day... The second is Apple's reliance on China for low-cost labour. The trade war with the US means that Apple are going to make changes to their supply chain and reduce their reliance on China. Manufacturers are also investing heavily in automation. Foxconn is investing $4 billion in automation via robotics and is also "bringing manufacturing back" to the US through smart factories. Obviously, this will reduce reliance on Chinese labour and this is happening already: https://www.bbc.com/news/technology-36376966 I have yet to go through other Chinese suppliers, however I imagine they are doing something similar. My question: Even if these suppliers reduce their reliance on Chinese workers via automation... would Apple still need workers in China to assemble the iPhone? Can iPhone assembly itself be automated? I didn't mention Apple's reliance on China for actual revenue - I'm skeptical of that too. I don't buy the idea that China is on the verge of world domination, I think its more likely to be a credit Ponzi Scheme as per Crescat Capital's research. [link] [comments]  |
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