This article is excerpted from a letter by MOI Global instructors Jim and Abigail Zimmerman of Lowell Capital Management.

In an environment of rising pressures, we look for companies that should do well independent of overall equity market conditions.

Many roads lead to Rome, and thinking in first principles can isolate the features of industries and investments that lead to duration.

Amazon needs no introduction in the value community. It may have one of the widest moats in the world. Berkshire bought a stake in 2019.

Since 1960, only about a dozen countries out of 150 or so have managed to materially better themselves relative to their peers.

We identify a “myopia of linear thinking” among many investors. They refuse to revisit industrials and ignore strong results as transitory.

The new era will place a primacy on existing hard assets – in stark contrast to the prevailing primacy on intangibles and cheap capital.

Why wouldn’t we buy more stocks with that mindset? We’d trade even less, keep the long-term horizon in mind, and do just fine!

Isn’t it a better method to access international markets through a US-listed multinational corporation? The answer is emphatically no.

While there are two large miners, Kazatomprom and Cameco, the most direct bet on uranium is the Sprott Physical Uranium Trust.

India is poised to grow at a staggering pace and become a $10 trillion economy by 2035 as per CEBR from its current $3 trillion size.

Security analysis cannot presume to lay down general rules as to the “proper value” of any given common stock.

One of my primary objectives is to document my thinking at the time of making some of the most important decisions of my investing career.

The Great Technology Bubble has resulted in the squandering of trillions of dollars of capital in the quest to find the next Amazon or Google.

Component supply for the auto sector has been under tremendous stress, but several factors could be a game changer for the industry.

Patrizia is a top-three European real estate asset manager run by an owner-operator who has grown BV/share at 15-16% over a decade.

It has been a year characterized by macro events. I will approach the situation in an unconventional way: Let’s explain it to a Martian.

If you screen for perfection, you may overpay for an investment, which is why investors should be suspicious of the “obvious” opportunities.

Mauboussin found that it was rare for a company — even for ones with a low revenue base — to produce growth of 20+% for ten years.

This exposition is a simplification of our financial models, but it should be helpful in grasp the underlying conceptual framework.

Investment strategies focused on carbon reduction have a multi-decade tailwind. How can value investors participate in the transition?

We invest primarily in companies with owned real assets, including, land, buildings, and equipment. This focus served us well in 2021.

A young generation of investors who have seen nothing but good times for the market are speculating on exciting yet high-risk stories.

A major part of my job as an investor is to piece together a view of how the future will play out amidst a backdrop of uncertain information.

Emerging markets trade at record discounts to North American and European markets, with EM equities at a ~60% discount on a P/E basis.

Aaron Edelheit views cannabis as a generational investment opportunity in an industry with strong growth and limited access to capital.

A study in 2018 found that boutique active managers have outperformed both non-boutique peers and indices over the last two decades.

We consider gold as a unique asset for uncertain times. Gold has greatly outperformed both equities and bonds in inflationary periods.

Dutch company Aalberts is involved in attractive end-markets with a strong environmental focus, which the management articulates very well.

It might be interesting to share with you the main investment principles I have gathered since starting my career eighteen years ago.