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{"id":15854,"date":"2017-10-08T12:08:02","date_gmt":"2017-10-08T12:08:02","guid":{"rendered":"http:\/\/imausa.com\/?page_id=15854"},"modified":"2023-03-30T19:12:20","modified_gmt":"2023-03-30T19:12:20","slug":"investment-principles","status":"publish","type":"page","link":"https:\/\/staging.imausa.com\/investment-principles\/","title":{"rendered":"INVESTMENT PRINCIPLES"},"content":{"rendered":"

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To do this, we built IMA on value investing principles outlined by Benjamin Graham and popularized by Warren Buffett. 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ds%2F2017%2F11%2FVI-gray.png%29%22%3B%0Adocument.getElementById%28%27sedmica%27%29.style.backgroundImage%20%3D%20%22url%28%2Fwp-content%2Fuploads%2F2017%2F11%2Favi.png%29%22%3B%0A%7D%0A%0A%3C%2Fscript%3E[\/vc_raw_js][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row equal_height=”yes” row_type=”row” type=”full_width” text_align=”left” css_animation=”” el_class=”tabpadd” css=”.vc_custom_1516827501321{padding-bottom: 80px !important;background-color: #ffffff !important;}” el_id=”mobile-process”][vc_column][vc_empty_space height=”50px”][vc_custom_heading text=”Built on the 6 Commandments of Value Investing” font_container=”tag:h2|font_size:40|text_align:center|color:%2324323f|line_height:46px” google_fonts=”font_family:Open%20Sans%20Condensed%3A300%2C300italic%2C700|font_style:700%20bold%20regular%3A700%3Anormal”][vc_single_image image=”16278″ img_size=”full” alignment=”center” qode_css_animation=””][vc_empty_space height=”50px”][vc_accordion active_tab=”” style=”toggle” el_class=”faq-acc”][vc_accordion_tab title=”I. Treat stocks as businesses, not widgets” icon=””][vc_column_text el_class=”faq-text”]We don\u2019t trade \u2013 we invest.<\/p>\n

Traders have the short term in mind, so they treat stocks more like widgets than actual businesses.<\/p>\n

The problem is rooted in the instant liquidity of US markets. This seduces many an investor (including fund managers) into acting like a trader and focusing on the short term.<\/p>\n

We take Warren Buffett\u2019s approach by asking ourselves, \u201cWould we want to own this business if the stock market was closed for 10 years?\u201d<\/p>\n

This makes factors like valuation, cash flows, competitive advantage, return on capital, balance sheet, and management. Extremely important in our analysis.<\/p>\n

OUR INVESTMENT PROCESS<\/a><\/p>\n

DOWNLOAD BROCHURE<\/a>[\/vc_column_text][\/vc_accordion_tab][vc_accordion_tab title=”II. Have a long-term time horizon” icon=””][vc_column_text el_class=”faq-text”]It\u2019s impossible to predict how a stock will be priced in the short run. However, the flow of money into mutual funds and hedge funds is driven by recent performance, so Wall Street is obsessed with the short term.<\/p>\n

This punishes stocks when their immediate future looks unattractive, and creates an opportunity to buy them at a cheaper price.<\/p>\n

This gives a competitive advantage to those who look at the long term.<\/p>\n

At IMA, all of our models focus on what the company will be worth in 3-5 years, based on its earnings power and cash flows. We then bring that future value forward to today at a discount rate, to see what we want to pay for this company right now.<\/p>\n

HOW AND WHY WE BUILD MODELS<\/a><\/p>\n

OUR INVESTMENT PROCESS<\/a>[\/vc_column_text][\/vc_accordion_tab][vc_accordion_tab title=”III. The market is your servant, not your master” icon=””][vc_column_text el_class=”faq-text”]The market prices stocks on a daily basis, but it doesn\u2019t value them on a daily basis. It only values stocks in the long run (a matter of years, not months or days).<\/p>\n

If you know what a business is really worth, stock fluctuations are your friend.<\/p>\n

For example, if our research shows a stock is worth $1, then if its price falls from 50 cents to 30 cents, the company can now buy back a lot more of its stock at lower prices, and we have an opportunity to increase our position.<\/p>\n

That\u2019s why spending a lot of time doing research helps us understand what a stock\u2019s value is and enables us to rationally and calmly take advantage of price fluctuations.<\/p>\n

HOW AND WHY WE BUILD MODELS<\/a><\/p>\n

OUR INVESTMENT PROCESS<\/a>[\/vc_column_text][\/vc_accordion_tab][vc_accordion_tab title=”IV. Leave room for error in your buy price” icon=””][vc_column_text el_class=”faq-text”]At IMA, we build models of businesses and stress test them to arrive at a worst-case scenario valuation.<\/p>\n

But unexpected things still happen. That\u2019s why our valuations include a margin of safety, in case we\u2019re wrong.<\/p>\n

External events have more impact on lower-quality businesses than higher-quality ones. So our margin of safety will fluctuate depending on business quality.<\/p>\n

