September 30, 2018

Inside This Issue

Nuanced Approach

Scott Moore, Nuance Investments

Scott Moore of Kansas City's Nuance Investments describes what "competitive transitions" he's avidly avoiding today, why he considers mid-caps to be particularly fertile ground for his types of ideas, why he dislikes late-cycle investing, and why he believes Sanderson Farms, Dentsply Sirona, Travelers and Reinsurance Group of America are undervalued.

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Price Protection

Alvaro Guzmán, Fernando Bernad, azValor Asset Management

Alvaro Guzmán de Lázaro and Fernando Bernad of azValor Asset Management explain why they've been so active in down-and-out cyclicals, where they're finding select bargains in Europe, what they consider their primary risk control, and why they see mispriced value in Compañía de Minas Buenaventura, Consol Energy, SOL SpA and Serco Group. 

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Strategy: South Korea

Navigating a difficult market to find unique bargains in such areas as videogames and paint.
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A Fresh Look: E.L.F. Beauty

How to respond when one of your favorite ideas veers quickly – and negatively – off course.
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Editor's Letter

Advance excerpts from Howard Marks' brand-new book.
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Who's Behind VII?

John Heins, Co-Founder, Editor-in-Chief
Project Image

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 the C.T. Fitzpatrick Professor of Value Investing at the University of Alabama.