During this quarter I completed the CFA (Chartered Financial Analyst) program and am now a CFA charterholder. The CFA designation is a rigorous, three year, three part test. It covers ethics, statistics, economics, futures and options, accounting, international accounting, and the stock and bond markets. The designation was proposed by Benjamin Graham, the father of value investing, to the New York Society in 1942. Balancing studying for the CFA, with a full time job, and managing this portfolio was one of the hardest things I have accomplished in my life. I would like to thank my family and friends for all the support they offered me.
Thursday, November 21, 2013
Element Global Value: 3Q13 Report
Below is the 3rd quarter 2013 report for the Element Global Value Portfolio
Thursday, July 25, 2013
Element Global Value: June 2013 Report
Below is the June 2013 report for the Element Global Value Portfolio
“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.” – Warren Buffett
“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.” – Warren Buffett
Monday, June 17, 2013
Element Global Value: May 2013 Report
Below is the May 2013 report for the Element Global Value Portfolio.
Friday, May 31, 2013
Element Global Value: April 2013 Report
Below is the April 2013 report for the Element Global Value Portfolio.
Wednesday, April 17, 2013
Element Global Value: March 2013 Report
Below is the March 2013 report for the Element Global Value Portfolio.
Element Global Value - March 2013 by Filipe
Saturday, April 13, 2013
No Sponge Left Behind: Patient Safety Technologies
One of the most common problems in a surgical procedure is the risk of an
object being left inside the patient after the surgery is complete. Half of the
times this happens, what is left behind is either a sponge or a towel. Patient
Safety Technologies (PSTX) developed a simple, effective and affordable solution for this problem,
and is set to reap the benefits of the increasing awareness and adoption of its
system.
Thursday, March 14, 2013
Element Global Value: February 2013 Report
Below is the February 2013 report for the Element Global Value Portfolio.
Monday, February 25, 2013
Element Global Value: January 2013 Report
Below is the January 2013 report for the Element Global Value Portfolio.
KazMunaiGas E&P: A True Bargain
Kazakhstan is a huge country that shares its borders with Russia on the North, China on the East and the Caspian Sea on the West. Despite its huge size, the country is home to only 17 million people and has a GDP of $200bn (lower than Portugal) or $12k per capita. Even so, the middle income nation has a per capita income similar to Turkey or Mexico. Supreme Chancellor Nazarbayev has been ruling the country for more than two decades and maintains strong popular support. He has been pushing Kazakhstan towards greater integration with the rest of the World.
The country was one of the last decade's hot emerging markets, with the equity market rising 26 fold between 2001 and 2007. Following the onslaught of the 2008 crisis, the four major banks were rescued and the stock market plunged by more than 75%. Now, five years later, the financial sector still faces challenges.
What caught my attention were the oil & gas reserves: Kazakhstan is the World's 18th largest oil producer and has plenty of opportunity to grow production, as recoverable (proven) oil reserves stand at 5.5bn tons (9th on the World ranking). To put this into perspective, it would take the largest oil tanker ever built, the Norwegian Knock Nevis, about 10’000 trips to carry all the oil reserves.
Wednesday, February 20, 2013
Element Global Value - 2012 Letter
I have been managing a portfolio of stocks for two years. To keep track of my ideas, and most important to force myself to be disciplined I have been writing a monthly newsletter where I go over the change in the portfolio during the month, analyse new companies and assess my results.
I have been sending out these reports to friends & family, and have now decided to make them available to the general public. You will notice that the detail level increases substantially with time.
Below is the end of year letter for 2012. The letter is a bit long, but very interesting. It covers the various aspects of how I manage Element. In the report I also do a more detailed review of the largest positions in the portfolio, as well as the positions that have had a poor performance.
I hope you find the letter interesting and all feedback is appreciated.
Going forward I will post the monthly reports here. I have also made available past reports via my Scribd account. You can access them by clicking this link.
I have been sending out these reports to friends & family, and have now decided to make them available to the general public. You will notice that the detail level increases substantially with time.
Below is the end of year letter for 2012. The letter is a bit long, but very interesting. It covers the various aspects of how I manage Element. In the report I also do a more detailed review of the largest positions in the portfolio, as well as the positions that have had a poor performance.
I hope you find the letter interesting and all feedback is appreciated.
Going forward I will post the monthly reports here. I have also made available past reports via my Scribd account. You can access them by clicking this link.
Subscribe to:
Posts (Atom)