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Posts Tagged ‘Liquidating Value’

Donald G. Smith on price-to-tangible book value

Posted in Liquidation Value, Stocks, tagged , , on October 29, 2010 | Leave a Comment »

The Fall 2010 edition of the Graham and Doddsville Newsletter, Columbia Business School‘s student-led investment newsletter co-sponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Investment Management Association, has a fascinating interview with Donald G. Smith. Smith, who volunteered for Benjamin Graham at UCLA, concentrates on the bottom decile of price to tangible book stocks [...]

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HAWK rig market values

Posted in Liquidation Value, Seahawk Drilling (NASDAQ: HAWK), Stocks, tagged , 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 [...]

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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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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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Greenbackd Endangered Species, Activism and Liquidation Report

Posted in About, Greenbackd, Value Investment, tagged , , , , , on March 25, 2010 | 5 Comments »

I’m considering launching a subscription-only service aimed at identifying stocks similar to those in the old Wall Street’s Endangered Species reports. Like the old Wall Street’s Endangered Species reports, I’ll be seeking undervalued industrial companies where a catalyst in the form a buy-out, strategic acquisition, liquidation or activist campaign might emerge to close the gap between [...]

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Mike Burry’s Silicon Investor “Value Investing” thread

Posted in About, Net Current Asset Value, Net Quick Stocks, Net Quick Value, tagged , , , , on March 3, 2010 | 5 Comments »

Yesterday I ran a post on Dr. Michael Burry, the value investor who was one of the first, if not the first, to figure out how to short sub-prime mortgage bonds in his fund, Scion Capital. In The Big Short, Michael Lewis discusses Burry’s entry into value investing: Late one night in November 1996, while on a cardiology [...]

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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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Net current asset value and net net working capital back-test refined

Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, tagged , , , , , , on February 19, 2010 | 2 Comments »

Jae Jun at Old School Value has updated his great post back-testing the performance of net current asset value (NCAV) against “net net working capital” (NNWC) by refining the back-test (see NCAV NNWC Backtest Refined). His new back-test increases the rebalancing period to 6 months from 4 weeks, excludes companies with daily volume below 30,000 shares, and introduces the [...]

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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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