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Archive for April, 2010

Guest post: Michael B. Rapps on WGI Heavy Minerals Inc (TSE:WG)

Posted in About, Activist Investors, Liquidation, Liquidation Value, Stocks, tagged , , on April 16, 2010 | 6 Comments »

Michael B. Rapps of Geosam Capital Inc has provided a guest post on WGI Heavy Minerals Inc (TSE:WG). Michael recently joined Geosam Capital Inc., a Toronto-based private equity firm that focuses on small-capitalization activist investments and distressed debt investments. Prior to joining Geosam Capital Inc., he practiced law for 3 1/2 years at Davies Ward Phillips [...]

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Oozing Alpha

Posted in About, Activist Investors, Liquidation, Liquidation Value, tagged , , on April 15, 2010 | Leave a Comment »

Farukh Farooqi, long-time supporter of Greenbackd, 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”) and Greenbackd guest poster (see, for example, Silicon Storage Technology, Inc (NASDAQ:SSTI) and the SSTI archive here) has launched a blog, Oozing Alpha. Says Farukh: Oozing Alpha is [...]

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Endangered Species 2001

Posted in About, Activist Investors, Audiovox Corporation (NASDAQ:VOXX), Catalysts, Dataram Corporation (NASDAQ:DRAM), Ditech Networks Inc (NASDAQ:DITC), Stocks, Value Investment, tagged , , , , , on April 14, 2010 | 2 Comments »

In the Spring 1999 Piper Jaffray produced a research report called Wall Street’s Endangered Species by Daniel J. Donoghue, Michael R. Murphy and Mark Buckley, then at Piper Jaffray and now at Discovery Group, a firm founded by Donoghue and Murphy (see also Performance of Darwin’s Darlings). The premise of the report was that undervalued small capitalization stocks (those with a market [...]

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Endangered species update: The extinct, the survivors, and the new watch list

Posted in About, Activist Investors, Catalysts, Chromcraft Revington (AMEX:CRC), Stocks, tagged , , , , , on April 13, 2010 | 1 Comment »

In March I highlighted an investment strategy I first read about in a Spring 1999 research report called Wall Street’s Endangered Species by Daniel J. Donoghue, Michael R. Murphy and Mark Buckley, then at Piper Jaffray and now at Discovery Group, a firm founded by Donoghue and Murphy (see also Performance of Darwin’s Darlings). The premise, simply stated, is [...]

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Tech stock activism

Posted in About, Activist Investors, Stocks, tagged , , on April 12, 2010 | 1 Comment »

The Wall Street Journal has an article, Activist Holders Eye Top Managers for Boards, discussing the trend for executives running public companies to switch to activist boardroom roles where they can oust executives who run other public companies: To enhance their credibility in proxy fights, dissident investors increasingly put experienced corporate officials—including some former chief [...]

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Graham’s P/E10 ratio

Posted in About, Austrian Economics, Value Investment, tagged , on April 9, 2010 | 10 Comments »

The wonderful DShort.com blog has a post, Is the stock market cheap?, examining the S&P500 using Benjamin Graham’s P/E10 ratio. Doug Short describes the raison d’être of the Graham P/E10 ratio thus: Legendary economist and value investor Benjamin Graham noticed the same bizarre P/E behavior during the Roaring Twenties and subsequent market crash. Graham collaborated with [...]

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Alfred Winslow Jones’s “hedge fund”

Posted in About, Stocks, tagged , on April 8, 2010 | 4 Comments »

Alfred Winslow Jones is generally regarded as the progenitor of the modern “hedge fund.” Jones’s strategy, to construct a portfolio 130% long and 30% short (known as “130/30″), seems pretty prosaic by today’s standards, but it was state-of-the-art when he established the partnership A. W. Jones & Co. in 1949. In the April 1966 Fortune article, The Jones [...]

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Forward Industries Inc (NASDAQ:FORD) position exited

Posted in About, Activist Investors, Forward Industries Inc (NASDAQ:FORD), Liquidation Value, Stocks, tagged , , on April 7, 2010 | Leave a Comment »

I’ve exited the position in Forward Industries Inc (NASDAQ:FORD) at yesterday’s $3.23 close. I opened the position at $1.44 on July 20 last year. The stock is up 124.3% on an absolute basis and up 98% relative to the S&P500. Post mortem We started following FORD (see the post archive here) because it was trading at a discount [...]

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Greenbackd launches maiden fund

Posted in Stocks on April 6, 2010 | 20 Comments »

I am happy to announce that I have raised a modest amount of external seed capital for my maiden fund, which I have called Eyquem Global Value (“Eyquem” is Montaigne’s last name). The fund started trading on 1 April, but I didn’t announce it then for the obvious reason. The fund will be pursuing a [...]

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Top posts for the quarter

Posted in About, Greenbackd, Stocks, tagged on April 2, 2010 | Leave a Comment »

Here are the top 10 posts for the last quarter by unique visitors: The palaeontology of Mike Burry Guest post: The short case for Berkshire Intuition and the quantitative value investor Japanese liquidation value: 1932 US redux What Montier’s Painting by Numbers can offer to value investors Seth Klarman’s Twenty Investment Lessons of 2008 Quantifying [...]

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