Value Investing
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How to estimate liquidation value
With the notable exception of firms in seriously declining industries or in high distress, businesses are normally worth more alive (i.e., as going concerns) than dead (i.e., liquidated). As a result, “liquidation value” (i.e., the estimated proceeds the firm’s owners could get out of a disposal of its assets, after paying off its liabilities), is Continue reading
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Investing and Life Tips from the Wisest Billionaire
Charlie Munger quotes Charlie Munger (born in 1924) is a legendary American billionaire investor (best known for being the longtime business partner of Warren Buffett at Berkshire Hathaway), with broad-ranging interests (e.g., investment, business, psychology, law, architecture, science, philanthropy) and a brilliant mind. Below is a selection of Charlie Munger quotes about investing, business, and Continue reading
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At last! The Magic Investment Formula
The Little Book That Beats The Market, by Joel Greenblatt Joel Greenblatt (born in 1957) is an American investor, academic, and writer. He is a Managing Partner and co-CIO of Gotham Asset Management, a successor of Gotham Capital which he co-founded in 1985. He teaches value and special situations investing at Columbia Business School. Below Continue reading
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Five Rules for Successful Stock Investing
The Five Rules for Successful Stock Investing, by Pat Dorsey Pat Dorsey is the founder of Dorsey Asset Management, the former director of equity research at Morningstar and Sanibel Captiva Trust, and the author of several investment books. Below are the key insights from his book The Five Rules for Successful Investing: Picking great stocks Continue reading
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Lessons from an Old-School Value Investing Legend
John Neff on Investing, by John Neff I came across John Neff on Investing following the recommendation of my uncle, a money manager based in Boston. John Neff (1931-2019) was an American investor known for his low price-to-earnings (P/E) investment style. During his 31 years heading Vanguard’s Windsor fund, he posted 13.7% annual returns (after Continue reading
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- Successes you can learn from.
- Mistakes you can avoid.
- Useful investing and business frameworks (I wish someone had told me about them when I started out!)
- Book recommendations for aspiring and experienced investors.
- Industry reviews.
- Case studies.
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About THE AUTHOR
- I have been a private equity investor for 17 years, and prior to that, a leveraged finance banker for 3 years. During the past 20 years, I have worked on transactions with a cumulated value of €13 billion, alongside talented founders, managers, investors, bankers, and advisors.
- I have served on the board of private European companies of various sizes (from €5 million to €200 million of EBITDA) in various industries (food, wealth management, education, access control, dental services, real estate financing, publishing, building materials, capital equipment).
- I teach an Introduction to Private Equity course at my alma mater, HEC Paris, hold a CFA charter, and am passionate about investing (I manage a portfolio of listed stocks on the side for my own account), business, social sciences, and mental models.
- I am blessed with a wonderful wife and three amazing children.