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Basic Structure of Investment Processand Valuation
Professor Bruce Greenwald
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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)
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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
Greenwald Earnings Power Value EPV lecture slides
Info and Rating
Sections
« prev | next »- Basic Structure of Investment Process and Valuation
- Value Investing Principles
- Value Investing Process
- Systematic Biases
- Valuation Approaches –Ratio Analysis
- Valuation Approaches
- Shortcomings of NPV Approach in Practice
- Valuation Assumptions
- Value Investing
- Basic Elements of Value
- Industry Entry -Exit
- Asset Value
- Earning Power Value
- “Earning Power”Calculation
- Earnings Power Value
- Earning Power and Entry -Exit
- Total Value Including Growth
- Value of Growth -Basic Forces At Work
- Value of Growth Quantitative Effects
- Valuing Growth Basics
- Consequences of Free Entry Commodity Markets (Steel)
- Consequences of Free Entry Differentiated Markets (Luxury Cars)
- Barriers to Entry
- Varieties of Competitive Advantage
- Competitive Advantage Strategy Implications
- Assessing Competitive Advantages/ B-to-E Strategy Formulation
- Procedure in Practice
- Prospective Returns US & India Markets
- Hindustan Unilever: Market Dominance
- HindustanUnilever: Financial returns
- Infosys: Performance
- Simple Examples Franchise Verification
- Calculated Growth Stock Returns
- Appendix
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