Offshore
Video
Aswath Damodaran (Youtube)
Chapter/Session 17: Investing in Decline
Session Description: In this session, I look at the investor groups, especially private equity and activists, who try to make their money by targeting companies in decline. In some cases, they do so, because the price is attractive, and in others, because they think that breaking up or even liquidating the firm can deliver more value than continuing as going concerns.
Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/CLC/slides/Ch17.pdf
Exercise:
a. If you had the capital and the capacity, do you think you would be a private equity investor? If yes, why? If no, why not?
b. As a public market investor, what approach to investing in declining companies offers the best odds for you? Why?
Chapter/Session 17: Investing in Decline
Session Description: In this session, I look at the investor groups, especially private equity and activists, who try to make their money by targeting companies in decline. In some cases, they do so, because the price is attractive, and in others, because they think that breaking up or even liquidating the firm can deliver more value than continuing as going concerns.
Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/CLC/slides/Ch17.pdf
Exercise:
a. If you had the capital and the capacity, do you think you would be a private equity investor? If yes, why? If no, why not?
b. As a public market investor, what approach to investing in declining companies offers the best odds for you? Why?
Offshore
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Aswath Damodaran (Youtube)
Chapter/Session 16: Investing in Middle Age
Session Description: In this session, I look at value investing, at least as practiced by many in the space, as focused primarily on middle aged firms, trading at attractive prices. While value investing has an appealing mix of story and numbers, I look at the returns earned by value investors and find little cause for celebration. Active value mutual funds underperform value index funds by more than active growth mutual funds underperform their index counterparts. While there are pockets of outperformance among individual and activist value investors, the overall conclusion that I reach is that active value investing does not deliver on its promise. We close the session by looking at possible reasons for this gap between promise and practice.
Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/CLC/slides/Ch16.pdf
Exercise:
a. If you had the capital and the capacity, do you think you would be an activist value investor? If yes, why? If no, why not?
b. As a public market investor, what approach to investing in mature companies offers the best odds for you? Why?
Chapter/Session 16: Investing in Middle Age
Session Description: In this session, I look at value investing, at least as practiced by many in the space, as focused primarily on middle aged firms, trading at attractive prices. While value investing has an appealing mix of story and numbers, I look at the returns earned by value investors and find little cause for celebration. Active value mutual funds underperform value index funds by more than active growth mutual funds underperform their index counterparts. While there are pockets of outperformance among individual and activist value investors, the overall conclusion that I reach is that active value investing does not deliver on its promise. We close the session by looking at possible reasons for this gap between promise and practice.
Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/CLC/slides/Ch16.pdf
Exercise:
a. If you had the capital and the capacity, do you think you would be an activist value investor? If yes, why? If no, why not?
b. As a public market investor, what approach to investing in mature companies offers the best odds for you? Why?
YouTube
Chapter/Session 16: Investing in Middle Age
Session Description: In this session, I look at value investing, at least as practiced by many in the space, as focused primarily on middle aged firms, trading at attractive prices. While value investing has an appealing mix of story and numbers, I look at…
Offshore
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Hidden Value Gems
An interesting observation:
Up until the past few years, the correlation between oil prices and the dollar has been mostly negative.
Now that the US is a net exporter of oil, the relationship between oil and the dollar has flipped.
In the past few years, correlation between the dollar index and Brent futures has been positive.
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An interesting observation:
Up until the past few years, the correlation between oil prices and the dollar has been mostly negative.
Now that the US is a net exporter of oil, the relationship between oil and the dollar has flipped.
In the past few years, correlation between the dollar index and Brent futures has been positive.
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Offshore
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Hidden Value Gems
Tips from the legendary Walter Schloss on investing 👇
Quote of the day #69 https://t.co/IZs5rikyfa
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Tips from the legendary Walter Schloss on investing 👇
Quote of the day #69 https://t.co/IZs5rikyfa
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Offshore
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Invest In Assets 📈
RT @InvestInAssets: Visa Business Breakdown $V 💳
Operational
- ROIC: 30%
- Gross Margin: 80%
- Operating Margin: 67%
- FCF/Net Income: 113%
Growth (5Y CAGR)
- Rev: 9.8%
- Op. Income: 10%
- EPS: 20.1%
Valuation
- Fwd. PE: 30
- EV/EBITDA: 26
- FCF Yield: 3.8%
Let's take a look 👇🧵 https://t.co/Gzrn4S30PO
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RT @InvestInAssets: Visa Business Breakdown $V 💳
Operational
- ROIC: 30%
- Gross Margin: 80%
- Operating Margin: 67%
- FCF/Net Income: 113%
Growth (5Y CAGR)
- Rev: 9.8%
- Op. Income: 10%
- EPS: 20.1%
Valuation
- Fwd. PE: 30
- EV/EBITDA: 26
- FCF Yield: 3.8%
Let's take a look 👇🧵 https://t.co/Gzrn4S30PO
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Offshore
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Stock Analysis Compilation
CL Capital on Hostelworld $HSW LN
Thesis: Hostelworld's innovative social features and strong market position make it a compelling play on the growing online hostel booking market
(Extract from their Q2 letter) https://t.co/PVh1MhReBt
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CL Capital on Hostelworld $HSW LN
Thesis: Hostelworld's innovative social features and strong market position make it a compelling play on the growing online hostel booking market
(Extract from their Q2 letter) https://t.co/PVh1MhReBt
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Hidden Value Gems
RT @HiddenValueGems: Enjoyed the interview with @JohnArnoldFndtn who achieved ~100% compound annual
return over 12 years and retired at 38 as a billionaire.
✅ “The market is usually right, but success in investing often comes from the confidence to believe when it’s wrong.”
✅ "Investing requires the balance of confidence to challenge the market and the humility to accept when you’re wrong."
✅ "In investing, the rarest skill is not just finding opportunities but knowing when you’ve made a mistake."
✅ "Success in investing isn’t about always being right; it’s about knowing when you need to rethink your strategy."
✅ “There's this phrase that fear and greed determine markets, and those are two very strong emotions. I've seen traders who either because of fear or greed, they change their pattern, they change their process. And so, for better or worse, I think I'm classified by being able to be detached from my emotions.”
✅ “The amount of infrastructure that's required to run the data centers for AI is immense. The industry is under a real challenge. It's putting tremendous challenge upon the utility industry.”
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RT @HiddenValueGems: Enjoyed the interview with @JohnArnoldFndtn who achieved ~100% compound annual
return over 12 years and retired at 38 as a billionaire.
✅ “The market is usually right, but success in investing often comes from the confidence to believe when it’s wrong.”
✅ "Investing requires the balance of confidence to challenge the market and the humility to accept when you’re wrong."
✅ "In investing, the rarest skill is not just finding opportunities but knowing when you’ve made a mistake."
✅ "Success in investing isn’t about always being right; it’s about knowing when you need to rethink your strategy."
✅ “There's this phrase that fear and greed determine markets, and those are two very strong emotions. I've seen traders who either because of fear or greed, they change their pattern, they change their process. And so, for better or worse, I think I'm classified by being able to be detached from my emotions.”
✅ “The amount of infrastructure that's required to run the data centers for AI is immense. The industry is under a real challenge. It's putting tremendous challenge upon the utility industry.”
tweet