In The growth illusion, an article appearing in the most recent Buttonwood’s notebook column of The Economist, Buttonwood argues that valuation, rather than economic growth, determines investment returns at the country level. In support of this thesis, Buttonwood highlights research undertaken by Elroy Dimson, Paul Marsh and Mike Staunton from the London Business School, which [...]
Archive for August, 2009
Applying value principles at a country level
Posted in About, Stocks, Value Investment, tagged Value Investment on August 31, 2009 | 4 Comments »
Guest post: Wes Gray on CombiMatrix Corporation (NASDAQ:CBMX)
Posted in CombiMatrix Corporation (NASDAQ:CBMX), Stocks, tagged CombiMatrix Corporation (NASDAQ:CBMX) on August 28, 2009 | 19 Comments »
On Wednesday we called for guest posts on Greenbackd-style stocks. Our first guest post is from Wes Gray on CombiMatrix Corporation (NASDAQ:CBMX). Wes is a former Marine who, along with several partners, launched his maiden hedge fund, “Empirical Search Strategies” a year ago. He’s also a PhD candidate at the University of Chicago Booth School [...]
AVGN releases terms of MNOV deal; Shareholder launches class action
Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged Activist investment, Avigen Inc (NASDAQ:AVGN), Biotechnology Value Fund, Liquidation Value, Net Cash Stock on August 27, 2009 | Leave a Comment »
Although we closed our position in Avigen Inc (NASDAQ:AVGN) earlier this week, we’re keeping a watching brief on the stock. AVGN has now filed with the SEC the terms of the deal with MediciNova Inc (NASDAQ:MNOV), and they’re not as bad as the earlier report seemed to suggest. The deal has, however, attracted the ire [...]
Open invitation for guest posts
Posted in About, Catalysts, Greenbackd on August 26, 2009 | 3 Comments »
We’ve received some great investment ideas on this blog from our readers, and it seems a shame that they remain hidden in the comments of other posts (See, for example, Shake&Bake’s take on LDIS or Sop81_1′s analysis of EDCI). To that end, we’re extending an open invitation to anyone who wishes to submit a post [...]
Special situation: MRV Communications Inc (OTC:MRVC)
Posted in Activist Investors, MRV Communications Inc (OTC:MRVC), Special Situation, Stocks, Value Investors for Change, tagged Activist investment, Liquidation Value, MRV Communications Inc (OTC:MRVC), Net Current Asset Value, Special Situation on August 25, 2009 | 1 Comment »
MRV Communications Inc (OTC:MRVC) is an activist play with Value Investors for Change – who recently filed proxy documents in relation to VXGN – seeking to replace the “current, ineffective board of directors” with a new board of “highly qualified, independent directors committed to realizing for all MRVC stockholders the fullest potential of their investments.” [...]
MNOV to acquire AVGN for $1.24 per share; Greenbackd exits
Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged Activist investment, Avigen Inc (NASDAQ:AVGN), Biotechnology Value Fund, Liquidation Value, Net Cash Stock on August 24, 2009 | 1 Comment »
MediciNova Inc. (NASDAQ:MNOV) will acquire Avigen Inc (NASDAQ:AVGN) for $1.24 per share in cash or secured convertible notes. While the stock is trading at a slight premium to the bid, we’re taking the opportunity to exit. AVGN closed Friday at $1.29, which means we’re up 98.5% on an absolute basis. The S&P500 was at 816.21 [...]
Spencer Capital leads charge against VXGN board
Posted in Activist Investors, Net Cash Stocks, Spencer Capital Management, Stocks, VaxGen Inc (OTC:VXGN), tagged Activist investment, Liquidation Value, Net Cash Stock, VaxGen Inc (OTC:VXGN) on August 21, 2009 | 14 Comments »
Spencer Capital has filed preliminary proxy documents to remove the board of VaxGen Inc (OTC:VXGN). In the documents, Spencer Capital, which leads a group of investors calling themselves “Value Investors for Change,” call out VXGN’s board on its “track record of failure and exorbitant cash compensation”: VaxGen does not have any operations, other than preparing [...]
Axcelis Technologies Inc (NASDAQ:ACLS) Q2 10Q update
Posted in Activist Investors, Axcelis Technologies Inc (NASDAQ:ACLS), Net Cash Stocks, Stocks, tagged Activist investment, Axcelis Technologies Inc (NASDAQ:ACLS), Liquidation Value on August 20, 2009 | 2 Comments »
Axcelis Technologies Inc (NASDAQ:ACLS) has filed its 10Q for the period ended June 30, 2009. We started following ACLS on January 8 this year (see our post archive here) because it is an undervalued asset play with an activist investor, Sterling Capital Management, holding 10.7% of its outstanding stock. ACLS has completed the sale of [...]
The end of value investing?
Posted in About, Liquidation Value, Stocks, tagged Liquidation Value, Warren Buffett on August 19, 2009 | 14 Comments »
Updated. Megan McArdle has written an article for The Atlantic, What Would Warren Do?, on Warren Buffett and the development of value investing, arguing that better information, more widely available, will erode the “modest advantage” value investors have over “a broader market strategy” and Warren Buffett’s demise will be the end of value investment. We [...]
Avigen Inc (NASDAQ:AVGN) Q2 10Q update
Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged Activist investment, Avigen Inc (NASDAQ:AVGN), Biotechnology Value Fund, Liquidation Value, Net Cash Stock on August 18, 2009 | Leave a Comment »
Avigen Inc (NASDAQ:AVGN) has filed its 10Q for the period ended June 30, 2009. One interesting aspect of the 10Q is the cost the company attributes to responding to the proxy fight and hostile tender offer: Operating Activities. Net cash used in operating activities was $8.2 million during the six months ended June 30, 2009. [...]
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