Regular readers of Greenbackd know that I’m no fan of “the narrative,” which is the story an investor concocts to explain the various pieces of data the investor gathers about a potential investment. It’s something I’ve been thinking about a great deal recently as I grapple with the merits of an investment in Japanese net [...]
Archive for February, 2010
The Kabuki narrative
Posted in About, Behavioral economics, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged Japan, Liquidating Value, Net Current Asset Value, Net Net Stock, Net Quick Value on February 12, 2010 | 5 Comments »
Greenbackd readers save $1,450 off regular Value Investing Congress West ticket price
Posted in Stocks, tagged VIC on February 11, 2010 | Leave a Comment »
This is a reminder that readers of Greenbackd will be able to receive an exclusive discount for the Value Investing Congress taking place on May 4 & 5, 2010 at the Langham Huntington Hotel & Spa in Pasadena, CA. If you want to hear from some of the best hedge fund managers in the game, then this is [...]
Activist investing in Japan
Posted in About, Activist Investors, Liquidation, Liquidation Value, Steel Partners, Stocks, tagged Activism, Japan on February 11, 2010 | 4 Comments »
Central to the discussion of sub-liquidation value investing in Japan is the ability or willingness of shareholders to influence management, and management’s willingness to listen. As Ben Graham noted in the 1934 edition of Security Analysis, in the US: The whole issue may be summarized in the form of a basic principle, viz: When a [...]
5 big Japanese Graham net nets
Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Value Investment, tagged Japan, Liquidating Value, Liquidation Value, Net Cash Stock, Net Current Asset Value on February 10, 2010 | 5 Comments »
In his Are Japanese equities worth more dead than alive?, SocGen’s Dylan Grice conducted some research into the performance of sub-liquidation value stocks in Japan since the mid 1990s. Grice’s findings are compelling: My Factset backtest suggests such stocks trading below liquidation value have averaged a monthly return of 1.5% since the mid 1990s, compared to -0.2% [...]
Performance of Japanese sub-liquidation value stocks: the results
Posted in About, Liquidation, Liquidation Value, Value Investment, tagged Japan, Liquidating Value, Liquidation Value, NCAV, Net Cash Stock, Net Current Asset Value, Net Net Stock, Net nets, Net Quick Value on February 9, 2010 | 4 Comments »
Since last week’s Japanese liquidation value: 1932 US redux post, I’ve been attempting to determine whether the historical performance of Japanese sub-liquidation value stocks matches the experience in the US, which has been outstanding since the strategy was first identified by Benjamin Graham in 1932. The risk to the Japanese net net experience is the perception (rightly [...]
Performance of Japanese sub-liquidation value stocks
Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Stocks, tagged Benjamin Graham, Japan, NCAV, Net Current Asset Value on February 8, 2010 | 2 Comments »
Following on from last week’s Japanese liquidation value: 1932 US redux post, I’ve been trying to determine whether the historical performance of Japanese sub-liquidation value stocks matches the experience in the US. The question arises because of the perception (rightly or not) that the weakness of shareholder rights in Japan means that net current asset value [...]
Guest post update: Farukh Farooqi, Marquis Research on Silicon Storage Technology Inc (NASDAQ:SSTI)
Posted in Activist Investors, Net Net Stocks, Silicon Storage Technology Inc (NASDAQ:SSTI), Stocks, tagged Activism, Net Net, Silicon Storage Technology Inc (NASDAQ:SSTI) on February 5, 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. Farukh wrote: Activist-Driven Situation Summary: Silicon Storage Tech. (SSTI; [...]
Japanese liquidation value: 1932 US redux
Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, tagged Japan, Net Cash Stock, Net Current Asset Value, Net Net, Net Net Stock, Net Quick Value on February 4, 2010 | 14 Comments »
Zero Hedge has an article Uncovering Liquidation Value… In Japan? discussing SocGen’s Dylan Grice’s Are Japanese equities worth more dead than alive. The title is a nod to Benjamin Graham’s landmark 1932 Forbes article, Inflated Treasuries and Deflated Stockholders, where he discussed the large number of companies in the US then trading at a discount to liquidation [...]
Why are we so clueless about the stock market?
Posted in About, Stocks, Value Investment, tagged Value investing on February 3, 2010 | 1 Comment »
Mariusz Skonieczny is the founder and president of Classic Value Investors LLC and runs the Classic Value Investors website. He has provided me with a copy of his book Why Are We So Clueless about the Stock Market? Learn How to Invest Your Money, How to Pick Stocks, and How to Make Money in the Stock Market and has [...]
List of activist investments for December
Posted in About, Activist Investors, Stocks, tagged Activist investment on February 3, 2010 | 2 Comments »
The Official Activist Investing Blog has published its list of activist investments for December: Ticker Company Investor ALCO Alico Inc. Atlantic Blue Group ALOG Analogic Corporation Ramius Capital ALOY Alloy Inc. SRB Management BASI Bioanalytical Systems Inc Peter Kissinger CNBC Center Bancorp Lawrence Seidman COBR Cobra Electronics Corp Timothy Stabosz CTO Consolidated Tomoka Land Co Wintergreen [...]
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