Value Traps

Came across an interesting article by Dali on value traps, it identifies companies with trading price significantly below its NTA value and the rationale behind them (lack of catalyst).

While many investors knows the term value trap, it is perhaps hard to tell a value share apart from a value trap.

In my short investment life, I've focused on the discovery of value share - those that tick all of Graham's criteria for value. But recent lessons has made me reevaluate my approach in investment.

Here's an excerpt from Buffett's annual letter to investor:

So if value is not the key to a successful portfolio then what is? Investment is not an easy game to play afterall!