Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
DHANDHO Global Equity Investment Strategy
1. DHANDHO INVESTING Re-Imagine Active-Value-Investing to buy ‘Growth at Reasonable Price’ ( G.A.R.P ) Varun Goenka JM Financial Group. [email_address] +9004670600
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5. Is it a ZERO SUM Game : Can “ Real World Complexities “be measured / quantified….. Approximately Right VS Accurately Wrong Under-estimating Exogenous Forces VS Humble judgment of a reasonable value deal. [ 500+ Stocks ] * MOVING VARIABLES [ Global ( Currencies / Interest Rates / Liquidity / Inflation ) + Macro. ( Commodities , Credit-flow , Demand-Supply , Consumption , External Trade ) + Regulatory ( Taxation , M&A , Primary & Secondary Markets , Transaction Costs , Company's Act ) + Industry ( Regulation , Global Linkage , Competitive Landscape / Earnings vs Consumer Power , Economies of Scale vs Capital Structure ) + Company Specific ( Management , Leverage , Cost Economics , Contracts ) ...etc ] + Diverse Expectation & Sentiment of Investors / Analysts towards above = Price vs Value
25. S&P 500 ( Evidence from ~ The People , Experience value-Investing ) The S&P 500® has been widely regarded as the best single gauge of the large cap U.S. equities market since the index was first published in 1957. The index has over US$ 3.5 trillion benchmarked, with index assets comprising approximately US$ 915 billion of this total. The index includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities.
26. THE VALUE People… Certainly not perfectly LINEAR…in the game of Yearly Index-Out Perf. ; but way ahead in their own frame of time…
53. Is there just one solution / perspective !! “ The problem is never to get new , innovative thoughts into our minds – but how to get the old ones out. “
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