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Posts Tagged ‘Value Investment’

McDonald’s Corporation (NYSE:MCD) field trip report from 1965

Posted in About, Value Investment, tagged , on August 31, 2010 | 1 Comment »

Michael Bigger’s Bigger Capital blog has a great “field trip” report on McDonald’s Corporation (NYSE:MCD) from 1965. You could have picked up MCD then for a split-adjusted $0.06 per share, giving you a twelve-hundredfold return to date. Says Michael: A good friend of mine, a talented research analyst, covered McDonald’s (MCD) in the sixties. One [...]

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Dover Motorsports Inc (NYSE:DVD) and Mario Cibelli’s 13D amendment

Posted in Activist Investors, Stocks, tagged , , , on April 29, 2010 | 2 Comments »

Mario Cibelli’s recent 13D amendment for Dover Motorsports Inc (NYSE:DVD) is interesting reading. Cibelli controls around 17.5% of DVD through Marathon Partners and Cibelli Capital Management. His most recent 13D amendment filed Wednesday annexes a letter setting out a (huge) case study of DVD “partly as a contribution to public education but also to obtain [...]

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ROIC and reversion to the mean: Part 3

Posted in About, Behavioral economics, Contrarian investment, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, Value Investment, tagged , on April 27, 2010 | Leave a Comment »

Recently I’ve been discussing Michael Mauboussin’s December 2007 Mauboussin on Strategy, “Death, Taxes, and Reversion to the Mean; ROIC Patterns: Luck, Persistence, and What to Do About It,” (.pdf) about Mauboussin’s research on the tendency of return on invested capital (ROIC) to revert to the mean (See Part 1 and Part 2). Mauboussin’s report has significant [...]

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Grantham on the potential disadvantages of Graham-and-Dodd investing

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

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ROIC and reversion to the mean: Part 2

Posted in About, Stocks, Value Investment, tagged , , on April 22, 2010 | 3 Comments »

Yesterday I discussed Michael Mauboussin’s December 2007 Mauboussin on Strategy, “Death, Taxes, and Reversion to the Mean; ROIC Patterns: Luck, Persistence, and What to Do About It,” (.pdf) about Mauboussin’s research on the tendency of return on invested capital (ROIC) to revert to the mean. Mauboussin’s report has three broad conclusions, with significant implications for modelling: [...]

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ROIC and reversion to the mean: Part 1

Posted in About, Stocks, Value Investment, tagged , on April 21, 2010 | 7 Comments »

In Michael Mauboussin’s December 2007 Mauboussin on Strategy, “Death, Taxes, and Reversion to the Mean; ROIC Patterns: Luck, Persistence, and What to Do About It,” (.pdf) Mauboussin provides a tour de force of data on the tendency of return on invested capital (ROIC) to revert to the mean. Much of my investing to date has been based [...]

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Endangered species update: The extinct, the survivors, and the new watch list

Posted in About, Activist Investors, Catalysts, Chromcraft Revington (AMEX:CRC), Stocks, tagged , , , , , on April 13, 2010 | 1 Comment »

In March I highlighted an investment strategy I first read about in a Spring 1999 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, simply stated, is [...]

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A tide in the affairs of men

Posted in About, Quantitative investment, Stocks, Value Investment, tagged , on March 31, 2010 | 11 Comments »

In A Crisis In Quant Confidence*, Abnormal Returns has a superb post on Scott Patterson’s recounting in his book The Quants of the reactions of several quantitative fund managers to the massive reversal in 2007: In 2007 everything seemed to go wrong for these quants, who up until this point in time, had been coining profits. This inevitably [...]

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Greenbackd Contrarian Value Portfolio Update

Posted in About, Value Investment, tagged , , on March 30, 2010 | 9 Comments »

In a post in late November last year, Testing the performance of price-to-book value, I set up a hypothetical equally-weighted portfolio of the cheapest price-to-book stocks with a positive P/E ratio discovered using the Google Screener, which I called the “Greenbackd Contrarian Value Portfolio“. The portfolio has been operating for a little over 4 months, so I [...]

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Uncommon lessons from Phil Fisher

Posted in About, Behavioral economics, Contrarian investment, Stocks, Value Investment, tagged , , 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 [...]

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