Wes Gray’s Turnkey Analyst has a guest post from Paul Sepulveda in which Paul asks if it’s possible to improve net net returns by removing stocks with the highest risk of going to zero (the real losers). Paul has an interesting approach: My goal was to chop off the left tail of the distribution of returns. Piotroski [...]
Posts Tagged ‘Net Current Asset Value’
Recent net net performance: Parsing on F_SCORE and Size
Posted in Net Current Asset Value, Stocks, tagged Net Current Asset Value, Net Net Stock on May 4, 2012 | Leave a Comment »
Tech stock activism
Posted in About, Activist Investors, Stocks, tagged Activist investment, Liquidating Value, Net Current Asset Value 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 [...]
Greenbackd Endangered Species, Activism and Liquidation Report
Posted in About, Greenbackd, Value Investment, tagged Activist investment, Greenbackd, Liquidating Value, Liquidation Value, Net Current Asset Value, Net Net Stock 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 [...]
Simoleon Sense interviews James Montier
Posted in About, Net Current Asset Value, Stocks, Value Investment, tagged James Montier, Net Current Asset Value, Net Net Stock, Quantitative investment on March 10, 2010 | 3 Comments »
I’m a huge fan of James Montier’s work on the rationale for a quantitative investment strategy and global Graham net net investing. Miguel Barbosa of Simoleon Sense has a wonderful interview with Montier, covering his views on behavioral investing and value investment. Particularly interesting is Montier’s concept of “seductive details” and the implications for investors: [...]
Mike Burry’s Silicon Investor “Value Investing” thread
Posted in About, Net Current Asset Value, Net Quick Stocks, Net Quick Value, tagged Dr. Michael (Mike) Burry, Liquidating Value, Liquidation Value, Net Cash Stock, Net Current Asset Value 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 [...]
Marty Whitman on value and corporate governance
Posted in About, Liquidation Value, Net Current Asset Value, Stocks, Value Investment, tagged Activist investment, Liquidation Value, Marty Whitman, Net Current Asset Value, Net Net 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 [...]
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 Liquidating Value, Liquidation Value, Net Current Asset Value, Net Net, Net Net Stock 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 [...]
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 Liquidating Value, Liquidation Value, Net Cash Stock, Net Current Asset Value, Net Net, Net Net Stock, Net Quick Value 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 [...]
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 »
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 [...]
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 [...]
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