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Tony Gauvin
® Tony Gauvin, 2007
Value investing
• Long-term growth
• Long term investing.xls
• Increases net worth over time
• Based on techniques for estimating the
“value” of a share of stick
• Many techniques
• Not all techniques work at any given time
• No technique works all the time
• The “heart” of value investing is research
& discipline
® Tony Gauvin, 2007
Background
• Warren Buffet
• the essence of value investing is buying stocks at
less than their intrinsic value.
• Discounted value of future earning/distribution/growth
• "finding an outstanding company at a sensible
price"
• the nice thing about investing is that every day
the pitcher throws you a ball and you don't have
to swing. So you can wait for your pitch and then
hit it out of the park. And that's the good news
that is always true
® Tony Gauvin, 2007
Famous Warren Buffet quotes
3 Steps
Search Strategy
1. Find a pool of sticks to research
Valuation strategy
1. IN or OUT
2. I pick I have elimination rules
1. Intangible assets!
2. “cooking the books”
3. Find a true value for the stock
A disciplined approach to buying and selling
• If things are not working right change 1 or
2! Stick to the discipline!
® Tony Gauvin, 2007
Search Strategy
• Two Modes
• Deluxe
• Power searches
• Power Searches Fundamental screens
• Dogs of the dow
• Great Expectations
• GARP
• Righteous rockets
• Deluxe
• Low P/E < Industry
• Price/book <= 1.5
• % institutional ownership > 10 , < 60
® Tony Gauvin, 2007
Valuation Strategy