IVIC BLOG

01 11/19 01/11/2019

In his most recent and highly recommendable book called “Propaganda”, German author Steffen Kopetzky describes the work of Sykewar, the Propaganda-department of the US Army during WWII and later during the Vietnam war. Sykewar produced flyers and propaganda material with the aim to hamper the moral of the enemy troops. The hero of the book is participating for his propaganda work in one of the biggest and deadliest battles for the US Army of WWII, the so-called All Saints battle in the Huertgenwald in the German Eifel where more than 15.000 US soldiers lost their lives. What the US Army experienced in this battle was so difficult that it could not be used in any propaganda material.

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31 10/19 31/10/2019

Banks currently represent 8.9% of the broader European equity market index MSCI Europe. They have been the underdogs of the European equity markets since the financial crisis. This is in sharp contrast to the US market where US banks have also been underperforming the broader market, but to a much lesser extent than in Europe as can be seen from the graph below:

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30 10/19 30/10/2019
My journey started back in the early- to mid- nineties. At that time, I was still living in Belarus. I was running a number of different businesses there. But, none of those businesses had the hallmarks of businesses that I would be willing to engage with for the rest of my life.
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Investors are well aware we’re in the 10th year of a bull market favoring large caps, growth stories and technology stocks. Unicorns with lofty promises of growth and—often—big losses go public with huge valuations, and there’s no shortage of these companies in this year’s IPO backlog. As a result, the valuation divergence between growth and value investment styles, between the “disrupters” and the “disrupted,” is at or near multi-year highs.

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28 10/19 28/10/2019
We can use cycles in a myriad of sectors to invest in quality businesses and assets, run by outstanding managers, at bargain prices.
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Enjoy the following exclusive interview with Steve Gorelik, portfolio manager at Firebird Management, based in New York. In this conversation, Steve shares his thoughts and experiences related to fundamental investment analysis of Eastern European businesses.
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18 10/19 18/10/2019
They are fast, unstoppable and they have their finger on the pulse of new technological developments: digitally driven companies such as AirBNB, Amazon and streaming services such as Spotify are attacking large corporations and enterprises with proven business models and reshuffling the economy..
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We think two big concerns about Berkshire Hathaway (BRK.A)/(BRK.B)--first, that its size will prevent it from growing at a decent clip in the future, and second, that the shares will get pummeled once Warren Buffett no longer runs the show--have kept some investors on the sidelines.
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09 10/19 09/10/2019
“What all our Japanese investments have in common is that they are rather extraordinary positions that you wouldn’t find elsewhere in the world. In many cases, there is a substantial disconnect between what the value of these companies should be and the value that the market places on the companies,” says Tomas Johansson.
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Leading up to the International Value Investing Conference on October 23 and 24, Jos van Bommel, associate professor of Finance at the University of Luxembourg, will regularly share his insights on some basic tools and concepts relating to value investing.
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10 10/18 10/10/2018
Léon Kirch, Partner and CIO of European Capital Partners, writes a weekly market commentary. We're glad to share his insights, leading up to the International Value Investing Conference on October 23 and 24.
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09 10/18 09/10/2018

Cobas Asset Management portfolio manager John Barden will speak at the International Value Investing Conference in Luxembourg on October 24th. We're pleased to share a blog about the Cobas method.

Value Investing, A Work Method

Success in life does not arrive by coincidence, but is rather the result of lots of work, discipline, being consistent with our beliefs, our attitude in the face of difficulties and luck, to a lesser degree. But luck is something we have to go looking for.

In the field of investment, reality is not much different. To obtain an average return of 15% over some 20 years, we need a work method that keeps us[...]

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Nicholas Chung has won the 2017 IVIC idea contest by writing a brief analysis of the Bank of Greenland, and consequently presented his idea during the conference. Below he describes how he experienced last year’s conference.

Nicholas: “As a graduate student in finance, it was an enriching experience being able to apply my theoretical education in the real world preparing an actionable buyside investment case. You are given the inspiring and humbling opportunity to present the idea alongside some of the leading value investors, allowing you to also hone your presentation skills in a professional setting. Furthermore, you are also given the chance to learn about the investment strategies and thought process of the[...]

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03 10/18 03/10/2018

Dr. Paul Smeets is Associate Professor in Sustainable Finance at Maastricht University. He spent years studying investing and philanthropy and publishes about his research in both academic journals and the renowned press. Furthermore, Paul heads the Charity Commission of the International Value Investing Conference.

Investing In Saving Lives

Paul: “Investment decisions are founded on solid research, to achieve a sufficient return on investment. In making donation decisions, effective altruism is a useful way to scientifically determine how to maximize the return on a donation.”

“Effective altruism entails striving to[...]

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Leading up to the International Value Investing Conference on October 23 and 24, Jos van Bommel, associate professor of Finance at the University of Luxembourg, will regularly share his insights on some basic tools and concepts relating to value investing.

Intrinsic Value

In my previous blog I introduced the Enterprise Value (EV) as a value that is determined by Mr. Market. The EV can be interpreted as the market price for which you can purchase the underlying business, or enterprise, unencumbered by debt or other financial claims: If[...]

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Leading up to the International Value Investing Conference on October 23 and 24, Jos van Bommel, associate professor of Finance at the University of Luxembourg, will regularly share his insights on some basic tools and concepts relating to value investing.

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