Finding Bargains
The process of intelligently building a portfolio consists of buying the best investments, making room for them by selling lesser ones, and staying clear of the worst.
The raw materials for the process consist of
(a) a list of potential investments,
(b) estimates of their intrinsic value,
(c) a sense for how their prices compare with their intrinsic value
(d) an understanding of the risks involved in each, and of the effect their inclusion would have on the portfolio being assembled.
The starting point for portfolio construction is unlikely to be an unbounded universe.
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Successful investing requires thoughtful attention to many separate aspects, all at the same time. The Most Important Thing by Howard Marks covers these key aspects in layman language and without a lot of finance jargon though it covers the concepts of investment theory.
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