Note: The presentation below does not representation the opinion’s of Joseph Calandro’s employer.
I had the privilege to hear Joseph Calandro, Jr speak on value investing at a recent NYSSA event, sponsored by the Value Investing Committee (the Committee is consulting with Joe and using his ‘Suggestions for Modern Security Analysts’ paper as a blueprint when planning future events). Joe keeps a low profile, but he is the author of a fantastic book on value investing; Applied Value Investing: The Practical Application of Benjamin Graham and Warren Buffett’s Valuation Principles to Acquisitions, Catastrophe Pricing and Business Execution.
The presentation focused on Warren Buffett’s acquisition of GEICO, and calculating intrinsic value for the company at the time.
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The economy remains in distress, although there are signs of recovery underway. John Buckingham of Kovitz, editor of The Prudent Speculator newsletter, has found that value stocks typically outperform coming out of economic downturns. Thus, he argues that this is an excellent time to be a value investor. Q4 2020 hedge fund letters, conferences and Read More
I will not focus much on my notes as they do not do justice to the presentation. However, the presentation outline has been embedded below for readers’ viewing. It is highly recommended that readers see Joe’s guest post here and interview here.Special thanks to Chris Goulakos, Richard Ivey MBA Candidate, and NYSSA Value Investing Committee member for chairing and helping to organize the event.