Lessons From the First Decade of Running a Value-Focused Strategy

While our investees are performing well, to my surprise and disappointment, we find the strategy’s performance behind the S&P 500.

Corporate Activity as a Driver of Equity Value Creation

Examples of corporate activity include M&A, returns of capital to shareholders, spin-offs, sales of assets or complete divisions, etc.

Why Optimism Regarding Future Small-Cap Returns May Be Misplaced

Even though most of my investing career has been focused on small caps, I think blanket optimism for smaller stocks is dangerous.

If You Could Pick Twenty Stocks for Twenty Years, Which Would You Pick?

Beyond temperament, investing is a lot about filters and mental models. A question I pondered this year would be a good example…

Best Ideas 2024 Preview: Pharma Supplier Sartorius Stedim Biotech

Sartorius Stedim Biotech provides products and services that enable biopharma companies to develop and manufacture medicines.

The India Story: Krish Mehta on the Long-Term Investment Case

This article is authored by MOI Global instructor Krish Mehta, investment analyst at Enam Holdings, based in Mumbai, India. Krish is an…

Best Ideas 2024 Preview: Lollapalooza of Scale, Consolidation, and Growth

Investing in consolidation situations as they develop can benefit from an increase in business quality not reflected in the recent price.

Experimental Economics and Bubbles in the Laboratory

The valuations of developed equities (with the exception of the UK and a few other countries) remain near the highest levels in history.

Disruption in Weight Loss Drugs, and the Dangers of Buying Into Hype

Over the last several years, more companies have gone public with sky-high valuations, little-to-no profit, and big promises.

Europe’s Higher Profitability Among Firms Trading at Deep Discounts

In today’s world of higher cost of capital, Europe’s cheap and profitable stocks offer an attractive place to earn more bang for your buck.

The Importance of Low-Cost Energy

BMW’s net cash stands at almost 40% of its market cap. This is a record-high proportion. BMW’s management has two possibilities.

J.Dennis Jean-Jacques on Investing in Dislocations

Great ideas do not happen every day, every month, or even every year. When they do appear, it is best to have been actively preparing…

What Higher Rates Mean for Housing and Mortgage Markets

Lloyds Banking Group trades under six times earnings and a ~20% discount to book value. We see this as worthy of attention.

Outperforming by Focusing on Good Businesses With Low Expectations

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

Businesses With Strong Underlying Demand and Temporary Difficulties

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

Thinking in First Principles: Focusing on Duration in Equity Investing

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

Amazon: Value Hiding in Plain Sight (Best Ideas 2023 Preview)

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.

Thinking About Opportunities and Challenges in Developing Markets

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

Seizing the Opportunity in Energy and Industrial Businesses

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

Intelligent Investing in a Markedly Different Investment Environment

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

A Stock for a Grandchild: Applying a Long-Term Mindset to Investing

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!

Get Your Capital a Passport: Traveling Beyond the United States to Invest

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

Best Ideas 2023 Preview: Sprott Physical Uranium Trust

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

India’s $10 Trillion Ambition Through a Credit Market Lens

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.

A Technical Guide to the Bayes Investments Valuation Model

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

Thesis Updates: Deutsche Bank, Holcim, Lanxess, Swatch

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.

Finding Value in European Banks and Other Old Economy Sectors

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.

Automotive Industry: Attractive Medium-Term Investment Case

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

Patrizia SE: Preview of Idea Session at European Investing Summit 2022

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.

Thought Exercise: Explaining the Global Macro Situation to a Martian

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.

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