Some links

Two different approaches: Bireme Capital sticks to Value Investing whereas Forager has joined the SPAC party

A great three part holistic series from Prof. Damodaran on Value Investing: Part 1, Part 2, Part 3

Interesting deep dive into the often overlooked Geothermal Energy 

Morningstar on some lasting changes in consumer behavior from the pandemic

In-depth look into US vs. Google from Stratechery

An interesting portrait of Cliff Asness and his blog from UndervaluedShares

Crazy times: How Just mentioning Green Hydrogen by Management can push any (LNG) stock into the stratosphere 


  • Good article from Morningstar! I enjoyed reading it.

  • When it comes to valuation Damodaran is the go-to institution and writes one of the best blogs on valuation issues. His three pieces on value investing include many valid points. But like almost all quantitative research (and discussions and EFTs) they (have to) equate value investing with low P/E and P/B metrics when I think there is much more to it…

  • garethbrown9a64b1c852

    If by “joining the SPAC party” you mean sifting through a couple of hundred offer documents, rejecting more than 99% of them and only investing in stocks available at massive discounts to our appraisal of fair value, then sure, we’re no longer sticking to value investing 🙂

    • Fair point. The question would be why start with SPACs right now ? It is such an overhyped stock “class” that the potential “Hit rate” of massively undervalued stocks should be much higher elsewhere ?

      • garethbrown9a64b1c852

        No qualms with anyone who wanted to avoid the ‘class’. The median SPAC will likely disappoint. But our view is that it’s an area ripe with mispricings, and some of those will be underpriced, not just overpriced. Why now? Partly team resourcing, partly opportunity set from all the new SPACs and partly because we’ve just happened across a few that happen to tick the boxes for us. DYOR, it certainly is a minefield.

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