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 [...]
Posts Tagged ‘Liquidation Value’
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 Liquidating Value, Liquidation, Liquidation Value, Net Current Asset Value, Net Net, Net Net Stock, Net net working capital, Net Quick Value on February 18, 2010 | 3 Comments »
Walking the talk: Applying back-tested investment strategies in practice
Posted in About, Behavioral economics, Contrarian investment, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Quantitative investment, Stocks, Value Investment, tagged Liquidation, Liquidation Value, NCAV, Net Current Asset Value, Net Net, Net Net Stock, Net Quick Value, Quantitative, Value Investment on February 17, 2010 | 8 Comments »
Aswath Damodaran, a Professor of Finance at the Stern School of Business, has an interesting post on his blog Musings on Markets, Transaction costs and beating the market. Damodaran’s thesis is that transaction costs – broadly defined to include brokerage commissions, spread and the “price impact” of trading (which I believe is an important issue [...]
5 big Japanese Graham net nets
Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Value Investment, tagged Japan, Liquidating Value, Liquidation Value, Net Cash Stock, Net Current Asset Value on February 10, 2010 | 5 Comments »
In his Are Japanese equities worth more dead than alive?, SocGen’s Dylan Grice conducted some research into the performance of sub-liquidation value stocks in Japan since the mid 1990s. Grice’s findings are compelling: My Factset backtest suggests such stocks trading below liquidation value have averaged a monthly return of 1.5% since the mid 1990s, compared to -0.2% [...]
Performance of Japanese sub-liquidation value stocks: the results
Posted in About, Liquidation, Liquidation Value, Value Investment, tagged Japan, Liquidating Value, Liquidation Value, NCAV, Net Cash Stock, Net Current Asset Value, Net Net Stock, Net nets, Net Quick Value 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 [...]
Carl Icahn’s activist investing master class at Yale
Posted in About, Activist Investors, Carl Icahn, Stocks, Value Investment, tagged Activism, Carl Icahn, Liquidation Value on December 3, 2009 | 4 Comments »
Carl Icahn recently gave a guest lecture to Professor Robert Shiller’s Yale Financial Markets class. In the lecture, Icahn talks about how he started out in finance and evolved into a shareholder activist. He trots out a few of his old saws: the biggest challenge facing corporate America is weak management and today’s CEOs, with [...]
Soapstone Networks Inc (OTC:SOAP) Q3 2009 10Q update
Posted in Activist Investors, Mithras Capital, Soapstone Networks Inc (NASDAQ:SOAP), Stocks, tagged Liquidation, Liquidation Value, Soapstone Networks Inc (NASDAQ:SOAP) on November 19, 2009 | Leave a Comment »
Soapstone Networks Inc (NASDAQ:SOAP) has released its 10Q for the period ended September 30, 2009. We first looked at SOAP on February 2nd (see Greenbackd’s post archive here) because it was trading well below its net cash value. An activist investor, Mithras Capital, had disclosed an 8.7% holding and called on the company to liquidate. [...]
Counterintuition
Posted in About, Stocks, Value Investment, tagged Buffett, Liquidation Value, Warren Buffett on November 13, 2009 | 7 Comments »
The superb Abnormal Returns has a post “Investing by the seat of their pants,” which, among other things, discusses William Bernstein’s conjecture that “only a tiny fraction, 1 in 1000, investors have the skills to become truly competent investors.” In the preface of his new book, Bernstein suggests four abilities successful investors must enjoy (via [...]
TSR Inc (NASDAQ:TSRI)
Posted in Stocks, TSR Inc (NASDAQ:TSRI), tagged Liquidation Value, TSR Inc (NASDAQ:TSRI) on November 12, 2009 | 4 Comments »
TSR Inc (NASDAQ:TSRI) is an interesting play at a discount to liquidation value and an ongoing cash flow positive business. At its $2.10 close yesterday, the stock has a market capitalization of $8.5M. I estimate the liquidation value to be around 26% higher at $2.65. 26% is not a huge upside, but in this instance [...]
Convera Corporation (NASDAQ:CNVR)
Posted in Convera Corporation (NASDAQ:CNVR), Liquidation, Stocks, tagged Convera Corporation (NASDAQ:CNVR), Liquidation, Liquidation Value on November 11, 2009 | 7 Comments »
Convera Corporation (NASDAQ:CNVR) is a liquidation play. The stock closed yesterday at $0.221. The company estimates the value of the distributions to be in the range of $0.37 to $0.45 per share. Approvals According to the 14(c) information statement: The board approved the plan of dissolution on May 29, 2009. The liquidation will not be [...]
CoSine Communications Inc (OTC:COSN) Q3 10Q update
Posted in Activist Investors, CoSine Communications Inc (OTC:COSN), Net Cash Stocks, Steel Partners, Stocks, tagged CoSine Communications Inc (OTC:COSN), Liquidation Value, Net Cash Stock, Steel Partners on November 9, 2009 | Leave a Comment »
CoSine Communications Inc (OTC:COSN) has released its 10Q for the quarter ended September 30, 2009. We’ve been following COSN (see Greenbackd’s COSN post archive) because it is a cash box controlled by activist investor Steel Partners. Steel Partners own 47.5% of the stock and sits on the board. The stock is up 11.4% since our [...]
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