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Reviewed by Asher Syed for Readers' Favorite
Dovydas Macijauskas's book, Filters, advocates for long-term value investing through a series of filters, including quantitative analysis like P/E, P/FCF, and PEG ratios, and qualitative factors such as management quality and competitive positioning. The author distinguishes passive investing, using low-cost index funds, from active investing, which requires understanding a company's intrinsic value and purchasing stocks at a discount. He discusses financial statement analysis, focusing on ROE, D/E ratios, and ROIC, alongside qualitative research into product differentiation and intangible assets. Effective management, prudent capital allocation, and alignment with shareholder interests are also covered. Aligning with Benjamin Graham and David Dodd, Macijauskas leans into conservative valuation, a margin of safety, and a minimum required rate of return. Filters serves as a systematic guide, integrating leading investment principles for long-term success.
Filters: The Most Pragmatic Guide to Stock Market Investing by Dovydas Macijauskas does an excellent job of achieving its goal of providing a comprehensive overview of stock investing, covering various levels of expertise, from basic mechanics to advanced strategies. I think one of the most helpful pieces for me, aside from the authority that the author conveys through using the concepts and ideas of some of the world's most savvy investors, was learning about what contributes to a company's competitive strength. Filters effectively differentiates between tangible cost-based advantages and intangible differentiation-based advantages, which is crucial in guiding readers on what to look for when assessing a company’s long-term prospects. Still, what makes Filters stand out is that the information provided is both practical and actionable, such as in guiding investors on things like how to navigate through potentially misleading information. The author says, "As a rational investor, you should ignore the attractive tone, styling, wording, or images presented in the annual report, focusing on factual information." I think this is an excellently written and accessible guide for both novices and more seasoned investors alike. Very highly recommended.
