Following on from last week’s Japanese liquidation value: 1932 US redux post, I’ve been trying to determine whether the historical performance of Japanese sub-liquidation value stocks matches the experience in the US. The question arises because of the perception (rightly or not) that the weakness of shareholder rights in Japan means that net current asset value [...]
Archive for the ‘Net Quick Stocks’ Category
Performance of Japanese sub-liquidation value stocks
Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Stocks, tagged Benjamin Graham, Japan, NCAV, Net Current Asset Value on February 8, 2010 | 2 Comments »
Japanese liquidation value: 1932 US redux
Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, tagged Japan, Net Cash Stock, Net Current Asset Value, Net Net, Net Net Stock, Net Quick Value on February 4, 2010 | 14 Comments »
Zero Hedge has an article Uncovering Liquidation Value… In Japan? discussing SocGen’s Dylan Grice’s Are Japanese equities worth more dead than alive. The title is a nod to Benjamin Graham’s landmark 1932 Forbes article, Inflated Treasuries and Deflated Stockholders, where he discussed the large number of companies in the US then trading at a discount to liquidation [...]
October Net-Net follow-up
Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged Net Net on February 2, 2010 | 1 Comment »
In October I introduced a “monthly” net-net watch list based on the GuruFocus Benjamin Graham Net Current Asset Value Screener (subscription required). I haven’t updated it on a monthly basis, so now it’s a quarterly net-net watch list. July Net-Net Screen I was prompted to introduce the October net-net watch list because of the performance of a watch [...]
Montier on net nets: A simple quantitative value strategy
Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged Montier, NCAV, Net Current Asset Value, Net Net, Value investing on January 21, 2010 | 9 Comments »
Continuing the quantitative value investment theme I’ve been trying to develop over the last week or so, I present my definition of a simple quantitative value strategy: net nets. James Montier, author of the essay Painting By Numbers: An Ode To Quant, which I use as the justification for simple quantitative investing, authored an article in September [...]
Introducing the Monthly Net-Net Watchlist
Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Quarterly Net-Net Watchlist, Stocks, tagged Liquidation Value, Net Current Asset Value, Net Net Stock, Net Quick Value, Quarterly Net-Net Watchlist on October 13, 2009 | 4 Comments »
We’ve recently been using the GuruFocus Benjamin Graham Net Current Asset Value Screener (subscription required) to generate regular watchlists of net net stocks. The GuruFocus NCAV screen has some superb functionality that makes it possible to create the watchlist from the screen and then track the performance of those stocks. We created our first watchlist [...]
Sub-liquidation value ten baggers
Posted in About, Greenbackd, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, tagged Liquidating Value, Liquidation Value, Net Cash Stock, Net Current Asset Value, Net Net Stock, Net Quick Value on August 5, 2009 | 12 Comments »
Bespoke Investment Group (via The Reformed Broker) has a list of the biggest gainers for 2009. It should come as no surprise to regular readers of Greenbackd that a number of the stocks are former sub-liquidation value plays (most of which we missed): We opened a position in VNDA and got a great return. We [...]
Marty Whitman discusses Graham’s net-net formula
Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged Liquidation Value, Martin Whitman, Net Current Asset Value, Net Net Stock, Net Quick Value on July 28, 2009 | Leave a Comment »
In the following video, legendary value investor Marty Whitman discusses Benjamin Graham’s net-net formula and his adjustments to it. We’ve previously covered those adjustments here, but we’ve added the video because we think it’s quite amazing to see the great man explaining his rationale for making them. The highlight, from our perspective, is this gem: We [...]
Marty Whitman’s adjustments to Graham’s net net formula
Posted in About, Greenbackd, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged Liquidating Value, Martin Whitman, Net Cash Stock, Net Current Asset Value, Net Net Stock, Net Quick Value, Third Avenue Value Fund on May 4, 2009 | 11 Comments »
Long-term readers of Greenbackd might remember our initial struggle to apply the net net / liquidation formula described by Benjamin Graham in the 1934 Edition of Security Analysis in the context of modern accounting. Putting aside our attempt to include and tweak the discounts to PP&E (kind of like fixing the smile on the Mona [...]
Tweedy Browne updates What Has Worked In Investing
Posted in About, Greenbackd, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged Liquidating Value, Net Current Asset Value, Net Net Stock on April 3, 2009 | 36 Comments »
Tweedy Browne, the deep value investment firm established in 1920, has updated its booklet, What Has Worked In Investing (.pdf). First published in 1992 and now updated for 2009, the booklet discusses over fifty academic studies of investment criteria that have produced high rates of investment return. Our interest in the booklet stems from its [...]
Seth Klarman on Liquidation Value
Posted in Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Seth Klarman, Stocks, tagged Liquidating Value, Net Current Asset Value, Net Net Stock, Seth Klarman on March 18, 2009 | 7 Comments »
Seth Klarman, the founder of The Baupost Group, an exceptionally well-performed, deep value-oriented private investment partnership, is known for seeking idiosyncratic investments. The Baupost Group’s returns bear out his unusual strategy: Over the past 25 years, The Baupost Group has generated an annual compound return of 20% and is ranked 49th in Alpha’s hedge fund rankings. [...]
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