Top 25 Microcap Investors List
Each week we share one investor write-up from our Top 50 Microcap Investor List. During our time doing investor write-ups, we’ve had exciting engagements. It’s wonderful to connect with brilliant investors and learn more about them.
Below we present the top 25 list Microcap Investor list, click the links to read our feature on them. There is no order to this list.
Top 25 Microcap Investor List :
If you are interested in being featured or would like to nominate someone for the list, please contact Sam DiFiore at sam@avenelfinancial.com.
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Price and Value
In an appearance at the Sohn Hearts and Minds conference on Friday, Charlie Munger said the following:
“There’s no great company that can’t be turned into a bad investment, just by raising the price.”
Almost everything is a good value at one price, and a bad value at another price. If someone offered to buy your car, your house, or your business, we think most people would probably want to know what price was being offered before agreeing to part with their property. And yet, many people don’t ask that question when they part with their money in the stock market. They buy what they like, what they want, or what their neighbor can’t stop talking about.
Business, and business valuation, is messier than buying cars and houses. It depends more on the future and less on the present, and thus has the habit of surprising anyone, and often everyone, who tries to make predictions. Lately, many investors have come to discover that it’s not just sales growth that matters in one’s investment return. The multiple the market assigns to those sales matters a great deal too. As Charlie Bilello (@charliebilello) posted on Twitter this past week:
Price to Sales ratio high -> today
$ZM: 117 -> 14
$LMND: 107 -> 24
$PLTR: 46 -> 25
$STNE: 44 -> 7
$TWLO: 37 -> 16
$PINS: 30 -> 10
$DOCU: 41 -> 14
$TWLO: 36 -> 16
$ROKU: 34 -> 11
$BYND: 30 -> 9
$HOOD: 26 -> 9
$CHGG: 23 -> 5
$PTON: 21 -> 3
$TDOC: 21 -> 7
$TWTR: 17 -> 7
$Z: 12 -> 3
Many of those companies will be around for a long time and some will be industry leaders. But price matters. If you pay too much for even great companies—and especially for those yet to be proven great—you may be disappointed with your results. Fast-growing, quality companies are often the best investments, but only if they can be acquired for good value. As Marathon Asset Management wrote in August 2013 (via the book Capital Returns):
“It should never be forgotten that, in its most basic form, investing is always and everywhere about price and value. Price is what you pay, says the Sage of Omaha, and value is what you get. By this definition, every serious investor must be a value investor. This is not to say that investors should restrict themselves to buying companies with low valuation multiples. The business of investment is ultimately about buying stocks at a discount to intrinsic value.”
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