Modern Value Investing Strategies and Performance Analysis

Explore the dynamics between value and growth investing in the 21st century, including the Growth/Value Spectrum, the power of dividends over time, valuation considerations, quality criteria for investment decisions, disciplined processes for strong results, and insights on international value trends and historical peaks.

• Value Investing
• Growth Strategies
• Performance Analysis
• Investment Criteria
• International Trends

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1. Value Investing in the 21stCentury Lyn Alden Schwartzer

2. The Growth/Value Spectrum Type of Growth/Value 1) Pure Growth Characteristics Often unprofitable and speculative, reliant on external funding, huge growth rates Example: Netflix Profitable, consistent, high ROIC growth Example: Adobe High ROIC, safe and growing dividends, wide moat, strong balance sheet, moderate growth Example: Unilever Turnaround story, low valuation, potential restructuring opportunity, quite risky Example: Macy s 2) Profitable Growth 3) High-Quality Value 4) Deep Value

3. Value and Growth Performance

4. The Power of Dividends Over Time

5. Valuation: Sum of Parts 1) Macro 2) Currency 3) Growth Topline Margins Per-Share 4) Dividends 5) Valuations

6. High-Level Macro View

7. Five Quality Criteria 1) Benefits from long-term trends 2) Strong returns on invested capital 3) Durable economic moat 4) Safe balance sheet 5) Good management

8. Disciplined Process, Strong Results

9. International Value: Mean Reversion

10. International Value: Historical Peaks 1980 s: Japan peaked, 30+ years of recovery 1990 s: United States peaked, 14 years of recovery 2000 s: Emerging Markets peaked, 11 years of recovery 2010 s: United States peaking? Highest-valued major market in the world Biggest profit margins in the developed world Strong dollar vs most other currencies Has the largest twin-deficit among the G7

11. Dollar Strength is at a Historic Peak

12. International Value: U.S. Percentage

13. Twin Deficits for Major Countries

14. International Value: Markets Compared

15. International Value: Markets Compared

16. International Value: The CEF Clue

17. International Value: The CEF Clue

18. International Value: The CEF Clue

19. Stock Example: Sberbank

20. Recession Resiliency

21. Sberbank F.A.S.T. Graph

22. Russias Reserve Stockpile

23. Russias Gold Reserves and Debt Levels

24. Sberbank: Sum of Parts Growth: 4% Dividend: 6% Valuation: 6% (P/E 6 to 8) Currency: 3% (15-20% Gain) Total: 19%

25. Thank You FATRADER.com LynAlden.com

26. Appendix Charts FATRADER.com LynAlden.com

27. The Long Term Edge

28. Last Years Portfolio Returns

29. Dollar Strength and Domestic Funding

30. Banks Holding Treasuries: Record High

31. Global Value Pays Well