L Brands Inc: A Classic Value Investment Story

Embrace uncertainty

In my recently published book Story Investing I discuss how to be creative in the investment research process and come up with great investment ideas. One of the highlights of the approach is the proposal to develop both a historical perspective as well as future narrative for the company and its share price.

Limitations of analytics

Strictly analytical approach to investment management does not provide us tools for dealing with uncertainty. The closed and fixed form of analytics leaves no place for imagination. And without imagination, we are just not capable of fathoming uncertainty, fathoming the future. Famous investors say that investing is half art and half science. Many succeed with the...