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Archive for the ‘About’ Category

Guest post update: Sham Gad on Paragon Technologies (OTCBB: PGNT)

Posted in Activist Investors, Value Investment, tagged , on September 7, 2010 | Leave a Comment »

Sham Gad has provided an update on his earlier guest post on Paragon Technologies (OTCBB: PGNT), which Daniel Rudewicz of Furlong Samex also covered in January. Sham is the managing partner of Gad Capital Management, a value-focused investment firm modeled after the Buffett Partnerships based in Athens, Georgia. Gad is also the author of the recently released,  ”The Business of Value Investing: [...]

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Quick Idea: Cal Dive International Inc. (NYSE:DVR)

Posted in Stocks, Value Investment, tagged on September 3, 2010 | 2 Comments »

Cal Dive International Inc. (NYSE:DVR) is an interesting play on the offshore oil and gas service industry. It was trading through a cyclical and seasonal low before the Macondo well blowout. The blowout has had a significant impact on the offshore oil and natural gas industry, and saw DVR suffer one of its worst quarters in several [...]

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Alternative metrics to the Shiller PE10

Posted in About, Value Investment, tagged on September 2, 2010 | 1 Comment »

My post on the Shiller PE10 ratio calculated using Shadowstats’ alternate to the BLS CPI generated some great discussion about the various flaws in the market-level PE and PE10 – using BLS CPI or Shadowstats’ CPI – ratios. Brett Arends’s WSJ.com ROI blog has a timely post Why Stocks Still Aren’t Cheap examining other measures of [...]

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Bull market in phrase “turning Japanese”

Posted in About, Stocks, tagged , on September 1, 2010 | 2 Comments »

When The Vapors recorded Turning Japanese in 1980, I wonder if they had any inkling that 30 years later the chorus would be co-opted by every macro pundit with a blog in the western world to explain the future of the US economy. It’s everywhere, to wit: The Guardian says, “We’re all turning Japanese.“ PIMCO asks, [...]

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McDonald’s Corporation (NYSE:MCD) field trip report from 1965

Posted in About, Value Investment, tagged , on August 31, 2010 | 1 Comment »

Michael Bigger’s Bigger Capital blog has a great “field trip” report on McDonald’s Corporation (NYSE:MCD) from 1965. You could have picked up MCD then for a split-adjusted $0.06 per share, giving you a twelve-hundredfold return to date. Says Michael: A good friend of mine, a talented research analyst, covered McDonald’s (MCD) in the sixties. One [...]

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Past performance is no guarantee of future results? Indicators of hedge fund performance persistence

Posted in About, Stocks, tagged on August 30, 2010 | 6 Comments »

The CXO Advisory Group blog has a great post about the indicators of persistence in hedge fund performance. CXO examines a July 2010 paper, “Hedge Fund Characteristics and Performance Persistence”, by Manuel Ammann, Otto Huber and Markus Schmid, in which the authors investigate hedge fund performance persistence over periods of six to 36 months based on portfolios [...]

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Graham / Shiller PE10 calculated using Shadowstats’ CPI

Posted in About, Stocks, Value Investment, tagged , on August 27, 2010 | 13 Comments »

Saturna Capital has an interesting take on the calculation of the Graham / Shiller PE10, otherwise known as the Cyclically Adjusted Price Earnings ratio (CAPE). Saturna argues that The Market May Be Cheaper Than It Looks because the Consumer Price Index (CPI) provided by the Bureau of Labor Statistics (BLS) understates the true rate of inflation, a key [...]

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Vitaliy Katsenelson on Medtronic Inc. (NYSE:MDT)

Posted in About, Value Investment, tagged , on August 26, 2010 | Leave a Comment »

Vitaliy Katsenelson’s Contrarian Edge has a great post on Medtronic Inc. (NYSE:MDT) (Barron’s is wrong on Medtronic). Katsenelson’s post is a rebuttal to a Barron’s article, Should Medtronic Investors Lose Heart?, in which the author argues that MDT is a sick man. His post is a superb line-by-line refutation of Barron’s thesis: “The stock looks [...]

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Darwin’s darlings in practice: Accretive uses “Take Private” tactic

Posted in About, Catalysts, Stocks, Value Investment, tagged , on August 25, 2010 | 3 Comments »

One of my favorite strategies is the Endangered Species / Darwin’s Darlings strategy I discussed in some detail earlier this year (see Hunting endangered species and Endangered Species 2001). The strategy is based on a Spring 1999 Piper Jaffray research report called Wall Street’s Endangered Species by Daniel J. Donoghue, Michael R. Murphy and Mark Buckley, then at Piper Jaffray and [...]

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Counterintuitive strategies for hedge fund holdings

Posted in Behavioral economics, Stocks, tagged on August 24, 2010 | Leave a Comment »

Zero Hedge has a great post on the quarterly Goldman Hedge Fund Trend Monitor. The most interesting aspect of the piece is the relative performance of stocks with the highest concentration of hedge fund holders against the performance of stocks with the lowest concentration of hedge fund holders: We define “concentration” as the share of [...]

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