Value investing congress presentations

In addition, when shorting, your upside is capped and your downside is unlimited[1] — precisely the opposite of long positions. Importantly, stock markets generally head up over time as business value is built up. Virtually all of the large personal fortunes in the world have been made on the long side. As such, we believe maintaining a long bias and business-like approach is the most constructive path to wealth creation over the long haul. At Pender we are predominantly long investors.

But when it comes to constructing a portfolio we think there are times when limited shorting does make sense in order to potentially enhance returns and reduce volatility. There are three main ways we would do this. As an alternative to holding cash, maintaining a short book enables the investor to stay more fully invested most of the time while preserving the option of being able to act when the markets swoon from time to time.

This is a strategy Buffett used in his early partnership days that helped him earn positive returns even in years when the general market posted meaningful declines. Finally, shorting can help to reduce portfolio volatility which might be beneficial to those investors who find it difficult to stomach the manic-depressive emotional cycles of the stock market.

We found many of the global ideas presented at the conference compelling on the surface, like a granite maker in India Aro Granite , a global retailer based in France Rallye , and a construction company based in Korea SamHo Development.

We think going on a global hunt for value is a perfectly sound strategy. Moreover, we believe there continue to be plenty of opportunities within the North American markets, including through a growing number of companies with meaningful and expanding global operations.

However, with increasing globalisation and standardisation of accounting methods and more, we see a number of global opportunities outside of North America that fit into our expanding circle of competence. David Barr and Felix Narhi, September 17, [1] Caveat: Technically, this is accurate if no other action is taken after the initial short position.

Also, infinite losses can be prevented by placing stop losses. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Every effort has been made to ensure the accuracy of its contents.

You can purchase the best company in the world, but if you do not buy it at a reasonable price, you will not compound your capital at an acceptable rate of return. Do not be afraid to load up the truck with mispriced securities during bear markets or during temporary market dislocations. The presentation also contains our investment rational for three publicly traded stocks that were recently featured in our institutional research publication Asset Analysis Focus and are currently owned by Boyar Asset Management clients.

We do not intend it to be a complete description of any security or company. All facts and statistics referenced herein are from sources we believe to be reliable, but we do not guarantee their accuracy and it may be incomplete or condensed.

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Mark Boyar is a well-respected longtime value investor, he publishes a research-intensive newsletter and has an excellent record over many decades. He first mentioned the stocks that he talked about last time he presented, at the Las Vegas iteration of this Congress back in May we covered that here — he did well with Dole […]. He started by talking about a mistake — Pinnacle Airlines, which was written up as a value stock dozens of times … the CEO had little incentive to help investors.

He thinks that capital allocation […]. Guy Gottfried has a nice, albeit short, record of choosing excellent little Canadian value stocks that have risen in value pretty substantially over the year or so following his presentation. Hi folks! Great individual companies can be crushed by a bad geopolitical situation. You have to like the country as well as the company. Objective criteria — why is Israel a great place to invest? Stable, capitalist, […]. Chris Mittleman spoke on behalf of his family-run investment firm, Mittleman Brothers, and says he applies a more selective criteria to find real extremes of value.

The presentation was about applying a private equity mentality to public equity — and they invest in a lot of companies that have substantial leverage. So unlike value investors […]. He notes that what we think of as bear markets have really been long sideways markets. David Hurwitz of SC Fundamental presented a thought exercise on valuing a steady and boring company versus a rapid grower that has been steadily losing more money on each new sale.

Much of the time I posted these thoughts in real time, and the more in-depth consideration of any stocks that look […]. Owner operators have their wealth at risk, look for long term profits, it all makes perfect […]. Phillip Goldstein of Bulldog Investors talked this afternoon about his experience with Imperial Holdings IFT , which is in the life settlements business.

Bulldog invested in them by buying debt with […]. First Internet Bancorp INBK — traditional bank but without traditional branches, so they can offer better rates and lower fees. There are plenty of online banking competitors, but despite the fact that the only growth industry in the town where I live is building new bank branches the preference for internet banking is growing nicely […]. David Nierenberg founded the D3 family of investment funds, which is a focused small cap and micro cap investment group.

The basic idea is much like past ads from the Motley Fool and others — that cloud […]. The shorts were a repeat […]. Just had an interesting presentation from Mick McGuire of Marcato Capital Management, he called out three different companies who have good operating businesses but also understated values that are hidden by their balance sheets … in this case because they are carrying real estate at purchase prices.

Some of those ideas make headlines and move stocks, particularly when rock star fund […]. Which is probably for the best, since […]. As most of you know, I spent a couple days learning at the Value Investing Congress in New York last week, a wonderful conference that attracts some of the best and brightest in value investing and gives them a great forum for sharing their ideas and methods. Nothing on this website shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction.

Nothing contained on the website constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed on this website should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this website, I have not taken into account the investment needs, objectives and financial circumstances of any particular investor.

This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed on this website by me were prepared based upon the information available to me at the time such views were written. Changed or additional information could cause such views to change.