Archive - The Very Good Value Blog

It's like 1999, but without the good vibes

Just another value investor's unsolicited opinion on the bubble question.

Jan 22 •

December 2024

Update on Vistry, the trouble child of my portfolio

Vistry has dropped 22% since I added it to the portfolio last month. I'm doubling down.

Dec 28, 2024 •

November 2024

Vistry Group (VTY.L) - A Classic Troubled Value Investment

Temporary cost problems, misinterpreted by the market as a fundamental issue, have left this high-quality growth company at less than 8x underlying…

Nov 13, 2024 •

October 2024

Temper your indexing expectations.

No, an 8% long-term (real) return on the S&P is not realistic.

Oct 5, 2024 •

September 2024

Deconstructing Culper's Short Report on Kaspi.kz

30 pages of exaggerations, strenuous links and false allegations, demonstrating a severe misunderstanding of Russian sanctions - with a couple of valid…

Sep 29, 2024 •

June 2024

Fighting System 1

The human mind is not built for investing. We are far too prone to biases and a good story, and annoyingly good at convincing ourselves we're thinking…

Jun 20, 2024 •

Q1 Update + Launch of the VGV Portfolio

Updates on Kaspi, Airtel Africa and HIFS after Q1 earnings - plus the official launch of the Very Good Value portfolio, and some thoughts on a unique…

Jun 19, 2024 •

April 2024

Kaspi.kz (KSPI:NASDAQ) - the Definition of High Risk, High Reward

There is not another business in the world like Kaspi.kz. A 59% net income margin, 50% YOY growth, and one of the strongest moats in the world - all for…

Apr 2, 2024 •

March 2024

Airtel Africa (AAF:LSE) Deep Dive - A Striking Opportunity from Sub-Saharan Africa

Currency troubles in Nigeria have pummelled AAF's earnings and raised questions about future prospects - but few companies remain better set to benefit…

Mar 9, 2024 •

February 2024

A Semi-Critical Look at Hingham Institution for Savings (HIFS)

One of the best run banks in the US looks very cheap right now, by historical earnings and P/B ratios. Is it really?

Feb 2, 2024 •

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