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Applied Value Investing - Calandro


tol1
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Short book with basic idea of applying value investing principles and valuation steps in today's world.

 

I think this is one of the few books that actually applies a value investing valuation framework and reminds me a bit of the Greenwald publications, albeit not the same quality.

 

There were a number of points that were not entirely clear:

 

- Why are the deferred taxes discounted by 1 year?

- Addition to goodwill: what if a material portion of total assets are goodwill, would one still add a multiple of SG&A to goodwill?

- The margin of safety calculations are based on the growth values throughout: I would argue the margin of safety should be based on the EPV rather.

 

Overall, I can recommend the book and would solely focus on the first few chapters.

 

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