Dissecting The Margin of Safety
Michael Glennon
Glennon Capital
This week Michael is talking about the Margin of Safety, following a very heated back-half of calendar 2016 in the small and mid-cap segments of the market.
When we look at the Margin of Safety we look at not paying too much for a business.
We do this by looking at these areas:
- Balance Sheet - assets and liabilities
- P&L - revenue and profits (multiples)
- Business Stability - what is affecting the long-term continuity of the business and it's profits?
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Michael has over 17 years experience in financial markets and over 15 years experience as a portfolio manager and director of several boutique investment management firms. As one of Australia’s most experienced small cap fund managers, Michael was one of the first managers of a boutique listed investment company, running the listed investment company Pacific Strategic Investments (PSI.ASX) which is now part of Brickworks Investment Company (BKI.ASX), an $800m investment company.
While at Adam Smith Asset Management, as a specialist small companies manager, he was awarded the IMCA/Money Management fund manager of the year award for small cap Australian equities. Michael regularly appears on ABC radio, CNBC and the Australian Financial Review, and contributes regular updates on on stocks, sectors and other topics of interest.
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Michael Glennon
Founder & Portfolio Manager
Glennon Capital
Michael has over 17 years experience in financial markets and over 15 years experience as a portfolio manager and director of several boutique investment management firms. As one of Australia’s most experienced small cap fund managers, Michael was...
Expertise
No areas of expertise
Michael Glennon
Founder & Portfolio Manager
Glennon Capital
Michael has over 17 years experience in financial markets and over 15 years experience as a portfolio manager and director of several boutique investment management firms. As one of Australia’s most experienced small cap fund managers, Michael was...
Expertise
No areas of expertise
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