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independentvalue

independentvalue has written 18 posts for Independent Value

The Last Post

As of 13th October 2014, I am no longer in a position to share investment analysis and commentary, or make further investments due to professional commitments. I will therefore not be blogging here or anywhere else for the foreseeable future. Thank you to all those who have read this blog, posted comments and emailed me with … Continue reading

The Second Investment, Part II

Having recently re-examined my investment thesis for GEA following the release of Q3 results for FY14, I added to my position today, doubling my holding from 10% to approx. 20% of my overall portfolio. In building such a highly concentrated position in GEA, I clearly have a high degree of conviction about the Company’s position … Continue reading

GEA Update: A Road Less Travelled (But One Worth Taking)

“Two roads diverged in a wood, and I— I took the one less traveled by, And that has made all the difference.”                  Robert Frost, The Road Not Taken Since I established a 10% portfolio position in the ordinary shares of GEA in June at a price of … Continue reading

The Second Investment

Nearly two months after making my first investment, I made my second investment in the IV Portfolio on the 30th May, and it has been worth the wait. While one may be tempted to chase returns given the steady upward march of stocks prices (S&P 500 is up approx. 6% during this period), I have forced myself to … Continue reading

GEA SA – All roads lead to Grenoble and 50%+ Upside

“Specific, known catalysts are not necessary. Sheer, outrageous value is enough.” Dr. Michael J. Burry “The concept of owning a toll – whether it is a bridge, a road, a railway or some other monopoly infrastructure asset – is appealing because generally there is no other alternative, which forces people to pay the toll.” Warren … Continue reading

Weight Watchers International: Cutting Through The Fat – Q1 FY14 Update

Weight Watchers International (WTW) released their Q1 FY14 results this week, and I believe there were a number of positives for investors. While I always maintain a long-term view and do not place significant reliance on quarterly earnings announcements (their contents and interpretation by the market frequently tends to be short-term oriented, and focused on … Continue reading

The First Investment

Since the launch of the Independent Value (IV) Portfolio on 24 October 2013, common stocks have returned approximately 2% – 5% over the near-six month period to today, as measured by my preferred benchmarks of the Euro Stoxx 600 (+1.9%) and the S&P 500 (+5.0% ).  By contrast, the IV Portfolio has generated a nil … Continue reading

Weight Watchers International– Is the Fat Lady singing?

Ick investing means taking a special analytical interest in stocks that inspire a first reaction of “ick.” I tend to become interested in stocks that by their very names or circumstances inspire unwillingness – and an “ick” accompanied by a wrinkle of the nose on the part of most investors to delve any further. Dr. … Continue reading

Buffett’s 2013 Letter to Shareholders – Investment Strategy & Outlook and the Valuation of Businesses

Now that the initial excitement over the release of Warren Buffett’s 2013 letter to Berkshire Hathaway shareholders has died down, it is useful to look past the deluge of “key takeaway” articles from around the blogosphere, and carefully study his commentary to glean valuable investment insights, particularly in the context of new all-time high valuations … Continue reading

Independent Value – 2013 End of Year Commentary

2013 has turned out to be an excellent year for those invested in equities generally, with such representative indices as the S&P 500,  the FTSE 100 and the STOXX Europe 600 up approximately 32%, 22% and. 17% respectively. The Independent Value Portfolio, established on 24 October 2013, remained 100% in cash for the period to … Continue reading