Save it to your desktop, read it on your tablet, or email to your colleagues Q1 hedge fund letters, conference, scoops etc Transcript As many of you know I hold the Ben Graham Chair in Value Investing. The chair I was endowed by Mr. Of course finals are here today an academic symposium that I ran over in May in Toronto and a value investing seminar geared to professionals that I ran every July. In other words you we brought value investing and stock back into academia.
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Save it to your desktop, read it on your tablet, or email to your colleagues Q1 hedge fund letters, conference, scoops etc Transcript As many of you know I hold the Ben Graham Chair in Value Investing. The chair I was endowed by Mr.
Of course finals are here today an academic symposium that I ran over in May in Toronto and a value investing seminar geared to professionals that I ran every July. In other words you we brought value investing and stock back into academia.
And this is big because academics have paid little attention to stock picking over the years. But I am a firm believer in stock picking. I think stock picking was the right process and the right temperament works. Now in the past in past conferences I spoke extensively about the technical and more quantitative aspect of the value investing process that is screening stocks to find possibly undervalued stocks.
Stocks with sloppy low price to book and then finding that intrinsic value. Value them to to find intrinsic value. Now these two steps of the process have been well documented in my speeches. Today I like discuss the softer more qualitative aspect of the value investing process. The part that has to do with temperament and value investor character because these are very important aspects of decision making. If when investing success that is somewhat anecdotal evidence of the importance of temperament investing for example GM Moss investing strategies.
James Montier says that value investors are contrarian, patient, discipline unconstrained constrained and skeptical. And famed value investor Warren Buffett says that his successor yes we have the right temperament and a keen understanding of both human and institutional biases. I want to develop a less anecdotal and more formal and systematic understanding of the threat of the current strengths and virtues that embody value investors.
A few years ago I interviewed 19 successful value investors here in Canada in the U. One of the questions I asked was how different are value investors on mothers. Not necessarily anti-social but a social they are contrarian. Share Tweet For exclusive info on hedge funds and the latest news from value investing world at only a few dollars a month check out ValueWalk Premium right here.
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Both companies are in the insurance industry, led by legendary value investors Prem Watsa and Warren Buffett, respectively. They are both capable insurance underwriters who have wisely invested their float that is, the difference between premiums collected and claims paid over the years of operation, thus profiting from both sides of their balance sheet and earning unparalleled returns for their shareholders. But this is the past; the question is, going forward, which one makes a better long-term investment? Both companies subscribe to the value-investing philosophy of making investment decisions following a three-step process. First, they search for stocks with desirable characteristics; second, they value such stocks to determine their intrinsic value; and third, they make an investment decision to buy only if a stock meets the desired margin-of-safety requirement. However, while both companies follow similar steps in stock selection, they differ in what they view as desirable stocks — the first step of the process — deserving to be considered for the second step.
George Athanassakos: The Character Of Value Investors