Deep Value- Tobias Carlisle by Mobirao
This Book Includes:
Deep value is an investment triumph disguised as a business disaster. It is a simple, but counterintuitive idea:
Under the right conditions, losing stocks—those in crisis, with apparently failing businesses, and uncertain futures—offer unusually favorable investment prospects. This is a philosophy that runs counter to the received wisdom of the market.
Many investors believe that a good business and a good investment are the same things. Many value investors, inspired by Warren Buffett’s example, believe that a good, undervalued business is the best investment. The research seems to offer a contradictory view.
Though they appear intensely unappealing—perhaps because they appear so intensely unappealing—deeply undervalued companies offer very attractive returns. Often found in calamity, they have tanking market prices, receding earnings, and the equity looks like poison. At the extreme, they might be losing money and headed for liquidation. That’s why they’re cheap.
As Benjamin Graham noted in Security Analysis, “If the profits had been increasing steadily it is obvious that the shares would not sell at so low a price. The objection to buying these issues lies in the probability, or at least the possibility, that earnings will decline or losses continue, and that the resources will be dissipated and the intrinsic value ultimately become less than the price paid.”
This book is an investigation of the evidence and the conditions under which losing stocks become asymmetric opportunities, with limited downside and enormous upside.
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