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Ignore Buffett: Book Value is Still Relevant for Value Investors

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Warren Buffett is abandoning book value as a metric to value Berkshire Hathaway stock. Does this mean we, value investors, should follow suit? Not at all, and here are the reasons why.

Bank of Canada addresses Climate Change in their Financial System Review

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  • Transition costs will be felt most in carbon-intensive sectors, such as the oil and gas sector.
  • If some fossil fuel reserves remain unexploited, assets in this sector may become stranded, losing much of their value.
  • I would rank the ability for climate change to cause a systemic financial disaster in the Canadian financial system to be on par with the risk of a moderately large asteroid hitting the planet and causing wide-scale disruption – both events would be “climate-related”, per se, and cause real disruption.

Some links

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  • On Gazprom and why some Value Investments need catalysts

A New Barber in Town

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  • I read this story on Aircel’s lenders agreeing to take a 99% haircut on dues worth Rs 20,000 crore.
  • And decided to take a (pathetic) shot at poetry on a Saturday morning…

Typical research sweep

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  • Another way is to go through 13F-HR filings of various fund managers I respect and try to examine some of their holdings.
  • Corepoint’s financials don’t show an entity making a ton of money on operations and are instead banking on land.
  • The income statement is very low margin and the industry is competitive to the point where they’d need to be the lowest cost producer on the virtue of localized economies of scale – this has been tried before in many instances.

Deep Work Habits

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  • “I organize my life in such a way that I get lots of long, consecutive, uninterrupted time chunks…I’ve invested significant effort to minimize the shallow in my life while making sure I get the most out of the time this frees up.
  • Deep Work = When decide to work, don’t waste time, and work efficiently.
  • Be mindful of task trying to accomplish and focus only on that task — no switching, no distractions!

Qualcomm Incorporated (QCOM) Dividend Stock Analysis

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3
Average: 3 (2 votes)

Linked here is a detailed quantitative analysis of Qualcomm Incorporated (QCOM). Below are some highlights from the above linked analysis:

Company Description: Qualcomm Incorporated focuses on developing products and services based on its advanced wireless broadband technology...

Fair value adjustments and some quirky accounting rules

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  • For example, under “Other income (expense)”, the entire $4.591 million under “Loss on Financial Instruments” consists of fair value adjustments.
  • $2.569 million of the $4.591 million consists of a mark-to-market adjustment on the fair value of warrants the company has outstanding.
  • Therefore, the company “lost” $2.6 million and this has to be reported on the income statement as a financial expense.

Administrative issues on website

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  • On popular demand, I have added an “E-Mail Subscriptions to New Posts” option, which is available on the right-hand side of the website on desktops.
  • For those squinting their eyes on a 4 inch mobile phone, you’ll have to flick all the way to the bottom.
  • Fill in your name and email, and once you confirm your email address the site will notify you of new posts.

Archer Daniels Midland May Spin Off Ethanol Business

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  • The beginning of the New Year is often a time of hope.
  • A fresh start.
  • A clean slate.

TAM Stock Screener – Stocks Appearing in Dalio, Greenblatt, Cohen Portfolios

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  • Part of the weekly research here at The Acquirer’s Multiple features some of the top picks from our Stock Screeners and some top investors who are holding these same picks in their portfolios.
  • Jim Simons – 830,025 total shares
  • Joel Greenblatt – 513,771 total shares

This Week’s Best Investing Reads 5/17/2019

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  • Here’s a list of this week’s best investing reads:
  • This week’s best investing research reads:
  • This week’s best investing podcasts:

Great Cheap Stocks: How to Minimize Risk

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  • The most important measure of risk for a net net investor is the price you are paying for the great cheap stocks in relation to the value you get.
  • Net net investors believe in protecting their capital first and taking calculated risks to produce high returns.
  • Net net investors who fill their portfolio with positive asymmetric risk-reward great cheap stocks will undoubtedly enjoy comparatively higher returns than the general market — at little or no risk!

Neurologic

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  • There are tons of books on human irrationality.
  • I've reviewed many of them on this site!
  • But NeuroLogic: The Brain's Hidden Rationale Behind Our Irrational Behavior is different.

Introducing Acquirers Funds®

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  • Our investment process begins with The Acquirer’s Multiple® , the measure used by activists and buyout firms to identify potential targets.
  • We believe deeply undervalued, and out-of-favor stocks offer asymmetric returns, with the potential for limited downside and a greater upside.
  • The returns to deep value are potentially realized in two ways:

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