Browsed by
Tag: deep value

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…

Read More Read More

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)…

Read More Read More

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…

Read More Read More

Ben Graham Lecture Notes

Ben Graham Lecture Notes

I recently stumbled across collection of notes from Benjamin Graham’s lectures when he was a professor at Columbia University. The notes were taken during lectures given in 1946, six years after the 1940 version of “Security Analysis” was published. Actually, the name of the course was “Current Problems in Security Analysis”, and was, in Graham’s words an“attempt to bring our textbook ” Security Analysis” up to date, in the light of the experience of the last six years since the…

Read More Read More

Warren Buffett The Early Years — Part Seven: Work-Outs

Warren Buffett The Early Years — Part Seven: Work-Outs

Warren Buffett The Early Years — Part Seven: Work-Outs As covered in the last part of this series, Warren Buffett had three different types of investments when he was managing his partnerships. These three categories were: generals, workouts and control situations. Workouts, or special situations (corporate events such as mergers, liquidations, reorganizations, spin-offs,) are by far the most interesting of this group. Due to their nature, Buffett was able to predict what kind of a return he would generate from…

Read More Read More

Joel Greenblatt’s Original Magic Formula

Joel Greenblatt’s Original Magic Formula

Most investors are familiar with Joel Greenblatt’s Magic Formula, made famous in his book, “The Little Book That Beats the Market”. The key drivers of the Magic Formula we know today are Earnings Yield (EBIT / Enterprise Value) and Return on Capital (EBIT / (Net Fixed Assets + Working Capital)). Companies are ranked according to these two metrics — highest earnings yield and highest return on capital — then the 20 to 30 companies with the highest ranks are purchased…

Read More Read More

Societe Generale Developed And Emerging Market Deep Value Screen

Societe Generale Developed And Emerging Market Deep Value Screen

Société Générale publishes a monthly update on the performance of several value orientated fundamental trading strategies across both developed and emerging markets. For deep value investors, one of the most interesting screens is the Graham & Rea deep value screen. The screen is a strategy developed by Benjamin Graham and James Rea. It uses a set of ten basic investment criteria used to identify deep-value opportunities. These criteria are also known as Graham’s last will, and the Benjamin Graham deep…

Read More Read More

The Superinvestors of Graham-and-Doddsville: Charlie Munger

The Superinvestors of Graham-and-Doddsville: Charlie Munger

Table 5 is the record of a friend of mine who is a Harvard Law Graduate, who set up a major law firm. I ran into him in about 1960 and told him that law was a fine hobby but he could do better…”— Warren Buffett’s introduction to Charlie Munger in his essay: The Superinvestors of Graham-and-Doddsville. This is the fourth part of a six part series on Warren Buffett’s essay, The Superinvestors of Graham-and-Doddsville. Click to read the earlier…

Read More Read More