As promised recently we are updating/cleaning the investor resource pages on a regular basis. This week we’ve added several new legendary investors to our resource archives. Earlier in the week we added Henry Singleton, Shelby Davis, Tom Knapp, Ed Anderson and Phil Carret. Today we’ve completed the renovation of Charles Royce’s resource page.
Below is a partial excerpt from Royce’s resource page followed by link to the full page, which can also be found under Value Investors tab above.
Royce is a small-cap specialist and uses a bottom-up approach to investing, especially in the international market. While he calls himself a value investor, he dislikes using the word. Instead he likes to say that he is a risk manager. Essentially, Royce is targeting outperformance with a lower than average level of risk. And he has achieved this with an annualized return of just under 15% for the 35 years from 1972 with a lower level of volatility than the market average.
Whenever Royce and his analysts are assessing an investment, they start with a risk analysis, what can go wrong, what is the possible downside here? They factor in things like cash balances, leverage and the business model — are there competitors, barriers to entry etc…?
See the full page here Charles Royce resource page