jens_dev schreef: ↑12 maart 2019, 13:02 En hoe haal je de Amazons van deze wereld er precies uit? Want dat is net het probleem hé.

Je kan perfect voor kwaliteitsbedrijven gaan - ik schuif zelf ook steeds meer op naar die richting - maar prijs kan nooit los worden gezien van waardering. Voor mij draait alles om risk-adjusted returns. Ik hoef geen Amazon in portefeuille te hebben om een goed rendement te behalen. Ik heb een onbekend valuebedrijfje in portefeuille dat Amazon al enkele jaren outperformt. Rekening houdend met de verwachtingen die in de koersen van die 2 bedrijven verrekend waren, was het valuebedrijfje de veiligere keuze.

AB InBev is volgens mij ook zo'n bedrijf dat je vandaag aan een faire prijs kunt kopen, een tijdje geleden zelfs aan een te lage prijs.

But how, you will ask, does one decide what's "attractive"?
In answering this question, most analysts feel they must choose
between two approaches customarily thought to be in opposition:
"value" and "growth." Indeed, many investment professionals see
any mixing of the two terms as a form of intellectual cross-
dressing.

We view that as fuzzy thinking (in which, it must be
confessed, I myself engaged some years ago). In our opinion, the
two approaches are joined at the hip: Growth is always a component
in the calculation of value, constituting a variable whose
importance can range from negligible to enormous and whose impact
can be negative as well as positive.

In addition, we think the very term "value investing" is
redundant. What is "investing" if it is not the act of seeking
value at least sufficient to justify the amount paid? Consciously
paying more for a stock than its calculated value - in the hope
that it can soon be sold for a still-higher price - should be
labeled speculation (which is neither illegal, immoral nor - in our
view - financially fattening).

Whether appropriate or not, the term "value investing" is
widely used. Typically, it connotes the purchase of stocks having
attributes such as a low ratio of price to book value, a low price-
earnings ratio, or a high dividend yield. Unfortunately, such
characteristics, even if they appear in combination, are far from
determinative as to whether an investor is indeed buying something
for what it is worth and is therefore truly operating on the
principle of obtaining value in his investments. Correspondingly,
opposite characteristics - a high ratio of price to book value, a
high price-earnings ratio, and a low dividend yield - are in no way
inconsistent with a "value" purchase.

Similarly, business growth, per se, tells us little about
value. It's true that growth often has a positive impact on value,
sometimes one of spectacular proportions. But such an effect is
far from certain. For example, investors have regularly poured
money into the domestic airline business to finance profitless (or
worse) growth. For these investors, it would have been far better
if Orville had failed to get off the ground at Kitty Hawk: The more
the industry has grown, the worse the disaster for owners.

Growth benefits investors only when the business in point can
invest at incremental returns that are enticing - in other words,
only when each dollar used to finance the growth creates over a
dollar of long-term market value. In the case of a low-return
business requiring incremental funds, growth hurts the investor.

reteiP schreef: ↑12 maart 2019, 13:15 Adobe en Legrand lijken me niet meteen namen die ik in zo'n portefeuille verwacht.
Had dan eerder Visa, Diageo en zo verwacht.

dw schreef: ↑12 maart 2019, 13:56 - Waarom RelX? Geloof je dat open access overroepen is?

- Waarom Illumina? Of anders gezegd: verwacht je dat alternatieve sequencing-technieken (of zelfs alternatieve -omics) geen marktaandeel gaan winnen?

- Waarom Thermo? Hun labomateriaal is goed, maar ook duur. Gaan ze hun prijszettingsvermogen kunnen behouden?

Het zijn bedrijven waar ik dagelijks mee in aanraking kom en wiens kwaliteit onberispelijk is. Ze zijn echter ook alledrie leveranciers van duur spul in markten waar goedkopere alternatieven snel opkomen.