Autorentext

DANIEL GLADI is the founder of and a portfolio manager at Vltava Fund, a global equity fund. He has over 30 years' experience in investing and is a bestselling author and a leading figure in the Czech capital markets.

Klappentext

Practical, expert guidance on identifying active investment opportunities in a stock market dominated by passive investors In Hidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive, veteran portfolio manager Daniel Gladi, CFA, delivers a foundational and inspiring new playbook for actively capturing higher returns at lower risk in a market dominated today by passive money. Gladi walks you through real investment cases exemplifying how to take advantage of growing inefficiency in the financial markets. He demonstrates specific analytical techniques and strategic reasoning essential to uncovering underpriced securities that can yield superior long-term returns. Gladi explains:

• How diligent active investors should dig where passive money fails to flow
• Where value lurks in sectors and firms seen as too boring, little known, unpopular, complicated, or small
• Fundamental metrics, tools, and perspectives for recognizing underpriced stocks
• Applying analysis, discipline, and patience to buy at the right price

• How company managements create-or destroy-shareholder value through capital allocation, acquisitions, and personal temperament Written for individual investors and professionals, Hidden Investment Treasures is a must-read for stock pickers, value investors, equity analysts, and wealth managers seeking to improve long-term investment returns in today's market.

  Inhalt

  Foreword xi
  by John Mihaljevic

  Preface xxi

  Acknowledgments xxv

  Chapter 1 Why? 1

  How We Got to This Point 3

  Price Discovery and Market Trends 5

  Why? 10

  What to Expect in the Remainder of This Book 12

  Chapter 2 Berkshire Hathaway: Seeking Treasure in a Company Whose Success Has for Decades Been Playing Out Right in Front of Us 15

  From Zero to a Trillion Dollars 16

  Is Berkshire Hathaway a Good Business? 19

  Berkshire Hathaway's Intrinsic Value 23

  Berkshire's Future 25

  Chapter 3 Asbury Automotive Group: Seeking Treasure Among Cannibals 29

  Significant Changes to Our Fund's Portfolio 30

  Abg 32

  The Importance of Capital Allocation 35

  Chapter 4 Alimentation Couche-Tard: Seeking Treasure Among Acquisition Masters 39

  The Winking Owl 40

  When Are Acquisitions Beneficial? 42

  Chapter 5 Burford Capital: Seeking Treasure in People 47

  The Young Litigation Finance Sector 48

  Dispute with Argentina over $16 Billion 50

  How to Value Burford Capital Shares 53

  Chapter 6 Stellantis: Seeking Treasure in a Company That Everybody Underestimates 57

  Déjà Vu? 58

  The Future of the Automotive Sector 60

  Cash Is King 65

  Chapter 7 Jungfraubahn: Seeking Treasure Among Tourism Monopolies 69

  Tourism's Diversity 70

  Local Monopoly 72

  Chapter 8 NVR: Seeking Treasure Among Companies with Low Capital Requirements 77

  New Beginnings and Transformation 78

  Sources of Competitive Advantage 83

  Chapter 9 Japan: Seeking Treasure in a Country Most Investors Ignore 87

  Japan's Break with the Past 88

  A Simple and Effective Form for Investing in Japanese Equities 92

  Chapter 10 Oil: Seeking Treasure in a Sector That Is Out of Favor 97

  Some Alarming Statistics 98

  The Likely Increase in Demand Is Frightening 100

  Relationship Between Energy Consumption, Energy Availability, and Population Wealth 102

  Is the Market Wrong in Estimating Future Oil Prices? 105

  How We Can Take Advantage of This 107

  Chapter 11 Cenovus Energy: Seeking Treasure in a Sector That Is Out of Favor, Part II 111

  Nature of the Oil Market 114

  Incentive Price 117

  Why We Chose Cenovus Energy 118

  Chapter 12 KLA Corporation: Seeking Treasure Among Technology Companies 123

  What Exactly Is a Technology Company? 124

  Reasons for Caution 127

  Invisible Oligopolies 130

  Chapter 13 JPMorgan Chase and OSB Group: Seeking Treasure Among Banks 133

  Valuation of Banks 134

  The Giant and the Dwarf 138

  Chapter 14 Markel Group: Seeking Treasure in a Company That Investors Regard as Boring 143

  Markel's Three Engines 145

  Baby Berkshire 148

  Chapter 15 Quálitas Controladora: Seeking Treasure in Emerging Markets 151

  Investing in Emerging Markets 152

  Mexican Beauty 156

  Chapter 16 Teekay Energy Partners: Seeking Treasure in the Pockets of Passive Investors 161

  The Coronavirus Poured Sand into the ETF Gears 164

  Chapter 17 CVS and Microsoft: Two Examples of Different Investment Mistakes 169

  CVS: A Stock We Never Should Have Bought 171

  Microsoft: A Share We Should Never Have Sold 174

  Chapter 18 Berkshire Park 179

  Risk 183

  Bibliography 189

  About the Author 191

  Index 193