Value Invest London

Jan 2011

January 2011       Issue 1

The Value Investor Digest is a listing of the most interesting articles and reference material on value investing we come across, providing you a brief synopsis and a link to the original source. We will publish this periodically as we collect relevant material.  If you come across anything that you think we should include in future updates, please send them to us.

Warren Buffett on the secret of his success
This is a 6 minute clip, in which Warren Buffett talks about what he thinks have been the key ingredients and building blocks of his success.  It’s a good introduction to Buffett, in which he sets out the advantages of starting out early (he started reading investment books when we was 7 years old), the fact that you don’t need a 160 IQ (130 will do) and the inspiration he drew from Benjamin Graham.

Vitaly Katsenelson’s recommended booklist – 2010
Some of you may have read Katsenelson’s interesting book, Active Value Investing; in this article the author lists some of the best books that relate to Value Investing.

Warren Buffett interviewed by Carol Loomis
This is a 40 minute interview in which Buffett covers, in typically lucid fashion, a broad range of topics:  the state of the BRK operating businesses, the challenges in the Euro zone, inflation, Wall Street, China, the gifts (ties!) he has received from Barack Obama and his long-term confidence in the US economy; he even throws in some amusing marital advice.  He is interviewed by Carol Loomis, the Fortune financial journalist who edits his annual Shareholder letter and who is on the panel that selects the public’s questions at the AGM.
[Thanks to David Lau for forwarding this]

Why Some of the strongest firms disappointed investors
Author and analyst, Pat Dorsey, of Morningstar contrasts the 10 year performance of three stocks, Cisco, J&J and Yum Brands to illustrate in a very simple way the importance of Margin of Safety and buying value.

Joel Greenblatt at the Value Investing Congress
This video of Joel Greenblatt presenting at the recent Value Investing Congress in New York, explains the underlying basis for and continued success of the “magic formula” in the “Little Book that beats the market” and illustrates just how psychologically difficult it is to consistently apply the formula over time.   It is worth downloading the PDF of the presentation before you watch the video.

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  • “It’s very much the Rolls-Royce of the investor conference market”
    Paul Scott, Stockopedia
  • “The people in that room were a more powerful cadre of the powerhouse of investment than has been gathered for a very long time”
    Jonathan Ruffer, Ruffer LLP
  • “It’s kind of like Glastonbury isn’t it, for the Value Investing community”
    Nick Train, Lindsell Train
  • “What I like about it is that it is a practitioners conference and it’s an opportunity to come and hear from your peers about the work that they are doing and how they see value investing”
    Hassan Elmasry, Independent Franchise Partners
  • “I think people really look forward to it and enjoy it. There’s a good bunch of people here who have travelled a reasonable way – the speaker after me was from Hong Kong and there’s a big Canadian crew and a big US crew – people come from around the world to see this”
    Nate Dalton, Affiliated Managers Group
  • “If somebody’s already been through that process of seeing what the conference is about and then is willing to pay their money for the effort of coming here, that’s a great filtering process.”
    Gary Channon, Phoenix Asset Management
  • “The conference has become a part of the furniture of the London scene. You can discover that is what lies inside you – that you are innately a value investor.”
    Richard Oldfield, Oldfield Partners
  • “I do speak at a fair number of conferences to investor bases, this one is really quite a good list – some very, very good investors present and some very interesting speakers”
    Jon Moulton, Better Capital
  • “Definitely worth it and I know a number of people who have ‘ummed and arred’ about coming along and I’m sure that they will be regretting that they didn’t come today – and it’s only going to get better as far as I can see”
    Tim Green, Private Investor
  • “Having sat through the whole day as I wanted to come and hear all of the speakers – I’ve been really impressed by the quality”
    Anthony Bolton, Fidelity
  • “I’ve got a bunch of business cards to add to my collection and some folks I’ve been looking forward to meeting, plus some firms I didn’t even know existed but sound really interesting and I’m looking forward to building on that relationship base”
    Mason Morfit, ValueAct Capital
  • “You couldn’t find that anywhere else really, where you’re speaking to the principals who have been voted on to the Board [of Microsoft] to effect change”
    David Shapiro, Willis Towers Watson
  • “What I was impressed with is, because the subject is very similar, value investing, they found a variety of ways of attacking the same subject. I was also very impressed, having done this in another location, of seeing them stay on target time-wise so that it moves along at a great pace and I think the audience is greatly rewarded by that discipline”
    Don Yacktman, Yacktman Asset Management
  • “Very well organised and it was a treat for investors like us to hear some great speakers”
    Roli Saxena, Drona Capital
  • “I came last year and I liked it so much that I have been looking forward to today ever since”
    Dominique Levy, Sonian Capital
  • “We’e got a very sophisticated audience who are used to value investing – I think this is a good audience”
    David Samra, Artisan Partners
  • “The profile of the speakers is one of the main reasons that I came”
    Niels Borgen, Private Investor
  • “When you look at the ideas speakers have put forward in previous years and how they have performed over the last few years, they’ve done very well – if that performance continues it would be quite remarkable. It does show that you can pick up some good ideas at a conference of this sort”
    Jonathan Mills, Metropolis Capital
  • “I came last year as well and I thought that it was the most outstanding event that I have been to”
    Leon Boros, Equity Strategies