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Vinvesting.com is the leading social networking site for value investors where you can get the latest investment ideas, insights and interviews from great investors like Warren Buffett, Templeton etc. Over the last 70 years, value stocks clocked a 13.4% average annual return, vs. 10.2% for growth stocks, according to Ibbotson Associates. |
Clipper 2006 Annual Report
Submitted on 03/02/2007
When Clipper Fund buys a company for Clipper, we do so on the basis of what is often called bottom-up, as opposed to top-down, research. This means Clipper team does fundamental research and analysis on each individual company, with the goal of arriving at an estimated range of each company’s intrinsic value and investing only when they believe that the company’s stock price is below the low end of this range.
Nevertheless, in studying individual companies on a case-by-case basis, more general investment themes sometimes emerge. Such themes then inform their thinking and often leads then to look for more opportunities in a given sector. For example, in the late 1990s, they began studying energy companies, most of whose shares had underperformed the market for years and, in some cases, decades. Unlike companies such as ConocoPhillips, most energy companies we studied were having great difficulty replacing reserves at an attractive cost.
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