Fr. Emmanuel Lemelson Answers Investors Questions At The First Annual Stowe Conference For Charity

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Includes: AAPL, BHC, DPZ, GEOS, GOOG, MSFT, MYL, NKE, SKX
by: Amvona

Summary

Fr. Emmanuel answers investors questions at the First Annual Stowe Conference for Charity, including the difference between speculation and investment.

In depth discussion of the firm's 10% stake in Geospace Technologies and large short position in shares of Domino's Pizza as well as the relationship between risk and returns.

Includes discussion on portfolio construction, diversification vs. concentration, using volatility to your advantage and how economic and stock market bubbles are formed.

How distortions in the media can play an important role in finding value.

Father Emmanuel Lemelson recently answered investors questions at The First Annual Stowe Conference for Charity on April 1, 2017. Fr. Emmanuel spoke in depth about his philosophy of investing as well as a number of specific securities on both the long and short side with a special focus on Domino's Pizza.

To listen to the full Q&A session click here

The following are some of the topics covered:

  • The difference between speculation and investment
  • The relationship between risk and returns (protecting principle)
  • Forecasting where the market is headed vs. individual security analysis
  • Security selection and staying in a "circle of competence"
  • Independent thinking vs. following the "spirit of the times"
  • The high price of markets right now and market cycles
  • Portfolio construction: Diversification vs. concentration
  • How distortions in the media can play an important role in finding value as well as using volatility to your advantage
  • The value of sell-side research
  • Economic and stock-market bubbles

The discussion also includes a review of Lemelson Capital Management's 10 percent stake in Geospace Technologies (NASDAQ: GEOS) and why the firm made a large commitment in Apple (NASDAQ: AAPL) in early 2013 after a media-induced 44 percent correction in it's share price.

An in-depth and thorough discussion of Dominos (NYSE: DPZ) and the challenges of selling short is a focus of the session. Fr. Emmanuel touches on Domino's leadership in the context of corporate governance failures, the firm's balance sheet, culture of debt, earnings and challenges faced by the company as a paradigm shift in technology, lead by companies such as Microsoft (NASDAQ: MSFT) and Google (NASDAQ: GOOG) unfolds and creates an existential threat to the firms core delivery model.

Also included is a brief discussion of (NYSE: VRX), (NASDAQ: MYL), (NYSE: SKX) and (NYSE: NKE)

To watch the full presentation click here

Supporting Documents

  1. The_Amvona_Fund_LP_2016_Annual_Report_-_Final.pdf

Disclosure: I am/we are long GEOS AND SHORT DPZ.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.