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Rich Pzena: 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.
  • This week we’ll take a look at Rich Pzena (12-31-2019).

Consumers Had The Widest Financial Improvement In At Least 44 Years

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  • This growth rate is above the estimate at the end of the year which was
    -1.7%.
  • The December consumer credit report showed that consumer
    debt rose $22.1 billion which rose from $11.8 billion and beat estimates for
    $15 billion.
  • Consumers are very confident and should drive solid GDP growth even if the coronavirus catalyzes weakness in other parts of the economy.

All German Shares part 15 (Nr. 276-300)

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  • The next 25 stocks.
  • This is a 18 mn EUR market cap listed VC/PE company.
  • Not my kind of stock so “pass” .

Carl Icahn: Latest Activist Positions 13D/G Filings

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The Agnostic’s Case For Value

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  • Corey Hoffstein: So ultimately, what the paper wanted to look at was saying, how can we try to measure the cheapness of value?
  • And very specifically what I wanted to look at was separating a little bit the difference between the academic implementation of a factor and the way an investor might look at a factor.
  • Has it been oversold relative to both the market and growth portfolios?

Mohnish Pabrai Q4 2019 Letter – Pabrai Funds Up 9.2%, 12.5%, 18%, Respectively 2019

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  • The Pabrai Funds were up 9.2%, 12.5%, and 18%, respectively, in 2019 versus 25-37% for the indices.
  • However, the funds were well behind the indices in 2019.
  • I think the twenties are likely to be great years for Pabrai Funds as all the lessons and learnings over the last few decades get reflected in our holdings and future bets.

Are We Seeing A Return To Risk Arbitrage

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  • In this week’s episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed the return of risk arbitrage.
  • Bill Brewster: I think merger arbitrage is a really interesting strategy.
  • Tobias Carlisle: I’ve done lots of merger arbitrage.

Big Negative Benchmark Revision

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Data Update 3 for 2020: The Price of Risk!

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  • The US Equity Risk Premium
  • If default spreads measure the price of risk in bond markets and equity risk premiums measure the risk for investing in stocks, what is the price of risk of investing in other asset classes?
  • Since the capitalization rate is effectively a measure of expected return on real estate, subtracting out the risk free rate should yield a measure of the risk premium in real estate.

USA Democratic Presidential Primaries

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  • My guess is that Bernie Sanders (“authentic”) is going to give the Democratic Party establishment a run for their money, much more so than when he did in 2016.
  • I would view Warren as having a better chance than the other establishment candidate, former VP Joe Biden.
  • Warren’s performance in the technology-error riddled Iowa caucus is good enough to give her credibility in New Hampshire (and geographically it is a closer state for her), but in future primaries, it will be interesting to watch that Democratic establishment vote.

Confusing Capital Allocation – Transforce

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  • CASH FLOW
    Net cash from continuing operating activities was $665.3 million during 2019 versus $543.5 million the prior year.
  • The Company returned $336.4 million to shareholders during the year, of which $80.7 million was through dividends and $255.7 million was through share repurchases.
  • One is that a 6 million share offering will raise about CAD$264 million gross, or roughly CAD$250 net after offering expenses, assuming the stock doesn’t tank tomorrow.

7 Stocks Sending A Strong Message With Higher Dividends

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Selecting quality dividend stocks with sustainable dividends requires the investor to not only look back at the financials, but also look forward to determine in the business can continue to thrive going forward. To succeed as an investor in dividend growth stocks, you must find companies that can sustain and grow dividends by focusing on their ability to generate cash. Below are several stocks...

FTSE 100 CAPE valuation and long-term forecast

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  • In this article I calculate the cyclically adjusted PE ratio (CAPE) for the FTSE 100, compare the current value to its historic average and forecast the index’s expected value in 2030.
  • Updating the FTSE 100’s CAPE ratio for 2020 Robert Shiller’s CAPE ratio is one of the best long-term valuation ratios we have.
  • It’s much […]

(Ep.52) The Acquirers Podcast: Corey Hoffstein – Equity Momo – Robust Equity Momentum, And The Agnostic Case For Value

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  • Corey Hoffstein: Let’s do it.
  • Corey Hoffstein: So what does that mean?
  • Corey Hoffstein: Exactly.

Michael Mauboussin: Many Investors Are Not Congruent With What They’re Ultimately Trying To Do

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  • Here’s a great interview with Patrick O’Shaughnessy and Michael Mauboussin on ways to improve processes at Capital Camp 2019 .
  • “Many people sort of think that they’re doing one thing but if you watch… you kind of roll back the curtains and see what they’re doing all day, they’re not congruent with what their ultimately trying to do.”
  • The key is just to have your process be congruent with what you’re trying to do.

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