for Quality Stocks at Bargain Prices
Choose stocks on the basis of two rules: High quality at a bargain price.
Active management of a concentrated portfolio with quality value stocks will outperform over the long run.
Value investing is choosing stocks that are priced below their intrinsic value.
Own companies with competitive advantages that are priced below their intrinsic value.
Part Science, Part Art
Use a bottom-up investing approach.
Concentrated portfolio of 6-12 stocks.
Research & Analysis
Own companies with high returns on capital priced at low multiples.
Good balance sheets: High cash, low debt.
To Wait for Opportunities
Be willing to wait on the sidelines until opportunity arrives.
Low portfolio turnover.