I look for companies with a margin of safety to their value, and I dislike downside risk. I subscribe to the first rule of investing: "Do not lose money."
In 2014 João founded and currently manages Antão Capital, an investment fund focused on worldwide event-driven opportunities.
João runs a concentrated portfolio which is mainly invested in special situations that provide asymmetric risk/return investment opportunities, preferably with a near to medium term catalyst in place. His number one priority is safety of principal, which has a major influence on his investment decisions, since he his not willing to increase his risk exposure to achieve higher returns.
Before venturing into the capital management industry, João studied investing, business, tax and law and had several years of working experience on legal, banking and consulting.
I'm an individual investor heavily influenced by Warren Buffett and Charlie Munger.
Munger's 1994 USC Business School Speech is something I think about a lot:
Over the long term, it's hard for a stock to earn a much better return than the business which underlies it earns. If the business earns 6% on capital over 40 years and you hold it for that 40 years, you're not going to make much different than a 6% return—even if you originally buy it at a huge discount. Conversely, if a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price, you'll end up with a fine result.
Another very simple effect I very seldom see discussed either by investment managers or anybody else is the effect of taxes. If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum.
In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%—or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening. If you sit back for long, long stretches in great companies, you can get a huge edge from nothing but the way that income taxes work.
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Aquitania Capital Management was founded in 2012 by Christopher Karlin, Managing Member and Chief Investment Officer.
Mr. Karlin has been in the investment business since 1991.
Prior to founding Aquitania, he held positions as a Research Analyst and Portfolio Manager at First Pacific Advisors, Kestrel Investment Management and Fairview Capital Investment Management.
Mr. Karlin interned with Farallon Capital Management while pursuing his MBA. He began his career with Wells Fargo Nikko Investment Advisors which later became a part of Blackrock.
Mr. Karlin received his BBA from the University of Wisconsin in 1990 his MBA from Yale University in 1998 and has held the CFA designation since 1994.
My academic background is in Engineering and management.
Besides one basic accounting course at university my investment knowledge is self-taught.
Reading books, SEC filings, annual reports, analyst reports, blog posts, MOOCs, message boards and listening to select podcasts and conference calls has helped me enormously to evolve as an investor.
Long-only investor with over a decade of stock research experience in small caps. Enjoy finding undervalued or overlooked stocks that have potential upside of over 25% total return. A mix of both value and growth-at-a-very-reasonable price if overlooked. Met and spoke with hundreds of companies over the past decade.
Long term investor with a focus on small companies. Particularly interested in long term compounders, small cap value and special situations. I have been an avid investor for a decade. I am currently a full time financial advisor with an independent RIA firm.
I read annual reports and related materials daily, and have found that Buffett was very right about how knowledge works like compound interest. What I've found in assessing companies is that the truly great ones downplay their position, while the pie in the sky market opportunities usually represent stagnant capital and/or intense competition (weak margins). The longer the horizon, the less competition you will face in regards to price paid versus value, but too much dependency on growth also leaves you vulnerable to permanent loss when growth fails to materialize. Lastly, never discount the value of a great capital allocator at the helm. A CEO of a company earning 20% ROE that keeps 75% of the company's earnings each year will have made capital allocation decisions representing half of the equity of the company within 5 years.
WestPeak Research Association is a capital markets group that aims to create quality equity research while enriching the education of its members through active peer mentorship and structured training seminars.
I use value investing methods of analysis to search out undervalued companies using a combination of financial analysis and a qualitative assessment of management, industry & company fundamentals and circumstances to evaluate the odds of a successful investment. Emphasis is currently on consumer non-durables with strong brands and market shares, but there is no limit to such investments only. Past investments have included oil companies, consumer retail and consumer durables.
----->Top Idea #1: Zooplus, publ. Oct. 24th 2014, return since: +116.3%
----->Top Idea #2: Coca-Cola Bottling Co., publ. May 20th 2015, return: +72%
(calculated as of Sept 30th 2015)
I try to generate a couple of high probability ideas (2-3) every year and take very concentrated positions based on those ideas. Over the past 8 years this strategy has generated a 22,87% compounded average return net of all costs and taxes on my investment portfolio, with the strongest returns mostly during the past five years.
Current sectors under coverage by me at Seeking Alpha:
-personal & household goods
Disclaimer: all investment analyses and information written and published by me, as well as all comments, should not be considered as investment advice or used as such. All readers are strongly urged to perform their own research and due diligence on the equity shares and other investment products I have written about. I have no business or any other forms of relationship with the companies featured in my analyses, unless explicitly stated so in the article disclaimer.
