Welcome to Bayley Capital!

Note, this page is in perpetual Beta mode!

What do I do here?

Hello, my name is Ryan Vergottini. Bayley Capital is my value-investment focused, security research blog. I publish regular research on my favourite public market investment opportunities here.

You can read more about me and my track record here.

You can find all of my articles here.

What can subscribers expect?

Readers can expect to see well thought-out, thorough public company investment research posted here on a regular basis. My goal here is to generate market-beating returns.

‘Regular’ is a tricky one. I aim to publish an investment idea every four to six weeks, however this may not be consistently achievable. Finding ideas is an inherently unpredictable pursuit. In and amongst my long-form research, I plan to produce articles on interesting, finance-related subjects.

All of my research articles are time-stamped, so if you wanted to view the performance of my ideas, you are more than welcome to do so.

My investment approach - Value investing

My style is that of fundamental long-term value investing. I try to find situations in which there is a fundamental discount between the market valuation of the company versus its intrinsic (true) value.

For example, I recently came across a company that owned a significant portfolio of quality London property. The value of this property was not being recognised by the market due to noise from their operating business. In this case, net tangible assets (tangible assets, less all debt and liabilities) were worth significantly more than the value the market was ascribing to the entire company. The market eventually caught on and the price of the shares doubled in three months. Who wouldn’t want to buy high quality London property at a significant discount?

There are plenty more examples of similar situations, and that is exactly the purpose of this website, to bring those to your attention.

If you would like to educate yourself on value investing or find out more, checkout the Wikipedia page on the subject here. For a more in-depth discovery, I can highly recommend the following books:

1) One Up On Wall Street – Peter Lynch – A great, easy to read introductory book on the subject.

2) The Intelligent Investor – Benjamin Graham – A long read but the best book on value investing, in my opinion. I still dip into my copy every now and then. Mastering the concepts in this book will pay dividends through your investing journey and in the rest of your life too.

3) Security Analysis – Benjamin Graham & David L. Dodd – A very long read, but again, incredible value within its pages. Just like The Intelligent Investor, I treat this book as a reference book in my day to day. The second edition is my preferred edition as it contains less modern market commentary and remains true to Graham and Dodd’s writing.

Macro economics

I believe my skill lies in fundamental financial and business analysis. I will try my best to avoid bringing the wider economic picture into my work. At least, I will attempt to avoid publishing in depth macro-economic analysis.

I am not an economist and believe their job to be extremely difficult. That is not to say macro factors will never show up in my writing, they will probably do so more often than not, however the core of an investment thesis will rarely be based on macro-economic factors. Sometimes, macro-economic factors will be the cause of a deep discount in a particular security, however company specific factors will be the reason the investment is attractive.

Can I contact you?

Of course! I have made a personal commitment to respond to every email I receive from my readers. I would love to hear from you. Please send me an email at analyst@bayleycapital.com

Disclaimer

My research is intended to form the basis of your own research process. Nothing I say, expressly or implied on this website or newsletter constitutes investment advice. Please do your own research and due diligence.