Small Caps With Foreign Exposure

There is a misconception that the small (and mid) caps on the JSE are purely domestic. While historically relatively true, many small caps have steadily pushed outside of South Africa in the last decade or three. Let’s pause and consider the … Continue reading

When Book Value is Rubbish

Firstly, for some academic background to this article read this one: Smoke, Mirrors & Balance Sheets. Now, when is it justified that a stock trades below book value? Well, the answer is simple enough: when book value is overstated. But how … Continue reading

Company Valuation Basics

This article is following on the series that I began posting here: The Four Pillars of Company Fundamentals. This second batch of videos present an overview and the basics of various valuation approaches for stocks. A notable valuation model missing from this … Continue reading

The Four Pillars of Company Fundamentals

The videos below are from a series I ran on JustOneLap.com a good couple years ago. Sure, I could probably do a slightly better job presenting some of these topics nowadays and/or modernize one or two examples, but the essence … Continue reading

Generating Investment Returns in Sideways Markets

Since about mid-2013/14, the JSE All Share Index (as with most global equity markets), has neither been in a bear market nor a bull market. Rather, it has been in a flat, range bound market, or, as I prefer to … Continue reading