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.

Disciplined Growth Investing in the Transition to Green Energy

The founder-backed company I’ll highlight is a Norwegian industrials business that has grown from almost nothing in 1995 to NOK 3.5 billion.

Common Sense Is Uncommon: Areas of Concern in a Speculative Market

By 2019 material distortions existed in certain asset prices. This situation has only gotten more extreme. We outline a few areas of concern.

Quarterly Intelligent Cloning Report: The Autumn 2021 Edition

Solid results can be achieved by copying great investors. Don’t try to be the smartest investor around. Start copying the great ones.

Grahamian Investing: How to Reinvent and Reinvigorate Value Investing

While I sympathise with the value investing community, I share Damodaran’s view that it tends to become rigid, ritualistic, and righteous.

European Banks Might Finally Be Ready to Rise From the Ashes

Some 17% of our funds are devoted to banks. We own the UK champions Intesa, BNP, and Lloyds. We also own Deutsche Bank and Commerzbank.

A Change in How Central Bankers Communicate Would Be Beneficial

If central bankers stopped publishing projections and just announced their actions after each meeting, it could bring greater stability.

Christian Billinger on Managing Investment Return Expectations

Christian elaborates on 1) how he arrives at a long-term return expectation of 8-12%, and 2) the benefits of having any expectations at all.

Peter Mantas on Investing at the Frontier of Quantum Computing

We had the pleasure of speaking with Peter Mantas of Logos LP, about intelligent investing in the quantum computing revolution.

Burford Capital: Litigation Financier With Attractive Business Model

This article is excerpted from a letter by Mordechai Yavneh, managing member of Focus Capital Management, based in New York City.

Public Equities in Southeast Asia: An Overlooked Asset Class

Southeast Asia is left behind by equity investors while the outlook is attractive, particularly in a post-trade war and post-Covid world.

Rajeev Agrawal on Key Lessons Learned Over the Past Year

Warren Buffett’s animated series, The Secret Millionaires Club, has a catchy tagline, “The more we learn, the more we earn.”