Value Investing Congress October 13-14 2010
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Guy Spier presentation to the Value Investing Congress
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Value Investing Congress October 13-14 2010
- 1. Value Investing for “Mere Mortals” Value Investing Congress October 12 &13, 2010
- 3. Comparison of changes in $100,000 invested in Aquamarine Fund Inc. vs S&P 500 $400,000.00 $350,000.00 S&P 500 $300,000.00 Aquamarine Fund Inc $250,000.00 $200,000.00 $150,000.00 $100,000.00 $50,000.00 $0.00 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
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- 16. • Before Investing, run a checklist • Take buy and sell decisions when the market is closed • Buy to hold for at least two years • Reduce toxic relationships, increase productive ones • Create a distance from the “madding crowd” • Sequence information appropriately • Maximise positive feedback loops • Invoke useful circuit breakers • Great Useful Partnerships
- 25. • Good Partners • Act like a great partner to find a great partner
- 26. Market Enterprise Dividend Company Name Capitaliza2 Value Yield Industry on (US$) Shingakukai $60 -‐18.6 4% Coaching Schools and Sports Clubs Clip Corpora2on $26 ~0 4% Coaching Schools Nippon Road 186 -‐32 4% Construc?on and Engineering Nihon Dengi 57 -‐1.25 5% Air condi?oning systems Daiichi Kensetsu Corp 125 -‐28 3% Construc?on and Real Estate Hokkaido Bus Company 74 -‐12 2% Bus Routes Otaki Gas 73 6.7 2% Gas Distribu?on Heian Ceremony Service 67 8 4% Wedding and Funeral Services Co.