You won’t find a book packed with more wisdom per page than this one. If you want to learn about investing or living an exceptional life, The Education of a Value Investor is a must read. https://t.co/FvgpBQ7eLL
— John Mihaljevic (@JMihaljevic)
Jan 23, 2023
In my second data post for 2023, I look at the actual returns on the US equities in 2022, putting them in historical context and tracing out how expected returns have changed as a consequence. https://t.co/kbWDWR34gL
— Aswath Damodaran (@AswathDamodaran)
Jan 22, 2023
Fairfax India: Collection of High-Quality Assets at Discount to NAV
January 19, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, TranscriptsJeffrey Stacey of Stacey Muirhead Capital Management updated his investment thesis on Fairfax India Holdings (Canada: FIH.U) at Best Ideas 2023.
Jeff originally presented Fairfax India at Best Ideas 2022.
Thesis summary:
Fairfax India’s stock price declined 2.6% in 2022, but intrinsic value has increased modestly in Jeff’s judgment. As such, Jeff believes the company is still an attractive investment opportunity.
Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation by investing in public and private equity securities and debt instruments in India. Fairfax Financial owns 42.2% of shares outstanding, while OMERS owns 14.7%. Management and investment advisory services are provided by Fairfax Financial, which has a successful long-term operating record in India. Some the largest investments made by Fairfax India include the Bangalore International Airport Limited, the IIFL group of companies, Sanmar Chemicals Group, and CSB Bank.
Fairfax India trades at a ~35% discount to book value per share. Jeff considers book value per share as a rough but understated proxy for intrinsic value. Fairfax India has been actively buying back shares to take advantage of this discount, having purchased about 7.6% of shares outstanding since the end of 2020.
Given the above-average long-term growth potential of India, a portfolio of public and private investments with solid economic prospects and reasonable valuations, a market price at a significant discount to both book value and intrinsic value per share, and an active and accretive share repurchase program, Jeff believes Fairfax India remains a compelling investment opportunity.
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About the instructor:
Jeffrey Stacey is the founder of Stacey Muirhead Capital Management Ltd. and he has over 35 years of investment industry experience. Jeff has an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Financial Analyst.
Jeff has been involved in many charitable and board activities throughout his career. He has served on several investment committees including for two Canadian universities. In addition, he has served on the advisory boards for two university student managed investment funds.
Jeff is married and has two children. Personal interests include hiking, fitness, reading, travelling, and playing drums.
Edita Food: Powerful Brands and Durability in Developing World
January 19, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, TranscriptsFred Steiner of BCCM Advisors presented his investment thesis on Egypt-based Edita Food Industries (UK: EFID) at Best Ideas 2023.
Thesis summary:
Since the GFC, Egypt has experienced a series of major events, including the 2011 Egyptian Revolution, a change in government and the constitution in 2013, a 50% devaluation in its currency against the US dollar in 2016, Covid-19 and its impact on tourism, the fallout of the Ukraine War due to its dependence on wheat imports and Ukrainian and Russian tourists, and finally, over the past nine months the currency has depreciated a further 50%.
US dollar investors have lost two-thirds of their capital since the 2015 IPO of snack regional market leader Edita Food Industries (EFID.CA on the EGX and EFID.L on the LSE). Over this tumultuous period, Edita has improved the breadth and depth of its portfolio of brands, grown exports to 17 countries, learned from pricing mistakes, and recently established a manufacturing presence in Morocco.
Growth has kept up with the dollar appreciation, translating into a 60-75% contraction in trading multiples. Fred believes Edita offers investors one of the best examples of the power of brands and durability in the developing world.
Edita is valued at 2023 ~7x EV/EBITDA and ~11x P/E while being a consistent generator of high-teens to low-twenties ROIC.
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About the instructor:
As Portfolio Manager of the Blue Clay Pan-Africa Fund, Fred Steiner is responsible for research, security selection and portfolio construction. Prior to re-joining BCCM Advisors, Fred earned an MBA from the University of Minnesota’s Carlson School of Management where he graduated with distinction and was a Curtis L Carlson Scholarship recipient. During the full- time business school program, Fred worked with a multi-family office, Sawmill Management as a Senior Analyst. Prior to business school, Fred served as an Analyst and Associate at BCCM and worked in various roles at Signature Financial Partners. Fred studied at University of Cape Town in 2008, graduated from Union College in 2009 with a Bachelor’s degree in Economics and Minor in History and is a CFA charterholder. Fred is a Board of Trustees member of African Wildlife Foundation and previously volunteered for Soccer 4 Hope while living in Cape Town, South Africa in 2010.
Cineworld Bankruptcy: Fulcrum Security Offers Value Opportunity
January 19, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member PodcastsParul Garg of PenderFund Capital Management presented her thesis on the fulcrum security of bankrupt Cineworld Group (UK: CINE) at Best Ideas 2023.
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About the instructor:
Parul Garg joined Pender’s investment team in December 2015. She is currently the Associate Portfolio Manager for the Pender Corporate Bond Fund, which was recognized with a Lipper Fund Award in years 2018 and 2019. She covers all sub asset class in fixed income ranging from Investment Grade to Distressed credit. Her focus and expertise revolve around stressed and distressed credit. For the last 7 years, she has been involved in many credit workouts, pull to par, stressed debt exchanges, bankruptcy credits, restructuring, and recapitalizations.
Parul started her career as a Software Engineer with Accenture, focusing on projects in the financial domain. She then worked as a Fixed Income Derivative Analyst for two years at a private investment firm in India. She worked in Product Development with the Business Development Team for the Fixed Income Markets at the MCX Stock Exchange in India for a year and a half before moving to Vancouver in 2014 to start her MBA. Parul has a Bachelor of Technology in Civil Engineering from NIT Surat in India, a Master of Business Administration from the Beedie School of Business at Simon Fraser University and has completed CFA Level 1. In June 2022, she attended Warton School of Business (University of Pennsylvania) for Distressed Asset Investing and Corporate Restructuring course. She also sits on the Steering Committee for the Vancouver chapter of Women in Capital Markets.
