The thing that I found most interesting is how well (no pun) Wells Fargo has compounded
their book value over time.
A couple of my favorite things to look for in determining quality is growth of
book value over time (this tells me the company might have some sort of competitive advantage) and free cash flow yield (free cash flow divided by price - I like stock with 10 % FCF yield).
I know you've said that insurance stocks tend to follow
their book value over time, but can trade in ranges from 0.5 to 2.0 times book... and I've read through your thoughts on adjusting book value for intangible items and AOCI.
Back when I was an analyst of the insurance industry, there were companies run by value investors that would present their returns that way showing the the growth in fully converted
book value over time.
This reallocation will be a catalyst for sizable increases in Markel's investment returns, ROE, and
book value over time.
Not exact matches
Over time, we believe this hidden
book value will flow into earnings.
Given your belief that Berkshire's intrinsic
value continues to exceed its
book value with the difference continuing to widen
over time, are we at a point where it makes sense to consider buying back stock at a higher break point that Berkshire currently has in place and would you ever consider stepping in buying back shares that did dip down below 1.2
times book value per share even if that prior years» figure had not yet been released?
We composed a blend of five key valuation metrics — including forward price - to - earnings ratios and price - to -
book value — and examined how strong the relationship was between starting valuations — or valuations at the
time of purchase — and the variability of subsequent U.S. dollar returns
over time.
Pacific Energy is trading at
over 1.4
times its
book value and
over 1.7
times its tangible
book value.
Although he refers to «nutrient density» multiple
times, nowhere else in the
book does Fuhrman elaborate on this concept except for a Nutrient Density Line table (page 118) in which he lists
over a dozen categories of foods, giving them each a nutrient density
value ranging from 0 for Refined Sweets, 15 for Eggs, 30 for Raw Nuts and Seeds, 40 for Beans, 45 for Fresh Fruits, 50 for Non-Green Nutrient - Rich Vegetables and 100 for Dark Green Leafy Vegetables, etc..
When my first
book did SO well straight away, getting picked up in Anthropologie, Urban Outfitters, Barnes and Noble, and
over 400 stores worldwide, it just made me realize that though the success was amazing and so exciting, it was a moment in
time to savor, rather than something that defines me as a person and my
value.
His own work has shown that
over time, the initial traits that people find attractive in others — like looks, charisma, and success — lose a lot of their
value while the things that make people unique — like their favorite
book or movies — become more important.
Jack R. Nerad, executive editorial director and executive market analyst for Kelley Blue
Book's KBB.com said, «A vehicle's resale
value is of critical importance because a vehicle with high resale
value will typically be less expensive to own
over time than a similar vehicle with poorer resale
value.»
Kelley Blue
Book expects the Mustang V6 to retain a slightly better - than - average residual
value over time.
As for resale, Kelley Blue
Book projects that
over time the Sable will hold an average resale
value, better than the Buick LaCrosse and the Chrysler 300, but lower than the Toyota Avalon.
From compact car, to luxury utility vehicle, to van and beyond, the Kelley Blue
Book Best Resale
Value category award winners will give you a look at the elite vehicles in retaining value over
Value category award winners will give you a look at the elite vehicles in retaining
value over
value over time.
Over time, you'll certainly save money using the Kindle 2, especially if you do more than read
books, but the true
value of the device lies in having all this content available in a single, lightweight device.
This may be anecdotal but I am firmly convinced that people highly
value their
time and will choose a well - reviewed
book over a no / low reviewed
book.
My strategy is to continue writing
books I'd want to read, and hope that my readership grows
over time, and feels that my stories and prose are a fair
value at their $ 5 or so price point.
You have the chance to connect directly with them, to compel them, to move them not only by the
books you write, but by how genuinely you engage and provide
value to them
over time online.»
So genre, content and
book's
value over time decides the format for me.
«There is a great deal more in the selling and buying of
books than simply making them available; it's a cultural and intellectual experience where relationships and understanding between booksellers and readers are developed
over time and are highly
valued within local communities,» said Mr Wright.
MKL is on my great company watchlist, and if it falls to
book value or below, it's likely to be an outstanding long term investment that will allow shareholder returns to match or exceed
book value growth
over time.
In his latest
book Stanley notes that three
times more American millionaires live in homes
valued at under $ 300,000 than
over $ 1 million — and, in fact, says that moving to an enclave of upscale mock tudors is akin to moving to a wealth trap.
