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Posts Tagged ‘Activist investment’

Which price ratio best identifies value stocks?

Posted in Enterprise Multiple, Enterprise Value, Stocks, Strategy, tagged , , , , , , , , , on April 30, 2012 | 14 Comments »

Which price ratio best identifies undervalued stocks? It’s a fraught question, dependent on various factors including the time period tested, and the market capitalization and industries under consideration, but I believe a consensus is emerging. The academic favorite remains book value-to-market capitalization (the inverse of price-to-book value). Fama and French maintain that it makes no difference which [...]

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Kinnaras sends new letter to board of Media General Inc ($MEG)

Posted in Activist Investors, Stocks, tagged , , , on April 23, 2012 | Leave a Comment »

Kinnaras Capital Management demonstrates characteristic tenacity in a new letter to Media General Inc (NYSE:MEG) sent after Kinnaras’s exclusion from the most recent earnings call: I intended to voice those concerns on the Q1 2012 conference call but despite following directions to join the queue, it appears that I was not allowed to participate in this call. This is a poor response to [...]

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Kinnaras sends follow up letter to board of Media General Inc ($MEG)

Posted in Activist Investors, Liquidation Value, Stocks, Value Investment, tagged , , on April 12, 2012 | Leave a Comment »

Kinnaras Capital Management has sent a follow up letter to Media General Inc (NYSE:MEG) requesting the board “selloff MEG in its entirety and divorce this company from the inept management team currently at the helm.” In its earlier letter Kinnaras expressed frustration with the performance of MEG, and urged the Board to “take advantage of the robust M&A market [...]

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Guest post: Imation Corp (NYSE:IMN) Worth More Sold Than Alone

Posted in Activist Investors, Net Net Stocks, Value Investment, tagged , , , on November 30, 2011 | 4 Comments »

Amit Chokshi of Kinnaras Capital, an independent registered investment advisor focused on deep-value, small capitalization and micro capitalization equity investing, has contributed a guest post on Imation Corp (NYSE:IMN). About Kinnaras: Kinnaras aims to deliver above average long-term results through application of a deep value investment strategy.  As a result, the Firm focuses on the “throwaways” of the equity market, or [...]

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Absolute Return interviews Seth Klarman

Posted in Facet Biotech Corporation (NASDAQ:FACT), Seth Klarman, tagged , , , on June 7, 2010 | 8 Comments »

In The value of Seth Klarman (free registration required), Absolute Return has a rare interview with the president and portfolio manager of the 28-year-old Baupost Group. In the interview, Klarman discusses several of Baupost’s positions over the last twelve months, including the fund’s stake in Facet Biotech, which I fumbled last year: Around the same [...]

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Dover Motorsports Inc (NYSE:DVD) and Mario Cibelli’s 13D amendment

Posted in Activist Investors, Stocks, tagged , , , on April 29, 2010 | 2 Comments »

Mario Cibelli’s recent 13D amendment for Dover Motorsports Inc (NYSE:DVD) is interesting reading. Cibelli controls around 17.5% of DVD through Marathon Partners and Cibelli Capital Management. His most recent 13D amendment filed Wednesday annexes a letter setting out a (huge) case study of DVD “partly as a contribution to public education but also to obtain [...]

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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 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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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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