Book review: Deep Value Investing (2nd edition) by Jeroen Bos
… The newly published second editionis much more than a refresher; it has 6 additional case studies and walks us through what happened to the old ones in the past 5 years. The case studies are still organised in 3 groups: deep value successes, deep value failures, and deep value shares of tomorrow (Enteq Upstream, Hargreaves Services, Lamprell, Hydrogen Group, Record). The latter group can be found in the author’s fund.
… While reading the book it becomes obvious why deep value investing works over time – it’s simple but not easy! There are inevitably big failures (4 case studies); you need loads of patience and perseverance. Also, some of the net-nets are very thinly trade and not always available through a generalist broker. Quality Investing is so much more comfortable…
… Conclusion: there is a lot of value in Deep Value Investing, especially today after a period of underperformance. If you cannot implement the strategy yourself, delegate to a capable manager.
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