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VALUExVail 2012 - James Chanos

VALUExVail 2012 - James Chanos

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Published by: VitaliyKatsenelson on Jun 25, 2012
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08/07/2013

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VALUEx Vail
June 21, 2012
James ChanosKynikos Associates
 A Search For Global Value…TRAPS!
 
 
Value Stocks: Definitive Traits
Predictable, consistent cash flow
Defensive and/or defensible business
Not dependent on superior management
Low/reasonable valuation
Margin of safety using many metrics
Reliable, transparent financial statements
2
 
Value Traps: Some Common Characteristics
Cyclical and/or overly dependent on one product
Hindsight drives expectations
Marquis management and/or famous investor(s)
 Appears cheap using management‟s metric
 
Accounting issues
3

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