The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.Members of @manualofideas can check out @Bonhoeffer_KDS’s full presentation, “Three Ideas: Asbury Automotive, CMH, and Sixth Street Specialty Lending.” $ABG $CMH $TSLX
https://t.co/jelaWfeeEs
— Willow Oak Asset Management (@WillowOak2017)
Jan 19, 2023
Three Ideas: Stor-Age, Sabvest Capital, Omega Healthcare Investors
January 19, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member PodcastsAdrian Saville of Genera Capital presented his investment theses on Stor-Age Property REIT (South Africa: SSS), Sabvest Capital (South Africa: SBP), and Omega Healthcare Investors (US: OHI) at Best Ideas 2023.
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About the instructor:
Adrian Saville is an investment specialist at Genera Capital, with offices in London and Johannesburg. Adrian’s qualifications include a Bachelor of Arts (Honours) (cum laude), M.Com (cum laude) and PhD (Economics), which he completed at the University of Natal in 1997 and for which he was awarded the Economics Society of South Africa’s Founders Medal. He is a UNESCO laureate and a matriculant of Linacre College (Oxford). He has completed programmes in investing and competitive strategy at Columbia University, Harvard Business School, Stanford, and Yale. In 1994, while completing his doctorate in economics, Adrian formed an investment vehicle that grew into a boutique investment firm which was acquired by a listed company in 2017. In 2021 Adrian moved to Genera Capital, to join the multi-family investment office. Adrian has also held a Professorship in Economics, Finance & Strategy at the Gordon Institute of Business Science (GIBS) since 2003, and he is a Visiting Professor in Strategic Management at the Rotman School of Management in Toronto.
The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.Subsea 7: Niche Offshore Services Leader at Major Inflection Point
January 19, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, TranscriptsBob Robotti of Robotti & Company discussed his investment thesis on Subsea 7 (Norway: SUBC, US: SUBCY) at Best Ideas 2023.
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About the instructor:
Bob Robotti is the Founder, President and CIO of Robotti & Company Advisors, a registered investment advisor based in New York City.
Guided by the classic tenets of value investing, VALUATION MATTERS. Robotti & Company Advisors uses a proprietary research approach to identify companies which trade for substantial discounts to their future free cash flows, yet are misunderstood, neglected, or just out-of-favor, so discounted by markets. Once identified, Robotti’s investment team focuses on deep primary industry and company research to select investment holdings through the lens of a long-term business owner.
In this capacity, Bob is currently on the boards of PrairieSky (TSX:PSK), AMREP Corporation (NYSE:AXR), Pulse Seismic Data Inc. (TSX: PSD) for which he also serves as Chairman, and Tidewater, Inc. (NYSE:TDW). Bob previously was on the board BMC Building Materials Holding Corporation, now amalgamated into Builders FirstSource, the premier and differentiated distributor of building structural products to homebuilders.
Prior to founding Robotti & Company in 1983, he was the CFO of Gabelli & Company. Bob holds a BS in Accounting from Bucknell University and an MBA from Pace University.
The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.
Aurubis: Misunderstood, High-Return, Advantaged Metal Processor
January 19, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member PodcastsJames Davolos of Horizon Kinetics presented his in-depth investment thesis on Aurubis (Germany: NDA) at Best Ideas 2023.
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About the instructor:
James Davolos joined Horizon Kinetics in 2005 and serves as Co-Portfolio Manager for the Inflation Beneficiaries ETF (INFL), the Internet Fund as well as several private funds and institutional separate accounts. He began his investment career with the Firm in 2005, as a member of the trading desk and joined the investment team in December 2006. James began his tenure on the investment team as a generalist analyst covering investment and research opportunities for various strategies managed by the Firm. James received a BBA in Finance from Loyola University in Maryland, and an MBA from New York University.
The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.Consorcio Ara: Undervalued Mexican Homebuilder With Large Land Bank
January 19, 2023 in Audio, Best Ideas 2023, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member PodcastsAaron Edelheit of Mindset Capital discussed his investment thesis on Consorcio Ara (Mexico: ARA) at Best Ideas 2023.
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About the instructor:
Aaron M. Edelheit is the CEO and Founder of Mindset Capital, a private investment firm. Aaron also was the Chief Strategy Officer of FLO Technologies, after being one of the first investors in the company, helping the company grow from a pre-revenue startup to raising $28 million and launching in over 500 Home Depot stores. FLO was acquired in January of 2020 by Fortune Brands.
In his previous role as CEO of The American Home, Aaron founded and grew a company from 16 rental homes to one that owned 2,500 single family rental homes and was sold in April 2015 to a publicly traded REIT.
Aaron also founded and ran a successful money management firm, Sabre Value Management from 1998 to 2011.
In 2018, IdeaPress published Aaron’s first book, The Hard Break: The Case for a 24/6 Lifestyle. The book makes the case for taking one day off from work, email and smartphones for a more productive, healthier and more creative life.
Aaron serves on the board of Dignity Moves, which builds cost effective housing for those experiencing homelessness. He has also served on the boards of non-profits such as the Moishe House Foundation and Global Village Project. And he is also a member of Social Venture Partners in Santa Barbara, California.
Aaron has also been featured and quoted in the Wall Street Journal, New York Times, Bloomberg, and CNBC among others and has given lectures on business and entrepreneurship in the U.S., Canada and South Africa.
The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.