Method and valuation

How to value a business, how to allocate capital, and how to catch yourself rationalising.

18 articles

29/10/26

170 net-net stocks in Vietnam, and the trap inside the cash column

Screening every non-financial company on HOSE, HNX and UPCOM by Graham's own definition of net-net returns 170 tickers whose market value sits below net current asset value. That number says there are 170 balance sheets which look like net-nets, not that Vietnam holds 170 Graham opportunities. The gap between those two statements lives in the notes to the accounts.

13 min read

15/09/26

The One Thing Nobody Gives Up: Why Billionaires Keep Their Companies After Divorce

Bezos paid 35.6 billion dollars and kept control of Amazon. McCourt paid 131 million and lost the whole team. The two numbers refuse to line up — and the answer is somewhere other than where we keep looking.

20 min read

08/09/26

Value investing when rates are high: lessons from 2008, 2011 and 2022

Interbank rates went from 3.7% to 9.3%. The VN-Index trades at 12.46 times earnings while deposits pay 7.5%. What Buffett, Graham and Schloss did in this weather — applied to Vietnam in 2026.

11 min read

31/07/26

Borrowing from the bank to play the stock market

10 min read

17/06/26

Afraid when the price falls, afraid when it rises

9 min read

13/06/26

Serial acquirers: the compounding machines that buy small and win big

11 min read

09/06/26

The Outsiders: capital allocation lessons for Vietnamese investors