Thursday, January 30, 2020

Value Investing Oaktree Cap Howard Marks take on Global Economic Outlook

Oaktree Cap Howard Marks take on Global Economic Outlook
According to a recent report by the Bank of International Settlements (BIS) US banks are not the ones needing cash, they are now providing liquidity to the repo market
Baupost Group Q4 2019 Letter
NZS Capital: DCF assume ergodic system
8 key investment themes for 2020
ROIC vs. WACC screening

Oaktree Cap Howard Marks take on Global Economic Outlook

Posted: 29 Jan 2020 07:31 PM PST

submitted by /u/Locustwalk
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According to a recent report by the Bank of International Settlements (BIS) US banks are not the ones needing cash, they are now providing liquidity to the repo market

Posted: 30 Jan 2020 03:43 AM PST

submitted by /u/AjaxFC1900
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Baupost Group Q4 2019 Letter

Posted: 29 Jan 2020 06:55 AM PST

submitted by /u/Stephen-Colbert
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NZS Capital: DCF assume ergodic system

Posted: 30 Jan 2020 12:22 AM PST

There was a recent tweet by one of the founder of NZS Capital outlining the flaws of DCF and why using something like (FCF Yield + Growth_10y(FCF_per_Share)) is a better measure of expected returns.

The tweet is available here https://twitter.com/bradsling/status/1222018946330554368. All in all, it sparked a debate across the Fintweet community.

I understand that DCF has too many uncontrollable variables but the truth remains that money in the future has to be discounted to present value regardless of how the math is constructed.

What is your take on this? I tried reading the NZS whitepaper on their framework but I was left more confused than initially. Looking for different perspectives on the subject from this great community. Thanks!

submitted by /u/gymaliz
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8 key investment themes for 2020

Posted: 29 Jan 2020 04:40 PM PST

submitted by /u/nothrowaway4me
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ROIC vs. WACC screening

Posted: 29 Jan 2020 04:46 AM PST

What screening tools can I use for ROIC vs. WACC screening, along with other conventional metrics such as P/E, EV/EBITDA, EBIT %?

Also, would you basically out industries that never deliver ROIC vs. WACC spreads? I.e., can't escape industry power curve...?
https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-strategy-and-corporate-finance-blog/could-roger-federer-be-as-successful-playing-badminton

submitted by /u/theopenstrat
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