A Few More General Thoughts on the Miners

Posted on 11 CommentsPosted in General Thoughts, Portfolio Management

I’ve received a lot of emails about the posts I did regarding my thoughts on the precious metal miners. As I mentioned in one of the posts, that industry is one that contains many passionate opinions, on both the bull and the bear side. I have received many questions regarding my opinions on the commodities themselves (gold and silver)… of which I really don’t have one, and also questions about Fed policy among other things… I really didn’t get too […]

Strayer Education (STRA): A Bright Spot in a Dark Industry

Posted on 7 CommentsPosted in Uncategorized

Last week I bought Strayer Education (STRA). I think the stock is unduly cheap. The company has a market cap around $475 million, but has generated $71 million in free cash flow in the last 12 months (a 15% FCF yield). In the last six months alone, the company has generated $46.6 million of free cash flow. It’s a good business with high returns on capital, low fixed costs, high free cash flow yield, and even some growth potential that’s […]

Mohnish Pabrai-Another Good Lecture

Posted on 1 CommentPosted in Mohnish Pabrai, Superinvestors, Think Differently

A couple weeks back I wrote some notes I took from a lecture that Mohnish Pabrai gave at Columbia University. I highly recommend checking out the video of that lecture. In my opinion, it was the best lecture that I’ve heard from Pabrai, and he’s had some very good ones. This week I noticed a post on Value Walk linking to another lecture that Pabrai gave at the India School of Business. I listened to the three part lecture yesterday and […]

I Like Cheap Stocks-Gold Miners Thoughts Part 3

Posted on 20 CommentsPosted in Uncategorized

I didn’t think I’d be writing three posts about mining stocks (I never thought I’d write one post about them actually), but I’ve spent some time looking at them, and have invested small positions in a bunch of them, so here we are… They are cheap stocks, and I love cheap stocks. In part 1 I talked about how hated the mining stocks are (always a good thing), and in part 2 I described some general thoughts on investing in […]

Some Thoughts on Cheap Stocks-Gold Miners Thoughts Part 2

Posted on Leave a commentPosted in Investment Philosophy, Think Differently

In my last post I began writing down some thoughts on gold and why I think that generally speaking, there are some undervalued stocks in the group. Today I’ll talk some more about mining stocks, and how I categorize them. First, Some Thoughts on Cheap Stocks It’s important to remember that some stocks, even if the business has few/no competitive advantages, can still offer an investor a large margin of safety and potential outsized returns at the right price. Ben […]

Investing in Undervalued Themes-Gold Miners Thesis Part 1

Posted on 5 CommentsPosted in Uncategorized

A few weeks back I wrote a post discussing some general areas where you might be able to find some undervalued ideas. I always approach investing from a bottom up perspective, meaning I’m looking for businesses that have undervalued assets or high free cash flow relative to the stock price. I’m trying to find ideas where if I were buying the whole company, I would be satisfied that the assets and/or free cash flow (i.e. owner earnings) would provide me […]