Home Value Investing Value Investing Nuggets – Graham & Doddsville Newsletter – Spring 2017

Value Investing Nuggets – Graham & Doddsville Newsletter – Spring 2017

One of the best resources for value investors are the Graham & Doddsville Newsletters. The G&D newsletter is an investment publication from Columbia Business School (CBS) full of value investing nuggets and is co-sponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Student Investment Management Association (CSIMA).

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The most recent edition includes:

A. Rama Krishna, CFA, of ARGA Investment Management discusses the application of value investing globally, especially in emerging markets. His time working with valuation-focused firms helped inform ARGA’s approach and the goal to find value anywhere. Rama discusses the challenges and opportunities of this strategy, including the decision to invest nearly a quarter of ARGA’s emerging markets portfolio in Russia when other investors were fleeing the region.

Clifford Sosin of CAS Investment Partners shares his highly concentrated and long-term approach. He discusses two of his investment ideas in depth; anyone following Herbalife (HLF) or World Acceptance Corporation (WRLD), especially short sellers, will be interested in this discussion. Additionally, Cliff provides some unique career advice for aspiring investors.

Christopher Begg, CFA, of East Coast Investment Management discusses the benefits of investing in “compounders, transformations, and workouts.” The adjunct professor of Security Analysis at Columbia Business School shares his thoughts on SherwinWilliams (SHW) and other high quality businesses that are sometimes overlooked. Chris also emphasizes the benefits of multi-disciplinary learning, both for life and for investing.

You can download a copy of the newsletter here.

This original article was posted by Johnny Hopkins at The Acquirer's Multiple.

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The Acquirer’s Multiple® is the valuation ratio used to find attractive takeover candidates. It examines several financial statement items that other multiples like the price-to-earnings ratio do not, including debt, preferred stock, and minority interests; and interest, tax, depreciation, amortization. The Acquirer’s Multiple® is calculated as follows: Enterprise Value / Operating Earnings* It is based on the investment strategy described in the book Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations, written by Tobias Carlisle, founder of acquirersmultiple.com. The Acquirer’s Multiple® differs from The Magic Formula® Earnings Yield because The Acquirer’s Multiple® uses operating earnings in place of EBIT. Operating earnings is constructed from the top of the income statement down, where EBIT is constructed from the bottom up. Calculating operating earnings from the top down standardizes the metric, making a comparison across companies, industries and sectors possible, and, by excluding special items–earnings that a company does not expect to recur in future years–ensures that these earnings are related only to operations. Similarly, The Acquirer’s Multiple® differs from the ordinary enterprise multiple because it uses operating earnings in place of EBITDA, which is also constructed from the bottom up. Tobias Carlisle is also the Chief Investment Officer of Carbon Beach Asset Management LLC. He's best known as the author of the well regarded Deep Value website Greenbackd, the book Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014, Wiley Finance), and Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012, Wiley Finance). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Articles written for Seeking Alpha are provided by the team of analysts at acquirersmultiple.com, home of The Acquirer's Multiple Deep Value Stock Screener. All metrics use trailing twelve month or most recent quarter data. * The screener uses the CRSP/Compustat merged database “OIADP” line item defined as “Operating Income After Depreciation.”


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