@long_haul
I somewhat agree with your sentiment regarding herding of value investors though I am not sure that my skillset compares to @fire_bull who I am sure will have his own fund in the near future (if he wants that!?) ! Harley Grosser at Capital H and Lyall Taylor at LT3000, as well as Claude (and Matt!) at ethical equities are differentiated to some degree. I really liked Gary Hsui who was at Arowana/CVF but not sure what he is doing now. Matt Joass also is pretty switched on but our on his own these days.
I was very excited when I first joined Twitter, when I suddenly came across a bunch of value investors. Then I quickly realized there was major herding (much more so than HotCopper) and since use the platform a lot less.
Where I disagree with you is that the asset light growth approach is different to value investing. I think true value investors are active- they respond to what others are doing in the market and find ideas that others don’t recognise. Lyall writes a nice article on this on his blog about fishing where the cod are. I think part of the reason Warren B was so successful was that his (and Munger)’s strategy was so different. A lot of people are trying the old school value approach in response to the overwhelming market dynamic of looking for Buffett like compounders. However, i think
If you really want to have superior returns and not be found out, I think you need a strong grasp of:
a) valuation fundamentals
b) technical analysis
c) portfolio allocation and sizing
d) risk management
e) cognitive error and biases
f) probability
g) macroeconomics
h) idea generation
I can see that the crowd are pretty solid on a, e,g and to some extent d, but I have very rarely seen eloquent distillations of strategy with regards to c,f,h and b seems to be ignored entirely by value investors despite the fact that a large number of market participants who influence pricing in a dynamic market who swear by it. In terms of h, I have observed extreme herding...look at the number of so called value investors that have spent time looking at SDI which is essentially a very average cyclical, on basis of Adams investment here....
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@long_haulI somewhat agree with your sentiment regarding herding...
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Last
$1.11 |
Change
0.000(0.00%) |
Mkt cap ! $111.1M |
Open | High | Low | Value | Volume |
$1.11 | $1.11 | $1.11 | $11.05K | 10K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 178 | $1.11 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.11 | 28248 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 3840 | 0.790 |
1 | 5000 | 0.720 |
2 | 4500 | 0.700 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.800 | 3861 | 2 |
0.910 | 5000 | 1 |
0.920 | 10000 | 1 |
0.990 | 9810 | 2 |
0.000 | 0 | 0 |
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