Research from Superfluous Value, Superfluous Value

Superfluous Value

Research from Superfluous Value

Stock selection has rarely been as important as it is today. After a roaring decade for US markets and with signs of mania everywhere, the S&P 500 as over-priced as it has ever been.

But, there is better way. Superfluous Value is a contrarian, deep-dive into the markets forgotten by the 60/40 instos and indexing, momentum chasers. Where the hot money has long moved on, it leaves behind investments offering great safety and prospective returns.

I believe the 2020s will look diametrically opposite to the recent past, with Emerging Markets, the UK, Japan and commodities set to rip and I intend to be holding the best opportunities available as they do.

Please feel free to come along on the journey.

Contrarian Deep-Dive into the Markets

Equity Bottom-Up

<ul><li>Long-term readers will know I have held Telefonica Brasil (Vivo) for four years and been loudly bullish on the company at times.</li><li>But the thesis hasn’t played out as hoped and the time has come to make way for better opportunities.</li><li>It’s the good type of mistake, where you scrape away with a modest gain (20% + some nice dividends), but an analytical error all the same.</li></ul>

Long-term readers will know I have held Telefonica Brasil (Vivo) for four years and been loudly bullish on the company at times.But the thesis hasn’t played out as hoped and the time has come to make way for better opportunities.It’s the good type of mistake, where you scrape away with a modest gain (20% + some nice dividends), but an analytical error all the same.

Thematic (Sector/Industry)

<ul>
<li>Value investing is often described as running towards the fire or seeking out disaster.</li>
<li>Often, outstanding returns can be had as the market reverts from total capitulation, to merely bad.</li>
<li>In the case of Brazil today, an investor is paying capitulation pricing for prospects that are already better than merely bad.</li>
</ul>


Value investing is often described as running towards the fire or seeking out disaster.
Often, outstanding returns can be had as the market reverts from total capitulation, to merely bad.
In the case of Brazil today, an investor is paying capitulation pricing for prospects that are already better than merely bad.


Brazil

Telefonica Brasil, S.A. is a telecommunications company which provides services for fixed and mobile telephony, data transmission and VAS, pay TV, among others. The Company is part of the Telefonica Group, a communication conglomerate with presence in multiple countries.

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Telefonica Brasil (VIV US)

Telefonica Brasil: Moving On

Long-term readers will know I have held Telefonica Brasil (Vivo) for four years and been loudly bullish on the company at times.

Superfluous Value

Brazilian Value: The Trade of the Decade

Value investing is often described as running towards the fire or seeking out disaster. Often, outstanding returns can be had as the market reverts...

Superfluous Value

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