In A Crisis In Quant Confidence*, Abnormal Returns has a superb post on Scott Patterson’s recounting in his book The Quants of the reactions of several quantitative fund managers to the massive reversal in 2007: In 2007 everything seemed to go wrong for these quants, who up until this point in time, had been coining profits. This inevitably [...]
Archive for March, 2010
A tide in the affairs of men
Posted in About, Quantitative investment, Stocks, Value Investment, tagged Quantitative investment, Value Investment on March 31, 2010 | 11 Comments »
Greenbackd Contrarian Value Portfolio Update
Posted in About, Value Investment, tagged Asset Value, Price-to-book Value, Value Investment on March 30, 2010 | 9 Comments »
In a post in late November last year, Testing the performance of price-to-book value, I set up a hypothetical equally-weighted portfolio of the cheapest price-to-book stocks with a positive P/E ratio discovered using the Google Screener, which I called the “Greenbackd Contrarian Value Portfolio“. The portfolio has been operating for a little over 4 months, so I [...]
Zero Hedge’s leveraged buy-out screen
Posted in About, Stocks, Value Investment, tagged LBO, Leveraged buy-out on March 29, 2010 | 1 Comment »
Zero Hedge has another interesting post, A Quick And Dirty LBO Screen, on the potential for a wave of going private deals. Zero Hedge uses “a simplistic template from UBS” to identify the thirty companies that would “generate the highest stock return should they get acquired.” Zero Hedge assumes: …a 4.5x Debt/EBITDA pro forma leverage (as much as [...]
Greenbackd Report
Posted in About, Greenbackd, Stocks, tagged Greenbackd on March 26, 2010 | Leave a Comment »
I’ve received sufficient inquiries about the subscription-only service aimed at identifying stocks similar to those in the old Wall Street’s Endangered Species reports to proceed with it. Thank you for your support. If you would like to receive a free trial copy of the report when it is produced in exchange for providing feedback on its utility (or [...]
Greenbackd Endangered Species, Activism and Liquidation Report
Posted in About, Greenbackd, Value Investment, tagged Activist investment, Greenbackd, Liquidating Value, Liquidation Value, Net Current Asset Value, Net Net Stock on March 25, 2010 | 5 Comments »
I’m considering launching a subscription-only service aimed at identifying stocks similar to those in the old Wall Street’s Endangered Species reports. Like the old Wall Street’s Endangered Species reports, I’ll be seeking undervalued industrial companies where a catalyst in the form a buy-out, strategic acquisition, liquidation or activist campaign might emerge to close the gap between [...]
Endangered species list
Posted in About, Activist Investors, Stocks, Value Investment, tagged Activist investment, Catalyst, LBO, Leveraged buy-out, Private Equity on March 24, 2010 | 1 Comment »
Zero Hedge has an interesting article, How To Capitalize On The Upcoming Irrationally Exuberant LBO Bubble, about “the imminent tidal wave of going private deals.” Privatisations are one of the means by which undervalued small capitalization stocks can “close their value gap.” Said Daniel J. Donoghue, Michael R. Murphy and Mark Buckley in Wall Street’s Endangered Species: Management buy-outs can [...]
The palaeontology of Michael Burry
Posted in About, Dr. Michael (Mike) Burry, Value Investment, tagged Dr. Mike Burry, Michael Burry, Mike Burry on March 23, 2010 | 3 Comments »
Dr. Michael Burry has been a very popular topic on Greenbackd recently as a result of Michael Lewis’s The Big Short and the Vanity Fair article Betting on the Blind Side. I have posted a link to Burry’s techstocks.com “Value Investing” thread (now Silicon Investor) and another to Burry’s Scion Capital investor letters, but the thirst for all things Burry remains [...]
There’s only one Maltese Falcon: A profile on Carl Icahn
Posted in About, Activist Investors, Carl Icahn, tagged Activist investing, Carl Icahn on March 22, 2010 | Leave a Comment »
The New York Times has a fantastic profile on Carl Icahn called Does Icahn Still Make Them Tremble? He is one of Wall Street’s most colorful, controversial and complicated characters. Wearing slightly rumpled khakis and waving his eyeglasses to punctuate key points, Mr. Icahn is constantly jumping from one topic to another in an endless [...]
MMI nominates director for DHT Holdings Inc (NYSE:DHT)
Posted in About, Activist Investors, Stocks, tagged Activist investment, DHT Holdings Inc (NYSE:DHT), MMI Investments on March 19, 2010 | 1 Comment »
MMI Investments, the largest holder of DHT Holdings Inc (NYSE:DHT) stock, has announced that it sent a letter to Erik A. Lind, Chairman of DHT, formally nominating Robert N. Cowen for election to the DHT board. We started following DHT on Monday. MMI Investments is calling for DHT to reinstate the company’s dividend and appoint Robert N. [...]
Uncommon lessons from Phil Fisher
Posted in About, Behavioral economics, Contrarian investment, Stocks, Value Investment, tagged Philip A Fisher, Value investing, Value Investment on March 18, 2010 | 10 Comments »
In the Introduction to my 2003 copy of Philip A. Fisher’s Common Stocks and Uncommon Profits and Other Writings, his son, Kenneth L. Fisher, recounts a story about his father that has stuck with me since I first read it. For me, it speaks to Phil Fisher’s eclectic genius, and quirky sense of humor: But one [...]
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Twitter Updates
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