Nuggets of Investing Wisdom

Nuggets of Investing Wisdom

A website for serious investors in common stocks

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price to book value ratio

The emergence of a new model of capitalism

  • by Rodney Smith
  • Posted on December 26, 2021December 26, 2021
  • Part 6: The Hallmarks of Superb Businesses

The first step for investors is to come to a new understanding of reported earnings and the book value of equity.

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The under-performance of value stocks explained

  • by Rodney Smith
  • Posted on August 8, 2019January 15, 2021
  • Part 4: Principles of Operation

There is a lot of talk currently about the underperformance of value stocks compared with growth stocks over the last fifteen years. In fact, value investing has performed well against all other styles. This seeming contradiction comes from the fact that value investing and investing in value stocks are not the same thing.

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The fading usefulness of book value

  • by Rodney Smith
  • Posted on August 1, 2019November 22, 2020
  • Part 6: The Hallmarks of Superb Businesses

Book Value – Ain’t what it used to be – With the rise of company investment in intangibles, book value is losing its relevance.
Something over 80% of the market capitalization of the S&P 500 is made up of intangibles. Only a fraction of that appears on balance sheets.

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