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5 thoughts on “Contact

  1. Dear Cigarrfimpar,

    thank you for providing your thoughts online. I follow you with great excitement and like to see your analytic method. I recently read the Tweedy, Browne white paper “what has worked in investing” and P/NCAV as well as ultra low P/B (around 0.3 or less) has done wonderfully over the years.

    The studies, that support the investment returns of P/NCAV and P/B where inclusive of all companies fulfillling the NCAV or book value criterion. For my own investing, I’d like to take it a step further and get the best NCAV companies available and that’s where your checklist is tremendously helpful. Thanks for posting it.

    However, I do not understand it 100% and wonder if you were willing to answer some questions. In return, I pledge to share analytic insight that I will gain from it with you so that you too benefit from it. 4 eyes see more then 2.

    For your margin of safety, you want to see P/NCAV as well as EV/operating earnings (5 y, 10y) < 3x

    I know what EV means and what operating earnings means but how do you calculate it with regards to 5y and 10y? Is it in aggregate (cumulative) or do you look 5years ago and 10 years ago?

    What does Qx – Qx-4 mean?

    Thank you for your time!

    Looking forward to your response



    1. Its similar but not the same. I define operating earnings in the same way but I look at an average for the last 5 and 10 years. The AM looks at the operating earnings for the last 12 months.

      Hope you have a great weekend as well and I’m glad to hear that you look forward to part 2 of the French banks! 🙂

      Liked by 1 person

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