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Reflections on value investing wikipedia forex credit card india
What Is Value Investing? - Everything MoneyProperties pakistan vs singapore football betting join
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Is Buffett's performance really a core aspect of the concept of value investing? However, according to rules of community, blatantly promotional content may be in appropriate. Therefore removed reference to Value Congress and a few other things. Please respect rules of the wiki community. In order to "respect rules of the wiki community. The Value Investing Congress is not "blatantly promotional content", but a well regarded event attended by many other famous and successful investors besides Tilson.
The reader would benefit from this information. I have no personal connection to the conference and have never been myself, but the list of investors who have attended speaks for itself. At the least, I think it should be lower on the page, since it is somewhat tangential to the concept of value investing.
This will be more important once we add more, such as the aforementioned concept of intrinsic value. This page looks to me like it needs a lot better organization--the lists of value investors is not in any order. Some of the sections seem misplaced. I think a section on how successful various value investors have been or how successful the basic value strategy is would be a nice addition. I'll see what I can contribute.
Put a short blurb on their investing performance? Goodemi , 19 June UTC Reply [ reply ] Sure, converting some of the list into a narrative section and making the remaining list a sub-section would probably look much better. I always think that naked lists look too bare and uninformative.
Do you guys think it would be a good idea to add Deep Value Investing as a link on this page? Also, why does there need to be a seperate page on 'deep value investing'? It sounds more like a marketing term than a widely used term. They both, on the other hand, talked about buying stocks well below book value.
At the moment, what new information you have on the deep value investing page could easily go in a section on the value investing page as a type of value investing: 'buying stocks below book value'. I notice the image page specifies that the image is being used under fair use but there is no explanation or rationale as to why its use in this Wikipedia article constitutes fair use. In addition to the boilerplate fair use template , you must also write out on the image description page a specific explanation or rationale for why using this image in each article is consistent with fair use.
Where are these expectations? What the heck does that mean? A price multiple is simply a shorthand for, you guessed it, a discounted cash flow model. The higher the multiple, the higher the expectations are for future cash flows. In other words, the market is pricing the company at a high valuation on current day metrics because the future is supposedly wonderful. If the business has a more successful future than the market expected, the stock rises.
If the business falls flat of expectations, the stock drops. This brings us to the final part: value is solely tied to the future. The value that you get from it has yet to occur and the future is uncertain. If you know the product well, the more confidence you can have in your purchase. The less you know, the less confident you should be.
Why do people look at product reviews so often? The past can only tell you what happened duh , but the future has many possible outcomes. Many beginner investors buy a stock because the company had a great year. Investing is about attempting to determine the most probabilistic future for a business and continually updating those beliefs based on new information.
So, that was a lot, and a somewhat tortured analogy. But I hope it makes some sense in that investing is somewhat like any buying decision in that we seek out discrepancies between value and price. There are, however, some important distinctions; we can somewhat control how much something is worth to us, but we have no control over how much a business itself is worth.
Nor can we control how the market adjusts its expectations for the business, which creates stock volatility. We can only perform our best analysis of the business model, industry, competitive dynamics, future opportunities, and quality of management with the currently available information.
It takes more work, but the rewards can be enormous. Most people do not think this way, in the stock market or in life. It is much easier and more satisfying to impulse buy things or speculate on where the stock price will go next. Adopting this mindset may prevent you buying assets that eventually turn out to be… worth less. My priorities, or what I value, are economic mileage, a great driving experience, ease of purchase, and a little bit of status.
I could turn out to be wrong! Different personality. Obviously this excludes the cost of charging or any expensive maintenance or collision repairs. The future is uncertain; I can only project based on knowable information and react to surprises as they come.
Since I bought the car, would I buy the stock? Is it worth more or less than that? Lets do a quick back of the envelope intrinsic value calculation. A fantastic result for any company, let alone an auto manufacturer. But, growth usually slows as businesses become larger due to the law of diminishing returns. Or, just under what Ford and GM sold this year combined. But Electric Vehicles are the future and Tesla is poised to take market share.
Additionally, we should expect Tesla to generate revenue through other sources charging, battery sales, etc. What are long term margins for a company primarily selling cars? Hmm, okay. But Tesla has revolutionized the manufacturing process and has potential pricing power, not to mention other potential revenue generating product lines.
Outlandish for a car company, but we expect Tesla becomes more than just a car company. But, as investors, we care about free cash flows which can be distributed to investors, not profits. To get to free cash flow, we start with Net Income, then we need to add back non-cash charges, such as Depreciation and Amortization, account for changes in Net Working Capital short term assets and liabilities , and subtract Capital Expenditures investments in long term assets.
Not too bad, but not too great either. Back to our intrinsic value estimation: how is it possible to project these variables for 10 years!? We must generalize and average out using a few metrics. As a high level estimate, we must net out taxes — the government requires their cut — and also account for the estimated re-investments that Tesla will need to make to generate their expected future growth and in order to maintain their competitive advantage.
Since Tesla has been burning cash by heavily reinvesting for growth, the historical re-investment rate is of not much use. As the company matures, the reinvestment rate will necessarily come down and the sales to capital ratio will rise as it generates more sales off the fixed capital base.
For reference, in Ford generated So, what does this all mean?! Apparently, the market has even rosier expectations! Or, the market is discounting the future cash flows at a lower rate than we are. Yes, but the market has already priced in that expected growth. This is confirmed by the price multiples.
It ended at 21, a 6x increase. Numerator up a lot, denominator up a little. If the multiple were to steadily trend back down to where it was in , the stock price go nowhere until
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