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Archive for December, 2009

Happy holidays, folks

Posted in Stocks, tagged on December 24, 2009 | 2 Comments »

I’m taking a two-week break. See you back here January 11th, 2010. In the interim, please feel free to comment or drop us a line at greenbackd [at] gmail [dot] com. I’ll be checking email and the comments on the site throughout the break, and will respond sporadically. Thank you for supporting Greenbackd in 2009.

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Top 10 Greenbackd posts of 2009

Posted in About, Greenbackd, Stocks, tagged on December 23, 2009 | 3 Comments »

I find it interesting to see which posts on Greenbackd attract the most attention and I thought you might too. To that end, here are the 10 most popular Greenbackd posts of 2009: The best unknown activist investment of 2009 Seth Klarman on Liquidation Value Tweedy Browne updates What Has Worked In Investing Marty Whitman’s adjustments [...]

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What Montier’s Painting by Numbers can offer to value investors

Posted in About, Stocks, Value Investment, tagged , , , on December 22, 2009 | 13 Comments »

In his 2006 research report Painting By Numbers: An Ode To Quant (via The Hedge Fund Journal) James Montier presents a compelling argument for a quantitative approach to investing. Montier’s thesis is that simple statistical or quantitative models consistently outperform expert judgements. This phenomenon continues even when the experts are provided with the models’ predictions. Montier argues [...]

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Convera Corporation (NASDAQ:CNVR) and the Case of the Disappearing Distribution

Posted in Convera Corporation (NASDAQ:CNVR), Stocks, tagged , on December 21, 2009 | 5 Comments »

In mid November I ran a post on Convera Corporation (NASDAQ:CNVR) (see the CNVR post archive here), which was in the process of liquidating and planning to pay distributions valued in the range of $0.26 to $0.45 per share. The stock was then trading at $0.221. The distributions consisted of three cash payments with a value [...]

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Greenbackd 2010 Graham NCAV Portfolio

Posted in Net Current Asset Value, Stocks, tagged , on December 18, 2009 | 10 Comments »

Update: I’ve removed SIG from the list. In Ben Graham’s Net Current Asset Values: A Performance Update Professor Henry Oppenheimer examined the return on stocks selected using Benjamin Graham’s net current asset value strategy over the period 1970 to 1983. Oppenheimer’s conclusion about the returns from such stocks was nothing short of extraordinary: The mean return from net [...]

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KPMG says glamour outperformed value in mergers and acquisitions

Posted in About, Stocks, Value Investment, tagged on December 17, 2009 | 3 Comments »

The Wall Street Journal’s Deal Journal blog has an article, The Secret to M&A: It Pays to Be Humble, about a KPMG study into the factors determining the success or otherwise of M&A deals over the period from 2002 to 2006. Some of the results are a little unexpected. Most surprising: acquirers purchasing targets with higher [...]

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Near Graham net nets vs Ultra-low price-to-book value stocks

Posted in About, Net Current Asset Value, Stocks, Value Investment, tagged , , on December 16, 2009 | 2 Comments »

I’m setting up a new experiment for 2009/2010 along the same lines as the 2008/2009 Net Net vs Activist Legend thought experiment pitting a little Graham net net against activist investing legend Carl Icahn (Net Net vs Activist Legend: And the winner is…). This time around I’m pitting a small portfolio of near Graham net nets against a [...]

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Guest post: Floris Oliemans on Solitron Devices Inc (OTC:SODI)

Posted in Net Net Stocks, Solitron Devices Inc (OTC:SODI), Stocks, tagged , , on December 15, 2009 | 4 Comments »

We have a guest post today on Solitron Devices Inc (OTC:SODI) from Floris Oliemans. Floris is a recent graduate of the University of Maastricht in the Netherlands with a MSc in Finance. He also holds a BSc in Economics. He wrote his masters thesis on the performance of Net Current Asset Value stocks.  He currently works as [...]

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$1750 off 2010 Value Investing Congress West expires Tuesday at midnight

Posted in Stocks on December 14, 2009 | 1 Comment »

The $1750 discount off the regular price of admission to the 2010 5th Annual Value Investing Congress West expires tomorrow, Tuesday, at midnight. Though the Congress is more than 6 months away, over 40% of the seats have already been reserved. Register by midnight Tuesday, December 15, 2009 with discount code P10GB1 and you’ll save $1,750 off [...]

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Forward Industries Inc (NASDAQ:FORD) 2009 10K update

Posted in Activist Investors, Forward Industries Inc (NASDAQ:FORD), Net Cash Stocks, Net Net Stocks, Stocks, tagged , , , on December 14, 2009 | 6 Comments »

Forward Industries Inc (NASDAQ:FORD) has filed its 10K for the period ended September 30, 2009. We started following FORD (see the post archive here) because it was trading at a discount to its net cash and liquidation values, although there was no obvious catalyst. Management appeared to be considering a “strategic transaction” of some kind, [...]

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