During their recent episode, Taylor, Carlisle, and Rich Pzena discussed Avoiding Value Traps. Here’s an excerpt from the episode: Rich: Well, I think that trying to avoid value traps pretty much ensures that you’re going to avoid value. [Jake laughs] I think the answer is you don’t know which are … Read More
Terry Smith’s Guide to Spotting Value-Creating Businesses
In his book Investing for Growth, Terry Smith makes a simple but powerful point about what makes a great business: “A good company is one which creates value for its shareholders by making a high return on capital – significantly above its cost of capital – across the business and … Read More