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Posts Tagged ‘Net Cash Stock’

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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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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5 big Japanese Graham net nets

Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Value Investment, tagged , , , , 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% [...]

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Performance of Japanese sub-liquidation value stocks: the results

Posted in About, Liquidation, Liquidation Value, Value Investment, tagged , , , , , , , , 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 [...]

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Japanese liquidation value: 1932 US redux

Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, tagged , , , , , 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 [...]

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CoSine Communications Inc (OTC:COSN) Q3 10Q update

Posted in Activist Investors, CoSine Communications Inc (OTC:COSN), Net Cash Stocks, Steel Partners, Stocks, tagged , , , 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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FORD fires its bank, hires another one better able to spend your cash

Posted in Forward Industries Inc (NASDAQ:FORD), Net Cash Stocks, Stocks, tagged , , on October 30, 2009 | Leave a Comment »

Forward Industries Inc (NASDAQ:FORD) has fired its investment and engaged another. It looks like FORD is intent on spending the cash on its balance sheet, which is a shame. Rather than make an acquisition, they should focus on the work on their desk and pay a big dividend. There’s a half chance that the bank [...]

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VXGN board sued by shareholders over OXGN deal

Posted in Activist Investors, Net Cash Stocks, Net Net Stocks, Stocks, VaxGen Inc (OTC:VXGN), tagged , , , on October 22, 2009 | 24 Comments »

Disgruntled VaxGen Inc (OTC:VXGN) shareholders have initiated a class action against the board of VXGN over possible breaches of fiduciary duty in the sale to OXGN. The board certainly deserves the suit because of the appalling deal struck with OXGN. Priced at a discount to VXGN’s net cash and liquidation values, and payment in the [...]

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Aspen Exploration Corporation (OTC:ASPN)

Posted in Activist Investors, Aspen Exploration Corporation (OTC:ASPN), Stocks, Tymothi O. Tombar, tagged , , , , on October 1, 2009 | 3 Comments »

We’re adding Aspen Exploration Corporation (OTC:ASPN) to the Greenbackd Portfolio for the reasons identified by MCN1 in his September 3 guest post. ASPN closed yesterday at $0.985, giving it a market capitalization of just $7.2M. We estimate the liquidation value to be around 20% higher at $8.5M or $1.17 per share. Again, not a huge [...]

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VXGN Full Value Committee nominates director candidates; VXGN clarifies rights to AIDS vaccine

Posted in Activist Investors, Net Cash Stocks, Stocks, VaxGen Inc (OTC:VXGN), tagged , , , on September 30, 2009 | 6 Comments »

It’s been a big week for VaxGen Inc (OTC:VXGN). On Tuesday last week the “VaxGen Full Value Committee” nominated five director candidates to the board. Then on Thursday BizJournals.com reported that VXGN’s “failed AIDS vaccine” was “successful in a new trial that combined it with another failed vaccine in reducing the risk of becoming infected [...]

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