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The Net Net Stock Advantage: Michael Mauboussin Explains Why

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  • This article on Michael Mauboussin's market edge industry white paper was written by Net Net Hunter member Asymmetric.
  • However, one source of informational advantage comes from simply paying more attention to available information than your competition.
  • At first I thought net net investors had a clear advantage here, since we can buy stocks too small for mutual funds etc.

Monarch Cement – OTC:MCEM

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  • The cement industry is certainly not “low-tech” but advancements do tend to happen slowly, limiting the need for expensive R&D to maintain competitiveness.
  • The Wulf family controls the company via super-voting Class B shares, but ordinary capital stock trades over-the-counter in small volumes.
  • Monarch is behaving exactly as a cyclical business should, building its cash position and paying down debt when times are flush, all the while maintaining its capital assets and making strategic investments.

How To Screen For Potential Opportunities – Using Other Smart Investors 13F’s

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  • Tobias Carlisle: I think that’s a common way for discretionary investors to do that.
  • Bluegrass: Yeah.
  • You can find out more about Tobias’ podcast here – The Acquirers Podcast .

Seth Klarman: Q3 2019 – 3 New Buys, 3 Sold Out Positions

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  • These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions.
  • This week we’ll take a look at Seth Klarman (9-30-2019).
  • StockSharesValue NUAN / NUANCE COMMUNICATIONS8,245,456$134,483,000VIST / VISTA OIL & GAS S A B DE C V6,175,000$31,925,000CARS / Cars.com Inc.$3,000,000$26,940,000 StockShares Sold AGN / Allergan plc-3,679,549XPO / XPO Logistics, Inc.-1,500,000SBGI / SINCLAIR BROADCAST GROUP INC-549,423

Jeffrey Gundlach: US Stocks Will Be Crushed In The Next Recession

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  • Here’s a great interview at Yahoo Finance with Jeffrey Gundlach, CEO of DoubleLine Capital in which he says US stocks will be crushed in the next recession.
  • The dollar has been very stable this year.
  • I think in the next recession the dollar will fall because of the deficit problem in the United States and investors will be better served to own foreign stock markets instead of the US stock market in dealing with the next recession.

David Einhorn: Q3 2019 Top 10 Holdings

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  • These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions.
  • We spend a lot of time here at The Acquirer’s Multiple digging through these 13F-HR documents to find out which superinvestors hold positions in the stocks listed in our Stock Screeners .
  • This week we’ll take a look at David Einhorn (9-30-2019).

In Hindsight It’s Easy To Pick A Winning Stock, But Who Could Have Predicted Amazon’s AWS?

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  • During this week’s Value: After Hours podcast Taylor, Brewster, and Carlisle discuss how in hindsight it’s easy to pick a winning stock, but who could have predicted Amazon’s AWS?
  • Tobias Carlisle: Sears was the Amazon of its day, right?
  • You can find out more about the VALUE: After Hours Podcast here .

All German Shares – Part 10 (Nr. 126-150)

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  • The company creates ~3 mn sales and shows profits of 300k.
  • 8 mn EUR market cap consulting company with low profitability (EBIT margin 5%).
  • Nevertheless a stock to “watch”.

Mogo Debentures – observations

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  • They have $12.7 million in debentures outstanding (TSX: MOGO.DB) which are trading at 93 cents on the dollar.
  • In particular, they have (secured debt) $46.6 million outstanding due July 2, 2020 (with an interest rate of LIBOR+12.5%!)
  • It is likely an investor in the convertible debentures is going to receive shares.

Guess The Valuation – Inaugural Edition

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  • So for those valuation-driven readers, let me present the first of what I will simply call “guess the valuation.” I present you with financial metrics and you tell me how much you think a growth investor, at most, should be willing to pay in total equity market capitalization terms.
  • Marketing Expenses: $350 million (+35% yoy)
  • Operating Loss: $125 million (-35% yoy)

Verified Complaint to Compel Inspection of Books and Records of Hauppauge Digital Inc. ($HAUP)

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  • Regarding Hauppauge Digital Inc. ( HAUP ), see also these posts from other bloggers:

Verified Complaint to Compel Inspection of Books and Records of Hauppauge Digital Inc. ($HAUP)

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Dividend Stocks vs. Dividend ETFs

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In 1993, State Street Global Advisors launched the first exchange-traded fund (ETF). Now there are literally hundreds of ETFs out there covering sectors, countries, popular indexes and various strategies, including income investing. A frequent question that I get is 'Why do you invest in individual dividend stocks instead of income-based ETFs?' On the surface this seems like a reasonable question since most ETFs are indexed, tax efficient, easily traded, passive and have low expense ratios.

Marks & Spencer: The destroyer of shareholder value

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  • I like Marks & Spencer.
  • The clothes were well made, the designs were mainstream and the consistency of quality and sizing was second to none (at least in my local high street).
  • For example, over the last 20 years M&S has retained about £2.5 billion of shareholders’ earnings to invest in the existing business, to make acquisitions, to buy back shares and so on.

Oh, How Times Have Changed: Ben Graham’s 10 Criteria For Valuing Stocks

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  • In his last years, Ben Graham distilled six decades of experience into ten criteria that would help the intelligent investor pick value stocks from the chaff of the market.
  • The earnings yield is the reciprocal of the price earnings ratio.
  • Earnings growth over the most recent ten years of seven percent compounded—a doubling of earnings in a ten year period.

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