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Newsletter - March 23rd, 2024

Updated: Mar 30

Dear Reader,


Attached is our latest list of stocks passing value screens (low P/E, low EV/EBITDA, etc.), which don’t meet our investment criteria - and our reasoning.


This may help you avoid some ‘value traps’, and stocks that aren’t sufficiently attractive compared to opportunities available today.


For reports of stocks that pass our quantitative and qualitative standards:

 


 

SumZero: Pabrai


Some notes below:




15:00 Buying when business is depressed


These are the times when get you the best deals. Pabrai talks about TAV's (Turkish airport operator) purchase of the Almaty (Kazakhstan) airport at the height of the pandemic when air traffic (and revenue) was zero.



28:00 Buybacks at low multiples


Shareholder returns are magnified when repurchases are executed at low multiples of earnings/assets - these are the kind of stocks we look for.



35:00 Anomalies


Look for anomalies between cash flows and pricing - and understand the reasons behind them. Such price/value anomalies are our bread and butter.



50:00 Charlie Munger Auto Additives Buy


Pabrai relates an interesting story of Munger buying up the bank debt of an auto additives company - run by an eccentric operator - at 30-40 cents on the $. Hilarity ensues.



Other industry/country specifics:


17:45 Duty-free economics

24:00 Coal industry

28:30 India valuations

30:45 Auto dealer economics

43:00 Office vacancies


 

For reports on the best investment values in stocks worldwide:



 

Wish you an excellent week ahead.

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