Value Investing Robert J. Shiller on Bubbles, Reflexivity, and Narrative Economics

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• Robert J. Shiller on Bubbles, Reflexivity, and Narrative Economics
• Creating A Stub Stock (Spin-Offs)
• How To Assess Unit Economics of a Distributor?
• Why Value Investors Are Different (1999)
• Owner's Earnings: Best approximation when Maintenance CAPEX isn't published?

Robert J. Shiller on Bubbles, Reflexivity, and Narrative Economics Posted: 07 Jan 2019 02:11 AM PST submitted by /u/Beren- [link] [comments]

Creating A Stub Stock (Spin-Offs) Posted: 06 Jan 2019 04:21 PM PST To create a stub stock in a spinoff, you long the parent and short the spinoff businesses (spincos). I have heard Joel Greenblatt talk about this and it allows investors to create the parent as the bargain purchase. But all this doesn't make sense to me. Why do you short the other spinoff company if you want to buy the parent? Wouldn't it hurt if the spinoff company actually does well? Why not just buy the parent and get the spinoffs and sell them to make a quick small profit? submitted by /u/Stuffmatters_123 [link] [comments]

How To Assess Unit Economics of a Distributor? Posted: 06 Jan 2019 08:08 AM PST Hi all, I've recently taken an interest in the distribution space and was wondering how you guys would assess the economics of a distributor either on a per warehouse basis or just as the company as a whole. Thanks in advance. submitted by /u/shyRRR [link] [comments]

Why Value Investors Are Different (1999) Posted: 06 Jan 2019 06:41 AM PST https://focusedcompounding.com/wp-content/uploads/2017/06/klarman-value-investors-different.pdf submitted by /u/gmishuris [link] [comments]

Owner's Earnings: Best approximation when Maintenance CAPEX isn't published? Posted: 06 Jan 2019 07:15 AM PST What is a good approximation to follow when a company doesn't report its Maintenance CAPEX? Gurufocus uses the following approximation The following shows how to get maintenance capital expenditure. First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive). Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue. Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure. If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive). If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure. Fourth, get the average of the 5 years maintenance capital expenditure. ​ What do you guys think of this approach and which approximation do you use? submitted by /u/xolayu [link] [comments]

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