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LDVIC 16.18% vs S&P500 14.70% (diff. +1.48%)
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LDVIC 16.18% vs FundSmith 12.64% (diff +3.54)
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LDVIC 16.18% vs Berkshire 19.39% (-3.21%)
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Investor Psycology: The best investment analyst is going to be right two out of three times If you’re terrific in this business, you’re right six out of 10 If an investor is right 2 out of 3 times in the investment decisions they make, they would hit the ball so far out of the park, it would be amazing It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong You only have to do a very few things right in your life so long as you don't do too many things wrong.
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Investor Psycology : The best investment analyst is going to be right two out of three times (TEMPLETON) If you’re terrific in this business, you’re right six out of 10 (LYNCH) If an investor is right 2 out of 3 times in the investment decisions they make, they would hit the ball so far out of the park, it would be amazing (PABRAI) It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong (SOROS) You only have to do a very few things right in your life so long as you don't do too many things wrong. (BUFFETT)
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Investment Rules: Investing is a full time job. No if, not buts, no excuses. Buy Berkshire and buy ETFs
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Investment Rules: Investing is a full time job. No if, not buts, no excuses. Buy Berkshire and buy ETFs The best investor is the one that says no to +99% of ideas. ALL THE TIME.
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Investment Rules: Investing is a full time job. No if, not buts, no excuses. Buy Berkshire and buy ETFs The best investor is the one that says no to +99% of ideas. ALL THE TIME. Investing is really simple and not overly complicated. It is mostly down to price.
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Look for companies that generate FCF.
Investment Rules: Investing is a full time job. No if, not buts, no excuses. Buy Berkshire and buy ETFs The best investor is the one that says no to +99% of ideas. ALL THE TIME. Investing is really simple and not overly complicated. It is mostly down to price. Look for companies that generate FCF.
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Overview 1/2 Bausch + Lomb: pharmaceutical products
(such as treatment of inflammation) eye health; contact lenses 2) Branded Rx segment: irritable bowel syndrome; GI; Dermatological; dentistry and women’s health portfolios 3) U.S. Diversified Products; generic pharmaceutical products in the U.S. of pharmaceutical products
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Overview 2/2
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Valeant: MCAP: $6 B Share: ~$17 Net debt: ~$27.6B EV: ~$33.5B The company wants to have < $27B in debt by Feb 2018
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The company wants to have < $27B in debt by Feb 2018
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Risks?
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Risks? Debt
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Risks? The goal is not to repay all of our debt and operate debt-free.
“We can meet all of our financial obligations through a combination of cash generation from our business, asset sales, and importantly, refinancings. There's a permanent role for debt in our capital structure. The goal is not to repay all of our debt and operate debt-free. The goal is to maintain a credit profile that will enable us to access the capital markets when necessary to fund our future capital requirements, including to refinance maturing debt.” […] “the amount of our debt maturing prior to 2020 will be substantially reduced” [...], In addition, the amended terms of the credit agreement will provide us with improved operating flexibility and a greater margin of safety with respect to financial covenants”
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Goodwill is actually worth something
Large asset sales taking place which are worth more than $800m - $1B
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Guidance:
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5yr average of $40B mcap vs $6B
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Who owns the stock?
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Who owns the stock? Paul Johnson
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Who owns the stock? Paul Johnson ValueAct (youtube)
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Fair Value: -$30 per share (~80% upside) - +$10B market cap
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LDVIC 16.18% vs S&P500 14.70% (diff. +1.48%)
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