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I've been thinking about different approaches to valuation. Customer bases for example have wildly different values. Three UK companies: ********************************************************* ASOS (y/e Aug 2017) Sales £1.9bnPBT £80mActive customers 16.5mASOS annual PBT/customer £5 ********************************************************* Tesco (y/e Feb 2018) Sales £51bnPBT £1.3bnActive customers 40m (based on 79m shopping trips/week - I've assumed that customers visit twice/week on average)TSCO annual PBT/customer £33*********************************************************CMC Markets (y/e Mar 2018(e)) Sales £185mPBT…



Howard Marx's Latest Comments

Camtab What runthejoules means is that the ADVFN poster 'superg1' is a leading authority on both Iofina (LON:IOF) & Versarien (LON:VRS) . His book cost on Iofina (LON:IOF) is higher than the current price ('underwater'), yet he contines to hold. The comment has no direct implication regarding Versarien (LON:VRS) .

Phil, I take the JPM chart literally i.e.SLOWDOWN = positive GDP growth, but rising at a slower rateCONTRACTION = negative GDP growth, fallingRECOVERY = negative GDP growth, but rising (ie less bad)EXPANSION = positive GDP growth, and risingSo looking at the UK ONS data for the last UK recessionary period 2007-2009:3Q/4Q 2007 : EXPANSION1Q 2008: SLOWDOWN2Q,3Q,4Q 2008: CONTRACTION1Q, 2Q 2009: RECOVERY3Q 2009 - 2Q 2010:…

Lucas, QVM hasn't worked in the US due to the failure of Value Investing in the States over the past 5 years. The more favourable strategy has been in the QM stocks, the so-called 'High-Flyers':See slides 99-100 in the presentation: http://img.stockopedia.com.s3....

Thanks for the research Jamie, not a paper I've seen before, will read with interest.Ed actually refers in his presentation to the 'intermittent crashes' of momentum as contributing to the risk within this factor & hence possibly one of the reasons for the persistence of it's superior returns.

Great article & presentation Ed, the last 5 years have been a resounding success.The Quants at JP Morgan have attempted to overlay the common factors identified in your presentation onto an economic cycle. Their findings suggest that a portfolio of high StockRanks will not always be the best strategy: Past experience suggests that when emerging from a recession, counter intuitivity is called for - you…


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