Deep Value Investing

Finding bargain shares with BIG potential

Jeroen Bos

• Publisher: Harriman House
• Year: 2018
• ISBN:
  9780857196620
• Edition: 2
• Topic: Betriebswirtschaft
• Subtopic: Finanzbuchhaltung

UPDATED & EXTENDED 2ND EDITION - with a brand-new foreword by Merryn Somerset Webb Let the market come to you Deep Value Investing by Jeroen Bos is an incredibly candid and revealing guide to the secrets of deep value investment. Written by an investor with a long and remarkable track record, it shares for the first time the ins and outs of finding high-potential undervalued stocks before anyone else.Deep value investing means finding companies that are genuine bargains that can pay back phenomenally over the long term. They are firms so cheap that even if they were to close tomorrow their assets would pay you out at a profit. But if they can turn things around, the rewards will be many times greater...These were the favourite shares of Benjamin Graham, author of The Intelligent Investor. Inspired by Graham's classic and with a long history of discovering these great value stocks - sometimes known as 'bargain issues' or 'netnets' - author and investor Jeroen Bos reveals:- how to use only publicly available information to discover these shares and filter the gold from the dross- everything he did when analysing, purchasing, monitoring and selling more than ten recent successful deep value investments- the complete philosophy behind deep value investing, and the ins and outs of this strategy in practice- what can go wrong and how to minimise the chances of it happening to you.Deep value investing has a better track record than almost any other approach to the market. Even better, it doesn't require minute and technical knowledge of a company, nor is it fixated on earnings or often-unreliable future projections.It's all about the balance sheet and patience. This makes it the perfect investing approach for those who want to see phenomenal stock market returns without wasting time or commission costs.

Deep Value Investing

Finding bargain shares with big potential

2nd edition

Jeroen Bos

This book is dedicated to my wife, Anouk

Contents

About the Author

Foreword to the 2nd Edition by Merryn Somerset Webb

Foreword to the 1st Edition by Michael van Biema

Preface to the 2nd Edition

Preface to the 1st Edition

Introduction: Being a Deep Value Investor

What you can get out of this book

Finding friendless companies

Teaming up with a super investor

A sweet pick

PART I. The Deep Value Philosophy

Chapter 1. Deep Value Investing

A neglected method

Bargain issues: true deep value

Benjamin Graham and bargain issues

Chapter 2. How Deep Value Investing Works

Just the facts

Assets not earnings

Cyclical services shares

Holding on for the ride

The rest of the book

PART II. Deep Value Successes

Chapter 3. Spring Group

Company background

Investment case

Outcome

Chapter 4. Moss Bros

Company background

Investment case

Outcome

Chapter 5. ArmorGroup International

Company background

Investment case

Outcome

Chapter 6. Morson Group

Company background

Investment case

Outcome

Chapter 7. Harvard International

Company background

Investment case

Outcome

Chapter 8. Velosi

Company background

Investment case

Outcome

Chapter 9. Bloomsbury Publishing

Company background

Investment case

Outcome

Chapter 10. B.P. Marsh & Partners

Company background

Investment case

Outcome

The return of an investment case

Chapter 11. Barratt Developments

Company background

Non-investment case

The waiting game

Investment case

Outcome

Chapter 12. MJ Gleeson

Company background

Investment case

Outcome

Chapter 13. Panmure Gordon & Co

Company background

Investment case

Outcome

Chapter 14. Sanshin Electronics

Country background

Company background

Investment case

Outcome

PART III. Deep Value Failures

Chapter 15. RAB Capital

Company background

Investment case

Outcome

Chapter 16. Abbeycrest

Company background

Investment case

Outcome

Chapter 17. French Connection

Company background

Investment case

Outcome

A work in progress

Chapter 18. Norcon

Company background

Investment case

Outcome

PART IV. Deep Value Shares of Tomorrow

Chapter 19. Enteq Upstream

Company background

Investment case

Outcome

Chapter 20. Hargreaves Services

Company background

Investment case

Outcome

Chapter 21. Lamprell

Company background

Investment case

Outcome

Chapter 22. Hydrogen Group

Company background

Investment case

Outcome

Chapter 23. Record

Company background

Investment case

A changing model

Outcome

Epilogue

Acknowledgements

Publishing details

About the Author

Dutch investor Jeroen G. Bos has lived in England since 1978. He has a diploma in Economics from Sussex University and has worked his entire career in the financial services industry, mainly in the City of London. He worked for many years at stockbrokers Panmure Gordon & Co, and it was here that his interest in value investing developed. This process accelerated after the October 1987 stock market crash, during which time he took inspiration from The Intelligent Investor by Benjamin Graham.

At the end of 2003 Jeroen joined Church House Investment Management to manage CH Deep Value (Bahamas), which in March 2012 became the UK-regulated Deep Value Investments Fund.

He lives in Sussex, is married and has three sons.

Jeroen Bos holds investments in the CH Deep Value Investments Fund, Enteq Upstream Plc, Hydrogen Group Plc and Record Plc.

Foreword to the 2nd Edition
by Merryn
Somerset Webb

In my line of work I come across an a lot of fund managers, some new to the game, some hugely experienced, some jumping ship from established firms to set up alone. They all tell me the same story. They are going...