Ann: FY22 Investor Presentation, page-43

"Value investors focus on fundamental value, and overwhelmingly ignore macroeconomic factors"

Does the macro have zero correlation to demand for pvc pipes for plumbers and flash dunnies for human aspiration? Or does the genius of reece management drive that demand?

Does that demand, and more specifically the rapid gradient changes in that demand that occassionally occur, have no effect on the valuation of a plumbing supply business?

Each to there own.

Your own is as you state.

My own is thus...

Investors should focus on fundamental value with a system in place to monitor and manage the systematic risk component of their portfolios.

The macro created this fun park ride. And I do recall lots of participants in these threads gushing and ooohhing over how great the results were, how supreme management were, then attempting to justify valuations to align with the natural human tendancy of subliminal biases driven by ego and self interest in the warm comfort of the echo chamber.


Tip to new investors just starting out - turn off the thumb notification thing and you will start to become an independant and critical thinker. I did it a few years ago and I am amazed at how my thinking has changed and results improved.