I am in college pursuing a dual major in both Finance & Accounting. I am enthralled by every aspect of the Financial Markets and love studying, researching, and actively managing an Equity portfolio. Currently interning at a mutual fund Dreman Value Management in Palm Beach, FL. I thoroughly enjoy the Equity Research and Portfolio Management sides of the business. I primarily seek to identify undervalued companies that are currently unloved by the market thus presenting and opportunity for the patient investor. I tend to focus on special situations / even driven / Sum-of-parts / activist plays.
2006-Current-Managing Partner, Ascential Equity LLC, Richmond, VA. Investment Services focusing on Community Bank; mezzanine financing; and commercial leasing.
1982-2006-Director of Cash Management and Investments-Treasurer of Virginia. Responsible for oversight of $15 billion fixed income portfolio, cash management and banking services.
1974-1982-Investment Administrator, Bureau of Naval Personnel
1967-1974-Silberberg, Rosenthal and Co
1964-1967-Goldman, Sachs and Co
MBA Finance, St.Johns University, Jamaica, NY
BBA Finance, Pace University, NYC
Adjunct Professor of Finance, Virginia Commonwealth University, 1995-current.
Chairman, City of Richmond Retirement System Board of Trustees and IAC 1990-March 2016.
Chairman, Virginia College Savings Plan IAC 1996-2011.
PhD in chemical engineering with a bachelor degree in economics with proffesional experience as scientist and as patent examiner. I have a fairly strong mathematical background in statistics and, due to my broad professional and educational background, I am generally capable of understanding substantial issues in a number of technical fields, including biotech and drugs. I have more than 15 years experience as a non-professional investor. In the last years and after extensive backtesting research, I started investing almost exclusively in net-net companies (trading under net current assets minus total liabilities). Combining my selected stock screening models with due diligence I have consistently outperformed the market under both bull and bear market conditions.
I'm a German event-driven investor with a combination of both Merger Arbitrage and Distressed Securities. Mainly experienced in Corporate & Investment Banking for a French bank and asset management for a german investment company. Graduated in Finance with a main focus on event-driven studies and financial restructuring.
I reside in Austin, TX where I am an independent investor and financial consultant. Please message me if interested in hiring me for any financial analysis / financial modelling.
I formerly managed a family office in Dallas. Prior to that, I was an investment banker in JP Morgan's Technology, Media & Telecom group.
I am an Israeli citizen- certified as an attorney at law and a portfolio manager. Today I have the privilege to "work" in the field I am passionate about- investing. My mission is to teach and apply value investing in Israel. I am inclined to quantative and empirically based value investing in small cap stocks. At our firm, Quantum Capital Markets, in Petach Tikva, Israel, I apply these strategies to my customers accounts -SMA, IRA and Pension funds. My investment gurus are Warren Buffett, Seth Klarman and Joel Greenblatt. This year I attended the Berkshire Hathaway shareholder meeting for the first time. What an experience! I also dedicate my time to finding the best capital allocaters in the world who we can invest with for the long term.
An avid value investing junkie for many years, I have exhausted the people in my life willing to discuss my latest greatest investment ideas. So I find myself turning to the bigger audience of Seeking Alpha, learning a lot, and hopefully helping a few investors along the way.
Philip O’Connell holds a BE in Civil Engineering from the National University of Ireland Galway, a MSc in Project Management from the UCD Michael Smurfit Graduate Business School and is currently working in a business transformation role in London. Although coming from a non-traditional investment background, his strong analytical skills, business acumen, and multi-disciplinary approach equip him with a unique skill set for investing. He is a CFA Level 2 Candidate.
Philip has traveled to more than 22 countries worldwide and has worked in three of those. He enjoys running, mountaineering, motorcycles and learning about the world
Value investing - open to all techniques and approaches.
My Name is Harris Kupperman and I’ve been successfully investing in the markets for over a decade. In 2003 I started a hedge fund, Praetorian Capital, so that others could invest alongside me.
I am also the CEO of Mongolia Growth Group (YAK: Canada). I cannot talk about the company on a public website like this, however, if you want to learn more about the company, please visit our website at http://www.MongoliaGrowthGroup.com.
Matthias studied Bioscience Enterprise at the University of Cambridge and Corporate Finance at Duisenberg School of Finance. He worked at Rabobank M&A, Cellzome (acquired by GSK), Sapiens Neuro (acquired by Medtronic) and the Leiden University Medical Center. Matthias is a co-founder of Leapfunder, which provides a method for retail investors to invest in startup companies (+$10M invested). Matthias likes to invest in small- and micro-cap value companies that the market seems to have overlooked and that have a strong growth potential.
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I am going to write about public market investing ideas.
All asset classes welcome, but it will likely be predominantly equities.
I will try to be concise and stick to factual analysis to get to the truth.
Discussion focusing on the investment case are highly welcome.
The frequency of posts will depend on how many ideas I find interesting / whether I have time to post. I accept no obligation to update historical posts with new information. I reserve the right to deal in discussed ideas without notification. Do your own work.