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Mohammed Al Alwan

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Everything posted by Mohammed Al Alwan

  1. its one of the best book i read on trade execution .this book improved my portfolio management by at least 30% .
  2. the problem is for the wisdom of the crowed to operate in stock market you need diversity and independence which usually breakdown at market extreems.
  3. Agree with all of the points mentioned above.There was a reading in CFA level three that really changed the way I approach my personal portfolio as well.The reading was about asset allocation for human and financial capital .The idea is that early in your life most of your net worth is in human capital which are cash flows distant in the future and your financial capital is little. So, if you consider your financial capital allocation only ,you might be underinvested and not concentrated as you may think. It touched on the correlation between human capital and financial capital. for-example ,you work in wall street and most of you pay is variable and equity like, by concentrating say on financial stocks you are actually more concentrated than you think because at worst you may lose your job (human capital) and your financial capital (stocks go down ).i think now it's being revised under risk management for individual portfolios worth a read .
  4. no i have not read it, thanks for the recommendation will check it out.
  5. i found this primer an excellent introduction to crypto assets which was new asset class for me .good reading. rfbr-cryptoassets.pdf
  6. any suggestion on good books that tackles position sizing for fundamental investors ,i liked the book art of execution by lee freeman but want some thing with more details and ideas.
  7. i would appreciate if you can recommend what are the best data providers or website to access data (download financials, graph historical fundamentals, screens, peer multiple comparisons,etc) for the US market .i see many options like y chart ,finfiz, value line etc and i am lost .
  8. I think Aramex listed in Dubai is an interesting growth story that is mispriced currently trading at 4.04 AED and PE 17X T12m EPS 0.24.Market Cap is 5,915M AED. Bloomberg code is ARMX UH Equity.
  9. Thank you Schwab711 I already read it before I posted her.
  10. Thank you Packer16 actually I am looking at multiple MI for a petrochemical company SABIC AB Equity (Bloomberg Code).unfortunately the accounting standard don't use market to market for MI but use book value. my concern on MI is only if you do look at Multiple alon,however,if your doing some DCF type of analysis then its not an issue as you can subtract it from EV to arrive at equity value.
  11. Thank you Hielko actually if you calculate EV you can either include or exclude MI, if you opted to include or exclude you need to make sure both Numerator and denominator are apple to apple . My question was what is the best way to tackle it and it seems that the best way is to exclude MI from the calculation in both Numerator and Denominator.
  12. Thank you all for the reply ,I think trying to estimate MV for MI is a bit difficult if you don't have an active M&A market to find PMV for comparable.
  13. I have a question on the impact of Minority interest (MI) on valuation. When comparing a company with MI and this MI is big as pct of EV vs a company with no MI based on multiple say EV/EBIT or EV/EBITDA what would you do. A friend suggested that you strip out MI from both Numerator and denominator and compare them apple to apple. I disagreed and my argument was that I already subtract MI when I calculate the EV a the end to arrive at the fair equity value .So,what is the point of this adjustment!! second point, is the MI is an accounting figure and not based on market value. what would you do for companies with MI would you strip it out as suggested by our friend or is there a better alternatives as this use of accounting value would make company look cheaper.
  14. for example I found BIMCO a useful resource in deepening my understanding of shipping industry.
  15. I have a question what is the best resource to find a trade journal for a certain industry that is useful for investors.
  16. the following is a list of podcast that I listen to and find useful. The knowledge project by Farnamstreet the Big trade Series Masters in business Wealth Track podcast Value investing podcast by MOI CFA institute Audio Podcast CFA institute take 15 Series Optimize with Brain Johnson MTA association podcast Freaknomics Radio
  17. you can use percentage insider shares outstanding > and put your number
  18. McKinsey book is an excellent reference on the topic but a better book in my view which I think is underrated is Greenwald book which provides the best valuation framework I have come across.However,with regard to valuing franchise or growth companies greenwald second book which is competition dymetified is better than first book .The author is supposed to finish an updated version of his first book value investing where he update his work on franchise investing but for a reason or another is not yet out.
  19. I just came across an interview with CFA institute president and he mentioned that he got his CFA when he was 40 and after 20 years in the industry .so,I don't think you are starting late. my take on the CFA program I just sat for level 3 on Saturday and I am professional money manager with 11 years experience. I do mainly equities in frontier markets. I find the CFA program very useful if you work in portfolio management or equity research .will the CFA make you great money manager or analyst I don't think so.based on CFA research published in their website they could not find correlation between successful equity analyst or portfolio manager and the CFA program.However,many successful value investor holds the CFA designation like Mario gabali,bill miller,David Herro,Steven Romick, bill gross,Robert L. Rodriguez, John Neff,John C. Bogle etc. These are just few names that came to my mind. if you study the history of the CFA program its founded by the father of value investing ben graham as way to show that you are serious and committed about investment profession industry .in earlier years the CFA program level 2 was based on security analysis book. The program is evolving since then. the price you pay is high in terms of commitment and social life and most of the value of the charter is that if you are outside the industry and want to break in.if you are already in the industry the benefits of the charter would be in terms of knowledge which as some one mentioned above that you can acquire. Also, the CFA charter is appreciated more in emerging markets vs. developed markets. in conclusion I think its wise to pursue the charter because its a documentation of your knowledge and commitment towards becoming a better investor vs.. if you choose to study on your you need to proof it.
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