Value Investing Strategy and Unlisted Securities - Part 2
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Now for part two of my series on my investment philosophy, asset-based/low expectations investing. In part one I described how investing in excellent companies and letting them compound over time can produce very attractive returns. Problem: these companies are very rare. Much more common are middling companies with middling competitive positions earning middling returns on equity. And then there are the underachievers: companies with eroding revenue bases, bloated operating structures, foolish or greedy management or a complete lack of concern for shareholders. This part addresses these unattractive companies.
Value Investing Strategy and Unlisted Securities - Part 2
Value Investing Strategy and Unlisted…
Value Investing Strategy and Unlisted Securities - Part 2
Now for part two of my series on my investment philosophy, asset-based/low expectations investing. In part one I described how investing in excellent companies and letting them compound over time can produce very attractive returns. Problem: these companies are very rare. Much more common are middling companies with middling competitive positions earning middling returns on equity. And then there are the underachievers: companies with eroding revenue bases, bloated operating structures, foolish or greedy management or a complete lack of concern for shareholders. This part addresses these unattractive companies.