Value Investing

"I am a believer that informed value investing—buying assets at a fraction of fair value—is the most sensible path to wealth creation. Warren Buffett and Charlie Munger are my mentors in terms of investing, what companies to look for, and the virtues of patience."

 

-Glenn D. Surowiec

Glenn D. Surowiec
Registered Investment Advisor
 

Glenn founded GDS Investments in 2012. From 2001 to 2012, he worked for Alsin Capital Management, Inc. as an equity research analyst (2001-2003), co-portfolio manager (2003-2008), and portfolio manager (2008-2012). Before joining ACM, Glenn worked for Enron Corp. as a derivatives structuring manager, and for Commerce Bancorp (now TD Bank) as a real estate credit analyst.

He currently serves as an advisory board member of Value Conferences, an online-only conference featuring some of the most prestigious value investors across the globe.

Glenn has a B.A. in management (accounting concentration) from Gettysburg College and an MBA (finance concentration) from Southern Methodist University. He graduated in the top 10% of his MBA class and participated in study-abroad programs both as an undergraduate (Seville, Spain) and graduate student (Melbourne, Australia). Glenn’s interests include running, cycling, golfing and youth coaching.

Honestly, 95% of the information and advice out there is bad. It won't help you reach your goals. My job is to find the 5% – the relevant, the accurate, the uncommon – and put it to work for you.

 

PHILOSOPHY

At GDS, we specialize in moving 401K assets from former employers to IRA accounts, to provide our clients with options. We invest on behalf of individuals and institutions who desire more control over their money's future. Client portfolios are managed using Value Investing principles, with a particular emphasis on buying securities at a discount to fair value, and investing with a long-term horizon.

We invest in securities that have the following attributes:

Business Strength

We seek out industry leaders with enduring competitive advantages within their supply chain (price setters vs. price takers). In addition, we emphasize companies with above average returns on equity and capital, and those who are consistent producers of free cash flow throughout the economic cycle.

Management Quality

We invest in ethical companies with high-integrity management teams. We look for companies that demonstrate a deep understanding of the capital allocation process and that aim to create value for shareholders beyond conventional methods.

Valuation

The easiest way to generate excess returns (above market returns) is to pay less for a security than its conservative valuation. Much of our time is spent figuring out what securities are worth and waiting until it is priced substantially below this level. Patience is the cornerstone of successful investing.

Catalysts

At GDS, our preference is to own securities (debt and equity) in companies that are undergoing change. Academic studies show that the market is delayed in accounting for material changes in company strategy, business composition and capital structure. Therefore, consistent with our goal of finding misunderstood and mispriced securities, we routinely analyze and evaluate spin-offs, mergers, restructurings, rights offerings, asset sales, recapitalizations and other special events.

On Glenn's Desk

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FOR YOU.

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