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Investment strategy

This category contains 5 posts

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

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

Thoughts on investment selection in a richly priced market

In my last two posts I discussed my views on current stock market valuation, and observed that stocks are currently priced at previous peak levels, supported by extraordinary (and abnormal in economic terms) interventionist monetary policy and temporarily and artificially inflated profit margins. As such, I concluded that this is a dangerous market, wrought with … Continue reading