David Sokol presentation at Ben Graham Centre on “Value Investing In Businesses With Built To Last Characteristics.”
[klarman]Value Investing In Businesses With Built To Last Characteristics
Ben Graham / The Intelligent Investor:
- 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.
