80 Tips about Value

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This is a core message of Benjamin Graham’s: A stock price matters at any given time only in relation to the value of the company behind it. Staying...
Here’s how we think about valuation: The S&P 500 companies sell at 15x next year’s earnings, 3x book value, 11x cash flow, 1.5x revenues, have...
I believe the biggest way you add value as a value investor is how you behave in those down-25% situations. Sometimes you should buy more, sometimes...
My returns have actually been slightly negatively correlated to the S&P 500. The reason is that most of my companies have zero momentum, zero...
We’re looking for a total annual return of at least 25%, with position sizes adjusted for the degree of difficulty. For a given expected internal...
One benefit of being a global investor is in learning how a particular business should be valued – which is often properly done in the U.S. – and...
We’re looking to pay 10x free cash flow or less, period. If you find those and you can’t figure out how to kill the business, you should be buying...
Tags: value, cash, strategy
Our research process brings us down to 50 or so companies about which we’ve affirmatively answered the question, “Would we want to own this...
We often return to stocks that face a cyclical business downturn, but investors are overreacting to the prospect of a temporary dip in earnings. When...
Tags: value, investing
In such a value-focused world, we need to be all the more contrarian in our views. It also requires additional research focus on unique,...
Tags: value, views, focus
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