David Sokol – Value Investing In Businesses With Built To Last Characteristics [Slides]

David Sokol presentation at Ben Graham Centre on "Value Investing In Businesses With Built To Last Characteristics."

H/T ValueInvestingWorld

[klarman]

Value Investing In Businesses With Built To Last Characteristics

Ben Graham / The Intelligent Investor:

• Think For Yourself
• Understand What Equity Markets Are And Are Not
• Fundamentals Always Matter
• Separate “Facts” and “Real Issues” From “Prophecy”
• Find An Acceptable Margin Of Safety
• Avoid Emotional Decision Making

Ayn Rand / Atlas Shrugged:

• Businesses Exist In A Changing World With Multiple Forces Pulling Upon Them....Not All Of Which Are Rational
• The Quality Of Management and Governance Of A Company Is Overwhelmingly Influential In Long Term Outcomes
• Change Must Be Constantly Embraced, Nurtured And Expected Within An Organization

Balance Is Critical To Sustainability!

• CUSTOMERS- A Company must deliver the benefit of the bargain. A Quality product, on time and at an agreed price
• EMPLOYEES- Deserve fair and competitive compensation, benefits and training in exchange for a quality and efficient work product
• INVESTORS- Entitled to a fair and consistent return on their debt or equity investment
• SOCIETY- Expects that its laws and regulations will be observed and complied with

Operational Excellence Is The Only Way To Maintain Balance Among These Four Obligations

See full PDF below.