Submitted by jacobwolinsky on Fri, 2015-03-20 17:01
Submitted by jacobwolinsky on Fri, 2015-03-20 16:18
- Gordon DuGan graduated from the Wharton School at the University of Pennsylvania with a Bachelor's degree in Economics.
- After a short stint as CFO at a technology company from 1995-1997, Gordon returned to W.P. Carey as the Deputy Head of Acquisitions.
- As CEO, Gordon oversaw the growth of $2.5 billion AUM to $10 billion.
Submitted by jacobwolinsky on Fri, 2015-03-20 15:32
- Initially the predicted returns were ten year predicted returns.
- We assume GMOs predicted returns are annualized real returns.
- We work solely with continuously compounded returns, as they have the desirable property that the continuously compounded return over several periods is the average of the continuously compounded returns over the component periods.
Submitted by jacobwolinsky on Fri, 2015-03-20 12:36
- Nicholas Financial is a specialized subprime automobile loan company which purchases and services consumer loans for automobiles and light trucks.
- Nicholas Financial endeavors to provide loans to good customers who have had poor luck in their recent life leading to poor credit such as medical issues and avoid "Credit criminals" who have poor credit due to habitually living beyond their means.
- Nicholas builds in two layers of protection for their loans.
Submitted by jacobwolinsky on Thu, 2015-03-19 16:53
Submitted by jacobwolinsky on Thu, 2015-03-19 16:03
- A better measure of a company's financial performance which has become the most important metric for many value investors is their ability to generate free cash flows.
- If these companies had invested their own cash into developing the intellectual property and tangible assets of these companies, they would have had to record it as an expense which would be reflected in their FCF. An additional issue with a focus on free cash flow is off-balance sheet obligations in the form of operating leases.
Submitted by jacobwolinsky on Thu, 2015-03-19 14:28
- Today on the show we have Nate Tobik, author of the well-regarded blog Oddball Stocks and President of Complete Bank data.
- Tobik's blog is one of the most popular on the web about micro cap stocks.
Submitted by jacobwolinsky on Thu, 2015-03-19 13:42
- Look globally, pick specifically, says Mario Gabelli, GAMCO Investors chairman & CEO, sharing his take on how central bank policy is impacting his investment strategy.
- Mario Gabelli's oveseas play 'Super Mario's' rapid fire picks.
- Mario Gabelli, GAMCO Investors chairman & CEO, explains why he is a fan of health and wellness stocks, Navistar International Corp, and Viacom.
Submitted by jacobwolinsky on Thu, 2015-03-19 12:12
- Net income prepared in accordance with generally accepted accounting principles was $1.07 billion for the past year, down 6% from $1.14 billion in the year prior.
- As a result of increased expenses arising from our ongoing efforts to upgrade M&T's bank secrecy and anti-money laundering compliance program, in addition to other key investments that position M&T for the new regulatory and operating environment, non-interest expenses increased to $2.74 billion last year, 4% higher than $2.64 billion in the previous year.
Submitted by jacobwolinsky on Thu, 2015-03-19 10:20
- Our investment philosophy is to construct a concentrated portfolio, composed of companies i) with healthy balance sheets to try to provide downside protection, ii) with the ability to strongly grow book value over time and iii) that trade at an attractive discount to our conservative estimate of Net Asset Value.
- Over the last few months, management of CST Brands, a 1.4% position in the portfolio, made Third Avenue Small-Cap Team Chip Rewey, CFA several strategic moves to improve the value of the company.
Submitted by Dividends4Life on Thu, 2015-03-19 07:35
Abbott Laboratories is a diversified health care products company that is now focused on nutritionals, diagnostics, generic drugs, and medical devices, following the spinoff of its R&D-based prescription pharmaceuticals business at the beginning of 2013. Linked here is a detailed analysis and commentary...
Submitted by jacobwolinsky on Wed, 2015-03-18 19:34
- Portfolio Manager Lauren Romeo talks about how many holdings that populate this Royce portfolio are companies we have seen persevere through various economic cycles, changing industry conditions, and company-specific challenges.
- Lauren Romeo: With Royce Premier Fund, we're trying to construct a relatively concentrated portfolio of smaller-cap companies in which we have a high degree of confidence in their business models.
- Lauren: Yes-Steve, in his seven years as a portfolio manager here at Royce, has worked on Funds that have a similar quality company focus.
Submitted by jacobwolinsky on Wed, 2015-03-18 16:57
- The Blue Tower Global Value strategy is a concentrated strategy that is not managed to any particular benchmark.
- Despite the CRSP Total Market being the official benchmark for the strategy, the Global Value strategy is more correlated on a daily basis to the performance of the Russell 2000.
Submitted by jacobwolinsky on Wed, 2015-03-18 15:38
- Government interest rates declined during the year, with the 10-year Treasury finishing below 2.2%, down from levels around 3% at the beginning of the year.
- Avis Budget Group, was the Fund's largest holding at year-end and produced a 64% total return for the year.
- All declined for the year on lower earnings than the previous year.
Submitted by George on Wed, 2015-03-18 13:01
A 2000-2012 backtest of the 5-Year Average Return on Investment is similar to the previous backtest performance of trailing twelve-month ROI.