Value Investors wanted (in Paris)

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Value Investing Club – membership offering

You want to become a value investor and would like to join a group of like-minded individuals? This may be the right place for you.

We are 3 young professionals willing to enhance our investing skills in a group setting. We thought the best way to do this would be to found a stock-picking investing club with an emphasis on quality value investing. Our view is that we can dearly benefit from (i) identifying excellent companies that create superior value over time and (ii) exploiting market inefficiencies and emotional behaviour of many of its participants, buying these companies at good prices.

We are young (25-30s) and some of us already have some investing experience (2-3y) in stock-picking, private equity, and private debt with blue-chip institutions. We have some fundamental analysis skills and we are willing to enhance these with the Club, by proposing investment ideas and discussing these in a group setting to challenge our own beliefs and enrich our views on different companies and markets.

What we / the Club expects to offer
- Investing education: we except to foster an intellectually challenging environment, which will help you learn about investing and thus better allocate your (and others') capital in the future
- An opportunity to build investment track-record and an experience that you can sell on your CV if you want to pursue a career in investing (equity investing, hedge fund, private equity, Asset Management)
- An opportunity to specialize in a certain sector or type of transaction
- Investment ideas generated during the meetings that you could scale on your own equity
- A selected group of aspiring investors that may eventually become business partners and friends
- A structured decision-making process that will strive for the highest value for members in the least amount of time
- And an opportunity for you to improve the Club's future, since it's a brand new initiative (transversal position will be proposed, ie. macro economist, portfolio monitoring, business development, secretary/book-keeper,...)

What we expect from you (and from us)
- A strong interest in fundamental/value investing: either you want to pursue a career in the field or you want to make the best allocation for your own capital; we expect new members to adhere to the "Warren Buffet"-style investment strategy outlined below (buy excellent companies for the best price)
- Some skills: ideally you already picked stocks and/or understand the mechanics of fundamental analysis of companies; otherwise, you have experience in private equity/debt, equity research, M&A, corporate finance, strategy consulting, audit and/or just a strong interest in value investing
- Investing literature: You are familiar with value investing literature, including: Benjamin Graham's "Intelligent Investor", Warren Buffet's investor's letters, Mary Buffett's "Buffettology", Seth Klarman's "Margin of safety", etc; if you are not familiar with these yet, you are willing to be soon.
- Stock ideas: you will propose a minimum of 4 stock ideas per year in the format envisaged by the Club (an investment memo of several pages, which contains key information); we expect quality, not quantity, ie. Superior understanding of the target company, thorough research and synthetic, executive-style drafting
- Conviction: you are able to step back from widespread market belief and to build an independent opinion about stocks, to identify both outperformers and value traps
- Temperament: we invest only if Mr. Market gives us the right quote, as opposed to the trading widespread belief of selling because market goes down or buying because market goes up
- Patience: we don't want to sell stocks only because the stock ramped up last month, we wait to realize full value according to our own target price / valuation
- Opportunistic behaviour: you will search for the best stock ideas and information in a way that may give the Club an edge
- Efficiency: you like dialogues and meetings to happen in an organized, timely manner so that you can easily cope with other commitments in your life
- Optional: personal equity: you could invest your own equity in the Club's initial pooled money or participate at capital increases.

Club's envisaged structure
- 7-13 members that pool their capital in a joint stock account and take investment decisions based on majority's vote; every investment is allocated the same € amount
- Meetings every 1-2 months, formed as an Investment Committee - every member is expected to participate, physically or virtually; every member has to exercise her voting right at every meeting
- At start, the hub will be in Paris, France but we want the Club to function independent of members' location

Investment Strategy
"Be greedy when others are fearful, be fearful when others are greedy", Warren Buffet

Investment approach: Fundamental value analysis, business-owner mindset stock-picking, buy & hold strategy, + opportunistic trading to benefit of high volatility
Asset class: primarily equity but other securities considered if offer favourable risk/return profile
Investment horizon: identified catalysts within next 1-2 years, stocks to be hold at least 2-3 years
Geography/sector: agnostic
Benchmark: relevant index according to geography & capitalization of assets
Target returns: 15% compounded YoY for min. 5 years

First meeting is envisaged to take place in Paris, France at the end of March. If you are interested to be part of this initiative, please send your interest to Tudor Mafteianu at tudor dot mafteianu at gmail dot com. This could be an informal introduction about who you are (may include a CV) and why you are interested.

Disclaimer: we are currently employed by investment funds or financial institutions and this initiative is outside of and unrelated to our current employment.

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September 2020 Hedge Fund

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