Tag Archives: VIC

Yes, There are Good Stockpickers (VIC)

Ted Talks

Evidence suggests the professional investors in my sample have significant stock-picking skills. Interestingly, these skilled investors share their profitable ideas with their competition. I test various private information exchange theories in the context of my data and determine that the investors in my sample share ideas to receive constructive feedback, gain access to a broader set of profitable ideas, and attract additional arbitragers to their asset market. The proprietary data I study are from a confidential website where a select group of fundamentals-based hedge fund managers privately share investment ideas. The investors I analyze are not easily defined: they exploit traditional tangible asset valuation discrepancies, such as buying high book-to-market stocks, but spend more time analyzing intrinsic value and special situation investments.

Can Investors Pick Stocks on VIC 01272010-Wesley Gray


Bubble in Safety? http://intrinsicinvesting.com/2016/08/24/wd-40-a-case-study-of-the-bubble-in-safe-stocks/

Investor Presentations and Munger Mash


Everything Charlie Munger_A Compendium of Articles


He is a deep value investor in small caps.

VII_Aug2011_BobRobotti and Robotti-ValueInvestingCongress-100212


VII_Oct2010_Ghazi and Ghazi-ValueInvestingCongress-100112  Learn more by downloading the annual reports (3 years) and proxies, study and try to value the company. THEN read his presentation. Do you agree/disagree? I bet less than 1 in 10,000 people would make the effort. While I bet some “investors” bought LAYN on their crackberries/IPhones after a few words by the speaker. You can do better. Make the effort and go the extra mile.


VII_May2011_LloydKhaner and Khaner-ValueInvestingCongress-100212

VII_March2007_BarryRosenstein and Rosenstein-ValueInvestingCongress-100112

VII_Feb2007_AlexRoepers and Roepers-ValueInvestingCongress-100212

VII_Dec2010_JeffUbben and Value Investing Congress presentation-Tilson-10-1-12



Gottfried-ValueInvestingCongress-100212  (obscure micro-caps)





Barnes & Noble Valuation Case Study

There are opportunities to learn all around us.  The recent announcement of Microsoft’s $300 million investment in the Nook–Barnes & Noble’s eReader provides a reference point for valuation.

Barnes & Noble (BKS) Case Study Materials

BKS and MSFT Agreement 8K April 27 2012 What valuation can you derive from MSFT’s purchase price?

BKS 10Q March 8 2012 The most recent 10-Q. Combine with the 10-K to value BKS on your own.  BKS 10K April 30 2011

The Amazon Letter discusses the Kindle: Amazon Letter to Shareholders 2011

Try to think about how you would value BKS. If you struggle, then look at the case study materials below, then return to the financial statements. Don’t become discouraged.  The research report below isn’t perfect (lacks a full competitive analysis of the different businesses), but the report does do a good job in showing you how the author reached a valuation. You may disagree with the assumptions, but you know what they are.

When you read of a public transaction for a company or part of a company, you have a reference point to test your valuation skills. Good luck!

Valuation of Barnes & Noble

Barnes & Noble Case Study