Keeping an eye on IV intrinsic value and Margin of Safety instead of Net Asset Value

A blogpost about value investing. In Dutch waardebeleggen. Warren Buffett showed Book Value in his reports, but earnings are just as important. A combination is the Graham Number. So I would like to show my fellow investors the development of the intrinsic value (in Dutch Bedrijfseconomische waarde), tracked as Graham Number. (At the moment March 2015 I am having a problem because the IV is "increasing" quickly due to holdings in dollars being tracked in euros which is falling. A "Big Mac" total would make more sense, also seen from the perspective of changing inflation.)

A second graph shows the Margin of Safety. "Whether it's sock or stocks I like to buy when something is marked down." (Mark down in Dutch = Korting). So when the price of the stocks go up the Margin of Safety goes down. When the price of stocks goes down, like last October the Margin of Safety increases, like last October. That should make investors happy and enthusiastic to buy when stock prices go down. This is to some extent a Net Asset Value chart upside down, but it never goes above 100% or under 0% even after decades.

1. Stock overview and Graham Value calculation						Yield	Possible		Calculated		Total
				"Mr. Market"		EPS /	Growth	Per Share	Graham	Margin of	Graham Number
	Stocks I own	Ticker	#stocks	Price	EPS	Price	per Share	Book Value	Nr. Value	Safety	Value
Oil	Fugro		101	€ 25,00	€ 2,00	8%	10%	€ 17,00	€ 27,66	0,10	$2.991
	Agriculture Company	AGCO	33	$48,00	$3,50	7%	5%	$41,00	$56,82	0,16	$1.875
	Alamo Group	ALG	0	$51,11	$3,80	7%	10%	$30,50	$51,07	0,00	$0
Oil	Atwood Oceanics	ATW	75	$29,00	$5,00	17%	5%	$41,00	$67,92	0,57	$5.094
	Berkshire Hathaway	BRK.B	3	$144,00	$12,00	8%	12%	$100,00	$164,32	0,12	$493
OIL	Chicago Bridge & Iron	CBI	25	$46,00	$5,80	13%	12%	$26,39	$58,68	0,22	$1.467
	City Developments	CDEVY	73	$7,20	$0,62	9%	5%	$8,36	$10,80	0,33	$788
	Cheung Kong	CHEUY	84	$19,00	$2,50	13%	5%	$22,00	$35,18	0,46	$2.955
	Amcon	DIT	6	$82,00	$8,00	10%	5%	$90,43	$127,58	0,36	$765
	EZCorp	EZPW	671	$10,25	$1,05	10%	10%	$16,18	$19,55	0,48	$13.119
	Gafisa	GFA	1100	$1,15	$0,64	56%	10%	$6,18	$9,43	0,88	$10.377
Oil	Hollyfrontier Corp	HFC	44	$38,00	$3,50	9%	3%	$30,00	$48,61	0,22	$2.139
Oil	Lukoil	LUKOY	20	$44,00	$10,00	23%	2%	$106,00	$154,43	0,72	$3.089
	Markel	MKL	4	$740,00	$65,28	9%	14%	$544,00	$893,88	0,17	$3.576
	Reliance Steel & Alu	RS	28	$56,16	$4,70	8%	6%	$53,00	$74,86	0,25	$2.096
Oil	Solar City	SCTY	43	$50,00	$12,00	24%	70%	$25,30	$82,65	0,40	$3.554
	SouFun Holdings	SFUN	54	$5,95	$0,64	11%	15%	$1,54	$4,71	-0,26	$254
Oil	Surgutneftegas	SGTZY	100	$5,60	$2,00	36%	5%	$15,75	$26,62	0,79	$2.662
Oil	Sasol	SSL	43	$32,75	$4,19	13%	8%	$25,23	$48,77	0,33	$2.097
	Sun Hung Kai Prop.	SUHJY	33	$15,00	$1,60	11%	0%	$19,87	$26,75	0,44	$883
	Tech Data	TECD	20	$57,00	$5,50	10%	5%	$56,29	$83,46	0,32	$1.669
oil	Transglobe	TGA	405	$2,90	$0,30	10%	10%	$7,00	$6,87	0,58	$2.784
	Universal Corp	UVV	37	$46,00	$4,30	9%	3%	$53,90	$72,21	0,36	$2.672
	W. R. Berkley	WRB	39	$50,00	$5,00	10%	15%	$37,10	$64,60	0,23	$2.520
	World Acceptance	WRLD	14	$83,00	$10,00	12%	15%	$33,09	$86,29	0,04	$1.208
	Test	CBI	15	$47,73	$5,80	12%	10%	$26,39	$58,68	0,19	$880
	Bench:   10% or more cash.							Total Graham Number value of stocks			$71.126

Comments, questions or E-mails welcome: ajbrenninkmeijer@gmail.com