Comments for Journeys of a Bumbling Investor

Comment on On Expensing and Capitalization by Equity School

Equity School — Fri, 18 Sep 2009 01:42:22 +0000

Great Article. Graham is considered the first proponent of Value Investing, and I am a great fan of Benjamin Graham myself, I follow most of his rules, I started a site on value investing. The site mainly screens out Low PE, Low PB, High Divident Yeild. Low PB+ High Div etc.. for the India markets. I really appreciate the effort you have put in your blog. Best Wishes.

Comment on Book Review: New Era Value Investing by Nancy Tengler by Srinivas Rao

Srinivas Rao — Wed, 16 Sep 2009 16:11:30 +0000

Great article, The concept of value investing has encouraged me to start a portal of value investing on the Indian stock markets. I am doing analysis of Low PE, High dividend yields, Low PB and Low PB with high returns. I really appreciate the effort you have put in your blog.

Comment on Howard Ward’s Valuation Methodology (Gabelli Funds) by anton swanepoel

anton swanepoel — Tue, 01 Jul 2008 08:59:58 +0000

To whom it may concern

Writer is a Professional Associated Valuer from South Africa looking for a valuation methodology on retirement homes with usufruct / life interest.

Regards

Anton Swanepoel

Comment on Projecting Earnings Again by On Projecting Earnings using Historical Growth Rates « Journeys of a Bumbling Investor

Mon, 20 Aug 2007 05:20:16 +0000

[...] at 5:20 am (Uncategorized) So from my thoughts in my earlier two posts on projecting earnings, here and here, I was thinking further about whether it is reasonable to project earnings using [...]

Comment on Book Review: Jim Cramer’s Real Money by James J. Cramer by How to Play a Market Crisis « Journeys of a Bumbling Investor

How to Play a Market Crisis « Journeys of a Bumbling Investor — Mon, 20 Aug 2007 04:49:04 +0000

[...] Jim Cramer offers some tips (see Spotting Tops here). [...]

Comment on Trading Note #2: Buying in on a rally by Best Home

Best Home — Fri, 17 Aug 2007 16:53:33 +0000

This is very nice and informative post. I have bookmarked your site in order to find out your post in the future.

Comment on Book Review: Expectations Investing by Alfred Rappaport and Michael Mauboussin by whatheheckaboom

whatheheckaboom — Sun, 05 Aug 2007 09:56:26 +0000

Yes, I do agree that using competitive strategy analysis on companies is a good way to analyse companies.

What I’m not comfortable about with Alfred Rappaport and Michael Mauboussin’s method here is their assumption of EMH, and then using that assumption to calculate an implied competitive advantage period. Firstly, if you don’t subscribe to EMH, the whole thing falls like a pack of cards. Secondly, even if you subscribe to EMH, you have to believe that everybody does DCF in the manner that they do, i.e. everybody uses the rate of inflation in the calculation of the terminal value, everybody uses the earnings growth rate estimates from the analysts, etc.

That’s my reasoning of why the entire method used as a whole may not work out. It would be helpful if the authors can also produce some results of a portfolio that was managed using this process.

Comment on Book Review: Expectations Investing by Alfred Rappaport and Michael Mauboussin by Alan S Michaels

Alan S Michaels — Mon, 30 Jul 2007 04:04:42 +0000

I believe the Alfred Rappaport and Michael Mauboussin procedure described in the review is well thought out, assuming “the competitive strategy analysis for the company (e.g. using Michael Porter’s 5 forces model)” recognizes that most companies are made up of many businesses and, therefore, requires a weighted average of the company’s strategic business units. (Our research has shown that the largest 1,000 global companies by revenue compete, on average, in approximately 72 industries, where “industry” is defined as the correct level to perform a Michael Porter analysis. Example industries include: mainframe computers; frozen pizza; home insurance; and wholesale funds transfer services.)

Comment on The Economics and Investibility of the Executive Search Industry by Marc Erzberger

Marc Erzberger — Fri, 13 Jul 2007 12:31:37 +0000

Dear Blogger/Author

My name is Marc Erzberger, a consultant with Egon Zehnder International (EZI), based in Geneva Switzerland, the home/fouding country of Egon Zehnder International.

I read with interest your blog, which generally describes the industry. There however quite important differences among the top 5 search firms listed in your blog. These differences are not just cultural, but are more fundamental in terms of business model and ways of engaging with clients and with colleagues.

I invite you to discover some of the things that clearly differentiate EZI through the following link:

http://www.egonzehnderknowledge.com/knowledge/content/ourfirm/corporateculture.php

Sincerely,

Marc Erzberger

Comment on On ROIC / ROE / ROA by ROC vs ROE vs Return on NTA: a re-visit « Journeys of a Bumbling Investor

ROC vs ROE vs Return on NTA: a re-visit « Journeys of a Bumbling Investor — Wed, 11 Jul 2007 12:36:35 +0000

[...] the true returns-generating capability of the firm, ROC is the right one to use (see earlier post here). RONTA will be inflated (relative to ROC) by the use of debt. Hence it may be useful to compare [...]

Comment on ROE vs Earnings Growth Rate by Ways of Projecting Earnings « Journeys of a Bumbling Investor

Ways of Projecting Earnings « Journeys of a Bumbling Investor — Wed, 11 Jul 2007 12:03:48 +0000

[...] or calculate CAGR of historical equity growth rate), project ahead. [Note: see previous post here to know why you can use equity growth [...]

Comment on Determining the Intrinsic Value of a Business by More thoughts on DCF and Valuation « Journeys of a Bumbling Investor

More thoughts on DCF and Valuation « Journeys of a Bumbling Investor — Mon, 09 Jul 2007 04:41:25 +0000

[...] be taken out without impacting the future earnings stream, which is not the case (See previous post Determining the Intrinsic Value of a Business for more [...]

Comment on Book Review: Freakonomics by Steven Levitt & Stephen Dubner by therealdonquixote

therealdonquixote — Thu, 10 Aug 2006 17:55:28 +0000

I really like this book. I just wanted to say that I was happy to see someone else also likes this book, or at least read it.