Submitted by MarketFolly on Mon, 2015-03-02 18:08
- He thinks stocks are high by historical measures, but the monetary policy has been so aggressive that they should be high.
- On the Fed: He thinks it'd be great if the Fed acts now because he believes there's higher risk in the US economy by acting later.
- On his thoughts on IBM: He disagrees with Warren Buffett and quoted him saying, "An investor should never let someone else's opinion drive their decision in stocks." Buffett thinks IBM's problem is cyclical, whereas Druckenmiller thinks its secular.
Submitted by jacobwolinsky on Mon, 2015-03-02 17:00
- Many outstanding investors have been fanatical students of history because history teaches you to place events into perspective, to understand that industries boom and fade; cycles repeat and human folly is never-ending.
- The venerable Ben Graham argued that an investor should "Have an adequate idea of stock market history, in terms, particularly, of the major fluctuations. With this background he may be in a position to form some worthwhile judgment of the attractiveness or dangers.of the market."
Submitted by jacobwolinsky on Mon, 2015-03-02 16:44
Submitted by jacobwolinsky on Mon, 2015-03-02 15:59
- This interview was conducted after a 2-Day Valuation Workshop conducted by Professor Aswath Damodaran.
- We are grateful to Prof. Aswath for the last minute request and we recorded the interview using an iPhone.
Submitted by jacobwolinsky on Mon, 2015-03-02 14:30
Submitted by MarketFolly on Mon, 2015-03-02 14:19
This letter is somewhat of a 'special edition' in that both Buffett and Charlie Munger give their thoughts on Berkshire over its 50 year history.
Submitted by MarketFolly on Mon, 2015-03-02 14:08
- Barry Rosenstein's activist hedge fund JANA Partners has filed a 13D on shares of Computer Sciences.
- Per the filing, JANA now owns 5.9% of the company with 8.37 million shares.
- We've detailed additional recent portfolio activity from JANA Partners here.
Submitted by George on Mon, 2015-03-02 14:00
This screen-cast tutorial shows you how to look up annual reports (10-K) and quarterly reports (10-Q) for companies using the SEC EDGAR search tool. If you are a new investor, you definitely want to learn how to find these essential documents for the companies you are researching. More experienced investors may find this tutorial helpful in highlighting some of the SEC EDGAR features you are not currently fully utilizing.
Submitted by jacobwolinsky on Mon, 2015-03-02 13:45
- Reinsurance business plan complements our investment management strategy: no property catastrophe excess treaties on rated balance sheet and premium and reserve leverage lower than peer group Company-wide focus on risk management Robust underwriting and operational controls.
Submitted by jacobwolinsky on Mon, 2015-03-02 13:30
- We have instilled throughout Leucadia and its businesses a sense of urgency,as well as a constant drive to make things better and more valuable.
- Finding unique value opportunities where our entry terms afford us a favorable risk-reward tradeoff-so far, Harbinger Group Inc, FXCM and Golden Queen; and Building businesses with great managers one asset at a time and thereby creating enterprise value-so far, the various Leucadia Asset Management businesses, Juneau Energy and Vitesse Energy.
Submitted by jacobwolinsky on Mon, 2015-03-02 13:29
- Whitney Tilson, Kase Capital managing director, responds to Jim Chanos' comments on potential conflicts of interest with short-selling.
- Tilson who has supposedly taken a media "Hiatus" was on 60 minutes last night and CNBC this morning.
- Whitney Tilson, Kase Capital managing director, says he would short Lumber Liquidators right now if he could.
Submitted by jacobwolinsky on Mon, 2015-03-02 13:02
- HSA Bank has been at the forefront of this trend, growing its deposits organically at a 29% CAGR since 2005; today, with more than $4 billion under management and approximately 15% market share in a sector that is forecast to more than triple in size over the next several years, HSA Bank is poised for even greater success.
- There is now a very clear comparable: last July, an HSA Bank competitor called HealthEquity, which is roughly half HSA Bank's size, went public and has now garnered a $1 billion valuation.
Submitted by jacobwolinsky on Mon, 2015-03-02 12:50
Submitted by jacobwolinsky on Mon, 2015-03-02 10:31
Submitted by jacobwolinsky on Mon, 2015-03-02 09:15
- Like many value investors, Cundill's style of investing can trace its roots back to Benjamin Graham; Cundill liked to buy $1 for $0.40.
- Unlike Graham, who brought as many companies as he could, as long as each company met his strict criteria, Peter Cundill only considered companies with strong balance sheets and an upcoming catalyst that could unlock value for investors.
- Peter usually scrutinized each company's balance sheet to discover off balance sheet financing and assess the company's true debt load. Peter Cundill Resource Page.