ValueWalk is at the NYSSA Annual Ben Graham Conference today. Below are notes from the speakers. Check back as we will have a lot more in the coming hours. These notes are from one of our favorite hedge fund managers: Jason Karp – Tourbillion Capital Partners on his best ideas he pitched a long thesis for SunOpta
Rupal Bhansali – informal notes from his pitch at the Annual Ben Graham Conference below
Millennials - more health conscious and less concerned about price; more quality conscious and less brand conscious
Annual Ben Graham Conference- other speakers
Thomas Russo
-like family controlled b/c sometimes trade at discount and usually family controlled companies generate lots of cash which allows families to hang onto them
-you need to avoid agency costs among the management;
Chris Davis
- a good farmer farms for his children; sometimes long term vision
-Investing is the art of the specific...nav gap is not necessarily good if there are major problems
Aswath Damodaran - Professor of Finance at NYU
-Valuation is not a science but a craft; you learn valuation by doing but not by reading about it in books;
-85% of all intangible assets is goodwill which is a plug asset;
-balance sheet records the past and very rule driven but a valuation mindset is forward looking
-we can't think about value as assets in place
-simple way to check valuation is to see if assumptions of growth, risk, and reinvestment make sense
-need to separate words price and value; value is cash flows, growth, and risk; price is supply and demand and who knows what that is; we need to stop using the two terms interchangeably
-you need faith that price will reflect your value; proof means you can't prove it