November 30, 2017

Inside This Issue


Margins of Safety

Joel Tillinghast, Fidelity Investments

Joel Tillinghast of Fidelity Investments describes why a key element of his fund’s mandate just changed, the five ways in which he tries to get a margin-of-safety edge, the industry he’s trying to re-master, why he’s holding more than 900 positions in his portfolio, and what he thinks the market is missing in Fresh Del Monte, Next plc, UnitedHealth and DVx Inc.

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Navigating the Grey Area

Abhay Deshpande, Centerstone Investors

Abhay Deshpande, Zachary Dimmerman and James Hounsell of Centerstone Investors explain which industry “rolling bear markets” are attracting their attention, two keys they’ve found to investing in cyclical businesses, how they compare gold with bitcoin, and why they see attractive upside in Ahold Delhaize, Vopak, Air Liquide and O’Reilly Automotive.

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Stock Spotlight: Expedia

Is the smooth and lucrative flight for its investors over, or just hitting a bit of an air pocket?
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Uncovering Value: Character

Industry headlines haven't been fun, but investors in this toy company may get the last laugh.
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Editor's Letter

Should we worry that contrarianism has become passé?
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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.