Deep Value [Pdf/E–book]


Deep Value

Deep Value Review ¼ 108 The economic climate is ripe for another golden age of shareholder activism Deep Value Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations is a must read exploration of deep value investment strategy describing the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond The book combines engaging anecdotes with industry research to illustrate the principles and methods of this complex strategy and explains the reasoning behind seemingly incomprehensible activist maneuvers Written by an active value investor Deep Value provides an insider's perspective o. Extrapolation is instinctive while mean reversion is notIn the era of moat and growth investing this book provides much needed empirical evidence from across various time periods and markets on how Graham type of strategies still outperform almost all other approaches A must readWarning The book is like an academic paper with tonnes of surveys and data Not a very fluid read

Review ✓ eBook, ePUB or Kindle PDF Õ Tobias E. Carlisle

Deep Value Review ¼ 108 Ing value investing to re emerge Topics include Target identification and determining the most advantageous ends Strategies and tactics of effective activism Unseating management and fomenting change Eyeing conditions for the next MA boom Activist hedge funds have been uiet since the early 2000s but economic conditions shareholder sentiment and available opportunities are creating a fertile environment for another golden age of activism Deep Value Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations provides the in depth information investors need to get up to speed before getting left behind. This is a collection of very detailed historical case studies with an interesting investing thesis hidden between the lines and in the last chapterI enjoyed it though would prefer thesis less history

Tobias E. Carlisle Õ 8 Summary

Deep Value Review ¼ 108 N shareholder activist strategies in a format accessible to both professional investors and laypeople The Deep Value investment philosophy as described by Graham initially identified targets by their discount to liuidation value This approach was extremely effective but those opportunities are few and far between in the modern market forcing activists to adapt Current activists assess value from a much broader palate and exploit a much wider range of tools to achieve their goals Deep Value enumerates and expands upon the resources and strategies available to value investors today and describes how the economic climate is allow. Hands down one of the best books I have read to this date read it twice in 6 months it offers counter intuitive ideas and facts and backed by uality statisticsLong version reviewMean reversion in business is pervasive can think of cyclical nature of businesses High return businesses attract competition and drives down return to the point where the invested capital can no longer make any profit or even endure loss some in the industry then choose to exit and so the returns move gradually to the peak again In a cruel irony businesses find capital in abundance both from retained earnings and outside investors when they need it least and scarce when they need it most In light of this when we find a company increasing its CAPEX during trough years it may be a good investment opportunity as it might be a shining star when the relevant industry starts seeing some improvementThe book also shows how activismcreates enormous values for investors citing examples from Carl Icahn and other prominent investors It suggests that Graham net current asset value strategy though has limited applications and Acuirer s multiple can be used to identify company which have characteristics that typically attract activists undervaluation large cash holdings and low payout ratios hence providing asymmetric market beating returns However it has be noted that these companies usually have poor trends of earnings which make us hard to buy into it psychologically Buffett has said It s far better to buy a wonderful company at a fair price than a fair company at a wonderful price The data show however for those of us who don t have Buffett s talent that the low or no growth value stocks are the consistent bet It seems that the uglier the fundamental business trend the better the return even when the valuations are comparable This is deep value investing Reason Mean reversionSome interesting factssentences1 Apple Inc was a net net stock back in October 2002 It possessed 78 cash per cash net of all debts and was sold at 72 Mean reversion in the markets looks a lot like the gambler s fallacy made real movements in security prices individually and in aggregate tend to be followed by subseuent price movements in the opposite direction3 LowNo Growth Value Stocks outperform High Growth Value Stocks This is a fascinating finding Intuitively we are attracted to high growth and would assume that high growth value stocks are high uality stocks available at a bargain price The data show however that the low or no growth value stocks are the better bet It seems that the uglier the stock the better the return even when the valuations are comparable4a Profitable Net Nets underperform Loss Making Net Nets 4b Dividend Paying Net Nets underperform Non Dividend Paying Net Nets5 Buffett concluded from his experience with Berkshire s relentlessly lossmaking textile business that Should you find yourself in a chronically leaking boat energy devoted to changing vessels is likely to be productive than energy devoted to patching leaks 6 The research shows that the typical company targeted by activists has poor recent stock performance a low valuation a large cash holding and few opportunities for growth Short version reviewSo what is the implication of this book for us in real life what is the practical useBuy companies with low Acuirer s multiple as data has shown in aggregate they will outperform any other metrics Explanation low Acuirer s multiple stocks are the targets of activists creating enormous returns through shareholder engagements Even without activism mean reversion will work in favor of these stocks improving relevant industries in later years thus boosting earning and stock prices surge conseuently

