{"id":5152,"date":"2021-06-02T16:15:49","date_gmt":"2021-06-02T15:15:49","guid":{"rendered":"https:\/\/www.valueinvest.com\/london\/?page_id=5152"},"modified":"2021-07-07T13:37:00","modified_gmt":"2021-07-07T12:37:00","slug":"april-2021-digest","status":"publish","type":"page","link":"https:\/\/www.valueinvest.com\/london\/april-2021-digest\/","title":{"rendered":"April 2021 Digest"},"content":{"rendered":"\t\t
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Value Investor Digest \u2013 Issue 53<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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April 2021<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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VALUE INVESTOR DIGEST - APRIL 2021<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In the 53rd issue of Value Investor Digest we feature our interview with Charles Heenan and Geoff Legg from Kennox Asset Management.<\/span><\/p>

The issue also features the Berkshire Hathaway Annual Shareholders Meeting plus other articles, videos, podcasts and letters from Matt McLennan, Michael Mauboussin, Jeremy Grantham, David Einhorn, Joel Greenblatt, Rich Pzena, Li Lu, William Green, Bill Miller, Ted Seides and Nick Kirrage.<\/span><\/p>

Next week we will also be releasing our latest interview with Andrew Wellington from Lyrical Asset Management.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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BERKSHIRE HATHAWAY MEETING LIVESTREAM - SATURDAY, MAY 1ST<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The Berkshire Hathaway Annual Shareholders Meeting will be streamed live on Yahoo! Finance on Saturday May 1st from 12.30pm ET. If you can’t watch live tomorrow then you can also watch on demand at the same link for 30 days after the event. (Livestream link<\/a>)<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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VID INTERVIEW WITH KENNOX<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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“CAPE for the US is on about 35x. Markets are incredibly expensive just at the moment. By comparison we are happy to pay up to around 12x our sustainable earnings number so a very steep discount to what the market is charging\u2026Because we are paying such frugal prices, we are typically looking at companies facing headwinds, often on depressed earnings. What we want to do is be able to pick up those companies when they are trading at very advantageous valuations\u2026and benefit from those headwinds over time turning to tailwinds. What very often happens when you get that swing from headwinds to tailwinds is that you do get a growth in those earnings accompanied by a rerating of the business as well. That combination can be very powerful.”<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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MATT MCLENNAN INTERVIEW WITH BARRON'S (FREE TO VIEW)<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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“I\u2019m torn at the moment. On the one hand, we\u2019re recovering from a deep cyclical trough, and that\u2019s usually a good time to be an investor. On the other hand, prices aren\u2019t that attractive, and we have all these secular issues\u2026Markets will also have to move beyond the focus on fiscal stimulus to \u2018How are we going to pay for all this?\u2019 And we\u2019re going to see the emergence of a new regulatory architecture, which isn\u2019t likely to be any more business-friendly. Inflation expectations have also moved up quite a bit, and what happens if inflation rises more than people expect? These are all issues that can weigh on the market as we roll forward.”<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Value Investor Digest \u2013 Issue 53 April 2021 VALUE INVESTOR DIGEST – APRIL 2021 In the 53rd issue of Value Investor Digest we feature our interview with Charles Heenan and Geoff Legg from Kennox Asset Management. The issue also features the Berkshire Hathaway Annual Shareholders Meeting plus other articles, videos, podcasts and letters from Matt […]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/www.valueinvest.com\/london\/wp-json\/wp\/v2\/pages\/5152"}],"collection":[{"href":"https:\/\/www.valueinvest.com\/london\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.valueinvest.com\/london\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.valueinvest.com\/london\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.valueinvest.com\/london\/wp-json\/wp\/v2\/comments?post=5152"}],"version-history":[{"count":12,"href":"https:\/\/www.valueinvest.com\/london\/wp-json\/wp\/v2\/pages\/5152\/revisions"}],"predecessor-version":[{"id":7998,"href":"https:\/\/www.valueinvest.com\/london\/wp-json\/wp\/v2\/pages\/5152\/revisions\/7998"}],"wp:attachment":[{"href":"https:\/\/www.valueinvest.com\/london\/wp-json\/wp\/v2\/media?parent=5152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}