Value Investing in Practice

Value Investing in Practice Long-term - Fundamental (look at underlying business) (1) Lookintelligentlyforvalueopportunities(LowP/E,M/B) o Mr. Market is not crazy about everything o This is the first step not to be confused with Value Investing (2) Knowwhatyouknow   Not all value is measurable   Not all value is measurable by YOU (Circle of Competence) (3) Youdon'thavetoswing PATIENCE

Value Investing: the Approach Search (Look Systemically for under valuation) Value Review Manage Risk

  Value implies concentration not diversification. (Look for a Margin of Safety)   At worst Buy the Market) There are three parts to being effective:

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