A more consistent measure of
value is our tangible
book value, which has had healthy growth
over time.
Even better, the stock trades at 75 % of
book value and at 8.3
times earnings, quite low considering the company has more than doubled its
book value over the last 10 years.
While the
book value of an asset may stay the same
over time by accounting measurements, the
book value of a company collectively can grow from the accumulation of earnings, generated through asset use.
There are limitations to how accurately
book value can be a proxy to the shares» market worth when mark - to - market valuation is not applied to assets that may experience increases or decreases of their market
values over time.
We composed a blend of five key valuation metrics — including forward price - to - earnings ratios and price - to -
book value — and examined how strong the relationship was between starting valuations — or valuations at the
time of purchase — and the variability of subsequent U.S. dollar returns
over time.
And growing
book value (producing high returns on equity
over time) is something that Markel has excelled at:
For example, I've had a couple questions from clients similar to this: «It's great that Markel can produce 15 % ROE
over time, but will we receive 15 % if we're paying above
book value?»
Its stock trades at 1.3
times book value after posting a total return of 46 %
over the last 12 months.
Figures 1 and 2 show how the valuation (price - to -
book) ratio for low - beta and
value stocks fluctuates
over time, with low - beta stocks trading at the top of the valuation range and
value stocks trading near its bottom.
The theory behind the Woronoco investment was that the bank, a recently converted mutual, ought to enjoy an annual ROE of at least 10 % going forward (non-troubled banks normally have ROEs of 8 % to 20 %), and that in five years, Woronoco could be taken
over at two
times book value because it operates in an industry where takeovers at better prices than two
times book value are fairly common.
The
book value has been more then doubled
over the last decade and the stock currently trades for 1.79
times book (again converted to US dollars) which is below its long term average.
So we have high quality companies that are compounding their
book values, cash flows, earnings, and sales
over long periods of
time, and they are selling at below average valuations.
We like BtM because the
book value in the numerator is more stable
over time than earnings or cashflow, which is important for keeping turnover down in a
value portfolio.
Loughran and Wellman find that for nearly the entire market
value of largest stock market (the US)
over the most important
time period (post-1963), the
value premium does not exist, which means that
book - to - market is not predictive in stocks other than the smallest 6 percent by market cap (and even there the returns are suspect).
In fact, low price -
book value stocks have underperformed high price -
book value stocks
over shorter
time periods.
Pacific Energy is trading at
over 1.4
times its
book value and
over 1.7
times its tangible
book value.
Over the weekend, while watching the Orioles win yet another series on their way to an American League title, I spent some
time with a new e-
book called Quantitative
Value Investing in Europe: What Works for Achieving Alpha... Where the study really gets interesting is when the authors combine low price to book value with six - month relative stre
Value Investing in Europe: What Works for Achieving Alpha... Where the study really gets interesting is when the authors combine low price to
book value with six - month relative stre
value with six - month relative strength.
Given your belief that Berkshire's intrinsic
value continues to exceed its
book value with the difference continuing to widen
over time, are we at a point where it makes sense to consider buying back stock at a higher break point that Berkshire currently has in place and would you ever consider stepping in buying back shares that did dip down below 1.2
times book value per share even if that prior years» figure had not yet been released?
jck said that I should look at the decrease in
book value in liabilities
over time — that would measure the success of Maiden Lane III
over time.
We like [
book - to - market capitalization] because the
book value in the numerator is more stable
over time than earnings or cashflow, which is important for keeping turnover down in a
value portfolio.
Book value is only fair if one can realize the
value over time.
Markel's goal is to compound
book value per share at a high rate
over a long period of
time.
This means higher returns for the investment portfolio
over time, and it means above average
book value compounding, which correlates
over time with the intrinsic growth in
value of the enterprise.
On top of this, IHG has properties all
over the globe and it's amazing how many
times I find myself
booking a Holiday Inn or Holiday Inn Express when I need an airport hotel — this IHG credit card makes sure I maximise the
value (in points) I can get out of those stays.
At a
time of financial uncertainty, self catered holidays have soared in popularity as holidaymakers prefer the incredible
value for money available when choosing a rental property
over a hotel, with pureholidayhomes.com predicting that
booking a self catered villa could save up to 60 % on your holiday costs when compared with a similarly classed hotel.
The one wrinkle this
time around is that American is devaluing their award chart for
bookings as of March 22, 2016, so in just
over three months the
value of those miles will decrease considerably.