By Jeffrey Towson
As initially conceived via the mythical Benjamin Graham, conventional worth making an investment comprises deciding to buy particularly good shares and corporations at a percent less than their intrinsic worth. yet this process comprises many hidden, U.S.-centric assumptions that easily don’t paintings good in today’s high-growth rising markets. during this e-book, prime worldwide worth investor Jeffrey Towson extends and modernizes price making an investment, assisting you follow its middle ideas whenever you entry great possibilities to be had in today’s fastest-growing markets.
Towson introduces the strong price aspect procedure that grows out of his adventure at the elite making an investment staff chosen through Prince Alwaleed, the "Arabian Warren Buffett." whereas holding Graham’s relentless concentrate on rate and caliber, he exhibits how you can combine 3 the most important extra sorts of worth into your inventory exams: the price of political access in a government-infused funding international, the price of reputation in an international of colliding markets, actors and biases, and the price of capabilities in a multi-local world.
Building on those concepts, Towson provides a whole funding playbook for the following 5 years. subsequent, he indicates tips to make investments for the following twenty years—successfully navigating the colossal industry collisions that might batter traders who aren’t ready for them.
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Additional info for What would Ben Graham do now? : a new value investing playbook for a global age
This is one of those areas where coming from a physics background is a bit of an advantage. Physicists are used to spending 10% of the time calculating the answer and 90% calculating the uncertainty in the answer (which is always much harder). It’s not really how fast the rocket flies but under what conditions it blows up that concerns you. It’s also why so many of us detest Excel, which seems designed to do calculations without any consideration of uncertainties. There is an additional advantage if you did your training before computers took over, and you were forced to derive things empirically and without resorting to quantitative solutions.
1 Is the Company: • Great…? • Potentially Great…? • Good…? In Developed Markets • Various definitions A company with a sustainable compe itive advantage low cost of growth one of a k nd etc Reputable Capital Key Political Access Key In Developing Economies • More comp icated and variab e Depends on company industry sector poli ical involvement and overa l environment 3 2 Is the Company Cheap? ) Value Investment Can the Margin of Safety Be Captured? 9 Temporary Problems •Management econom c downturns cycl cal Biases and Other Odd Investor Behavior Cross Border Inefficiencies •Problems in cap tal flows regulatory grayness absent rule of aw etc •Bias situations: cultural geographic etc Management Local Capability Keys Foreign Capability Keys • Eliminated Downside • Maximized Potential Upside • Surgical Investment and Capture of Returns Value point: the search for opportunity to add value Note on the left of the chart that the market inefficiencies we are targeting include both those we are familiar with in developed economies (change in value, investor bias, crazy Mr.
Having an impact on the replacement value is an important strategy, and how this affects earnings power value or discounted cash flow over time is critical. Looking at the current time, near term, and long term, there are actually nine cases to consider, six of which can be attractive opportunities. 7—hence the term value point. 54 WHAT WOULD BEN GRAHAM DO NOW? 7 (EPV < AV at time 0), we can move it rapidly to Case 5 (EPV = AV in the near term). If we add significant value to a company’s balance sheet in Case 1 or 2 (EPV > AV or EPV = AV at time 0), this should lead to an increase in the EPV (Case 4 or 5).
What would Ben Graham do now? : a new value investing playbook for a global age by Jeffrey Towson