Core Insights - The article emphasizes the importance of buying businesses for less than their intrinsic value, with a focus on growth as a key component of that value [1] - It highlights the rarity of true mispricings in high-quality businesses, which typically occur only a few times a year [1] - The author advocates for analyzing special situations like spin-offs and mergers & acquisitions, where market complexities can create significant margins of safety [1] Investment Philosophy - The investment approach is influenced by the belief that price paid is the only variable an investor can control [1] - The author recognizes that markets are generally efficient, which necessitates patience in identifying investment opportunities [1] - There is a focus on companies with wide moats that tend to deliver fewer negative surprises over the long term [1] Market Environment - The author has extensive experience in a volatile market environment, specifically in Argentina, which has shaped their understanding of risk [1] - Navigating bear markets and economic shifts has provided insights into the challenges faced by investors who do not conduct thorough research [1] - The belief is expressed that individual investors can have significant advantages over institutional investors, as noted by Peter Lynch [1]
Fiserv: Beyond The Mirage, A Valuation Under More Realistic Assumptions (NASDAQ:FISV)