{"id":143,"date":"2015-04-30T09:00:36","date_gmt":"2015-04-30T09:00:36","guid":{"rendered":"https:\/\/valueinvestorasia.com\/?p=143"},"modified":"2015-08-29T22:33:37","modified_gmt":"2015-08-29T22:33:37","slug":"april-2015","status":"publish","type":"post","link":"https:\/\/www.valueinvest.com\/hongkong\/april-2015\/","title":{"rendered":"April 2015"},"content":{"rendered":"

Howard Marks interviews Joel Greenblatt<\/a><\/strong>
\nJoel Greenblatt and Howard Marks are both graduates of Wharton, Marks mentioned in the interview that there was an unusual cluster of successful investors from Wharton at the end of the 1970s \u2013 and they should investigate \u201cwhat was in the water at the time\u201d. They discuss a variety of topics during the 32 minute interview, perhaps most interestingly Greenblatt provides some details on his journey as a Value Investor \u2013 from investing in \u201ccigar butts\u201d through to higher quality businesses at a reasonable price.<\/p>\n

Munehisa Homma \u2013 18th<\/sup> Century Japanese Value Investor<\/a><\/strong>
\nWhilst he was primarily a statistical trader in the Japanese rice markets, some of the translated quotes from Munehisa Homma would be identified with among many modern Value Investors \u2013 including: “prices do not reflect actual value\u201d and \u201cbuys and sells are decided on emotion not logic.\u201d He also engaged in deep fundamental analysis of issues affecting rice yields and stories also claim that he established a personal network of men about every 6 km between Sakata and Osaka (a distance of some 600 km) to communicate market prices. Homma was estimated to have amassed a fortune of $100bn in today\u2019s money.<\/p>\n

Brandes Institute \u2013 Value versus Glamour<\/a><\/strong>
\nCharles Brandes is speaking at the London Value Investor Conference on 20th May and this white paper by the Brandes Institute will provide a good primer for delegates. The paper discusses and identifies the historical outperformance of Value Investing, with the dataset focussing on 1980-2014 and showing that over the long term, the value premium was evident across valuation metrics, regions and market capitalizations.<\/p>\n

Howard Marks latest memo – Liquidity <\/a><\/strong>
\nWarren Buffett famously remarked that \u201cWhen I see memos from Howard Marks in my mail, they\u2019re the first thing I open and read. I always learn something.\u201d In this memo, Marks covers the effects of liquidity on investors in a lot of detail.<\/p>\n

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