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True. With the current CBA share price something like double the price of its net book assets, I'd say the market also agrees with you and has given its brand a fairly hefty value. More potential downside for me if that value is discounted for any reason. One way to value a brand is to...

I know this wasn't directed towards me but as I have been working on calculating the intrinsic value of CBA recently. A very basic intrinsic value estimation would involve reading the financials. If you did this and had a required IRR of 8%, CBA would come back as a strong buy thanks to its...

Sorry, I was trying to keep my post brief. When I said "An uptrend on increasing volumes suggests to me that any potential positive suprises have already been factored into the share price" I should clarify and add that even though it "suggests" the above, it would warrant further analysis...

Couldn't agree more about property, finance only going to get tighter and more expensive, yields low, prices high. I don't see where any property growth will come from for the next couple of years minimum.

I agree that many Value investors use charts - not as a predictor of the future, but a guide to what has happened in the past. Even I use charts prior to buying. But I use them to give me an idea of the level of interest in the share, or if the horse has bolted so to speak. A stock that...

Sometimes what you can find with stocks on the second chart is that the company had very ambitious earnings expectations and its been sold down because it didn't meet those, but may still have consistent positive earnings growth. A great example of this and one where I have made a fair bit...

Absolutely! As long as you buy at the low end of the spread, they tend to have better returns than liquid ones. Liquidity is a luxury you pay a premium for relatively speaking, due to foregoing the discount attached to illiquid stocks. Most illiquid stocks aren't much different than a term...

Funny that, because I would look at the second chart and think holders must be a bit discouraged by the lack of movement in the share price so are probably selling out of a potentially good company at less than fair value, then I would run it through my value determinator and if it looked a bit...

Not necessarily efficient, but an inefficient market can be over value the qualities as well as under value them. In a case like Microsoft, its more likely to be over emphasised than under.

So you realise this, but the rest of the market hasn't factored it into the price? For a highly followed stock like this to continue to go up, you need to know something that the rest of the market doesn't, or alternatively make a bet on a current uncertainty that may be holding the price down.

The expected return of those buying now would be negative going by the chart. Trend followers will scream in protest at this, but out of every company that showed a similar pattern in the past, most have reversed the trend shortly after. The allure, (but also the trap) of the sharemarket...