The Long Case for AmEx, Hunter Douglas, and Hemisphere GPS

These are notes from the Day 2 sessions at the 3rd Annual Value Investing Congress West, held May 6-7, written by Jonathan M. Heller.

Ken Shubin Stein, of Spencer Capital, laid out his philosophy, which includes:<!---->

• Looking for asymmetric payoffs (limited downside, with much upside)

• Bottom-up fundamental analysis

• A “scientific” research process

• Belief that volatility is the key to successful long term investing