"There is always something to do" om Peter Cundill - en global fondförvaltare som reste världen runt för att hitta undervärderade bolag, bl. a. i Sverige, Japan etc. En bra bok som passar när man reser för att få lite inspo ;)
Some links & notes from podcasts (and other content) that I found interesting during March 2025.
open.substack.com/pub/vintagea...
Ett bra avsnitt! Siffror är viktigt men inte alltid viktigast. Relativ performance i all ära, men det är en god riskjusterad absolut avkastning som man vill ha :)
Ett par bilder från Vietnam nyligen! 😄 Warren Buffet förenar världen 😄
Odd Lots berör en del intressanta ämnen i form av både enskilda avsnitt och i serier av flera avsnitt (till exempel The Hidden History of Eurodollars).
www.youtube.com/playlist?lis...
Jag tyckte om Dynastin som handlar om Stenbeck-familjen. Den kan med fördel kompletteras med dokumentärerna om Jan Stenbeck och Wallenbergare.
www.svd.se/story/dynastin
“We overestimate the impact of technology in the short-term and underestimate the effect in the long run.”
Another thing yet to play out, in my opinion, is the vast amount of no-return investments during the 0%-rate environment. Such things take a long time to get through the system..
Föredrar egentligen fysiska böcker men här finns det arbitrage att göra (Kindle) :D
Inte direkt "oupptäct" men en läsvärd genomgång av den viktiga halvledarsektorn med allt vad det innebär :)
En investeringsbok som lägger en sund grund på hur man kan se på investeringar & värderingar.
En inspirerande bok om 12 heltidsinvesterare (icke-professionella) som helt olika investeringsstilar.
8/n
Having that said, I would have liked more detailed explanations and examples when it comes to the valuation and business analysis, but there are plenty of books that cover that.
All in all, worth a read, especially for the beginning investors!
7/n
To sum it up, a quick and easy read with the main idea to treat investing as a business with the aim to buy growing cash flows at attractive prices.
The best investments are no-brainers. Thus, KEEP THINGS SIMPLE.
6/n
Investors should SELL the stock when the quality of the business starts deteriorating or when the price increases making alternative opportunities more attractive from the expected return perspective.
5/n
The biggest risk is overpaying. You should only buy when there is a MARGIN OF SAFETY to the fair value as you will always make some mistakes in your analysis.
4/n
Focus on cash flows (or owner earnings) rather than accounting earnings. Cash yield is a quick and dirty way to determine whether the stock is under- or overvalued.
The best indicator for a moat and quality is a high Cash Return on Invested Capital (CROIC).
3/n
Hence, the aim should be to find businesses that generate strong cash flows and can increase the net worth over time.
Keep things simple and invest in NO-BRAINERS. One can make complicated models, but the best investments require not more than a simple napkin-calculation.
2/n
The book presents well-known principles, but has
an interesting perspective of treating investing as running your own business and thinking of it as buying income - potentially for a living.
1/n
Book review: "F Wall Street" by Joe Ponzio.
"Back to basics and common sense" is how I would describe the book "F Wall Street" by Joe Ponzio in one sentence. A quick read that covers the basics and is a good read for beginners. My main takeaways:
open.substack.com/pub/vintagea...
Some food for thought by Ian Rushbrook (from the book Money Makers by Jonathan Davis) before investing only based on cheapness.
We're not in a bubble. 🫧
How do I know?
Because Palantir ($PLTR) is only valued at 64x Sales, 435x LTM Operating Income and 160x Operating Cash Flow.
It's not too late to buy in at these moderate levels...
Some great charts from HSBC - China's *direct* export exposure to the US has slumped and is now at the lowest levels since in modern history, and does not stand out relative to other Asian economies.
