Intriguing Ideas From The Las Vegas Value Investing Congress Part 1.

We attended the Value Investing Congress in Vegas last week, and instead of listing all the presentations and giving a brief summary, which can be found many places on the internet (herehere and here), we thought we would look at some of the ideas that warrant further analysis. Developing a strong process and sticking to it is much more important that the outcome of any particular investment idea. Over the long run, the correct process with produce the desired results. In this sense, investing is like playing Texas Hold’em. If you had a pair of Aces and raised pre-flop almost every time, you would made money in the long term (maybe not the “optimal” strategy for you hardcore players). But you would also have times where your hand would lose to a far inferior hand. That did not mean that your methodology was invalidated, just that other factors impacted the desired outcome.  Most of the ideas presented have some investment merit and were well thought out and presented. While Peter Lynch always said you should be able to present your investment case in three minutes or less, 25-35 minutes to present some of the ideas weren’t enough to cover all the factors involved in certain ideas — and that is as it should be. There was something for every kind of value investor. Finding ideas with markets and most stocks at or near all-time highs means it is not the easiest time to find lots of profitable value ideas.

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