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|2023-05-29 10:55 JST|
What all Benkei = BAM's investment stock selections have in common is the investment philosophy that I call
dynamic value investing
. If P is the stock price and V is the value of the company, then "investment" is the act of paying only P for what
P < V
and making money in the process of P becoming V. It can be said. Here, P = stock price is very clear, but the question is what is V.
Many investors and fund managers see V = value as so-called liquidation value or equity capital or static corporate value from some point of view, but "stock price comes from the future", V calculated as total of future profit or cash flow. It should be recognized as "value" = value.
We call it "dynamic value", but "value" is not a static thing, but a company regards it as a living thing and a dynamic thing, and always keeps an eye on the future direction when investing. Is "dynamic value investment". Furthermore, the difference between P and V is large, that is,
P < V
Pay particular attention to the brands that have become
We will aim for a large profit as a 10x stock=10 baggerfold stock for stocks that can be regarded as becoming.For example, Amazon.com , Apple , and Baidu in China have increased their 10x shares, but we will continue to discover many 10x shares candidates in the future. Our policy is to make use of it for operation in BP.
Our investment philosophy, represented by this simple inequality sign, may be too simple to call "philosophy" in a sense. However, "it's cheap to say, it's difficult to do", and it is extremely difficult to carry it out, put it into practice, and link it to performance. We are working day and night to put this "simple but not easy" investment philosophy into practice and effectiveness for BP investors.
Those who agree with this simple (but very rewarding!) Investment philosophy should be able to have a long-term relationship with us while being satisfied with their performance. Please nominate us as "your personal investment advisor".
President of Benkei Asset Management LLC