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Do Now A New Value Investing Playbook for a Global Age_1

Dựa trên kinh nghiệm đầu tư mở rộng và làm thỏa thuận trên mặt đất trên toàn thế giới, Towson giới thiệu một cuốn sách giá trị mới cho đầu tư toàn cầu. Ông đã cho thấy nhà đầu tư giá trị, các công ty cổ phần tư nhân, văn phòng gia đình, các nhà đầu tư tổ chức, và những người khác có thể sử dụng một cách tiếp cận giá trị gia tăng để tự tin và thoải mái mở rộng chiến lược đầu tư hiện tại của họ cơ hội toàn cầu | 26 What Would Ben Graham Do Now In fact driving through Abu Dhabi it is fairly hard to find any business that is not a combination of local operations and foreign capabilities. Competing in the developing economies has a lot to do with assembling best-of-breed combinations of global capabilities brands supplies technology and deploying them locally. U.S.-based companies usually assume that all their needed capabilities and customers and capital can be found domestically. In contrast Middle Eastern companies a fairly shallow market in terms of customers skills and technology start virtually every project by looking for new foreign capabilities to bring into the market. Most often this migration of capabilities between markets is a natural part of the never-ending race for operational efficiencies. Absent a competitive advantage local companies are continually adding and refining capabilities assets and performance to stay competitive and make a moderate profit. Migrating capabilities typically appear first on the balance sheets of local companies brands factories and then are translated over time to the income statement depending on management ability. It is important to note the degree to which global value investing is about the interaction between competition capabilities management asset value and earnings power value. That markets are becoming more local and that capabilities can be advantages should not be surprising. Developing markets are by definition developing. Moneylenders are being replaced by banks. Hutongs are being replaced by modern apartment buildings. Bicycles are being replaced by scooters and scooters by cars. As will be discussed the migration of developed-market capabilities into rising economies is a big part of the direct investing worldview. The World Is Uncertain and UnstableBfcit This Is Somewhat a Matter of Perspective A final note on an issue that cuts across much of the going global discussion. The developed economies feeland for the .