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Archive for February, 2010

Cheap Stocks 21 Net Net Index results

Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged , , , , on February 26, 2010 | 3 Comments »

Jon Heller of the superb Cheap Stocks, one of the inspirations for this site, has published the results of his two year net net index experiment in Winding Down The Cheap Stocks 21 Net Net Index; Outperforms Russell Microcap by 1371 bps, S&P 500 by 2537 bps. The “CS 21 Net/Net Index” was “the first [...]

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Dreaming of electric sheep

Posted in About, Behavioral economics, Quantitative investment, Stocks, tagged , on February 25, 2010 | 2 Comments »

One of the most interesting ideas suggested by Ian Ayers’s book Super Crunchers is the role of humans in the implementation of a quantitative investment strategy. As we know from Andrew McAfee’s Harvard Business Review blog post, The Future of Decision Making: Less Intuition, More Evidence, and James Montier’s 2006 research report, Painting By Numbers: An Ode To Quant, in context [...]

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Guest post update 2: Farukh Farooqi, Marquis Research on Silicon Storage Technology Inc (NASDAQ:SSTI)

Posted in Activist Investors, Silicon Storage Technology Inc (NASDAQ:SSTI), Stocks, tagged , on February 24, 2010 | Leave a Comment »

Farukh Farooqi, a long-time supporter of Greenbackd and the founder of Marquis Research, a special situations research and advisory firm (for more on Farukh and his methodology see The Deal in the article “Scavenger Hunter”) provided a guest post on Silicon Storage Technology, Inc (NASDAQ:SSTI) a few weeks back (see the post archive here). At the time of the [...]

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Quantifying qualitative factors

Posted in About, Quantitative investment, Stocks, Value Investment, tagged , , on February 23, 2010 | 7 Comments »

I’ve just finished Ian Ayres’s book Super Crunchers, which I found via Andrew McAfee’s Harvard Business Review blog post, The Future of Decision Making: Less Intuition, More Evidence (discussed in Intuition and the quantitative value investor). Super Crunchers is a more full version of James Montier’s 2006 research report, Painting By Numbers: An Ode To Quant, providing several [...]

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Benihana Inc. (NASDAQ:BNHN and BNHNA) Schedule 13D

Posted in About, Activist Investors, Stocks, tagged , on February 22, 2010 | Leave a Comment »

As I indicated in the first post back for 2010, I’m going to publish some of the more interesting 13D letters filed with the SEC. These are not situations for which I have considered the underlying value proposition, just interesting situations from the perspective of the activist campaign or the Schedule 13D. Benihana Inc. (NASDAQ:BNHN [...]

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Net current asset value and net net working capital back-test refined

Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, tagged , , , , , , on February 19, 2010 | 2 Comments »

Jae Jun at Old School Value has updated his great post back-testing the performance of net current asset value (NCAV) against “net net working capital” (NNWC) by refining the back-test (see NCAV NNWC Backtest Refined). His new back-test increases the rebalancing period to 6 months from 4 weeks, excludes companies with daily volume below 30,000 shares, and introduces the [...]

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Back-testing the performance of net current asset value against net net working value

Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged , , , , , , , on February 18, 2010 | 3 Comments »

Jae Jun at Old School Value has a great post, NCAV NNWC Screen Strategy Backtest, comparing the performance of net current asset value stocks (NCAV) and “net net working capital” (NNWC) stocks over the last three years. To arrive at NNWC, Jae Jun discounts the current asset value of stocks in line with Graham’s liquidation value [...]

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Walking the talk: Applying back-tested investment strategies in practice

Posted in About, Behavioral economics, Contrarian investment, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Quantitative investment, Stocks, Value Investment, tagged , , , , , , , , on February 17, 2010 | 8 Comments »

Aswath Damodaran, a Professor of Finance at the Stern School of Business, has an interesting post on his blog Musings on Markets, Transaction costs and beating the market. Damodaran’s thesis is that transaction costs – broadly defined to include brokerage commissions, spread and the “price impact” of trading (which I believe is an important issue [...]

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Three ghosts of bear markets past, redux

Posted in About, Behavioral economics, Contrarian investment, Greenbackd, Net Current Asset Value, Stocks, tagged on February 16, 2010 | 2 Comments »

Speculating about the level of the market is a pastime for fools and knaves, as I have amply demonstrated in the past (or, as Edgar Allen Poe would have it, “I have great faith in fools — self-confidence my friends will call it.”). In April last year I ran a post, Three ghosts of bear markets [...]

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President’s Day

Posted in Greenbackd on February 15, 2010 | Leave a Comment »

Have a good break. See you tomorrow.

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