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Compounding machines, cigar butt stocks and the appeal of bond ratings agencies

By Tanzeel Akhtar – High conviction investment ideas rule at Valley Forge Capital Management, a Wayne, Pennsylvania-based equity hedge fund manager with around USD450 million in assets. Here, founder Dev Kantesaria explains the firm’s ‘different’ approach to value investing and why there’s no place for ‘speculative securities’ and ‘ineffective financial engineering’ in the investment playbook…

Valley Forge runs a long-biased equity strategy and employs a rigorous, bottom-up fundamental approach to find the highest quality business models.  

Kantesaria (pictured) explains he analyses companies over a 10-plus year time horizon and looks beyond current earnings to focus on the long-term health of businesses. Valley Forge holds a concentrated portfolio of high conviction ideas (generally eight to twelve) and usually adds only one to three positions a year.  

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