tom russo global value equity investing

7/22/2019 Tom Russo Global Value Equity Investing

1/20

2t` fggufaZprbgdvfauh bgvhstbgd jcgdrhss

Fprba :, >


2/20

]`ckfs F. ^ussc

Yfauh Bgvhstbgd JcgdrhssFprba :-=, >


3/20

Ibity-Jhgt Mcaafr Nbaas

Jfpfjbty tc ^hbgvhstDccmwbaa bs t`h Dbit ]`ft Ehhps cg Dbvbgd

Bgthrgftbcgfa, ]`h Kcst \rckbsbgd Yhguh

Jfpfjbty tc ZuiihrKfgfdhkhgt Kftthrs

Ifkbay-Jcgtrcaahm Jckpfgbhs

>


4/20

:

Zhkphr Ybj \frtghrs, A.\.

Kfocr Dacnfa Yfauh Hqubty @cambgds

Kfrj` :6, >

Jckpfdgbh Ibgfgjbhrh ^bj`hkcgt 9.4

@hbghehg @cambgd GY 9.8

ZFNKbaahr \AJ 9.:

\hrgcm ^bjfrm 8.2

Fg`hushr-Nusj` BgNhv FM^ 8.>

Xgbahvhr GY FM^ =.2

Nrbtbs` Fkhrbjfg ]cnfjjc \AJ :.>

Nrcwg-Icrkfg Jcrp Ja F :.>

Fatrbf Drcup Bgj. :.6

Mbfdhc \AJ >.4

Kfrtbg Kfrbhttf Kfthrbfas >.=

Jckjfst Jcrp Zphjbfa Ja F >.>Zjrbpps Ghtwcres Bgthrfjtbvh Ja F 6.6

Drf`fk @cambgds Jc.


5/20

=

Jfpfjbty tc Zuiihr

]fnah ci Fggufa @bstcrbj ]ctfa hturgs

Zhkphr Ybj \frtghrs, A.\.

Zhkphr Ybj Mcw Ocghs Z & \

Rhfr \frtghrs Bgmustrbfas 8/>0) -2.4% :>.=%> >=.>% 6% 69..6%

>6.8% 6=.>.4% >9.8%

>:.:.9% :9.2% :4.8%

622= 6>.=% 8.>.6% 69.4% 6 6:.=% 4.=% 4.9%

6226 >4.=% >=.8% :% 69.8%

6204 :4.6% 8.8% 8.>%

6209 >=.0% >4.>% 60.0%

6208 =:.2% ::.9% :6.4%

620= 6:.9% 6.%

Jckpcugm Fggufa ^hturg 68.=% 66.2% 66.6%


6/20

Kusbgds cg \hrbas ci Tfaa Ztrhht

8

Gct hvhryt`bgd t`ft jcugts jfg nh jcugthm, fgm

gct hvhryt`bgd t`ft jfg nh jcugthm jcugts.Fanhrt Hbgsthbg

\hcpah w`c abeh t`bs scrt ci t`bgd wbaa ibgm t`bs t`hscrt ci t`bgd t`hy abeh.

Fnrf`fk Abgjcag

Nfm bmhfs cg Tfaa Ztrhht typbjfaay frh gct nfm

bmhfs ft t`h stfrt, nut rft`hr dccm bmhfs tfehg tchxtrhkh.

Tfrrhg Nuiihtt,Fggufa Khhtbgd cnshrvftbcg


7/20

Kusbgds cg \hrbas ci Tfaa Ztrhht (jcgt.)

9

Tfaa Ztrhhts Kbstfehg Hkp`fsbs? \hrjhgtfdhs ci

Gct`bgd^hshfrj` fgm Mhvhacpkhgt fs f \hrjhgt ci Zfahs

Tcrebgd Jfpbtfa fs f \hrjhgt ci Zfahs

Jfs` Iacw Jcgvhrsbcg ^ftbc\hrjhgt ci Nusbghss irck Ghw \rcmujts (wbt`bg : yhfrs)

\hrjhgt ci Nusbghss irck Mhvhacpbgd fgm Hkhrdbgd Kfrehts

Fvcbm Ifkbay-Jcgtrcaahm Jckpfgbhs

Bg f jruha twbst ci brcgy, t`h pursubt ci prcibt

sckht`bgd t`ft Tfaa Ztrhht pus`hs sc `frmbs w`ft

ahfvhs jckpfgbhs cphg tc nhbgd mbspafjhm.Jafytcg J`rbsthgshg,^huthrs Fudust >


8/20

Kusbgds cg \hrbas ci Tfaa Ztrhht (jcgt.)

4

Bgvhst fs t`cud` ycu frh f pbact.\rcihsscr Ofje KjMcgfam, Ztfgicrm Nusbghss Zj`cca 620>

Fgtbmcth tc Tfaa Ztrhhtifkbay-jcgtrcaahm jckpfgbhs

wbt` t`h jfpfjbty tc suiihr rhpcrthm prcibts nurmhgs w`bahpursubgd khfsurhs icr t`h acgd-thrk bgthgmhm tc kfxbkbzh

s`frh`camhr vfauh.


9/20

Gct hvhryt`bgd t`ft jcugts jfg nh jcugthm, fgm

gct hvhryt`bgd t`ft jfg nh jcugthm jcugts.

0


10/20

2

\hcpah w`c abeh t`bs scrt ci t`bgd

wbaa ibgm t`bs t`h scrt ci t`bgd t`hy abeh.


11/20

Nfm bmhfs cg Tfaa Ztrhht typbjfaay frh gct nfm bmhfs ft

t`h stfrt, nut rft`hr dccm bmhfs tfehg tc hxtrhkh.

6

Tcrebgd Jfpbtfa fs f \hrjhgt ci Zfahs

vs.


14/20

Tfaa Ztrhhts Kbstfehg Hkp`fsbs

6:

Jfs` Iacw Jcgvhrsbcg ^ftbc


15/20


6=

\hrjhgt ci Nusbghss irck Ghw \rcmujts

(wbt`bg : yhfrs)


16/20


68

\hrjhgt ci Nusbghss irck Mhvhacpbgd fgm Hkhrdbgd Kfrehts


17/20


69

Fvcbm Ifkbay-Jcgtrcaahm Jckpfgbhs


18/20

Bg f jruha twbst ci brcgy, t`h pursubt ci prcibt

sckht`bgd t`ft Tfaa Ztrhht pus`hs sc `frmbs w`ft

ahfvhs jckpfgbhs cphg tc nhbgd mbspafjhm.

64

Jafytcg J`rbsthgshg, @frvfrm Nusbghss Zj`cca


19/20

Bgvhst fs t`cud` ycu frh f pbact.

60

Ohpphshg Fvbftbcg J`frt

Hyh tcwfrms faa bgstrukhgtsFatbkhthr

Jckpfss

Iuha Dfudh

Dyrcsjcph

\bact Ybsbcg

Zphhmckhthr

Mc gct mbsjfrm Ohpphshg fvbftbcg j`frts

Fvcbm sbkpah, cgh vfrbfnah scautbcgOfkhs Jafre

jc-icugmhr Ghtsjfph


20/20

62

Jacsbgd Cnshrvftbcg

Bts hgtbrhay phrscgfabts nusbghss.

tom russo global value equity investing

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