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Gotham City Research's caped crusader brought down Gowex, a formerly €1.4 billion Spanish company, using superior analysis of publicly available information. The author is reminded of a similar f ...
Read more | Investment Strategy | 0 Comments | Tue 14 Oct 2014




What is the most sensible way to think about the cost of capital? How should an analyst appraise an investment opportunity? This article steers clear of the ground breaking research of Litner, ...
Read more | Investment Strategy | 3 Comments | Wed 03 Sep 2014




It seems that acquisitions are ‘in' these days, nowhere more so than in the specialty drug sector. With each deal, excited investors and analysts salivate at the prospect of the next. Mr. Market ...
Read more | Investment Strategy | 3 Comments | Fri 21 Feb 2014




Having worked in various parts of the investment industry the author has an interesting perspective on the business of investment. His experience has taught him that in many cases people don't wan ...
Read more | Investment Strategy | 1 Comments | Fri 03 Jan 2014




In this, still evolving, saga the author uses a scuttlebutt network to learn about a company's strong position in a niche market. A sudden change in strategy catalysed by an acquisition leaves hi ...
Read more | Investment Strategy | 0 Comments | Wed 06 Nov 2013




Sometimes seemingly sound stocks collapse. On occasion the causes could not have been foreseen, but on others perhaps they should have been anticipated. Arguably the case of UK pawn broker Albem ...
Read more | Investment Strategy | 3 Comments | Tue 08 Oct 2013




Valuation-based screening is a pillar of most fund managers' investment approach, highlighting interesting ‘value' stocks worthy of further analysis. The academic research would appear to concur. ...
Read more | Investment Strategy | 3 Comments | Fri 02 Aug 2013




In a detailed study of the dental implant industry, the author strives for a conclusion on whether the market leaders possess a sustainable competitive advantage.
Read more | Investment Strategy | 1 Comments | Thu 06 Jun 2013




Japan is a popular hunting ground for Value Investors and pension analysis is an important element of a full understanding of the economics of company balance sheets. How does the private sector ...
Read more | Investment Strategy | 4 Comments | Tue 30 Apr 2013




A tiny company in an unglamorous sector with small free float listed in a different market from its key sales. A history of financial problems and exposure to the difficult automotive end market. ...
Read more | Investment Strategy | 6 Comments | Mon 11 Mar 2013




Most fund managers don't have the luxury of permanent capital and are therefore in the game of portraying a very positive image of themselves and their investment abilities, particularly in times ...
Read more | Investment Strategy | 4 Comments | Fri 09 Nov 2012




When describing how we manage money, we value investors often use terms that slide effortlessly off the tongue. This article is a real life chronology of an investment which the author believed ...
Read more | Investment Strategy | 2 Comments | Tue 16 Oct 2012




Company management often use leases to access capital. Despite this source of capital being senior to equity holders, its effect on liquidity, solvency and valuation is often ignored by investors ...
Read more | Investment Strategy | 6 Comments | Tue 21 Aug 2012




Reviewing the annual report is a must for any serious stock investor. Here we highlight a list of five pointers that we hope will assist our readers during this process
Read more | Investment Strategy | 3 Comments | Tue 03 Jul 2012




In 2008 Applied Materials was prepared to pay up to $800m for a business that "Mr. Market" is currently giving away for free. This article analyses this business to try to determine whether Applie ...
Read more | Investment Strategy | 6 Comments | Thu 03 May 2012




One of the bedrocks of investing is that equities (riskier assets) outperform bonds (safer assets) over the long run – certainly history has borne this out. However, as we know, accepting investm ...
Read more | Investment Strategy | 17 Comments | Sat 24 Mar 2012




Value investors typically seek-out low valuation multiples but are occasionally ensnared in the dreaded "value-trap". One reason this can occur is that the company's assets cease producing income ...
Read more | Investment Strategy | 0 Comments | Mon 27 Feb 2012




