Jane Siebels Presentation at the Value Investor Conference. Check back for more presentations, or sign up for our free newsletter to get all the presentations in your inbox. H/T ValueInvestingWorld for the find
Sir John Templeton did it differently by:
1. Investing Internationally
2. Using hand-written spread sheets to calculate 5 year P/Es.
3. Taking a long-term perspective.
4. Having large country risk versus the index.
5. Concentrating his portfolios.
Julian Robertson: Know more than anyone else.
How we do it differently
1. In depth industry studies.
2. Quantitative Analysis and Check List
3. Open Outsourced Qualitative Analysis
4. Concentrated Portfolios with Low Turnover
Why How We Do It Differently Works
Assume a company is correctly priced by the market 80-?90% of the time. In order to find the 10-20% we look for
a) Mismatches between real and perceived threats and their impact on value.
b) What insight do we have that is not reflected in the stock price.
c) Do a deep dive into business segments, cash flow, earnings and capital expenditure.
d) Find the most inexpensive way to own the company.
e) Look for new and/or controversial management.
How do you do it differently?
- Your unique vision.
- Your unique core competences
- Your unique network
- Be innovative
To Minimize Threats and Risks
- Rigorous Analysis
- Concentrate Forces
- Build Networks
- Don’t Overleverage
- Have a Plan and a Process
