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- Short: Best World International Ltd (SGX:CGN) | Bonitas Research
- Bridgewater Associates - Geographic Diversification Can Be a Lifesaver, Yet Most Portfolios Are Highly Geographically Concentrated
- Is full ownership of businesses an underappreciated source of alpha?
- Invest Like the Best - Interview with Josh Wolfe
- GMO White Paper - How and Why to Invest in a Climate Change Strategy
| Posted: 23 Apr 2019 10:01 AM PDT |
| Posted: 23 Apr 2019 07:20 PM PDT |
| Short: Best World International Ltd (SGX:CGN) | Bonitas Research Posted: 24 Apr 2019 01:02 AM PDT |
| Posted: 23 Apr 2019 08:32 AM PDT |
| Is full ownership of businesses an underappreciated source of alpha? Posted: 23 Apr 2019 11:41 AM PDT There are thousands of prominent investors who claim to be their disciples of the Buffet/ Munger approach. However as far as I'm aware (and I could be very wrong on this), most of these supposed value investing disciples only invest in publicly listed stocks /bonds. There are very few investor letters I've seen or public talks I've listened to, that discuss buying and holding businesses like Berkshire does. IMO full ownership has several distinct advantages over investing in publicly traded stocks. 1) Decreases volatility in the results of your overall portfolio 2) A good business will continuously provide you with new cash to invest, especially in market downturns where most mutual funds / hedge funds etc will experience capital outflows exactly when the opportunities to invest are the most ripe. 3) For the same reason, one can be comfortable in holding the underlying business through market downturns, since you keep receiving cash even though the market price of the business has gone down. Contrast this with an investment in a publicly traded stock. When the market tanks 25% no matter how good the underlying business might be your notional value has visibly gone down by 25% so it makes it harder to hold on. At the same time, your cash return is typically only the 2-3% dividend you receive from that investment. Given these advantages I wanted to know why so few investors focus on buying and holding entire businesses. Also, if I'm wrong and there indeed are many such investors out there, I would love to follow a few of them. So enlighten me either way. [link] [comments]  |
| Invest Like the Best - Interview with Josh Wolfe Posted: 23 Apr 2019 08:33 AM PDT |
| GMO White Paper - How and Why to Invest in a Climate Change Strategy Posted: 23 Apr 2019 08:30 AM PDT |
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