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Reflections on Investor Psychology
By InvestingNook  •  October 25, 2015
This weekend, I read Howard Mark’s latest memo – Inspiration from the World of Sports. No new concepts were covered, but it resonated because I was having the same thoughts just this week based on a personal experience. I’m taking a module called Equity Research Seminar as part of my undergraduate studies and students are required to do stock pitches for the curriculum.  I pitched on Goldlion Holdings this week, a retail company listed in Hong Kong and something that we have written about a long time ago. Net of all liabilities, cash and investment properties, its retail business is trading at an implied P/E of 1.4x. What could result in such low valuations? The Goldlion brand image has severely diminished during the last decade. What was regarded as a luxury brand is now relegated to the realms of being old-fashioned.  Profitability has declined in recent years (but which Chinese retailer ......
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By InvestingNook
As Co-Founder and Fund Manager of Heritage Global Capital Fund, we started InvestingNook as a website dedicated to sharing the knowledge of value investing – allowing our readers achieve an edge over the markets with the knowledge of value investing.
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