Value Investing in the st 21 Century Lyn
- Slides: 31
Value Investing in the st 21 Century Lyn Alden Schwartzer
The Growth/Value Spectrum Type of Growth/Value Characteristics 1) Pure Growth Often unprofitable and speculative, reliant on external funding, huge growth rates • Example: Netflix 2) Profitable Growth Profitable, consistent, high ROIC growth • Example: Adobe 3) High-Quality Value High ROIC, safe and growing dividends, wide moat, strong balance sheet, moderate growth • Example: Unilever 4) Deep Value Turnaround story, low valuation, potential restructuring opportunity, quite risky • Example: Macy’s
Value and Growth Performance
The Power of Dividends Over Time
Valuation: Sum of Parts 1) Macro 2) Currency 3) Growth Topline Margins Per-Share 4) Dividends 5) Valuations
High-Level Macro View
Five Quality Criteria 1) Benefits from long-term trends 2) Strong returns on invested capital 3) Durable economic moat 4) Safe balance sheet 5) Good management
Disciplined Process, Strong Results
International Value: Mean Reversion
International Value: Historical Peaks 1980’s: Japan peaked, 30+ years of recovery 1990’s: United States peaked, 14 years of recovery 2000’s: Emerging Markets peaked, 11 years of recovery 2010’s: United States peaking? Highest-valued major market in the world Biggest profit margins in the developed world Strong dollar vs most other currencies Has the largest twin-deficit among the G 7
Dollar Strength is at a Historic Peak
International Value: U. S. Percentage
Twin Deficits for Major Countries
International Value: Markets Compared
International Value: Markets Compared
International Value: The CEF Clue
International Value: The CEF Clue
International Value: The CEF Clue
Stock Example: Sberbank
Recession Resiliency
Sberbank F. A. S. T. Graph
Russia’s Reserve Stockpile
Russia’s Gold Reserves and Debt Levels
Sberbank: Sum of Parts Growth: 4% Dividend: 6% Valuation: 6% (P/E 6 to 8) Currency: 3% (15 -20% Gain) Total: 19%
Thank You FATRADER. com Lyn. Alden. com
Appendix Charts FATRADER. com Lyn. Alden. com
The Long Term Edge
Last Year’s Portfolio Returns
Dollar Strength and Domestic Funding
Banks Holding Treasuries: Record High
Global Value Pays Well
- Direct investing vs indirect investing
- Damodaran
- Growth investment definition
- Aswath damodaran value investing
- Damodaran value investing
- Great good gruesome
- Aswath damodaran portfolio
- Value investing meetup
- Activist value investing
- Valueinvestors club
- Lyn europa
- Krystal lyn
- Variasie wydte betekenis
- Dennis lyn rader
- Hur uppstår åska
- Bar graph examples
- Lyn alden schwartzer gender
- Strength based approach
- Contoh value creation
- Trời xanh đây là của chúng ta thể thơ
- Thế nào là hệ số cao nhất
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- đặc điểm cơ thể của người tối cổ
- Các châu lục và đại dương trên thế giới
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