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Aswath Damodaran: Bottom up betas for Disney, Vale, Tata Motors, Baidu, Deutsche Bank

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  • In this session, I look at how to estimate growth from fundamentals and how reinvestment and return on investment drive growth in the long term.
  • In this session, I go through the process of estimating bottom up betas for The Walt Disney Company, Vale, Tata Motors, Baidu Inc, Deutsche Bank AG and a private business.

The Dangers of Net-Net Strategy & After Thoughts

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  • James Grant: I invested in Japanese value stocks, and had occasions to regret over and over on the reluctance of the Japanese to admit error and re-price.
  • Many remained at these compelling valuations for year upon year upon year.
  • While I am unable to fault such an argument, how do we truly define poor management? During bad economic times and profits tumbling, the Japanese are willing to slash bonuses and take a lower pay home if necessary.

What We're Reading ~ Hedge Fund Links 3/6/15

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  • Hedge funds failing to meet investor expectations, report finds [WSJ].
  • Hurdle rate should apply to hedge fund industry as it does in private equity [FT]. Activist investors' success owes much to wider bull run [FT]. Biggest hedge fund run by a woman emerges after Braga spinoff [SwissInfo].
  • The strange death of fund of hedge funds [Citywire].

Robert Olstein: Waste Of Time To Debate Market Valuations

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  • Investors reacting to the daily noise and news and whether or not companies beat earnings estimates, which in a majority of the cases have little to do with long term valuations, continue to create favorable opportunities for the Fund to buy companies with solid balance sheets and business models that generate excess cash flow at what we believe are bargain prices.
  • During the six-month reporting period, the Fund initiated positions in fifteen companies and strategically added to positions in twenty-seven companies.

Warren Buffett Interview: Journalism to JPMorgan

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Clipper Fund 2014 Annual Investor Letter

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  • As Clipper Fund's managers, we have two objectives: to earn a satisfactory absolute investment return and to generate relative results in excess of the S&P 500® Index.
  • With more than $100 million of our families' and colleagues' money invested alongside our shareholders, we always remember the wisdom of the old saying, "You can't eat relative returns."3 Our focus on absolute growth is also driven by our stewardship responsibility to Clipper Fund's shareholders.

Berkshire Hathaway Performance vs The S&P 500 [Part II]

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  • Notably, Buffett's cigar-butt strategy worked well when managing small sums-the best of Buffett's life in terms of relative and absolute investment performance.
  • His investment in See's Candies was a turning point because the company generated high returns on invested capital which Buffett could then redeploy into other businesses.
  • Buffett points out the folly of spin-offs, whereby the owning company loses purported "Control-value" without any compensating payment.

Pope Brar: The Risk Section of an Investment Checklist

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Great Linkfest – Hedge Funds Put Into Perspective

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  • Investor interest in hedge funds came back in November, with industry AuM increasing to $3.070 billion last month, according to eVest-ment's November 2014 Hedge Fund Asset Flows report.

Interview With Kovitz Investment Group On High Quality Investing

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  • At the time there were a lot of people in the investment business that didn't follow the value stripe.
  • In order for a discussion to occur one of us has to send an email or walk in the other person's office and say, "It's time for us buy this" or "It's time to sell that" or "It's time to pare down here." We let that process dictate the discussion, not an organized regular meeting.
  • I don't know how many professional investors take the time to read books.

James Choa: The Characteristics Of Asian Compounders

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Interview With Tim Melvin On Deep Value Investing

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  • By the early 1990s, I was committed forever as a deep value investor.
  • So if one of those funds or individuals files a 13D or 13G, I still have plenty of time to investigate the bank, and still buy at a healthy discount to book value.

Michaela Pagel At CBS Seminar: Forget About Your Portfolio

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AFLAC Incorporated (AFL) Dividend Stock Analysis

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Aflac Incorporated provides supplemental health and life insurance in Japan (78% of pretax operating profits) and the U.S. Products are marketed at work sites and help fill gaps in primary coverage. Linked here is a detailed analysis and commentary.

Horizon Kinetics: Challenges For Long-Term Value Investors

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  • Share price volatility is actually opportunity masquerading as Warren Buffett's heavy-drinking manic depressive-"The crazier he is, the more money you're going to make."1 In other words, volatility often proves a significant advantage to the long-term investor, since the result can be an increase in the frequency of mispriced securities.
  • As a result, many individuals tend to take assets out of the market when volatility is high and returns disappointing.

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