Value Investing Congress October 13-14 2010
description
Transcript of Value Investing Congress October 13-14 2010
Value Investing for
“Mere Mortals” Value Investing Congress
October 12 &13, 2010
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 $0.00
$50,000.00
$100,000.00
$150,000.00
$200,000.00
$250,000.00
$300,000.00
$350,000.00
$400,000.00
S&P 500
Aquamarine Fund Inc
Comparison of changes in $100,000 invested in Aquamarine Fund Inc. vs S&P 500
8
14
• Before Investing, run a checklist
• Take buy and sell decisions when the market is closed
• Buy to hold for at least two years
• Reduce toxic relationships, increase productive ones
• Create a distance from the “madding crowd”
• Sequence information appropriately
• Maximise positive feedback loops
• Invoke useful circuit breakers
• Great Useful Partnerships
• Good Partners
• Act like a great partner to find a great partner
Company Name Market
Capitaliza2on (US$)
Enterprise Value
Dividend Yield Industry
Shingakukai $60 -‐18.6 4% Coaching Schools and Sports Clubs
Clip Corpora2on $26 ~0 4% Coaching Schools
Nippon Road 186 -‐32 4% Construc?on and Engineering
Nihon Dengi 57 -‐1.25 5% Air condi?oning systems
Daiichi Kensetsu Corp 125 -‐28 3% Construc?on and Real Estate
Hokkaido Bus Company 74 -‐12 2% Bus Routes
Otaki Gas 73 6.7 2% Gas Distribu?on
Heian Ceremony Service Co.
67 8 4% Wedding and Funeral Services