In September last year I picked up a small position in Cadus Corporation (OTC:KDUS). The idea was as follows: Cadus Corporation (OTC:KDUS) is an interesting play, but not without hairs on it. First, the good news: It’s trading at a discount to net cash with Carl Icahn disclosing an activist holding in 2002, and Moab [...]
Archive for July, 2010
Cadus Corporation (OTC:KDUS) in the WSJ
Posted in About, Activist Investors, Cadus Corporation (OTC:KDUS), Carl Icahn, Stocks, Value Investment, tagged Cadus Corporation (OTC:KDUS), Carl Icahn on July 19, 2010 | 1 Comment »
Top posts for the quarter
Posted in About, Greenbackd, tagged Greenbackd on July 15, 2010 | Leave a Comment »
It’s always fascinating for me to see which posts draw the most attention. Here are the top 10 posts for the last quarter: Graham’s P/E10 ratio The long and short of The St. Joe Company Absolute Return interviews Seth Klarman Seahawk Drilling (NASDAQ:HAWK) redux and HAWK liquidation values Whitney Tilson and Glenn Tongue on BP [...]
Handy automatic Graham / Shiller PE10 chart
Posted in About, Austrian Economics, Value Investment, tagged Benjamin Graham on July 14, 2010 | 3 Comments »
Multpl.com has a handy Graham / Shiller PE10 chart for the S&P500 that updates on daily basis. Where is the PE10 today? 19.93: Interested in the mean, median, minimum or the maximum? Multpl.com has those too: Mean: 16.37 Median: 15.74 Min: 4.78 (Dec 1920) Max: 44.20 (Dec 1999)?
Ramius Capital files 13D for Aviat Networks Inc (NASDAQ:AVNW)
Posted in Activist Investors, tagged Aviat Networks Inc (NASDAQ:AVNW), Ramius Capital on July 13, 2010 | 2 Comments »
Ramius Capital has disclosed an activist holding in Aviat Networks, Inc. (NASDAQ:AVNW) (Hat tip Oozing Alpha). I covered Ramius Capital’s white paper The case for activist strategies around 18 months ago. I think the AVNW position, as described by Ramius in the letter annexed to the 13D, is compelling. Ramius’s “Purpose” set out in the 13D [...]
The long and short of Berkshire Hathaway Inc. (NYSE:BRK.A BRK.B)
Posted in Stocks, Warren Buffett, tagged Berkshire Hathaway Inc. (NYSE:BRK.A), Berkshire Hathaway Inc. (NYSE:BRK.B), Warren Buffett on July 12, 2010 | 4 Comments »
Berkshire Hathaway Inc. (NYSE:BRK.A BRK.B) has been in the news recently as Goldman Sachs initiated coverage on the stock with a “Buy” rating and then Stifel Nicolaus & Co. followed with a “Sell.” It’s not often that the street gets so polarized about a stock, tending to the more tepid “Hold,” so I thought I’d [...]
Morningstar on St. Joes
Posted in About, Stocks, The St. Joe Company (NYSE:JOE), tagged The St. Joe Company (NYSE:JOE) on July 9, 2010 | 2 Comments »
In St. Joe can afford to be patient, Morningstar analyst Anthony Dayrit shares his thoughts on The St. Joe Company (NYSE:JOE) with Phil Guziec, Co-Editor and Portfolio Manager of Morningstar’s OptionInvestor research service. I’ve written about JOE previously (see The long and short of The St. Joe Company (NYSE:JOE)) arguing that it’s undervalued at present. [...]
Cheap Stocks on JOE
Posted in Stocks, tagged The St. Joe Company (NYSE:JOE) on July 8, 2010 | 1 Comment »
In my original post about The St. Joe Company (NYSE:JOE) (see The long and short of The St. Joe Company (NYSE:JOE) I mentioned that Jon Heller of Cheap Stocks had been a past holder. Jon has clarified his position in a post on Cheap Stocks and provided some useful comments on where he sees the value: [...]
Gyrodyne Company of America Inc (NASDAQ:GYRO)
Posted in Activist Investors, Stocks, tagged Gyrodyne Company of America Inc (NASDAQ:GYRO) on July 7, 2010 | 3 Comments »
Street Capitalist has a beautiful post on Gyrodyne Company of America Inc (NASDAQ:GYRO). It’s trading at its 52-week highs, but its settlement of a court case with the State of New York means that it’s at a greater than 60% discount to its liquidation value on a sum-of-the-parts basis. It’s also got some activists on [...]
HAWK rig market values
Posted in Liquidation Value, Seahawk Drilling (NASDAQ: HAWK), Stocks, tagged Liquidating Value, Seahawk Drilling (NASDAQ: HAWK) on July 6, 2010 | 4 Comments »
Further to my Seahawk Drilling, Inc. (NASDAQ:HAWK) liquidation value post, I set out below the slightly more optimistic valuation of HAWK’s rigs if they can be sold as operating rigs. Here is a guide to the second-hand market for rigs (click to enlarge): I’ve combined it with the list of HAWK’s rigs and their operating status from the July [...]
Li Lu’s introduction to Poor Charlie’s Almanac
Posted in About, Stocks, tagged Li Lu on July 2, 2010 | 5 Comments »
Enoch Ko’s Blog has a superb english translation of Li Lu’s introduction to Poor Charlie’s Almanac. Li Lu’s story is nothing short of awe inspiring. He was born in China, survived 1976 Tangshan earthquake, participated in the Tiananmen Square student protests, and became one of the student leaders before escaping to the US after China cracked down on the [...]
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