Practical, expert guidance on identifying active investment opportunities in a stock market dominated by passive investors In Hidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive, veteran portfolio manager Daniel Gladi, CFA, delivers a foundational and inspiring new playbook for actively capturing higher returns at lower risk in a market dominated today by passive money. Gladi walks you through real investment cases exemplifying how to take advantage of growing inefficiency in the financial markets. He demonstrates specific analytical techniques…mehr
Practical, expert guidance on identifying active investment opportunities in a stock market dominated by passive investors In Hidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive, veteran portfolio manager Daniel Gladi, CFA, delivers a foundational and inspiring new playbook for actively capturing higher returns at lower risk in a market dominated today by passive money. Gladi walks you through real investment cases exemplifying how to take advantage of growing inefficiency in the financial markets. He demonstrates specific analytical techniques and strategic reasoning essential to uncovering underpriced securities that can yield superior long-term returns. Gladi explains: * How diligent active investors should dig where passive money fails to flow * Where value lurks in sectors and firms seen as too boring, little known, unpopular, complicated, or small * Fundamental metrics, tools, and perspectives for recognizing underpriced stocks * Applying analysis, discipline, and patience to buy at the right price * How company managements create-or destroy-shareholder value through capital allocation, acquisitions, and personal temperament Written for individual investors and professionals, Hidden Investment Treasures is a must-read for stock pickers, value investors, equity analysts, and wealth managers seeking to improve long-term investment returns in today's market.
DANIEL GLADI is the founder of and a portfolio manager at Vltava Fund, a global equity fund. He has over 30 years' experience in investing and is a bestselling author and a leading figure in the Czech capital markets.
Inhaltsangabe
Foreword xi by John Mihaljevic Preface xxi Acknowledgments xxv Chapter 1 Why? 1 How We Got to This Point 3 Price Discovery and Market Trends 5 Why? 10 What to Expect in the Remainder of This Book 12 Chapter 2 Berkshire Hathaway: Seeking Treasure in a Company Whose Success Has for Decades Been Playing Out Right in Front of Us 15 From Zero to a Trillion Dollars 16 Is Berkshire Hathaway a Good Business? 19 Berkshire Hathaway's Intrinsic Value 23 Berkshire's Future 25 Chapter 3 Asbury Automotive Group: Seeking Treasure Among Cannibals 29 Significant Changes to Our Fund's Portfolio 30 Abg 32 The Importance of Capital Allocation 35 Chapter 4 Alimentation Couche-Tard: Seeking Treasure Among Acquisition Masters 39 The Winking Owl 40 When Are Acquisitions Beneficial? 42 Chapter 5 Burford Capital: Seeking Treasure in People 47 The Young Litigation Finance Sector 48 Dispute with Argentina over $16 Billion 50 How to Value Burford Capital Shares 53 Chapter 6 Stellantis: Seeking Treasure in a Company That Everybody Underestimates 57 Déjà Vu? 58 The Future of the Automotive Sector 60 Cash Is King 65 Chapter 7 Jungfraubahn: Seeking Treasure Among Tourism Monopolies 69 Tourism's Diversity 70 Local Monopoly 72 Chapter 8 NVR: Seeking Treasure Among Companies with Low Capital Requirements 77 New Beginnings and Transformation 78 Sources of Competitive Advantage 83 Chapter 9 Japan: Seeking Treasure in a Country Most Investors Ignore 87 Japan's Break with the Past 88 A Simple and Effective Form for Investing in Japanese Equities 92 Chapter 10 Oil: Seeking Treasure in a Sector That Is Out of Favor 97 Some Alarming Statistics 98 The Likely Increase in Demand Is Frightening 100 Relationship Between Energy Consumption, Energy Availability, and Population Wealth 102 Is the Market Wrong in Estimating Future Oil Prices? 