P123 Virtual Strategy-Design Seminar

Research
1

Those who joined the private forum in which on-line strategy-design seminar materials have been posted have, by now, received e-mails advising them that the last topic (Momentum) is now live along with an update linked list of all content.

For those who were not part of it, since this is a virtual thing, it’s never too late to join and for those who’ve let things slide (wink, wink), it’s never too late to get back to it.

To make life easy for all, whether or not you joined the private group, below is a copy of the list of content with links to PDFs. The list is also available here as a pdf download.

https://drive.google.com/open?id=0BxuIkysU9OYuUVUwOEQ0MUQwM2s

The Full Topic List:

Topic 1 – The Dynamics of Stock Pricing

Why Stock Prices Are What They Are
https://drive.google.com/open?id=0BxuIkysU9OYuMFZpNzZWTTZkdHM

From Dividends To EPS
https://drive.google.com/open?id=0BxuIkysU9OYuWVV1dHp3bmNScVU

Out Of The Ivory Tower
https://drive.google.com/open?id=0BxuIkysU9OYuZUpTQy1hMzdXenc

Value And Beyond
https://drive.google.com/open?id=0BxuIkysU9OYuZ1NnX2FteHgxeTA

Topic 2 – A Noise/Value Strategy

2A – Laying The Groundwork For A Noise-Value Strategy
https://drive.google.com/open?id=0BxuIkysU9OYuZ1NnX2FteHgxeTA

2B – Details Of A Noise-Value Strategy
https://drive.google.com/open?id=0BxuIkysU9OYuOFdUaEFhSFdRNVU

2C – Testing The Noise-Value Strategy
https://drive.google.com/open?id=0BxuIkysU9OYuSVA4QnhTREJXdGs

Topic 3 – Value

3A - Designing A PE-Based Strategy
https://drive.google.com/open?id=0BxuIkysU9OYuSVA4QnhTREJXdGs

3B – Designing A Sales-Based Valuation Strategy
https://drive.google.com/open?id=0BxuIkysU9OYuSVA4QnhTREJXdGs

3C – Value Based On Cash Flow
https://drive.google.com/open?id=0BxuIkysU9OYuRW9NNWNSNGRhMm8

3D – Using Price/Book
https://drive.google.com/open?id=0BxuIkysU9OYuRW9NNWNSNGRhMm8

3E – Special Topics In Valuation
https://drive.google.com/open?id=0BxuIkysU9OYuZVNqZnU1bTQyMWc

Topic 4 – Quality

A – Overview Of Quality
https://drive.google.com/open?id=0BxuIkysU9OYuU0JXdnRhLUtXTG8

B – The DuPont Framework
https://drive.google.com/open?id=0BxuIkysU9OYuaWFsZmtJWW1hLVE

C – The Components Of Quality
https://drive.google.com/open?id=0BxuIkysU9OYuUHUzU2padzg3MTQ

D- Using Quality Factors In Your Strategies
https://drive.google.com/open?id=0BxuIkysU9OYudnNfNHExeFVKRUk

E – Earnings Quality
https://drive.google.com/open?id=0BxuIkysU9OYuYVhUSFhZTUJFQUE

Topic 5 – Working with Analyst-Related Data

Topic 5
https://drive.google.com/open?id=0BxuIkysU9OYuUlpNbGJyeGFkV0E

Topic 6 – Momentum

Topic 6
https://drive.google.com/open?id=0BxuIkysU9OYubU5mNkdJdzZGSDg

Supplemental Material

Effective Testing/Simulating
https://drive.google.com/open?id=0BxuIkysU9OYudjZQLXFBaV9fSFE

Weighted Average Cost of Capital (WACC) – Part 1
https://drive.google.com/open?id=0BxuIkysU9OYua3ZGOTNoMDZVTzA

Weighted Average Cost of Capital (WACC) – Part 2
https://drive.google.com/open?id=0BxuIkysU9OYuejRwVlUzZlpCRzQ

Weighted Average Cost of Capital (WACC) – Part 3
https://drive.google.com/open?id=0BxuIkysU9OYuNjNjRWdneHRKeU0

Weighted Average Cost of Capital (WACC) – Part 4
https://drive.google.com/open?id=0BxuIkysU9OYuS2QxX0ptRlZrdWc

P123 Strategy Design Online Class.pdf (44.7 KB)

2

Hi Marc,

many thanks for guiding us through all these topics. For me it generated a lot of good ideas and strategies to incorporate into my own models.

Florian

3

Indeed very helpful. I really enjoyed Marc’s strategy design class!

4

Very useful. thanks again.

5

Hi Marc,

thank you very much for your class.

Just for future users, you might want to fix the link errors.

The link to 3C and 3D are identical

The link to 2C and 3A and 3B are identical

The link to “Value and Bejond” and 2A are identical

6

forget about my stupid comment, future users can view everything in your collaborative group anyway.

thank you very much.

7

Marc - this was incredibly helpful and well written. Thanks.

8

Thanks Marc. I liked all of it. Focusing on the last–only because I just read it–I though it was insightful that you considered momentum may be growth and/or noise. That was, I think, thorough and well thought out. It was all excellent
-Jim

9

A couple of items:

Thanks to one of the participants, I learned that three of the links in the topics list were broken. One possibility is that Mercury was in retrograde and the astrological forces corrupted them. The alternative scenario is that I screwed up. I’ll allow each to draw his or her own conclusion. (I won;'t tell you my choice.) In any case, the pdf has been revised. The revised pdf is dated as of 6/15/16.

I’ll upload again as part of this post.

Also, based on another participant e-mail, it has become apparent that we’ll need a graduate seminar to discuss Growth, why it wasn’t included in the initial set of topics and how you can address it in models. I could give a short answer here, but its a sufficiently interesting enough topic to warrant full treatment. So I’ll get to work on it and post when its available.

P123 Strategy Design Online Class.pdf (44.6 KB)

10

Many thanks Marc for sharing your knowledge with us. Everything was explained so well. Really enjoyed your class and hope there will be some further courses in the near future.

11

Thanks Marc. The course materials is excellent. Is the screen made available for public viewing ? I get a membership upgrade message when click on the provided link in Topic 2B.

12

That’s perplexing. I honestly don’t know. When it comes to sharing, I’m mat a for-dummies level. Until I can figure it out, here’s a copy.

2B - Details of a Noise-Value Strategy.pdf (93.4 KB)

13

Dear Sir,

I couldn’t print out § 3d, because it has the same internet-adress as 3c. Can you change it ?

Thanx a lot
Best regards
Sigmund Domb
Beginner

14

Oops . . . the revised index is posted, and here’s copy of 3D.

Topic 3D.pdf (112 KB)

P123 Strategy Design Online Class.pdf (44.6 KB)

15

Marc - I tried implementing your sales growth screen (all 3 versions + basic: value top 25) but get a CAGR that is 4-5% below yours. What am I missing here?

http://www.portfolio123.com/app/screen/summary/166189