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Full Description
Practical, expert guidance on identifying active investment opportunities in a stock market dominated by passive investors
In Hidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive, veteran portfolio manager Daniel Gladiš, CFA, delivers a foundational and inspiring new playbook for actively capturing higher returns at lower risk in a market dominated today by passive money.
Gladiš walks you through real investment cases exemplifying how to take advantage of growing inefficiency in the financial markets. He demonstrates specific analytical techniques and strategic reasoning essential to uncovering underpriced securities that can yield superior long-term returns.
Gladiš explains:
How diligent active investors should dig where passive money fails to flow
Where value lurks in sectors and firms seen as too boring, little known, unpopular, complicated, or small
Fundamental metrics, tools, and perspectives for recognizing underpriced stocks
Applying analysis, discipline, and patience to buy at the right price
How company managements create—or destroy—shareholder value through capital allocation, acquisitions, and personal temperament
Written for individual investors and professionals, Hidden Investment Treasures is a must-read for stock pickers, value investors, equity analysts, and wealth managers seeking to improve long-term investment returns in today's market.
Contents
Foreword xi
by John Mihaljevic
Preface xxi
Acknowledgments xxv
Chapter 1 Why? 1
How We Got to This Point 3
Price Discovery and Market Trends 5
Why? 10
What to Expect in the Remainder of This Book 12
Chapter 2 Berkshire Hathaway: Seeking Treasure in a Company Whose Success Has for Decades Been Playing Out Right in Front of Us 15
From Zero to a Trillion Dollars 16
Is Berkshire Hathaway a Good Business? 19
Berkshire Hathaway's Intrinsic Value 23
Berkshire's Future 25
Chapter 3 Asbury Automotive Group: Seeking Treasure Among Cannibals 29
Significant Changes to Our Fund's Portfolio 30
Abg 32
The Importance of Capital Allocation 35
Chapter 4 Alimentation Couche-Tard: Seeking Treasure Among Acquisition Masters 39
The Winking Owl 40
When Are Acquisitions Beneficial? 42
Chapter 5 Burford Capital: Seeking Treasure in People 47
The Young Litigation Finance Sector 48
Dispute with Argentina over $16 Billion 50
How to Value Burford Capital Shares 53
Chapter 6 Stellantis: Seeking Treasure in a Company That Everybody Underestimates 57
Déjà Vu? 58
The Future of the Automotive Sector 60
Cash Is King 65
Chapter 7 Jungfraubahn: Seeking Treasure Among Tourism Monopolies 69
Tourism's Diversity 70
Local Monopoly 72
Chapter 8 NVR: Seeking Treasure Among Companies with Low Capital Requirements 77
New Beginnings and Transformation 78
Sources of Competitive Advantage 83
Chapter 9 Japan: Seeking Treasure in a Country Most Investors Ignore 87
Japan's Break with the Past 88
A Simple and Effective Form for Investing in Japanese Equities 92
Chapter 10 Oil: Seeking Treasure in a Sector That Is Out of Favor 97
Some Alarming Statistics 98
The Likely Increase in Demand Is Frightening 100
Relationship Between Energy Consumption, Energy Availability, and Population Wealth 102
Is the Market Wrong in Estimating Future Oil Prices? 105
How We Can Take Advantage of This 107
Chapter 11 Cenovus Energy: Seeking Treasure in a Sector That Is Out of Favor, Part II 111
Nature of the Oil Market 114
Incentive Price 117
Why We Chose Cenovus Energy 118
Chapter 12 KLA Corporation: Seeking Treasure Among Technology Companies 123
What Exactly Is a Technology Company? 124
Reasons for Caution 127
Invisible Oligopolies 130
Chapter 13 JPMorgan Chase and OSB Group: Seeking Treasure Among Banks 133
Valuation of Banks 134
The Giant and the Dwarf 138
Chapter 14 Markel Group: Seeking Treasure in a Company That Investors Regard as Boring 143
Markel's Three Engines 145
Baby Berkshire 148
Chapter 15 Quálitas Controladora: Seeking Treasure in Emerging Markets 151
Investing in Emerging Markets 152
Mexican Beauty 156
Chapter 16 Teekay Energy Partners: Seeking Treasure in the Pockets of Passive Investors 161
The Coronavirus Poured Sand into the ETF Gears 164
Chapter 17 CVS and Microsoft: Two Examples of Different Investment Mistakes 169
CVS: A Stock We Never Should Have Bought 171
Microsoft: A Share We Should Never Have Sold 174
Chapter 18 Berkshire Park 179
Risk 183
Bibliography 189
About the Author 191
Index 193
