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1
Basic Structure of Investment Processand Valuation
Professor Bruce Greenwald
 
2
Value Investing Principles
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Identify enterprises whose value as abusiness is reliably calculable by you (circleof competence)
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Among those enterprises, invest in thosewhose market price (equity plus debt) isbelow your calculated value by anappropriate margin of safety (1/3 to 1/2)
 
3
Value Investing Process
 
SEARCH
•Cheap•Ugly•Obscure•Otherwise Ignored
VALUATION
•Assets•Earnings Power•Franchise
REVIEW
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Key Issues•Collateral Evidence•Personal Biases
RISK MANAGEMENT
•Margin of Safety•Some Diversification•Patience –DefaultStrategy
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Julien Ecuvillon

equity plus debt = entreprise value is not market price

reply11 / 04 / 2010
pier73filippo

Prof. Greenwald is always welome in my Pc documents ... thanks

reply01 / 17 / 2010
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