OUR INVESTMENT PROCESS<\/a>[\/vc_column_text][\/vc_accordion_tab][vc_accordion_tab title=”V. Fear permanent loss of capital, not volatility” icon=””][vc_column_text el_class=”faq-text”]Value investors don\u2019t view volatility as risk; they embrace it and try to take advantage of it.<\/p>\n

Volatility is only scary for those who don\u2019t know what a company is worth. For those who do, the difference between business value and price provides an opportunity.<\/p>\n

In determining a business\u2019s value, we estimate its long-term future cash flows and convert that value into today\u2019s dollars. This gives us an approximation of what the business is worth now.<\/p>\n

We then build models so that we can try to \u201ckill\u201d the business. We look at known risks and try to imagine unknown ones; we try to quantify their impact on cash flows.<\/p>\n

This process helps us to determine the margin of safety that the business requires. Combining it with our valuation, we arrive at our target buy price for the stock.<\/p>\n

HOW AND WHY WE BUILD MODELS<\/a><\/p>\n

OUR INVESTMENT PROCESS<\/a>[\/vc_column_text][\/vc_accordion_tab][vc_accordion_tab title=”VI. Expect stocks to revert to fair value” icon=””][vc_column_text el_class=”faq-text”]If a stock is significantly undervalued for a long time, this undervaluation eventually gets cured.<\/p>\n

It could happen through share buybacks or by the company\u2019s paying out its earnings in dividends, thus creating yields that the market will not be able to ignore.<\/p>\n

The company\u2019s competitors could also realize that it is cheaper for them to buy the company than to replicate its assets on their own.<\/p>\n

This reality that undervaluation will not last forever is paramount to value investing. If we do a reasonable job at estimating what the business is worth, then, at some point, the stock market will price it accordingly.[\/vc_column_text][\/vc_accordion_tab][vc_accordion_tab title=”VII. Active Value Investing” icon=””][vc_column_text el_class=”faq-text”]We have added to the standard value investing approach with the following principles:<\/p>\n

We are not traditional buy-and-forget-to-sell investors. We have strict sell criteria in order to remain \u201cactive\u201d buy-and-sell investors.<\/p>\n

Given elevated market valuations and fragilities in the global economy, our margins of safety are even higher.<\/p>\n

We value stocks based on what they\u2019re worth, not what they used to trade at in the past.<\/p>\n

We don\u2019t time the market, as this strategy largely relies on luck and can\u2019t be put into a repeatable process.<\/p>\n

We\u2019re not afraid to hold cash if we cannot find stocks of sufficient quality.[\/vc_column_text][\/vc_accordion_tab][\/vc_accordion][\/vc_column][\/vc_row][vc_row row_type=”row” type=”grid” text_align=”left” css_animation=””][vc_column][vc_row_inner row_type=”row” type=”full_width” text_align=”left” padding_top=”50″ padding_bottom=”85″ css_animation=”” el_class=”testimonials-slide-section” css=”.vc_custom_1680079379823{background-image: url(https:\/\/imausa.com\/wp-content\/uploads\/2023\/03\/background.jpg?id=63767) !important;}”][vc_column_inner][vc_custom_heading text=”SEC-COMPLIANT CLIENT TESTIMONIALS” font_container=”tag:h2|font_size:42px|text_align:center|color:%23ac9264|line_height:54px” el_class=”antonio heading”][vc_empty_space][vc_raw_html]JTVCc3BfdGVzdGltb25pYWwlMjBpZCUzRCUyMjY0MjU3JTIyJTVE[\/vc_raw_html][vc_column_text el_class=”test-slider-disclosure”]IMA did not make any direct payments to clients for testimonials. However, according to SEC rules, buying a meal at a restaurant for a client is considered an indirect payment. IMA hosts events with meals for clients whenever the IMA team visits clients\u2019 cities and hosts an annual client dinner in Denver, inviting all clients. Many clients who provided testimonials have attended an event with a meal paid for by IMA, and thus, according to SEC rules, have received indirect compensation.[\/vc_column_text][vc_column_text el_class=”antonio read-all-test”]<\/p>\n

READ ALL TESTIMONIALS: ONLINE<\/a> \u00b7 <\/a>PDF<\/a><\/span><\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row row_type=”row” type=”full_width” text_align=”left” background_color=”#ffffff” css_animation=”” css=”.vc_custom_1566409667078{margin-top: 0px !important;margin-bottom: 40px !important;padding-top: 0px !important;padding-bottom: 0px !important;background-color: #ffffff !important;}” el_class=”contact-row bot-round”][vc_column][vc_custom_heading text=”READY TO INVEST? HAVE MORE QUESTIONS?” font_container=”tag:h3|font_size:32|text_align:center|color:%2324323f|line_height:54px” use_theme_fonts=”yes” el_class=”antonio heading” css=”.vc_custom_1504173590518{padding-top: 60px !important;}”][vc_column_text el_class=”ready-invest”]<\/p>\n

Fill out the form below or\u00a0Call us at 303-796-8333<\/span><\/a><\/p>\n

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