Forecasting is essential to modern life. And it is big business. There is scant evidence however, that those we laud as financial soothsayers are anything other than lucky. This paper researches ...
Read more | Investment Strategy | 0 Comments | Mon 30 Jan 2012




We are in an era of low interest rates and bond yields. The barking of bond vigilantes, the distracting wrangling of politicians, and the token warnings of rating agencies are all irrelevant. Inve ...
Read more | Investment Strategy | 0 Comments | Fri 23 Dec 2011




The existence of a franchise is often cited as the rationale for buying a stock. But true franchises are not common place and are difficult to identify ex ante. This article will take a look at t ...
Read more | Investment Strategy | 4 Comments | Thu 10 Nov 2011




Analysing arguments from some of the leading practitioners in academia, economics and money management, many of whom traverse all disciplines, this article examines the question: Is the market ...
Read more | Investment Strategy | 8 Comments | Thu 29 Sep 2011




To ask for nothing more than to preserve one's capital, risk free, sounds about as modest an aspiration an investor can have. Bank deposits and government bonds are often held up as real world ri ...
Read more | Investment Strategy | 0 Comments | Thu 22 Sep 2011




To be able to learn a lesson without charge, from one of the greatest ever practitioners of their profession, is a chance none of us should pass up. Marty Whitman first bought Toyota Industries i ...
Read more | Investment Strategy | 3 Comments | Wed 21 Sep 2011




Growth is not incompatible with Value; the two are intertwined. Nonetheless, conservative investors face a delicate task when considering the impact of growth on stock valuation. This article ...
Read more | Investment Strategy | 0 Comments | Wed 21 Sep 2011




Value investing can appear to be quite easy: thoroughly analyse a business and its risks and then ensure the price paid offers an adequate margin of safety. Many advocates postulate that because ...
Read more | Investment Strategy | 3 Comments | Fri 15 Apr 2011




"It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness." Charles Dickens' opening to A Tale of Two Cities could well be a description of Wes ...
Read more | Investment Strategy | 5 Comments | Mon 21 Mar 2011




The humble price-to-earnings ratio (PE) has become the most widely referenced valuation metric amongst equity investment commentators. How useful is it as a valuation metric? Here we examine where ...
Read more | Investment Strategy | 2 Comments | Tue 22 Feb 2011




When the father of value investing, Ben Graham, formalised his approach to value investing together with David Dodd in 1934, he made clear his goal of buying stocks at a discount to their net cu ...
Read more | Investment Strategy | 0 Comments | Tue 22 Feb 2011




Good companies don't make good investments. Research using historic stock market returns indicates that not only do 'bad' companies outperform, but they do so with significantly lower risk.
Read more | Investment Strategy | 0 Comments | Mon 03 Jan 2011




Many value investors are debating the merits and drawbacks of investing in Japan. On the positive side, Japanese stock valuations are a fraction of their Asian / Western peers – the result of a 2 ...
Read more | Investment Strategy | 5 Comments | Mon 03 Jan 2011




Healthcare company Boston Scientific purchased its peer, Guidant, in 2006 for the princely sum of $27 billion. At the time Guidant was viewed as a high return, high growth company. Boston made tw ...
Read more | Investment Strategy | 0 Comments | Mon 03 Jan 2011

 
 



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When we examine the investment case for any company we must think of competitive threats. Amazon is increasingly mentioned as potential competiti ...

Gotham City Research's caped crusader brought down Gowex, a formerly €1.4 billion Spanish company, using superior analysis of publicly available i ...

What is the most sensible way to think about the cost of capital? How should an analyst appraise an investment opportunity? This article steers ...

It seems that acquisitions are ‘in' these days, nowhere more so than in the specialty drug sector. With each deal, excited investors and analysts ...

Having worked in various parts of the investment industry the author has an interesting perspective on the business of investment. His experience ...


Value Investment Institute Chair Gary Connolly and board member John Looby discuss topical issues including: Recent instability in the most stable ...



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