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Versum Jilts Entegris At The Altar, Runs Off With Merck KGaA

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  • When last we left Versum(VSM), the Air Products(APD) spinoff was insisting it was sticking by its merger agreement with Entegris(ENTG), come Hell or high water.
  • Versum had dismissed Merck KGaA’s(MKKGY) all cash $48 a share bid, and Merck was preparing to go hostile.
  • Fast forward a month, and the hostilities have ended with Versum firmly in Merck’s arms… Read More »

Bruce Berkowitz – 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 Bruce Berkowitz (12-31-2018):

TAM Stock Screener – Stocks Appearing in Whitman, Greenblatt, Simons Portfolios

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  • Part of the weekly research here at The Acquirer’s Multiple features some of the top picks from our Stock Screeners and some top investors who are holding these same picks in their portfolios.
  • Warrior Met Coal Inc is a US -based company.
  • Jim Simons – 101,800 total shares

This Week’s Best Investing Reads 4/19/2019

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  • Here’s a list of this week’s best investing reads:
  • This week’s best investing research reads:
  • This week’s best investing podcasts:

Sell Now – It’s About Time Someone Tell You This

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  • One of my most recent articles was about dividend cutters and the reason a dividend cut was an automatic sell for me.
  • After struggling to sell my stocks for several years, I’ve concluded I must find ways to trigger those transactions without second guessing.
  • Each time a company cuts its dividend, I just get rid of that bad tenant and replace it with another.

Prem Watsa: Shorting Cost Us $2 Billion and Why Value Investing Is So Tough

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  • We’ve just been reading through the latest Fairfax Financial Annual Report 2018 in which Prem Watsa discusses his failed attempt to short indices (mainly the S&P500 and Russell 2000) and a few common stocks, saying:
  • In the past, to protect our equity exposures in uncertain times, we shorted indices (mainly the S&P500 and Russell 2000) and a few common stocks.
  • After much thought and discussion, it became clear to me that shorting is dangerous, very short term in nature and anathema to long term value investing.

Investors Need A Set Of Written Rules To Follow – Dumb Rules Are Better Than No Rules

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  • I’m also a big believer in having written rules, and I had no such rules when I was doing it, but I just think that if you’re making decisions in the heat of the moment, you’re setting yourself up for disastrous failure, and I think that that’s true.
  • What I would do, this is sort of my M.O.
  • One of the things that I did consistently was I would buy a stock on a breakout, and it would run two or three days, and then I would sell it on the retest.

Value portfolios formed on P/CF are underperforming glamour by the widest margin *EVER* going back to 1951 — 59%

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  • In December last year, the value decile of portfolios formed on P/CF hit its worst performance relative to the glamour decile *EVER* going back to 1951, underperforming by 59% since June 2014.
  • In the latest data to February 2019, it’s recovered a little, but still underperforming to the tune of 57 percent.
  • Glamour portfolios have returned 9.4 percent compounded, which means the value decile has typically outperformed the glamour decile by an average of 6 percent per year.

NoName Annual Performance 2018-2019

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  • HEMA is up 133% this year and 4413% since I first bought almost 4 years ago.
  • Over the past year the stock is down 12% but the excitement is in the spikes.
  • Down 64% this year.

The Most Important Thing To Consider When Selecting A Dividend Stock

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In selecting a dividend growth stock, investors look at many metrics and try to determine what the future holds for the company. Among those considered are free cash flow, debt levels, current yield, dividend growth rate and fair value. Not to diminish any of these, because they are all very important, but they are not the most important thing that we need to look for.

Barron’s Notes That Analysts Prefer Dow Over DowDuPont

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  • Earlier this month DowDuPont (DWDP) began its ‘slim down’ phase with the spinoff of the new Dow Corporation (DOW).
  • The new company received lots of love from the index community.
  • It replaced DowDuPont in the Dow Jones Industrial Average and is also a member of the S&P 500 index.

Warren Buffett: You Don’t Want To Buy Stock In The Company That Has To Do Everything Right

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  • During the interview Buffett, while speaking about Apple, provides some great insights into why investors should not buy stocks in companies that have to do everything right, saying:
  • Berkshire’s made lots of mistakes over the years and when I say Berkshire I mean me!
  • So Apple should do some things that don’t work.

In Investing You Don’t Need To Be Perfect, You Just Need To Be Good Enough

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  • During his recent interview with Tobias, Michael Batnick of Ritholz Wealth Management discusses just how difficult it is to be an investor.
  • There’s always something that can make you feel like a real idiot, and you know, basically all that I write about is how hard investing is, because I just think that somehow it’s still underappreciated, how difficult investing is.
  • You can find out more about Tobias’ podcast here – The Acquirers Podcast .

Investment companies, agency, and Difference Capital / MOGO Merger

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  • Aberdeen was a notable case where it was trading far below its net asset value and the share structure did not have super-voting shares.
  • They have $75 million outstanding on a credit facility, $42 million in non-public debentures (ranging from 10% to 18% interest), and $15 million in 10% convertible debentures ( TSX: MOGO.DB ).
  • This explains why DCF traded down after the transaction and MOGO traded up.

Stock Story – Revisited

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  • 4+ years of 0 returns on the money one invested in the stock.
  • Markets, as they mostly are, right this time.
  • But management capability along with operating leverage makes this an attractive buy for any investor thinking 3-5 years ” – I mean, really?

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