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Archive for the ‘Liquidation’ Category

Blue Horseshoe loves Sara Lee (SLE)?

Posted in Activist Investors, Liquidation, Stocks, tagged on October 6, 2010 | 1 Comment »

FT.com’s Lex has an article (Sara Lee in play) on a possible bid for the food conglomerate Sara Lee (NYSE:SLE) by the old barbarians at the gates, Kohlberg Kravis Roberts: Of course, a bid now might be opportunistic. Sara Lee has been without the architect of its restructuring since chief executive Brenda Barnes retired due [...]

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Wilbur Ross on Charlie Rose

Posted in About, Activist Investors, Contrarian investment, Liquidation, Liquidation Value, Net Current Asset Value, Stocks, tagged on August 4, 2010 | 5 Comments »

Charlie Rose has a fantastic interview with Wilbur Ross, who played Willy Tanner (the dad) on Alf before becoming an investor in distressed businesses, most notably in the coal, steel and auto parts industries. This profile describes Ross’s start thus: In 2001, when LTV, a bankrupt steel company based in Cleveland, decided to liquidate, Ross [...]

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Guest post: Kerrisdale Capital on Coventree Inc. (TSXV:COF.H)

Posted in Liquidation, Liquidation Value, tagged , on June 2, 2010 | 3 Comments »

Sahm Adrangi and Jeff Borack of Kerrisdale Capital have provided a guest post on Coventree Inc. (TSXV:COF.H). Kerrisdale Capital  is a private investment manager that focuses on value and special situations investments. Here’s their take on COF.H: Coventree Inc. is a liquidation-oriented investment. When it was operational, the company was a Canadian specialty finance company that [...]

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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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Cheap Stocks 21 Net Net Index results

Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged , , , , on February 26, 2010 | 3 Comments »

Jon Heller of the superb Cheap Stocks, one of the inspirations for this site, has published the results of his two year net net index experiment in Winding Down The Cheap Stocks 21 Net Net Index; Outperforms Russell Microcap by 1371 bps, S&P 500 by 2537 bps. The “CS 21 Net/Net Index” was “the first [...]

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Back-testing the performance of net current asset value against net net working value

Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged , , , , , , , on February 18, 2010 | 3 Comments »

Jae Jun at Old School Value has a great post, NCAV NNWC Screen Strategy Backtest, comparing the performance of net current asset value stocks (NCAV) and “net net working capital” (NNWC) stocks over the last three years. To arrive at NNWC, Jae Jun discounts the current asset value of stocks in line with Graham’s liquidation value [...]

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The Kabuki narrative

Posted in About, Behavioral economics, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged , , , , on February 12, 2010 | 5 Comments »

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 [...]

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Activist investing in Japan

Posted in About, Activist Investors, Liquidation, Liquidation Value, Steel Partners, Stocks, tagged , 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 [...]

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Performance of Japanese sub-liquidation value stocks: the results

Posted in About, Liquidation, Liquidation Value, Value Investment, tagged , , , , , , , , 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 [...]

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