Skip to Content

Micheal Price at London Value Investing Conference

Slow weekend. Nothing beats a good short interview with Micheal Price on a few stock case studies and how he sees the market.

Notice that there are no technical analysis, not much talk on PE relative to the markets.

  • 09:10: Its not about company at PE 12, Market is at PE 15, its about finding out how much as a businessman you will pay for a business
  • 09:40: On Waiting
  • 10:45: Waiting for bad news to happen is big for value investor
  • 11:33: Hospira (HSP) consistent grower – Growth people selling to Value people
  • 14:30: Sometimes value guys make mistakes, but onus is wait for bad news
  • 15:00: Most of the work is preparing, finding out the yardstick rather than going in to buy
  • 16:30: Companies that stumbled but have build up intrinsic value
  • 16:31: Hess(Hes) Corp – Proxy fights and poorly run company
  • 24:10: Banks in USA (UK banks have done lots of rights issue and run up)
  • 26:40: Berkshire Hathaway will have a lot of questions such as tax, pensions. It is not a value stock in his books
  • 28:40: Songbird Estates (SBD:LSE) – Property Stocks, NAV
  • 31:06: Who Micheal Price taught:Seth Klarman (he says best financial writer, better than berkshire), David Winters (wintergreen)
  • 34:00: How much cash to hold in the portfolio
  • 35:30: On Europe Investing
  • 37:20: On selling losers, On JC Penney, On the opportunity in JC Penney bonds
  • 38:45: Illiquid stocks for institutional investor
  • 40:30: If you did your due diligence, why only diversify to only own 2%, don’t put your eggs in one basket

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This site uses Akismet to reduce spam. Learn how your comment data is processed.