Co/Report
1500 Podcast Downloads
Thank you for listening to the Co/nversations Podcast! We reached over 1500 podcast downloads!
Success doesn’t come alone; it comes with others. Who influenced your life to shape you into the person you are today? What inspires and motivates you? Join host Sam DiFiore and Aaron Staley as they share casual conversations with guests about success stories.
Listen to Co/nversations on Apple Podcasts and Spotify.
The Microcap Rodeo Virtual Conference
Join the 3rd Annual Winter Wonderland Best Ideas Conference
Location: Virtual
Dates: February 21st-24th, 2023
25-minute virtual presentations on Feb 21st & 22nd
For qualified institutional investors ONLY - 1x1's will be available Feb 23rd & 24th
Registration is free for investors. Click here to register!
Value-ish
“Value investing is at its core the marriage of a contrarian streak and a calculator.” —Seth Klarman
The stock market and economic data released last week gave both the bulls and the bears something to hang onto.
The S&P 500 was down a bit. The Nasdaq was up a bit.
Retail sales numbers came in strong, which can satisfy both the bulls and the bears. The bulls will say it’s a sign of a strong economy. The bears will say it’s a sign that the Fed will now need to do more to cool the economy and keep inflation from picking back up again.
And speaking of inflation…. The producer price index numbers that were released were higher than expected, once again pointing the bears to the fact that we need higher rates and a slower economy to beat inflation (and, thus, likely lower stock prices). The bulls will say that, while the number was above expectations, we’re still trending in the correct (lower) direction on the inflation front.
What side should you take? Should you be bullish or bearish? Well, you can be neither. You can be what investor Seth Klarman has called value-ish:
“Many people believe that investors must make the macro decision to be either bullish or bearish. Our preference is to be agnostic, objectively finding absolute bargains, and in their absence, holding cash. In short, we are neither bullish nor bearish. We are value-ish.”
Remember the market saying that both bulls and bears can make money, but pigs get slaughtered. So don’t be too greedy. Try and acquire more value than you are paying for and, if you can’t find it, be patient. In short, be value-ish.
“The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash flow than you are paying for. Move only when you have an advantage.” —Charlie Munger
Tweets of the Week
In Case You Missed it…
Charlie Munger speaks at the Daily Journal’s Annual Shareholders Meeting
Who Are Quality Shareholders and Why You Should Care
Real Asset Equities Are More Than Just Inflationary Hedges
Survive and Advance - by Stephen Vafier
The World According to Boyar Podcast: Chip Brewer, CEO of Topgolf Callaway Brands
Business Breakdowns Podcast: Constellation Software: Principled, Profitable, Permanent
The Investing City Podcast: Ep. 93 - Paul Andreola: Finding Your Niche
Permanent Podcast: How to Sell a Business in 2023
If you have not already upgraded your membership…
Avenel Financial Group, a merchant banking and advisory firm located in Charlotte, NC, launched a new business venture called the Co/Investor Club. The Co/Investor Club is a community of value-oriented investors that collaborate on investment opportunities and ideas. You are receiving this newsletter because you are a Free or Premium Member of the Co/Investor Club!
Chat with Mike
Whether you’re an executive with investment opportunities or a college student looking to network, we would love to chat with you! Email our Founder, Mike Pruitt, at mp@coinvestorclub.com with questions and ideas or schedule a meeting.
Don’t forget to follow us on social media too!
Twitter: @coinvestorclub1
LinkedIn: Co/Investor Club
For our disclaimer, please visit our website.
Have friends that want to join? The Co/Report is public, so feel free to share!
Thank you for reading. Co/Report grows through word of mouth. Please consider sharing this post with someone who might appreciate it.