105 How We Can Take Advantage of This 107 Chapter 11 Cenovus Energy: Seeking Treasure in a Sector That Is Out of Favor, Part II 111 Nature of the Oil Market 114 Incentive Price 117 Why We Chose Cenovus Energy 118 Chapter 12 KLA Corporation: Seeking Treasure Among Technology Companies 123 What Exactly Is a Technology Company? 124 Reasons for Caution 127 Invisible Oligopolies 130 Chapter 13 JPMorgan Chase and OSB Group: Seeking Treasure Among Banks 133 Valuation of Banks 134 The Giant and the Dwarf 138 Chapter 14 Markel Group: Seeking Treasure in a Company That Investors Regard as Boring 143 Markel's Three Engines 145 Baby Berkshire 148 Chapter 15 Quálitas Controladora: Seeking Treasure in Emerging Markets 151 Investing in Emerging Markets 152 Mexican Beauty 156 Chapter 16 Teekay Energy Partners: Seeking Treasure in the Pockets of Passive Investors 161 The Coronavirus Poured Sand into the ETF Gears 164 Chapter 17 CVS and Microsoft: Two Examples of Different Investment Mistakes 169 CVS: A Stock We Never Should Have Bought 171 Microsoft: A Share We Should Never Have Sold 174 Chapter 18 Berkshire Park 179 Risk 183 Bibliography 189 About the Author 191 Index 193
Foreword xi by John Mihaljevic Preface xxi Acknowledgments xxv Chapter 1 Why? 1 How We Got to This Point 3 Price Discovery and Market Trends 5 Why? 10 What to Expect in the Remainder of This Book 12 Chapter 2 Berkshire Hathaway: Seeking Treasure in a Company Whose Success Has for Decades Been Playing Out Right in Front of Us 15 From Zero to a Trillion Dollars 16 Is Berkshire Hathaway a Good Business? 19 Berkshire Hathaway's Intrinsic Value 23 Berkshire's Future 25 Chapter 3 Asbury Automotive Group: Seeking Treasure Among Cannibals 29 Significant Changes to Our Fund's Portfolio 30 Abg 32 The Importance of Capital Allocation 35 Chapter 4 Alimentation Couche-Tard: Seeking Treasure Among Acquisition Masters 39 The Winking Owl 40 When Are Acquisitions Beneficial? 42 Chapter 5 Burford Capital: Seeking Treasure in People 47 The Young Litigation Finance Sector 48 Dispute with Argentina over $16 Billion 50 How to Value Burford Capital Shares 53 Chapter 6 Stellantis: Seeking Treasure in a Company That Everybody Underestimates 57 Déjà Vu? 58 The Future of the Automotive Sector 60 Cash Is King 65 Chapter 7 Jungfraubahn: Seeking Treasure Among Tourism Monopolies 69 Tourism's Diversity 70 Local Monopoly 72 Chapter 8 NVR: Seeking Treasure Among Companies with Low Capital Requirements 77 New Beginnings and Transformation 78 Sources of Competitive Advantage 83 Chapter 9 Japan: Seeking Treasure in a Country Most Investors Ignore 87 Japan's Break with the Past 88 A Simple and Effective Form for Investing in Japanese Equities 92 Chapter 10 Oil: Seeking Treasure in a Sector That Is Out of Favor 97 Some Alarming Statistics 98 The Likely Increase in Demand Is Frightening 100 Relationship Between Energy Consumption, Energy Availability, and Population Wealth 102 Is the Market Wrong in Estimating Future Oil Prices? 105 How We Can Take Advantage of This 107 Chapter 11 Cenovus Energy: Seeking Treasure in a Sector That Is Out of Favor, Part II 111 Nature of the Oil Market 114 Incentive Price 117 Why We Chose Cenovus Energy 118 Chapter 12 KLA Corporation: Seeking Treasure Among Technology Companies 123 What Exactly Is a Technology Company? 124 Reasons for Caution 127 Invisible Oligopolies 130 Chapter 13 JPMorgan Chase and OSB Group: Seeking Treasure Among Banks 133 Valuation of Banks 134 The Giant and the Dwarf 138 Chapter 14 Markel Group: Seeking Treasure in a Company That Investors Regard as Boring 143 Markel's Three Engines 145 Baby Berkshire 148 Chapter 15 Quálitas Controladora: Seeking Treasure in Emerging Markets 151 Investing in Emerging Markets 152 Mexican Beauty 156 Chapter 16 Teekay Energy Partners: Seeking Treasure in the Pockets of Passive Investors 161 The Coronavirus Poured Sand into the ETF Gears 164 Chapter 17 CVS and Microsoft: Two Examples of Different Investment Mistakes 169 CVS: A Stock We Never Should Have Bought 171 Microsoft: A Share We Should Never Have Sold 174 Chapter 18 Berkshire Park 179 Risk 183 Bibliography 189 About the Author 191 Index 193
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