  • Kindle Edition
  • 236
  • Deep Value
  • Tobias E. Carlisle
  • English
  • 06 March 2018
  • null

10 thoughts on “Deep Value [Pdf/E–book]

  1. says: Deep Value [Pdf/E–book]

    Read & download Deep Value Review ✓ eBook, ePUB or Kindle PDF Õ Tobias E. Carlisle Tobias E. Carlisle Õ 8 Summary A line from the book Rats beat the MBAs sums up the point of this book If you're of the belief that biases cannot be controlled and that one cannot gain any competitive advantage over others by improving judgment and analytical skill you proba

  2. says: Read & download Deep Value Deep Value [Pdf/E–book] Review ✓ eBook, ePUB or Kindle PDF Õ Tobias E. Carlisle

    Read & download Deep Value Tobias E. Carlisle Õ 8 Summary Deep Value [Pdf/E–book] Extrapolation is instinctive while mean reversion is notIn the era of moat and growth investing this book provides much needed empirical evidence from across various time periods and markets on how Graham type of strategies

  3. says: Deep Value [Pdf/E–book] Tobias E. Carlisle Õ 8 Summary Review ✓ eBook, ePUB or Kindle PDF Õ Tobias E. Carlisle

    Deep Value [Pdf/E–book] An outstanding book that's shows and explains why traditional value strategies are still capable of producing market beati

  4. says: Read & download Deep Value Deep Value [Pdf/E–book] Review ✓ eBook, ePUB or Kindle PDF Õ Tobias E. Carlisle

    Read & download Deep Value Tobias E. Carlisle Õ 8 Summary Deep Value [Pdf/E–book] Hands down one of the best books I have read to this date read it twice in 6 months it offers counter intuitive ideas and facts and backed by uality statisticsLong version reviewMean reversion in business is pervasive can think of cyclical nature of businesses High return businesses attract competition and drives down return to the point where the invested capital can no longer make any profit or even endure loss some in the in

  5. says: Deep Value [Pdf/E–book]

    Deep Value [Pdf/E–book] Review ✓ eBook, ePUB or Kindle PDF Õ Tobias E. Carlisle Tobias E. Carlisle Õ 8 Summary Great summary of all forms of value investing their origins evolution and the world today Starts reading like a research paper towards the end but I don't mind it

  6. says: Deep Value [Pdf/E–book]

    Read & download Deep Value Tobias E. Carlisle Õ 8 Summary Review ✓ eBook, ePUB or Kindle PDF Õ Tobias E. Carlisle In the first half of the book Tobias Carlisle compares various metrics used to identify deeply undervalued stocks and presents cases from empirical research that show deep value stocks in general outperform growthuality stocks This outperformance is attributed to the phenomenon of mean reversion In the second half and the interest

  7. says: Deep Value [Pdf/E–book]

    Deep Value [Pdf/E–book] Carlisle makes the case for intrinsic value relative to earnings or the inverse the acuirer's multiple as the only measure of value worth pursui

  8. says: Deep Value [Pdf/E–book] Read & download Deep Value

    Review ✓ eBook, ePUB or Kindle PDF Õ Tobias E. Carlisle Deep Value [Pdf/E–book] This is a collection of very detailed historical case studies with an interesting investing thesis hidden between the lines and in the last chapterI enjoyed it though would prefer thesis less history

  9. says: Deep Value [Pdf/E–book]

    Tobias E. Carlisle Õ 8 Summary Review ✓ eBook, ePUB or Kindle PDF Õ Tobias E. Carlisle Deep Value [Pdf/E–book] This book is borderline repetitive regarding the concept of mean reversion but at the same time it is a treasure trove of counter intuitive data on market beating deep value portfolios

  10. says: Tobias E. Carlisle Õ 8 Summary Deep Value [Pdf/E–book]

    Deep Value [Pdf/E–book] The best book I've read this year case studies coupled with academic findings just how I like my theory reading

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