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.
The Barrier to Entry to Finding Great Investments
If you screen for perfection, you may overpay for an investment, which is why investors should be suspicious of the “obvious” opportunities.
Intelligent Investing in a World of Accelerating Growth
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.
Investment Decisions: The Nexus Between Accounting and Valuation
This exposition is a simplification of our financial models, but it should be helpful in grasp the underlying conceptual framework.
Value-Oriented Investing in the Sustainability Revolution
Investment strategies focused on carbon reduction have a multi-decade tailwind. How can value investors participate in the transition?
Our Approach to Investing in an Age of Below-Inflation Interest Rates
We invest primarily in companies with owned real assets, including, land, buildings, and equipment. This focus served us well in 2021.
Stay Cognizant of Market History, Focus on Cash Flow Over Stories
A young generation of investors who have seen nothing but good times for the market are speculating on exciting yet high-risk stories.
A Case Study in Primary Research: Indentifying an Inflection Point
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.
Small- and Mid-Cap Investing in Emerging Markets; China vs. India
Emerging markets trade at record discounts to North American and European markets, with EM equities at a ~60% discount on a P/E basis.
A Long-Term Investor’s Perspective on the Opportunity in Cannabis
Aaron Edelheit views cannabis as a generational investment opportunity in an industry with strong growth and limited access to capital.
Six Reasons Why Boutique Investment Managers Outperform
A study in 2018 found that boutique active managers have outperformed both non-boutique peers and indices over the last two decades.
Contrarian Investment Opportunities for Uncertain Times
We consider gold as a unique asset for uncertain times. Gold has greatly outperformed both equities and bonds in inflationary periods.
EIS 2021 Idea Preview: Aalberts — Humanly, Environmentally, Financially
Dutch company Aalberts is involved in attractive end-markets with a strong environmental focus, which the management articulates very well.
Sebastien Lemonnier Highlights His Timeless Investment Principles
It might be interesting to share with you the main investment principles I have gathered since starting my career eighteen years ago.