Fortune has an article asking whether VCs can be value investors: After all, the philosophy of value investing, in theory, should cut across all asset classes and managers. The precepts and principals therefore should apply to the venture capital business as well. Sadly, they don’t. Jeffrey Bussgang, the author, identifies the problem as an inability [...]
Posts Tagged ‘Value investing’
Venture capitalists, value investing and Facebook
Posted in About, Stocks, Value Investment, tagged Value investing, venture capital on October 7, 2010 | 3 Comments »
T2 Partners on BP, MSFT and BUD
Posted in About, Stocks, tagged Value investing on July 28, 2010 | 1 Comment »
Market Folly has T2 Partners’ presentation to the 7th Annual Value Investing Seminar, in which they discuss three opportunities in BP, which I’ve discussed in the past, MSFT and BUD. Says Jay: On Anheuser-Busch InBev, T2 Partners says, “you can currently buy BUD with an entry FCF yield of 10% for a business that can [...]
Grantham on the potential disadvantages of Graham-and-Dodd investing
Posted in About, Stocks, Value Investment, tagged Value investing, Value Investment on April 26, 2010 | 11 Comments »
Jeremy Grantham’s 2010 first quarter investor letter (.pdf) appends the first part of a speech he gave at the Annual Benjamin Graham and David Dodd Breakfast at Columbia University in October last year. The speech was titled Friends and Romans, I come to tease Graham and Dodd, not to praise them. In it Grantham discussed the “potential [...]
One for the annals of behavioral finance
Posted in About, Behavioral economics, Value Investment, tagged Behavioral investing, Value investing on April 23, 2010 | 1 Comment »
Oh dear (Daily Reckoning via Guru Focus): 04/21/10 Gaithersburg, Maryland – Ken Heebner’s CGM Focus Fund was the best US stock fund of the past decade. It rose 18% a year, beating its nearest rival by more than three percentage points. Yet according to research by Morningstar, the typical investor in the fund lost 11% [...]
Endangered Species 2001
Posted in About, Activist Investors, Audiovox Corporation (NASDAQ:VOXX), Catalysts, Dataram Corporation (NASDAQ:DRAM), Ditech Networks Inc (NASDAQ:DITC), Stocks, Value Investment, tagged Activism, Activist Investors, Darwin's darlings, Endangered species update, Shareholder activist, Value investing on April 14, 2010 | 2 Comments »
In the Spring 1999 Piper Jaffray produced a research report called Wall Street’s Endangered Species by Daniel J. Donoghue, Michael R. Murphy and Mark Buckley, then at Piper Jaffray and now at Discovery Group, a firm founded by Donoghue and Murphy (see also Performance of Darwin’s Darlings). The premise of the report was that undervalued small capitalization stocks (those with a market [...]
Uncommon lessons from Phil Fisher
Posted in About, Behavioral economics, Contrarian investment, Stocks, Value Investment, tagged Philip A Fisher, Value investing, Value Investment on March 18, 2010 | 10 Comments »
In the Introduction to my 2003 copy of Philip A. Fisher’s Common Stocks and Uncommon Profits and Other Writings, his son, Kenneth L. Fisher, recounts a story about his father that has stuck with me since I first read it. For me, it speaks to Phil Fisher’s eclectic genius, and quirky sense of humor: But one [...]
Hunting endangered species
Posted in About, Activist Investors, Catalysts, Stocks, Value Investment, tagged Activist investment, Value investing on March 11, 2010 | 16 Comments »
Back in the spring of 1999, when the world was enamored of dot coms and not much else, three guys at Piper Jaffray, Daniel J. Donoghue, Michael R. Murphy and Mark Buckley*, produced a superb research report called Wall Street’s Endangered Species. The thesis of the paper was that there were a large number of undervalued companies with [...]
Doctorin’ the Tractatus
Posted in About, Stocks, Value Investment, Warren Buffett, tagged Value investing, Warren Buffett on March 8, 2010 | 2 Comments »
When I started out investing I summarized Warren Buffett’s letters to shareholders into a document I jokingly called the “Tractatus Logico-Valere.” The title, Latin errors aside, was intended to be an homage to Ludwig Wittgenstein’s Tractatus Logico-Philosophicus (which, according to Wikipedia, may in turn have been an homage to the Tractatus Theologico-Politicus by Baruch Spinoza). The [...]
Seth Klarman’s Twenty Investment Lessons of 2008
Posted in About, Seth Klarman, Value Investment, tagged Seth Klarman, Value investing on March 5, 2010 | 2 Comments »
Seth Klarman’s teachings, which I’ve covered on this site on several occasions (see, for example, Klarman on calculating liquidation value, on identifying catalysts, and on investing in liquidations), are always worth reading. In his most recent investor letter Klarman has provided a list of twenty investment lessons of 2008 (via the always superb Zero Hedge): Things that have never happened before are [...]
Dr. Michael Burry and The Greatest Trade Ever
Posted in About, Stocks, Value Investment, tagged Michael Burry, Value investing, Value Investment on March 2, 2010 | 11 Comments »
Michael Burry is a value investor notable for being one of the first, if not the first, to short sub-prime mortgage bonds in his fund, Scion Capital. He figures prominently in the Gregory Zuckerman’s book, The Greatest Trade Ever, and also in The Big Short, Michael Lewis’s contribution to the sub-prime mortgage bond market crash canon. In Betting on [...]
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