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“All intelligent investing is value investing, acquiring more than you are paying for. You must value the business in order to value the stock.” - Charlie Munger
If you agree with Charlie, you might enjoy this newsletter.
Valuing a company is not a science, and I’m sure I’ll get it wrong often. However, I believe the exercise is useful for two reasons -
It helps you have conviction to hold a stock when the market misprices a company
If your thesis doesn't pan out over the long term, it helps you learn where you were wrong in your thinking. This hopefully makes you a better investor over time.
Each time I value a company, I create a simple financial model that I make available. I hope these are helpful to you as you form an opinion for what a business, and therefore its stock, is worth.
My approach to valuation is inspired by Aswath Damodaran, whose classes I took at NYU while pursuing an MBA a decade ago.
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