Investors / stance tracking
What Peter Cundill is saying
FollowFollowingUnfollowFounder, Peter Cundill & Associates (Cundill Value Fund); d. 2011
4 dated public stances tracked since 2018-10-31, most recently 2018-10-31. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Peter Cundill's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Peter Cundill is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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4
tracked stances
4
themes
0
side flips
2018-10-31
last heard
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| FFH | 1 | 1 bullish | 2018-10-31 | |
| MUNICH RE | 1 | 1 bullish | 2018-10-31 | |
| NIPPON KOA (JAPANESE NON-LIFE INSURER) | 1 | 1 bullish | 2018-10-31 | |
| SINOL LINK (CHINESE REAL ESTATE/NATURAL GAS, SHENZHEN) | 1 | 1 bullish | 2018-10-31 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2018-10-31
MUNICH RE
bullish
Value Investing with Legends · video
Global reinsurer trading below book value with a low earnings multiple, meeting the classic Ben Graham margin-of-safety criteria as a large-cap asset-based value
“trading below book and looks as if it's got trading at a low low low earning”
Peter Cundill, Principal, The Cundill Group, Vancouver, BC
2018-10-31
NIPPON KOA (JAPANESE NON-LIFE INSURER)
bullish
Value Investing with Legends · video
Trades below book and below liquidation value when its equity share portfolio is marked to market net of taxes, with earnings at only 11-12x making it the cheapest among six or seven Japanese non-life insurers examined
“nipon Co is probably the cheapest of the three or four”
Peter Cundill, Principal, The Cundill Group, Vancouver, BC
2018-10-31
FFH
bullish
Value Investing with Legends · video
Runoff or liquidation value substantially exceeds current market price given the underlying insurance reserves and investment portfolio, though corporate governance uncertainties create ongoing risk
“if he went in runoff in Fairfax youd get back a lot more money”
Peter Cundill, Principal, The Cundill Group, Vancouver, BC
2018-10-31
SINOL LINK (CHINESE REAL ESTATE/NATURAL GAS, SHENZHEN)
bullish
Value Investing with Legends · video
Sum-of-parts valuation — downtown Shenzhen real estate under development plus natural gas and electric utility assets — makes shares appear cheap relative to intrinsic asset value despite disclosure risk
“looks like the sum of the parts are really pretty easy”
Peter Cundill, Principal, The Cundill Group, Vancouver, BC
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