July 31, 2015

Inside This Issue


Patient Capital

John Rogers, Ariel Investments

Ariel Investment’s John Rogers, Charles Bobrinskoy, Timothy Fidler, Kenneth Kuhrt and John Miller describe the many virtues of patience in investing, how they navigate secularly challenged businesses, how they’ve added discipline to their sizing of positions, and what they think the market is missing in Bristow Group, Kennametal, KKR, Tegna and Lazard. 

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Uncommon Sense

Mitchell Kovitz, Joel Hirsh, Jonathan Shapiro, Kovitz Investment Group

Mitchell Kovitz, Joel Hirsh and Jonathan Shapiro of Kovitz Investment Group explain how their process focuses on “avoiding disasters,” why they emphasize independent work over collaboration, why face time with management is not a priority, and why they see mispriced value in Quanta Services, Harley-Davidson, American Airlines and CBS.

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Uncovering Value: Tachi-S

Extreme bargains are less the norm in Japan, though they don’t seem to have vanished altogether.
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Uncovering Value: Fourlis

A high-quality retailer whose shares have been relegated to the discount bin. So what’s the catch?
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Editors’ Letter

New support for deeming patience a prime investing virtue.
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Who's Behind VII?

John Heins, Co-Founder, Editor-in-Chief
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John Heins co-founded Value Investor Media, Inc. in 2004 and since then has served as its President and as the Editor-in-Chief of Value Investor Insight. In 2016 he took on an additional role as a Professor of Value Investing at the University of Alabama and is now the Director of the university's C.T. and Kelley Fitzpatrick Center for Value Investing.