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Vice President and Partner
Heartland’s a value equity boutique. We’ve employed the 10 Principles of Value Investing™ since our inception.
We’re bottoms up stock pickers. That means we analyze businesses based on their merits and their prices.
The process is really both quantitative and qualitative.
We do quantitative work of crunching numbers to determine are we buying a financially secure business, and are we getting it at a discounted price?
Our valuation measures are things like:
The most important thing is not looking at all metrics in all cases; it’s to apply the right metric depending on the business, or most relevant metric. So for example, it might be a really good idea to use book value when analyzing a bank. However, that might not be the best metric when looking at a tech company.
From a qualitative perspective, it’s not enough to just buy something cheap.
And the qualitative is designed to help us make sure we’re finding good businesses with good business strategies. What is the true quality of the business? So, things like:
Stock picking is what we’re best at. We know how to analyze a business, and we know the 10 Principles™ work.
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The statements and opinions expressed in the articles or appearances are those of the presenter. Any discussion of investments and investment strategies represents the presenters' views as of the date created and are subject to change without notice. The opinions expressed are for general information only and are not intended to provide specific advice or recommendations for any individual. Any forecasts may not prove to be true.
Sector and Industry classifications are sourced from GICS®.The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and S&P Global Market Intelligence (“S&P”). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.
Heartland’s investing glossary provides definitions for several terms used on this page.
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