Nvidia: Market, Market Share, Margins And Multiples Part 2

Core Insights - The investment strategy focuses on acquiring strong businesses at undervalued prices [1] - The portfolio has evolved through various industries, including technology, banking, and emerging markets [1] - Emphasis is placed on high-quality businesses with significant user bases and content libraries [1] Investment Strategy - The approach involves valuing companies at the EBIT+R&D level to capture potential in R&D investments [1] - The annual return from February 2019 to October 2024 was 11.4% CAGR, which is below the market's 15.18% CAGR [1] - The belief is that expanded knowledge will enable future outperformance of the market [1] Portfolio Management - The strategy aims to minimize portfolio turnover, focusing on holding existing companies rather than frequent trading [1] - The investment philosophy does not endorse "Buy" and "Sell" recommendations, instead categorizing stocks as "Strong Buy" or "Strong Sell" based on their valuation [1] - A "Hold" position may be initiated for high-quality businesses if pricing is not favorable [1]