BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma
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EDITOR’S NOTE: Although it has been some time since speaking live with busy colleague Vitaliy Katsenelson CFA, I review his internet material frequently and appreciate this ME-P series contribution. I encourage all ME-P readers to do the same and consider his value investing insights carefully.
By Vitaliy Katsenelson, CFA
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4. Margin of safety – leave room in your buy price for being wrong
Margin of safety is a function of two dimensions: a company’s quality and its growth.
I am generalizing here, but exogenous events have a greater impact on a lower-quality business than a higher-quality one. Thus a high-quality company needs a lower margin of safety than a lower-quality one.
A company that is growing earnings and paying dividends has time on its side and thus may not need as much margin of safety as a lower-growing one.
We quantify both a company’s quality and growth, and thus margin of safety is deeply embedded in our investment operating system.
The larger discount to the stock’s fair value (the $1) the less clairvoyance you need to have about the future of the business. For instance, in 2013, when Apple stock was trading at $400 (pre-split) we didn’t have to have a very clear crystal ball about Apple’s future; Apple just had to be able to barely fog the mirror.
In later years, at $900, we need to have a lot more precision in our analysis of Apple’s future.
MARKETS: The Dow Jones Industrial Average rose 653.61 points, or 2%, to end at 33,286.25.
The S&P 500 gained 2.6%, or 107.18 points, finishing at 4,277.88, its best daily percentage gain since June 5, 2020, according to Dow Jones Market Data.
The NASDAQ Composite Index advanced 3.6%, or 459.99 points, closing at 13,255.55, its best daily percentage gain since March 9, 2021.
The S&P 500 had dropped nearly 5% over the last four sessions.
LABOR DEPARTMENT: Will issue its inflation report, which economists expect will show that prices for U.S. consumers leapt 7.9% in February compared with a year ago, according to data provided by FactSet. That would be the biggest gain in four decades. Consumer prices jumped 7.5% in January from a year earlier. Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation accelerating in the past year.