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Posts Tagged ‘Liquidation Value’

Media, vulture targets

Posted in About, Liquidation Value, Stocks, Value Investment, tagged , , on September 27, 2010 | 2 Comments »

The NYTimes.com Business Day Media & Advertising section had a story last week about Randall D. Smith, a “pioneer in the hard knocks business of vulture investing” and his current focus on the newspaper industry: Mr. Smith puts money into risky investments that few others will touch — and these days, that includes many newspaper [...]

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HAWK liquidation values

Posted in About, Liquidation Value, Seahawk Drilling (NASDAQ: HAWK), Stocks, tagged , on June 30, 2010 | 7 Comments »

Seahawk Drilling, Inc. (NASDAQ:HAWK), which I’ve posted about before, has taken a pounding over the last few days, down over 11% just yesterday to close at $9.61. It seems crazy to me. HAWK is cheap as a going concern, but with its market capitalization at $113M, it’s now at a hefty discount to its liquidation value. Here’s [...]

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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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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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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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Marty Whitman on value and corporate governance

Posted in About, Liquidation Value, Net Current Asset Value, Stocks, Value Investment, tagged , , , , on March 3, 2010 | Leave a Comment »

The superb Manual of Ideas blog has an article by Ravi Nagarajan, Marty Whitman Reflects on Value Investing and Net-Nets, on legendary value investor Marty Whitman’s conversation with Columbia Professor Bruce Greenwald at the Columbia Investment Management Conference in New York. I have in the past discussed Marty Whitman’s adjustments to Graham’s net net formula, which I [...]

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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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