Latticework Investor

Value Investing

Whitney Tilson and Glenn Tongue

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Notes from the Value Investing Congress Twitter feed.

Whitney Tilson and Glenn Tongue

  • We are in the midst of a range-bound market and S&P is currently at 20.4x inflation-adjusted trailing earnings. Market avg is 16.3x
  • Mortgage market has been nationalized; all house price indices above 2000 but way below the peak.
  • Of the homeowners in this country who haven’t made a payment in 1 year, 24% have not been foreclosed on
  • The great idea today: Anheuser-Busch InBev (BUD) trading for 8.5x 2012 free cash flow.
  • Amazing how unfamiliar the market is with the management story behind AB-InBev; like Rose Blumkin at Nebraska Furniture Mart
  • Way to look at BUD is take FCF attributable to it net of AmBev minority interests + synergies + deleveraging + 50% of Modelo’s FCF.
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Written by latticework01

May 6, 2010 at 9:57 am

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