Welcome to Independent Value, a value investing blog that will serve as a public record of my personal investment portfolio. On this blog I will write about my own thoughts on finance and investment, my analysis underpinning my investments, and provide updates on my investment performance on a regular basis.
I write this inaugural post at a very interesting time for stock markets. This past week, the Dow Jones Industrial Average set continuous new highs, while the S&P 500 is flirting with it’s all time high of 1,565, last reached in October 2007. The contrarian in me would say that this is not the most opportune time to start investing in stocks, and at the general level, that is probably a sensible reading of the stock market at present. However, given the risks that I believe are inherent in bond investment currently(including abysmal real yields and inflation risk), I nevertheless believe that stocks offer a more attractive route to both preserving and growing my capital at an acceptable, real rate over the long term. Regardless of the stock market’s level, I believe that undervalued businesses can be found, and which are suitable for my investment goals.
Needless to say, as I begin this blog, I start with my portfolio 100% in cash, and will be posting my own (independent) analysis and ideas as and when I identify opportunities that fit with my value investing approach.