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Education, a new section inside Maverick Equity Research!
“Spend each day trying to be a little wiser than you were when you woke up.” Charlie Munger

Online world-class courses I did via the great educational platform Coursera!

  1. Financial Markets, from the one and only Yale's University & Nobel prize winner, Robert Shiller

  1. Narrative Economics also from Robert Shiller!

  1. The Global Financial Crisis also from Yale!


Enjoy!
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maverickequityresearch.substack.com
📖 Education, a new section inside Maverick Equity Research
“Spend each day trying to be a little wiser than you were when you woke up.” Charlie Munger

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Why You Should Be Searching for OUT OF THIS WORLD STOCKS Like NVIDIA ($NVDA)
One name getting a lot of attention after last weeks earnings is outlier stock, NVIDIA Corp. ($NVDA). In fact, when the Big Money Index (BMI) was last oversold in October, it was one of the top 5 stocks we recommended to our subscribers.

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Why You Should Be Searching for OUT OF THIS WORLD STOCKS Like NVIDIA (NVDA)
#Nvidia #Stocks #LucasDowney Why You Should Be Searching for Out of This World Stocks like NVIDIA (NVDA):https://mapsignals.com/map-blog/searching-for-out-of...

🚩 Tomorrow morning at 8 AM, we will publish to our newsletter's founding members:

🚩Discover Financial Services and Capital One - "Shorts that were not meant to be shorted."

> DFS is infested with the U.S. Securities and Exchange Commission

> COF is a predatory subprime turd.

If the deal were to finalize, COF and DFS would become “too big to fail.” And that is a systemic problem for the consumer lending sector.

If you are not a subscriber, do sign up to read our article tomorrow at 8 AM.
*This is available only for the founding members.

contrarianunicus.substack.com
The Unicus Investor | Unicus Research | Substack
The Unicus Investor newsletter series invites you to seek investment value by taking the less crowded path. As Featured On: The London Stock Exchange. Click to read The Unicus Investor, by Unicus Research, a Substack publication with hundreds of subscribers.

Valuation and Long-Term Investing
In “Letting Winners Run”, I wrote about Robert Kirby’s coffee can portfolio, a true “buy and hold” approach to investing. As discussed in that write-up, my investment philosophy isn’t too far removed from that way of thinking, with the caveat that I’m not completely unflustered by optimistic valuations. (If we put “never sell” on one end of the spectrum and “every asset has a price” at the other, I’d say I lean 70% or 80% towards the first approach.) Today, I want to provide a clearer understanding of how I think about and quantify value. In doing so, I hope to share my take on the “more nuanced understanding of value” that Steve Romick spoke about in “The Evolution Of A Value Investor”.

As a reminder, my starting point for security selection is business quality (the first filter). On portfolio construction, I operate with a structural allocation of ~100% equities, with portfolio decisions based on relative considerations and opportunity costs (with additional consideration for portfolio construction desires), not an absolute hurdle rate or a minimum discount to intrinsic value.

Returning to individual security selection, my goal is to find high-quality companies with honest and able managers positioned to generate attractive business results over time. As I think about the quantitative assessment of value – determining the relative attractiveness of those companies that pass the first filter – my primary valuation metric is a five-year forward multiple of normalized EPS / FCF. I’ve settled on that metric because it keeps me focused on where the business is going - the movie versus the snapshot - without going too far afield on future predictions. It is similar to the approach employed by Bill Nygren: “For almost all businesses, our crystal ball goes dark after seven years, so we assume all businesses trade at similar P/E's after seven years. With an estimate of fair value seven years in the future, we discount that back at an appropriate discount rate… Whether that results in a near infinite or a negative P/E on current earnings is not of concern to us.” (You can read more about his approach in this interview with John Rotonti.)

Here’s the five-year forward P/E on my estimate of 2028e normalized EPS for each of the 11 companies I own, along with their current portfolio weights:

Read today's TSOH Investment Research Service write-up at the link:

thescienceofhitting.com
Valuation and Long-Term Investing
In “Letting Winners Run”, I wrote about Robert Kirby’s coffee can portfolio, a true “buy and hold” approach to investing. As discussed in that write-up, my investment philosophy isn’t too far removed from that way of thinking, with the caveat that I’m not completely unflustered by optimistic valuations. (If we put “never sell” on one end of the spectrum and “every asset has a price” at the other, I’d say I lean 70% or 80% towards the first approach.)

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