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SA Interview: Value Investing With The Investment Doctor

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  • The Investment Doctor is an individual investor focused on mispricings in European equities with an emphasis on FCF analysis.
  • Why the focus on free cash flow, the importance of using a watch list of stocks and opportunities for companies where the dividend could be reinstated are topics discussed.
  • The Investment Doctor shares a long thesis on Rana Gruber.

Feature interview

The Investment Doctor is an individual investor focused on mispricings in European equities with an emphasis on FCF analysis. I'm a long-term investor, with a specific focus on fundamentally undervalued ideas with the potential to yield double digit returns in my Seeking Alpha Marketplace service. Predominantly focusing on Europe, but sector-agnostic and with some side-steps to a few non-European smallcaps. We discussed the upside (and downside) to investing in family-controlled companies, under the radar ideas to benefit from well-known trends and while most mispricings have disappeared as a result of the pandemic, there are a few that remain in the small cap space.

Seeking Alpha: Walk us through your investment decision making process. What area of the market do you focus on and what strategies do you employ?

The Investment Doctor: My investment focus is mainly centered about a free cash flow profile of a company. While most investors seem to be focusing on the net income and thus earnings per share, I’m more interested in the real cash flowing in and out of a company as hard dollars are the lifeline of any enterprise.

I’m relatively sector-agnostic: I mainly try to look at what makes sense from an economical and financial point of view but I obviously stay away (or at least don’t give too much weight) to sectors I don’t have a good understanding of, like pure biotech companies with a binary outcome.

I try to keep my investment strategy quite simple as well. I either buy the stock (or bonds) outright, or I deploy an option writing strategy. In some cases it makes sense to write a put option which could be either in the money or out of the money depending on the desired entry price and how keen I am to actually enter into a position. While working with

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This account publishes the weekly PRO fund manager interview, which is available only to PRO subscribers. These are interviews Seeking Alpha authors and fund managers in the industry about their investing philosophy, recent ideas they have published on Seeking Alpha and elsewhere, and their current favorite ideas. The account will also occasionally repost other interviews we have done with authors or investors.

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Comments (5)

Walt Hudson profile picture
Great read, thank you!
Very thoughtful and interesting interview, thanks to SA and the Doc. I also recommend to read and re-read the Doc’s cash flow tutorial.
Robert Morie profile picture
I find your commentary very thoughtful and on target. Your value focus is clearly true and for that portion of a portfolio a great participant. While I don't look much at individual European names, i like your style. I have one question. How much time do you spend looking at potential future cash flows of companies? The optionality of revenue/profits and cash flow, (hopefully in good time "free") might lead you to other interesting names. I note an absence of any technology sector stocks. Good hunting!
The Investment Doctor profile picture
@Robert Morie

Hi Robert, Apologies for this late answer as I didn't get a notification there were comments on this SA interview!
While I dare to dabble into growth stories myself, I think a distinction has to be made between whatever 'risk money' I invest in those higher growth names versus the types of companies I feel comfortably enough to talk about and to discuss in greater depth. So while I sometimes feel comfortable enough to invest some of my own money in those names, I'm not always sure it's a good idea to bring it up as 'an idea' to readers if I lack sufficient knowledge about a certain subject.
The Doctor is in. Thanks much.
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