David Sokol – Value Investing In Businesses With Built To Last Characteristics [Slides]

David Sokol – Value Investing In Businesses With Built To Last Characteristics [Slides]
Image source: Pixabay

David Sokol presentation at Ben Graham Centre on “Value Investing In Businesses With Built To Last Characteristics.”

H/T ValueInvestingWorld

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Value Investing In Businesses With Built To Last Characteristics

Ben Graham / The Intelligent Investor:

Baupost’s Seth Klarman Suggests That The U.S. Could Be Uninvestable One Day

Seth KlarmanIn his 2021 year-end letter, Baupost's Seth Klarman looked at the year in review and how COVID-19 swept through every part of our lives. He blamed much of the ills of the pandemic on those who choose not to get vaccinated while also expressing a dislike for the social division COVID-19 has caused. Q4 2021 Read More

  • Think For Yourself
  • Understand What Equity Markets Are And Are Not
  • Fundamentals Always Matter
  • Separate “Facts” and “Real Issues” From “Prophecy”
  • Find An Acceptable Margin Of Safety
  • Avoid Emotional Decision Making

Ayn Rand / Atlas Shrugged:

  • Businesses Exist In A Changing World With Multiple Forces Pulling Upon Them....Not All Of Which Are Rational
  • The Quality Of Management and Governance Of A Company Is Overwhelmingly Influential In Long Term Outcomes
  • Change Must Be Constantly Embraced, Nurtured And Expected Within An Organization

Balance Is Critical To Sustainability!

  • CUSTOMERS- A Company must deliver the benefit of the bargain. A Quality product, on time and at an agreed price
  • EMPLOYEES- Deserve fair and competitive compensation, benefits and training in exchange for a quality and efficient work product
  • INVESTORS- Entitled to a fair and consistent return on their debt or equity investment
  • SOCIETY- Expects that its laws and regulations will be observed and complied with

Operational Excellence Is The Only Way To Maintain Balance Among These Four Obligations

See full PDF below.

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