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 [...]
Posts Tagged ‘Net Current Asset Value’
The Kabuki narrative
Posted in About, Behavioral economics, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged Japan, Liquidating Value, Net Current Asset Value, Net Net Stock, Net Quick Value on February 12, 2010 | 5 Comments »
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 [...]
Performance of Japanese sub-liquidation value stocks
Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Stocks, tagged Benjamin Graham, Japan, NCAV, Net Current Asset Value on February 8, 2010 | 2 Comments »
Following on from last week’s Japanese liquidation value: 1932 US redux post, I’ve been trying to determine whether the historical performance of Japanese sub-liquidation value stocks matches the experience in the US. The question arises because of the perception (rightly or not) that the weakness of shareholder rights in Japan means that net current asset value [...]
Japanese liquidation value: 1932 US redux
Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, tagged Japan, Net Cash Stock, Net Current Asset Value, Net Net, Net Net Stock, Net Quick Value 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 [...]
Montier on net nets: A simple quantitative value strategy
Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged Montier, NCAV, Net Current Asset Value, Net Net, Value investing on January 21, 2010 | 9 Comments »
Continuing the quantitative value investment theme I’ve been trying to develop over the last week or so, I present my definition of a simple quantitative value strategy: net nets. James Montier, author of the essay Painting By Numbers: An Ode To Quant, which I use as the justification for simple quantitative investing, authored an article in September [...]
Near Graham net nets vs Ultra-low price-to-book value stocks
Posted in About, Net Current Asset Value, Stocks, Value Investment, tagged NCAV, Net Current Asset Value, Price-to-book Value on December 16, 2009 | 2 Comments »
I’m setting up a new experiment for 2009/2010 along the same lines as the 2008/2009 Net Net vs Activist Legend thought experiment pitting a little Graham net net against activist investing legend Carl Icahn (Net Net vs Activist Legend: And the winner is…). This time around I’m pitting a small portfolio of near Graham net nets against a [...]
Guest post: Floris Oliemans on Solitron Devices Inc (OTC:SODI)
Posted in Net Net Stocks, Solitron Devices Inc (OTC:SODI), Stocks, tagged NCAV, Net Current Asset Value, Solitron Devices Inc (OTC:SODI) on December 15, 2009 | 4 Comments »
We have a guest post today on Solitron Devices Inc (OTC:SODI) from Floris Oliemans. Floris is a recent graduate of the University of Maastricht in the Netherlands with a MSc in Finance. He also holds a BSc in Economics. He wrote his masters thesis on the performance of Net Current Asset Value stocks. He currently works as [...]
Digirad Corporation (NASDAQ:DRAD) Q3 2009 update
Posted in Digirad Corporation (NASDAQ:DRAD), Net Net Stocks, Stocks, tagged Digirad Corporation (NASDAQ:DRAD), Liquidation Value, Net Current Asset Value, Net Net Stock on October 27, 2009 | 7 Comments »
Digirad Corporation (NASDAQ:DRAD) has filed its 10Q for the quarter ended September 30, 2009. We started following DRAD (see our post archive here) because it was an undervalued asset play with a plan to sell assets and buy back its stock. The stock is up more than 167% since we started following it to close [...]
Introducing the Monthly Net-Net Watchlist
Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Quarterly Net-Net Watchlist, Stocks, tagged Liquidation Value, Net Current Asset Value, Net Net Stock, Net Quick Value, Quarterly Net-Net Watchlist on October 13, 2009 | 4 Comments »
We’ve recently been using the GuruFocus Benjamin Graham Net Current Asset Value Screener (subscription required) to generate regular watchlists of net net stocks. The GuruFocus NCAV screen has some superb functionality that makes it possible to create the watchlist from the screen and then track the performance of those stocks. We created our first watchlist [...]
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