Value v Growth: Good Companies vs Good Investments

From the desk of Tony Kynaston: In yesterdays QAV podcast [episode 310] I mentioned that there is a difference between finding a good company and finding a good investment. This followed on from a conversation we had with Jackson and Ricky from the Sydney...

QAV S03E10 – Play By The Rules

Today we answer your questions about why we’re buying back into the market even though Tony has doubts over the recovery – how we account for the quality of management in our analysis – how much attention Tony pays to volume of shares traded – Stock Doctor’s “Price to Cashflow” and “Price to NTA” filters – how to calculate three-point trend line sell signals – how the checklist weights ‘quality’ vs ‘value’ metrics – how patient Tony is with a stock if it drops soon after he buys it (versus “you breach you gone”) – Stock Doctor’s diluted weighted no. of ordinary shares vs ‘Fully Paid Ord. Shares’ – HAW’s future cash flow – Milton Corporation’s conference call – and how to go about setting up a brand new portfolio.

Tony’s First Year

In this video, Tony talks about his first year as an investor 25 years ago, the mistakes he made – and how much he lost. He decided he had to come up with a scientific investing system based on real experience.

The Rightmost Peak

I got stuck again trying to draw the right three-point trend line to determine the buy signal for MTO today and TK gave me some new wording that provided more clarity. He said: “draw a buy line from the highest point to the rightmost peak”. I was...
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