Tuesday, 20 October 2009

Value Investing Congress 19th - 20th October, 2009



An advanced seminar on value investing

How to Decipher Financial Statements, Avoid Value Traps and Pick Investment Winners

MONday MAY 4, 2009

7:30 - 8:00 AM


8:00 - 10:00 AM

How to Profit From the Mortgage Crisis:

Long Investments

• A beaten-down blue-chip

Case study: American Express

• Growth at a reasonable price (GARP)

and a beaten-down blue-chip

Case studies: Berkshire Hathaway & Wesco

• Out of favor financial

Case study: Resource America

• Distressed Debt

Case study: Subprime mortgage tranche

10:00 - 10:15 AM Break

10:15 - 10:45 AM

How to Not Lose Money in the Mortgage Crisis:

Stocks to Avoid

• Aggressive accounting, inadequate

reserving and the structure of CDOs

Case study: MBIA

10:45 - 11:30 am

Different Types of Value — Part One:

Piggybacking on Activism

• Piggybacking on structural activism

Case study: Wendy’s (Ackman)

• Piggybacking on operational activism

Case study: Wendy’s (Peltz)

• Catalyzing activism

Case study: CNET

11:30 AM - 12:00 Pm

Investor Irrationality and the Current

Market Meltdown

12:00 - 1:00 pm Lunch

1:00 - 3:00 Pm

Different Types of Value — Part Two:

Out of Favor Sectors (Retail/Consumer)

• Beaten down blue chip retailer and

piggybacking on activism

Case study: Target

• Profiting from a liquidation

Case study: Footstar

• Betting on a turnaround under new

leadership (1)

Case study: Borders Group

• Betting on a turnaround under new

leadership (2)

Case study: Wendy’s

3:00 - 3:15 pM Break

3:15 - 4:00 pM

Warning Flags

• Overvaluation

Case study: Netflix

• Overvaluation and unsustainable

business model

Case study: VistaPrint

4:00 - 5:00 pM

Different Types of Value —

Part Three

• An out-of-favor cyclical with too much debt

Case study: Huntsman

• Mispriced options

Case studies: dELiA*s, Ambassadors

International, TravelCenters of America,

PhotoChannel Networks, Proliance

International, General Growth Properties

5:00 - 6:00 pM

Networking Cocktail Reception

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