Ari Levy

We spend a lot of time accounting for the inefficiencies of generally acceptedaccounting principles, which are most prominent in longer-term assets. That could be land held on the books at cost, which over time is worth something very different than cost. Any asset that can be depreciated is potentially valued at something materially different than [...]

Ari Levy

The most direct influence on my strategy was my time working for Advisory Research, where the first emphasis is on marking assets and liabilities to market and determining the true net asset value supporting any potential investment. But behind that is a great deal of empirical research from people like Graham and Dodd, Roger Ibbotson, [...]

Ari Levy

What we've tried to do is marry the Graham-and-Dodd type emphasis on margin of safety with the more modern version of value investing that focuses on a company's sustainable ability to generate returns on invested capital (ROIC) that exceed its cost of capital. For ROIC we use earnings before interest and taxes, divided by the [...]