PRESENTATION RECAP @ 28/09 & THE PERILS OF BUFFETT INVESTING PART 1/2 via The Asia Report I did a presentation earlier this week to a small gathering of value investors on Deep Value Investing: �How The World’s Best Investors Beat The Market. I used to do these presentations regularly during my time in UCL (University College London). Its always great fun to share what I’ve learnt over the years. I get to review and re-look the concepts that deal I with daily. Teaching has always been the best form of learning for me. One of my favourite parts about these sharing sessions is the Q & A. There’s a huge gap between theory and practise. Something which I struggled with when I first started too. I remember having an accounting related question on Free Cash Flow vs Owners Earnings that was unresolved for over two years. I touched about how big that gap can be briefly in my podcast on the perils of index investing, and why its so hard. You can check it out here: One of the members of the audience had a great question which commonly comes up: IS IT BETTER TO BUY CHEAP COMPANIES AT GOOD PRICES, OR WONDERFUL COMPANIES AT FAIR PRICES? WHAT WARREN BUFFETT THINKS He’s said this a number of times over the years in various interviews. Here’s the thing though. I don’t think this is an end all be all statement that conclusively... More