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Category: Value Investing

Nine Value Picks For 2016

Nine Value Picks For 2016

First published at ValueWalk.com 2015 has been the year of the FANGs, (Facebook, Amazon, Netflix and Google), which collectively are up 86% in 2015. FANG names plus six other high-growth plays added 74 points or 3.6% of S&P 500 returns as investors followed the ‘growth at any price strategy.’ But Fundstrat’s Tom Lee believes that the FANG group will struggle in 2016 as value is set to stage a comeback. See also: Is Value Set For A Comeback? FANGs rarely repeat outperformance…

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It’s Different This Time, Right?

It’s Different This Time, Right?

Amid all the research coverage on the state of the high yield market that came out last week, one report from Deutsche Bank, in particular, stood out. The research report has attracted some attention, mainly because it’s predicting that there’s yet more pain ahead for the high yield market: Late stages of every credit cycle, by definition, are built on a theory as to why this time is different. This type of attitude was prevalent going into 2015, when credit…

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Interview With Deep Value Investor Jeroen Bos

Interview With Deep Value Investor Jeroen Bos

Jeroen Bos has more than twenty years of investment experience and is one of the premier deep value investors in Europe. He worked as a scout for Peter Cundill in the London market and authored Deep Value Investing: Finding bargain shares with big potential, published in 2013. Jeroen currently manages the Church House Deep Value Investments Fund, a small-cap fund that looks for unloved companies priced at a discount to their liquid assets. The fund is largely UK weighted and…

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Benjamin Graham’s 11 Rules For The Appraisal Of Common Stocks

Benjamin Graham’s 11 Rules For The Appraisal Of Common Stocks

Below is a carbon copy of Benjamin Graham’s lecture notes on his 11 rules for appraising stocks. You can find a copy of the original set of notes here, although they are essentially illegible. The original document misses off the final rule, number eleven, which is mentioned elsewhere. OUTLIER OF NOVEMBER 6TH LECTURE Benjamin Graham RULES FOR APPRAISAL OF COMMON STOCK FOR INVESTMENT PURPOSES Appraised Value is determined by (a) estimating the Earnings Power (b) applying the appropriate multiplier (c)…

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Steven Kiel Of Arquitos Capital On Looking For Prospective Investments

Steven Kiel Of Arquitos Capital On Looking For Prospective Investments

This is an excerpt from an interview I did with Steven Kiel of Arquitos Capital for ValueWalk back in September. Arquitos is modeled on the partnerships managed by Warren Buffett from 1956-1969. The fund uses a bottom-up, company-specific approach, identifying situations where significant mispricing exists. And this approach has, so far, yielded some highly impressive results. Arquitos Capital’s annualized return since launching on April 10, 2012 to the end of June was 33.2%. To the end of June, Arquitos Capital was up 2.5% for 2015….

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Wisdom From Phil Fisher

Wisdom From Phil Fisher

Phil Fisher has been called one of the most important and influential investors of all time. His book, Common Stocks and Uncommon Profits published in 1958, is still relevant today and is a recommended read for many of Wall Street’s top money managers. Warren Buffett once said his investment philosophy was 85% Ben Graham, 15% Phil Fisher. Phil Fisher’s strategy was to buy well-managed, high-quality growth companies, which he held for the long term. For example, he bought Motorola stock in 1955 and…

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Value Vs. Glamour Stock Returns

Value Vs. Glamour Stock Returns

First published at ValueWalk.com “What happens when value and glamour stocks miss earnings expectation targets? Although, as expected, prices for glamour stocks have historically fallen, prices for value stocks have gone up — even when business fundamentals deteriorated, based on results found in this study of global equities. These results suggest the superior returns delivered by value stocks may not be a result of positive developments relative to expectations, but instead are more likely due to a gradual and corrective reversal…

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The 6 General Principles Of Value Investing

The 6 General Principles Of Value Investing

First published at ValueWalk.com What are the fundamental principles of value investing and how should you interpret them? Joseph Calandro, Jr., a Managing Director of a global consulting firm, Fellow of the Gabelli Center for Global Security Analysis at Fordham University, author of Applied Value Investing, and a Contributing Editor of Strategy & Leadership, published a paper earlier this year that seeks to answer this question. I should say now that this is only a brief summary of the paper…

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