Commentary | Value Investing News


Black swan events – Geographical diversification

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  • The cause of the fire, extent of the damage, and time required to repair the facility are unknown at this time.
  • The Company is assessing the extent of the damage to the facility and will be reviewing the incident with its insurance carriers.
  • All employees had safely exited the building prior to fire department arrival.

American Shared Hospital Services (AMS): Growth, Profits, and a Good Balance Sheet

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  • AMS is the biggest player in the Gamma Knife business with seventeen Gamma Knife units (14 of them are Perfexion units) having approximately 14% market share in the U.S. while stating in the company’s annual report :
  • On top of these PBRTs, AMS has another $13M in committed expenditures in 2020-22 for other equipment (Gamma Knife upgrades and materials at existing customers), so that should provide more boosts to revenue in the coming years.

7 Dividend Stocks Building Shareholder Returns With Higher Dividends

Average: 5 (1 vote)

It's human nature for new income investors to focus on yield. Many eventually learn that above average yields often carry an above average risk of a dividend cut, loss of invested capital or both. People involved in extreme sports/hobbies, such as base jumping, hang gliding and shark diving, do things to minimize risk and protect themselves. In much the same way those investing in dividend stocks, can do certain things to increase their chance of success. One method is to focus on stocks the consistently increase their dividends.

Dividends Are Relevant and Can Beat the Market

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  • According to the financial theory of these two great minds, an investor should be indifferent between investing in Company A, which is paying a $1 dividend, and Company B, with all the same metrics and fundamentals as Company A, which keeps its money in its bank account.
  • My overall results are probably similar to many other dividend growth investors.
  • Dividend growth investing is not about beating the market.

(Ep.29) The Acquirers Podcast: Sahm Adrangi – Activist Shorts, Short Selling, And Event Driven Special Situations

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  • – China Marine Activist Shorts Can Be Very Exciting And Lucrative – Global Star No Short Activist Has Ever Been More Wrong On A Name Than We’ve Been Wrong – Straight Path How To Find Multi-Baggers In The Telecommunications Space – Intelsat Successfully Short Selling In The Biotech Space – Prothena Finding Short Opportunities In The Mining Sector – First Majestic Successfully Investing Across Multiple Industries Is All About Due Diligence If You Take A Big Position In A Stock Make Sure You Let Everyone Know – Here’s Why Valuation Shorts Aren’t Good Shorts

How to Survive the Death of Businesses

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  • However, in contrast to us (I mean, humans…because some bots and aliens may also be reading this post) gradually increasing our average life expectancy over decades, more businesses are dying faster than any time in history.
  • – and bad luck (poor genes) that kills us, and also businesses.
  • I remember hearing the terms “natural death” for people who die at old age and “untimely death” for those who die young.

Some links

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  • A good long read on Moats (for startups) The Aleph blog is back with thoughts on Value Investing’s potential comeback GlobalStockPicking does a portfolio review Prof. Damodaran on Venture Capital pricing & WeWork, Uber and Peleton European banks seem to under invest into IT And finally Safel Niveshak with 5 sure ways to destroy your wealth

Estimating Future Stock Returns, June 2019 Update

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  • SInce the last article, the S&P 500 returned 8.8% on a price basis with around 3% of dividends over the 18 month period.
  • Using the ten scenarios from the past where the model was expecting returns between 2.39% and 4.39%, here’s what the results look like for the future on a probabilistic basis:
  • Not knowing what inflation or deflation will be like, it would be difficult to tell whether the bond or stock would be riskier, even if I expected 3.39% from each on average.

How to Win At Investing (And At Anything in Life)

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  • As an antidote, and especially as you may be sailing through the vicissitudes of ecstasy (after seeing your stocks surge yesterday) and, at the same time, misery (for not buying more stocks before yesterday), today I share with you one way to win at the game of investing, or at anything in life.
  • That way, my dear friend, is of equanimity , which is calmness and composure, especially in a difficult situation.

The Better Angels of Our Nature

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  • Violence (defined as human on human violence per capita around the world) has been on the decline for decades and centuries, contrary to popular belief.
  • The Better Angels of Our Nature explores this...
  • [[ Please visit site to

Low price to sales ratios – Tailored Brands

Average: 3 (1 vote)
  • The balance sheet isn’t great, but it is a manageable position – they have a large line of credit that extends out until April 2025 ($884 million outstanding), and a senior note ($229 million) which matures on July 2022.
  • The question is whether men’s fashions (suits and the like) is still subject to the Amazon steamroller.
  • That said, there was a pretty good reason why this thing was trading at $24/share a year ago.

Old School Value Nugget Fest (September 19th Edition)

Average: 2 (1 vote)
  • Another question I’ve started to ask is, “what’s the best question you asked today?” They’re young enough now that the idea is to get them thinking about asking questions instead of just sitting passively in class.
  • Ask questions.
  • At McKinsey, I had to answer questions even if my thinking was still half-baked.

Will Value Investing Return to Prominence?

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  • If a question is of more general interest, I often turn it into a blog post.
  • The first on was on Value Investing.
  • Some of that may have happened because quantitative value investing got overdone, leading to a variety of risk-premia common to value investing getting too small.

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

Average: 4 (1 vote)
  • 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.
  • Biogen and Idec merged in 2003, combining forces to market Biogen’s multiple sclerosis drug Avonex and Idec’s cancer drug Rituxan.
  • Biogen also markets novel MS drugs Tysabri and Tecfidera.

This Week’s Best Investing Articles, Research, Podcasts 9/20/2019

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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:


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