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In this example you get a 10% pay-out of the company’s value every year. It comes from the profits the company is making. That is, after all, what companies were invented for. This dividend is normally paid out twice a year; a smaller interim dividend and a fat final dividend pay-out. There is such a thing as a special dividend too when a company pays out a one-off dividend. This is not common but it happens. Here is an example: the insurance giant Aviva. 13% dividend and, besides, has a 7 P/E.

It is like being a bird watcher rather than a football spectator. Market theory suggests this is yet another reason why value investment is so profitable. ) Searching for Companies The key to value investing is finding companies that are cheap. That means looking for them. this might seem obvious but most people do not look for stocks, they listen to tips. It is a mistake to take tips. Taking tips is the same as throwing your money down the drain. Simply, never take notice of tips. At worst, use tips as a starting place for your research.

This means you should ignore intangibles when you look at a company and then judge whether it can pay its bills or not. A company with little equity and a lot of intangibles may well be a dead duck. So keep an eye on intangibles when making your final selection. Here is an example of a balance sheet of a company that went horribly bust: Connaught. If you take out the intangibles of this council house drain cleaning company then you will see it owes more than it has in assets to pay them off. There was more perhaps to this company than drain cleaning but when the cold winds of the credit crunch blew it quickly got flushed down the pan.

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A Beginner’s Guide to Value Investing by Clem Chambers


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