Kevin Martelli, the founder of Martek Partners, has published an interesting presentation on value investing (document embedded below). The first section covers his thoughts on private equity vs. value investing in the context of a career in finance. The second section is a retrospective analysis of multi-bagger stocks (>10x in the last 15 years) through case studies of REA Group, Philippine Seven and AutoZone. If you want a shorter read, the FT recently covered some of Martelli’s key insights.