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Archive for January, 2009

Wesley Gray’s Empirical Search Strategies

Posted in About, Liquidation Value, Net Cash Stocks, Net Net Stocks, Stocks, tagged , on January 30, 2009 | Leave a Comment »

Wesley Gray, who occasionally drops by here to provide some high quality commentary, has launched his maiden hedge fund, “Empirical Search Strategies.” The fund follows a “long-biased micro-cap equity strategy,” which means it invests in “special situations opportunities such as liquidations and companies selling for less than cash value.” Sounds like a good strategy to [...]

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Walter Schloss, superinvestor

Posted in About, Greenbackd, Liquidation Value, Warren Buffett, tagged , , on January 29, 2009 | 5 Comments »

Walter Schloss might be one of Benjamin Graham’s lesser-known disciples, but to Warren Buffett, perhaps Graham’s most famous disciple, Schloss is a “superinvestor.” In The Superinvestors of Graham-and-Doddsville, an article based on a speech Buffett gave at Columbia Business School on May 17, 1984 and appearing in Hermes, the Columbia Business School magazine, Buffett said [...]

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ARC Wireless Solutions (NASDAQ:ARCW)

Posted in Activist Investors, ARC Wireless Solutions (NASDAQ:ARCW), Brean Murray Carret, Stocks, tagged , , , , , on January 28, 2009 | 3 Comments »

ARC Wireless Solutions (NASDAQ:ARCW) is a net cash stock with an activist investor, Brean Murray Carret, disclosing a 13.9% position on November 3 last year. ARCW closed yesterday at $2.86, giving it a market capitalization of just $8.8M. We estimate its liquidation value to be 57% higher at $13.9M. Brean Murray Carret’s original 13D filing [...]

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AVGN to review BVF’s tender offer

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged , , , on January 28, 2009 | 1 Comment »

The board of Avigen Inc (NASDAQ: AVGN) has announced that it will review BVF’s tender offer and advise AVGN’s stockholders of the board’s position by February 6. We’ve been following AVGN (see archived posts here) because it’s a net cash stock (i.e. it’s trading at less than the value of its cash after deducting all [...]

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Ikanos Communications Inc (NASDAQ:IKAN)

Posted in Greenbackd Portfolio, Ikanos Communications Inc (NASDAQ:IKAN), Net Cash Stocks, Net Net Stocks, Stocks, tagged , , , , , on January 27, 2009 | 2 Comments »

Ikanos Communications Inc (NASDAQ:IKAN) is a net cash stock that has retained a financial advisor to “assist it in exploring and evaluating strategic alternatives to maximize shareholder value.” IKAN closed yesterday at $1.14, giving it a market capitalization of $32.9M. Based on its September 10Q, we estimate the company’s liquidating value to be more than [...]

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BVF commences tender offer for AVGN

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Net Net Stocks, Stocks, tagged , , , on January 26, 2009 | Leave a Comment »

Biotechnology Value Fund (BVF) announced that it has commenced its cash tender offer to purchase any and all of the outstanding common stock of Avigen Inc (NASDAQ: AVGN) that BVF does not own at $1.00 per share. We’ve been following AVGN (see archived posts here) because it’s a net cash stock (i.e. it’s trading at [...]

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Warren Buffett on stock buy backs

Posted in About, Share buy-backs, Warren Buffett, tagged , on January 26, 2009 | Leave a Comment »

Warren Buffett took the opportunity Friday to lend his considerable intellectual weight to the debate about buy backs, saying, “I think if your stock is undervalued, significantly undervalued, management should look at that as an alternative to every other activity.” We’ve been banging the drum for buy backs quite a bit recently. We wrote on [...]

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Irrational buy back behavior

Posted in About, Catalysts, Share buy-backs, tagged on January 23, 2009 | 5 Comments »

We’re often banging on about stock buy backs to anyone who’ll listen. We like them because they represent the lowest risk investment for any company with undervalued stock. The S&P500 peaked at 1,576.09 on October 11, 2007. It’s now off a lazy 47% to 827.50. It’s probably fair to say that the average stock is [...]

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Catalyst wanted: MEMSIC INC (NASDAQ:MEMS)

Posted in About, Net Cash Stocks, Net Net Stocks, Share buy-backs, tagged , , on January 22, 2009 | 2 Comments »

MEMSIC INC (NASDAQ:MEMS) is a deeply undervalued net net stock and the second installment in our Catalyst Wanted series. At its $1.64 close yesterday, MEMS has a market capitalization of $39M. We estimate its liquidating value to be around 86% higher at $72M or $3.05 per share. Its liquidating value is predominantly cash, so much [...]

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Catalyst wanted: Trident Microsystems Inc (NASDAQ:TRID)

Posted in Trident Microsystems Inc (NASDAQ:TRID), tagged , on January 21, 2009 | 1 Comment »

Trident Microsystems Inc (NASDAQ:TRID) is an undervalued net cash stock looking for a catalyst. We think it’s a good candidate for an activist campaign for a number of reasons: It’s large for a net cash stock: As its $1.67 close yesterday, the company has a market capitalization of $103M. That puts it into the strike [...]

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