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Greenwald investment process


Evolveus
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Here is an interesting PDF I came across that is Bruce Greenwald lecturing about his idea of investment process.  It goes chronologically starting with tangible assets, then moving on to EPV and AV, and then talks a bit about growth and how it can be destructive in some instances.  It's about 40 pages, but an interesting read when you have the time.

 

I was always curious if Greenwald has an actual track record.  I oft think of the old saying: Those who can't do, teach.  I think he is one of the great minds in Value Investing, I just wonder how well he has applied his theories.  I remember when he was highly critical of Buffett's BNSF purchase saying that Buffett over paid.  I think Warren is doing OK on that deal...

 

h/t csinvesting

 

greenwald_2005_inv_process_pres_gabelli-in-london.pdf

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Here is an interesting PDF I came across that is Bruce Greenwald lecturing about his idea of investment process.  It goes chronologically starting with tangible assets, then moving on to EPV and AV, and then talks a bit about growth and how it can be destructive in some instances.  It's about 40 pages, but an interesting read when you have the time.

 

I was always curious if Greenwald has an actual track record.  I oft think of the old saying: Those who can't do, teach.  I think he is one of the great minds in Value Investing, I just wonder how well he has applied his theories.  I remember when he was highly critical of Buffett's BNSF purchase saying that Buffett over paid.  I think Warren is doing OK on that deal...

 

h/t csinvesting

 

He came to value investing late, but with an inquisitive mind.  Warren wasn't pleased when he was passed Ben Graham's mantle at Columbia, but Warren has come to appreciate Bruce as he has matured into a Ben Graham purist : look at the balance sheet first, etc.

 

I'm not sure he has a public track record.  I've learned a lot from reading his stuff, things like how fleeting high ROC is in most businesses.  Regression to the mean takes only about four years on average.

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Regarding Bruce Greenwald's real world stock picking abilities....

 

I took Bruce Greenwald's executive education Value Investing class in June 2008 and the stock that Bruce Greenwald focused on regarding being currently undervalued was American Express.

 

This was a good call on his part, since June of 2008 the stock has increased by 50%, versus the S&P's increase of 4%.

 

 

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