GDS Insights

What advice would you give to value investors who are just starting out (or even experienced value investors) to help them navigate today’s market?



Here is a list of items to consider:

  • You must accept that there is a lag (often in years) between when great ideas are initiated and when the rewards come. I’ve seen too many intelligent investors short-circuit strong ideas simply because the payback didn’t come quickly enough.

  • Understand the interplay between short-term underperformance and long-term outperformance. These two flow through each other.

  • Avoid Internet “addiction,” and stop watching daily price changes.

  • Be intellectually honest with your strengths and weaknesses and invest in situations which maximize strengths and minimize weaknesses. This increases

  • the probability of success during adverse times (e.g. an investment has 20%+ in

  • unrealized losses).

  • Be obsessive when it comes to learning and study the top 2-3 companies in each industry.

  • Become a better stock owner. Thinking clearly is easier to do before initiating a position than after.

  • When it comes to investment analysis, look through the windshield and not the rear view mirror. In this vein, practice what Howard Marks calls “Second Level Thinking.”

Glenn D. Surowiec
Registered Investment Advisor

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GDS Investments, LLC

Glenn D. Surowiec

Registered Investment Advisor

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409 Locust Lane N
West Chester, PA 19380

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