This quarterly member publication is authored by MOI Global contributor and Zurich Project participant Peter Coenen, a value investor based in the Netherlands.
“The basic reason for the cyclicality in our world is the involvement of humans. Mechanical things can go in a straight line. Time moves ahead continuously. So can a machine when it’s adequately powered. But processes in fields like history and economics involve people, and when people are involved, the results are variable and cyclical. The main reason for this, I think, is that people are emotional and inconsistent, not steady and clinical.” –Howard Marks.
Recently, Howard Marks published a book, entitled Mastering the Market Cycle. Carl Icahn wrote on the back cover of the book: “If you’re uncertain as to wether there will be a correction in the market, or if you think there’s no reason to worry because this time it’s different, you have to read this book before you make a move.”
In this edition of Intelligent Cloning we will reevaluate Allison Transmission, one of the consitituents of the Intelligent Cloning Portfolio, and look at the long-term performance of this company through a different lens.
Members, log in below to access the restricted content.
Not a member?
Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:
About The Author: Peter Coenen
Peter is the founder and CEO of The Value Firm BV. The Value Firm BV operates as an independent investment management company. The Company offers investment consulting and advisory, capital market, and portfolio management services. The Value Firm BV serves clients in the Netherlands.
Peter graduated with a degree in Electrical Engineering from the Eindhoven University of Technology (Netherlands). Peter joined the KPN Group of companies where he held various management positions and worked on topics like calling cards, broadcasting business, high speed internet via satellite and business intelligence. Peter is a member of the Royal Industrieele Groote Club in Amsterdam, a lively business club with an eclectic mix from the (inter)national business community.
More posts by Peter Coenen