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A New Value Investing Playbook for a Global Age by Jeffrey Alan Towson_2

Tham khảo tài liệu 'a new value investing playbook for a global age by jeffrey alan towson_2', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 3 Value Point 49 And whengoingglobal.wediscoverwehavetoolsthatinvestoran developedeconomiesdo not. We arenot limited to either beingpassive investorsor adding value long term through active managementWe can surgicallyadd capabilitiesand other typesof valueat the time of investment.Capabilitymigration political partnershipsyveakmanage-mentenvironmentsạndmanyother uniquely global situationsgive US a lot of toolswith which to do this. Most of the restof this bookis about dealstructuresthatachievethis. But all dealsfollowGrahamồMethod 1. Postulate a price-to-value thesis for a specific company. 2. Eliminate the uncertainty. 3. Quantify the risk. 4. Invest surgically. In terms of quantifying risk and for those who think better with equations yes I am one of those who tried to adapt quantum mechanics to investingit-doesnt work but itè great fun the standard value investing calculation is as follows 11 risl i ữnargin of safety iỵ 0 - p- MẸ0 where MP is market price and delta 1 is the downside uncertainty in the intrinsic value at time zero. Note that per the earlier discussion I am including only the downside uncertainty of the intrinsic value. Investors often require that margin of safety 30 and we assume hope that ivt 0- g ivt LT For value point the calculation is similar 1 I risl p margin of safety l 0 - q_ AVt NT - . -NPt o where NP is the negotiated price a nW is added value in the near term. And I am including the downside uncertainties for both the intrinsic value and the added value. The key uncertainties are the minimum values of the intrinsic value and the added value again we are proving what it is not . 50 What Would Ben Graham Do Now However bracketing the final terms shows an important difference with value investing. margin of safety iỵ0- p AVt NT- p- NẸJ In value point the investor key skill is crafting an investment that maximizes the added value and pushes down the negotiated price the bracketed term in the equation . Compare this to value investors who