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Value Investing Rules: The Marwood Value Model
Before We Begin
Important disclaimer
How to take this course and get in touch.
What's this course all about?
Recent Performance
Introduction (4:33)
Goals, Tools & Some Theory
Goals of the course. (2:18)
Some theory & why you need investing rules. (2:10)
Tools we will be using. (3:29)
Evidence of value investing and principles. (2:04)
Our benchmark. How to measure performance. (4:32)
The S&P 500 is a trading system. David Harding from Winton Capital speaks.
Benjamin Graham's investing rules.
Getting Started
A word about data mining and optimisation. (4:01)
Transaction costs, survivorship-bias and other settings. (3:01)
The 10 Rules
Rule zero: liquidity. (3:01)
Rule one: market cap. (1:05)
Rule two: minimum price filter. (0:32)
Rule three: PE ratio. (3:53)
Rule four: forward PE ratio. (1:46)
Rule five: price-to-sales. (1:57)
Rule six: price to book (2:44)
Rule seven: price-to-free-cash-flow (1:34)
Rule eight: current ratio. (1:24)
Rule nine: 5-year EPS growth. (1:32)
Rule ten: momentum. (1:54)
When To Sell
Sell rule one. (4:10)
Risk & Ranking & Finer Details
Risk: how many shares to buy. (3:22)
Extra important details. (2:40)
Ranking criteria: how to choose between stocks. (1:30)
Capital requirements.
Back-Testing The Rules
Setting up the simulator with the 10 rules. (5:32)
Back-testing the rules on historical data: in-sample and out-of-sample (2:19)
Full sample test: 2000 - 2015. (3:33)
Performance Reports & Statistics.
Stress-Testing
Stress-testing the strategy (6:43)
Some Finer Points
Strategy advantages & disadvantages. (2:33)
Introducing ETFs into the mix. (3:16)
Marwood Value: loose version (2:17)
Extra Rules (Qualitative)
Rule 11: understand the business. (1:04)
Rule 12: insider transactions. (1:28)
Rule 13: consistency of earnings. (1:06)
Rule 14: keep a macro view. (2:06)
Rule 15: don't put all your eggs in one basket. (0:53)
Rule 16: profit warnings & chart patterns. (2:12)
Rule 17: don't gamble. (2:08)
Rule 18: analyse your performance. (1:09)
Rule 19: look for compelling story lines. (1:38)
Rule 20: ignore the noise. (1:32)
Going live
How to run the strategy live (3:02)
How to trade the strategy live (in plain language)
Important Observations: Watch Out For These
Tax implications.
The End
Conclusion (0:36)
Additional Material
Marwood Value Model Full eBook
Clarification on the sell rule.
New Bonus Strategy: Income Grower
Should you wait for the next market crash? Buy-and-hold facts.
Resources
Support
Further reading.
Music credits.
Setting up the simulator with the 10 rules.
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