VALUEx Vail
June 21, 2012
James ChanosKynikos Associates
A Search For Global Value…TRAPS!
Value Stocks: Definitive Traits
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Predictable, consistent cash flow
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Defensive and/or defensible business
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Not dependent on superior management
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Low/reasonable valuation
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Margin of safety using many metrics
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Reliable, transparent financial statements
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Value Traps: Some Common Characteristics
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Cyclical and/or overly dependent on one product
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Hindsight drives expectations
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Marquis management and/or famous investor(s)
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Appears cheap using management‟s metric
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Accounting issues
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