Quality Value Investing Now Exclusively on Substack
Plus today's QVI post, Achieve Alpha by Investing in Current Wealth and Present Value
I am beginning today’s post with an announcement published earlier on Substack Notes.
Announcement from Quality Value Investing (QVI) by David J. Waldron on Substack Finance
Effective August 1, 2024, after 11 years, I am no longer publishing QVI on Seeking Alpha.
I am publishing Quality Value Investing exclusively on Substack Finance and Substack Notes, with LinkedIn as my sole external social media feed.
I transferred my website hosting to Substack from iPage after the same 11 years, on January 1, 2024.
Since I began my newsletter writing and book author endeavor in 2013, following a 25-year career as a postsecondary education executive and private investor, my Substack experience, which launched in January 2023, is the most excited and confident I have been about my professional writing opportunities and the worthiness of my contributions.
Thank you, Substack, for hosting my newsletter website and providing a world-class content management system. Your platform is unprecedented in its commitment to writers’ tools and monetization and readers’ access to diverse, high-quality written, audio, and video content.
Best regards,
~David
David J. Waldron, Contributing Editor and Author
Newsletter: Quality Value Investing: Achieving alpha by investing in a company’s current wealth and a stock price’s present value
Book Serialization:Â Quality Value Investing: How to Pick the Winning Stocks of Enduring Enterprises
Learn more at davidjwaldron.substack.com
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Achieve Alpha by Investing in Current Wealth and Present Value
Summary:
The Quality Value Investing (QVI) newsletter focuses on long-term investing for building and sustaining generational wealth.
I will forever challenge the financial services industry's high fees and short-term thinking while advocating for low-cost, lesser-risk investing in the shares of quality companies purchased at reasonable prices.
After eleven years on Seeking Alpha, The Quality Value Investing newsletter will continue exclusively on the Substack-hosted website, including writing and publishing my next book’s manuscript in real-time.
My message has resonated for over a decade and remains consistent. Avoid the noise, eschew fast money schemes, and don’t pay rocket science fees for something as simple as investing to achieve long-term generational wealth.
It annoys me that hedge fund managers become billionaires, charging 2% & 20% fee structures, and registered investment advisors become millionaires, charging 1-2% of assets under management to allocate their clients’ money to low-cost index funds. And more than a few investment newsletter writers make substantially more money off subscription fees than their investment picks’ run rates. On the contrary, I am proud that QVI’s stock picks’ run rates far exceed its subscription revenue.
It isn’t necessary to overpay for investment advice.
Portfolio advisory and investment subscription fees should cost no more than a streaming channel.
How can investment advisory be time and energy-demanding rocket science when so many of the industry’s gurus post incessantly on social media, guest on 90-minute podcast interviews, appear as talking heads on financial television, and attend financial summits at luxurious resorts worldwide?
Yes, they dutifully participate in these activities as part of new client recruiting. Still, their everpresent free time on the financial services industry’s world stage is a blatant reminder that managing profitable investments is a part-time enterprise. The key word is profitable, as investing is that rare endeavor in life where sitting on our asses produces the best results.
Nevertheless, the financial services industry cannot profit from investors who buy and hold the common shares of high-quality companies by applying rational thought, discipline, and patience. Thus, their neverending propaganda-fed fee machines target the vulnerable, who conveniently link emotion with money.
In my retreat from the industry’s deception, I was fortunate to discover the investment acumen of Warren Buffett, as influenced by Benjamin Graham, as well as the enduring lessons from legends Charlie Munger, Peter Lynch, and Howard Marks. Their collective wisdom led to Quality Value Investing’s proprietary model of achieving alpha by investing in a company’s current wealth and a stock price’s present value.
Over 15 years, the result was the QVI Real-Time Stock Picks, a basket of the common shares of 45 companies that has collectively outperformed the S&P 500 Index by 6,679 basis points, average per holding since inception.1
The lesson learned is successful investing can happen on a home office desktop or laptop without the fanfare of artwork-laced office suites, sports cars, yachts, and beach houses financed by advisory fees more so than portfolio alpha.
Now, if an investor chooses to accumulate the above-listed and other luxuries from their brokerage or retirement account’s alpha, I forever tip my hat to them.
Nonetheless, my primary focus, as long-time subscribers and followers know, is to put health before wealth while building a long-view investment portfolio as the means to finance essential milestones in life, such as buying a home, paying tuition, sponsoring a wedding, underwriting a hobby, starting a business, or retiring in comfort.
Invest in quality businesses when trading at reasonable prices, hold for the long term or until the investment thesis runs its course, and sell to finance a milestone. Moreover, let the portfolio’s perpetual winners pass down to the next generation to manifest multi-generational wealth.
Quality-driven value investors buy low, hold high, and sell when they die.
Although my eleven-year tenure on Seeking Alpha ends today, my work, including the newsletter Quality Value Investing, continues exclusively on this Substack-hosted website, including the real-time manuscript writing of my next book of the same title.
Please join me in welcoming and assimilating former Seeking Alpha QVI subscribers who have chosen to join us on Substack Finance.
My sincerest gratitude to my hundreds of subscribers, peer newsletter writers, and the Substack team, who collectively keep me motivated to write and publish my investing thoughts and stock pick ideas twice weekly to assist each of us in becoming better investors and citizens than we were the previous day.
Remember to read the disclosures, disclaimer, and footnote at the bottom of this post.
Resources
Disclosure: I wrote this post myself, and it expresses my own opinions. I am not receiving compensation for it other than from Substack paid subscriptions.
Additional Disclosure: David J. Waldron’s Quality Value Investing newsletter posts are for informational purposes only. The accuracy of the data cannot be guaranteed. Narrative and analytics are impersonal, i.e., not tailored to individual needs nor intended for portfolio construction beyond his family portfolio, which is presented solely for educational purposes. David is an individual investor and author, not an investment adviser. Readers should always engage their independent research or due diligence and consider, as appropriate, consulting a fee-only certified financial planner, licensed discount broker/dealer, flat fee registered investment adviser, certified public accountant, or specialized attorney before making any investment, income tax, or estate planning decisions.
Disclaimer: Although Quality Value Investing (QVI) by David J. Waldron takes a skeptical view of Wall Street—a euphemism for professional or institutional investing anywhere in the world—it neither implies nor expresses issues with or negative references to specific organizations or individuals existing or working in the financial services industry. Any perceived connection or offense to actual firms or real persons is coincidental and unintentional. In its general lament of the Wall Street way, QVI abstains from unproven conspiracy theories and presents a narrative platform of commentary, critique, education, and parody. In a sane world, facts are exempt from any alternative paradigm. Thus, the subjective thoughts shared throughout QVI’s post are David’s opinions and, therefore, independent from fact.
Source of data: QVI Expanded Stock Picks Real-Time Performance Tracker, an equal-weighted model portfolio launched in June 2009, as of the market close on July 31, 2024.