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Learning that drives better investment decisions

Active Management: A Dead Industry Walking

By Become a Better Investor | Sep 14, 2018
Top 5 of the Week of September 10 - Become a #betterinvestor

In our Top 5 this week, we look at Steve Einhorn’s bear market checklist, examine data over dogma, and discuss investing heroes. All this and more…

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United Paper’s Profitable Growth Has Benefited from Tight Global Paper Supply

By Become a Better Investor | Sep 13, 2018

United Paper Public Company Limited is a Thai group involved in the manufacture and distribution of cardboard for paper boxes and kraft paper for the packaging used inside cardboard boxes. Profitable Growth has been in an improving trend after the dip to #6 in 2015.

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Solid Foundations Has Generated Solid Profitability for SEAFCO

By Become a Better Investor | Sep 12, 2018

SEAFCO Public Company Limited is a construction and engineering company that is engaged in bored piling, diaphragm wall construction and civil works including foundation and building construction. Profitable Growth has been great over the years, consistently ranked in the top 30%.

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VMC: Mistake #8: Choosing an Unreasonable Cost of Equity

By Andrew Stotz | Sep 11, 2018
#ValuationMasterClass

A very common error that I’ve seen made by analysts is discounting the future cash flows of a business at an unreasonable cost of equity (COE)—which is why it’s valuation mistake #8. Analysts are notorious for trying to manipulate their COE to get the outcome in valuation that they want.

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Thai Energy Company about to Enter Norway

By Become a Better Investor | Sep 10, 2018

Bangchak Corporation Public Company Limited is a Thai energy company engaged in refinery, bio-based products, green power, and natural resources business. BCP’s Profitable Growth improved drastically in 2015 but has been declining since.

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The Long Shadow of Tech Stocks

By Become a Better Investor | Sep 7, 2018
Top 5 of the Week of September 3 - Become a #betterinvestor

In our Top 5 this week, we look at the traps in value investing, examine crowding in tech stocks, and reveal what really ends a bull market. All this and more…

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Below-Average Profitable Growth at Bangkok Expressway and Metro

By Become a Better Investor | Sep 6, 2018

BEM is the merged entity of BECL and BMCL, and started trading in 2015. The main business of BEM is construction and management of expressways and the Bangkok subway. BEM’s Profitable Growth has consistently ranked at #6 with no changes since 2014.

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Excellent Profitable Growth at Thailand’s Largest Mobile Operator

By Become a Better Investor | Sep 5, 2018

Advanced Info Service Public Company Limited is the leading mobile operator in Thailand with 48% of revenue market share. Profitable Growth has been excellent over the years consistently ranked in the top 20% among 130 large Telecom companies worldwide.

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VMC: 9 Steps to Prepping for the CFA Exams

By Andrew Stotz | Sep 4, 2018
#ValuationMasterClass

Many financially savvy people across the world are psyching themselves up to register for the most significant exams of their career. The post-nominal designation of CFA requires candidates to overcome many a hard mile, but the challenge is worth the toil.

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Higher COGS in China Compared to the Rest of the World

By Andrew Stotz | Sep 3, 2018
China’s gross profit margin has been 4 ppts below the global average | #ChartOfTheDay

Chart of the Day: We have combined the financial statements of China-listed non-financial companies into one for the past 23 years. Even though China’s gross profit margin is lower, the net profit margin is about the same as the global average. Implying that China has higher COGS but lower SG&A and other costs than firms globally.

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