EV/EBITDA: What’s The Point?

Over the past three decades, the discipline of financial analysis and accounting has changed significantly. One of the business changes has to be the use of EBITDA. This financial metric was barely used until the leveraged buyout boom of the 1970s and 80s when it became commonplace to use [...]

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Ben Graham’s Big Profits From Junk Investing

As I covered in the second part of this series, 1948 was a landmark year for Benjamin Graham and his partner, Jerome Newman. The duo, which founded the Graham-Newman Corporation in 1936, found themselves owning 50% of a struggling insurance business, the Government Employees Insurance Company (GEICO). However, due [...]

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Dev Kantesaria: Looking Up To Warren Buffett And Charlie Munger

ValueWalk's Raul Panganiban interviews Dev Kantesaria, the Managing Partner at Valley Forge Capital Management. In this part, Dev discusses the selective reporting to databases, what makes investing fun for him, looking up to Warren Buffett and Charlie Munger, his bottom up fundamental approach, not paying attention to what other [...]

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The Story Of The Graham–Newman Corporation’s Mega Bet On GEICO

Benjamin Graham and Jerome Newman didn't write particularly lengthy year-end letters to shareholders of the Graham--Newman Corporation, according to the records we have today.  If you’re looking for value stocks, and exclusive access to value-focused hedge fund managers, check out ValueWalk’s exclusive value newsletter, Hidden Value Stocks. The duo presented investors [...]

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How Charlie Munger Made His First Million

Today Charlie Munger is considered to be one of the greatest investors and thinkers that has ever lived. With a fortune of nearly $2 billion, he's one of the wealthiest people in the world as well. Q2 hedge fund letters, conference, scoops etc If you’re looking for value stocks, and exclusive [...]

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Rowan Street Capital 2Q19 Commentary: Chipotle Case Study

Rowan Street Capital commentary for the second quarter edned June 30, 2019. Q2 hedge fund letters, conference, scoops etc rawpixel / Pixabay Dear Partners, Our 2019 second quarter performance was +5.9% (gross) compared with S&P 500 total return of +4.3%. Year-to-date performance through June 30 was +26.4% (gross) compared with +18.5% for the [...]

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Mitigating The Behavioural Biases

ValueWalk's Raul Panganiban interviews Wayne Himelsein, the President and CIO Logica Capital Advisers. In this part, Wayne discusses what led him to investing, his overall investing philosophy, mitigating the behavioural biases, how he defines his hedge, his definition to a systematic approach, and the grey box in systematic investing. Q2 [...]

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Munger And Buffett On Stock Buybacks

Stock buybacks I have always been a contentious point for Warren Buffett and Charlie Munger. Q2 hedge fund letters, conference, scoops etc If you’re looking for value stocks, and exclusive access to value-focused hedge fund managers, check out ValueWalk’s exclusive value newsletter, Hidden Value Stocks. While the duo is not wholly against [...]

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Seth Klarman’s Advice For Successful Investing

Seth Klarman is widely considered to be one of the best value investors in the world today. Q2 hedge fund letters, conference, scoops etc His Boston-based hedge fund, Baupost manages approximately $30 billion in assets for clients around the world. Its unconstrained mandate means that it can invest in whatever assets [...]

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Dev Kantesaria: Venture Investing In Biotech

ValueWalk's Raul Panganiban interviews Dev Kantesaria, the Managing Partner at Valley Forge Capital Management. In this part, Dev discusses his background and what led him to investing, venture investing in biotech, how his experience has carried over to his current investment thinking and process, his long biased equity strategy, [...]

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Bob Robotti: Determining Disparity Between Price And Value

ValueWalk's Raul Panganiban interviews Bob Robotti the president and CIO of Robotti Value Investors. In this part, Bob discusses his energy investments, the earnings power of the businesses, determining disparity between price and value, if ETFs are a momentum-oriented thing, active vs passive management, and his sell discipline. Q2 hedge [...]

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The Erroneous Errors And The Gamblers Mentality

ValueWalk's Raul Panganiban interviews Wayne Himelsein, the President and CIO Logica Capital Advisers. In this part, Wayne discusses the erroneous errors, the gamblers mentality, passive investing versus active investing, passive investing creates opportunities along with problems, his favourites books, his hobbies and how he destresses, and the market is [...]

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Warren Buffett Second-Biggest Mistake Of All Time

In 1998, Berkshire Hathaway announced that it was planning to acquire reinsurance giant General Re for a total of $23.5 billion. Q2 hedge fund letters, conference, scoops etc Image used with permission from Investment Masters Class While this looked to be a good deal at the time, in the years immediately after [...]

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Hedge Fund Jobs Opening

Every so often, hedge funds with job openings include them in their letters to investors, and we're starting to keep track of these jobs and will post them as we see them. Free-Photos / Pixabay This week we have only one listing, which is from (more…)

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Paul Tudor Jones On What Makes A Good Trader

Paul Tudor Jones is a Wall Street legend. He founded Tudor Investment Corporation in the mid-1980s, after working on trading floors on Wall Street as a clerk, before becoming a broker for E.F. Hutton in 1980. If you’re looking for value stocks, and exclusive access to value-focused hedge fund managers, [...]

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Walter Schloss’ Approach To Making Money Out Of Junk

Walter Schloss was, without a doubt, one of the best value investors of all time. Q2 hedge fund letters, conference, scoops etc During his 47 years on Wall Street, Schloss produced a compound annual return for his investors of 21%. He did this using a simple, systematic investment approach based on [...]

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