Star Manager’s Case Study of a Great Business vs. a Net-Net

Posted on 29 CommentsPosted in Case Studies

Over the weekend I was reading through some Charlie479 posts on VIC (who I’ll introduce below). He recommended a company called Winmall & Co (WNMLA), a small, illiquid, management-controlled stock in 2001 that was selling for about 43% of net cash. Below is an interesting comment Charlie479 made in response to another comment that basically stated that while the stock is in fact cheap, it wasn’t a great investment because it had been cheap for a long time and could […]

Quality Screens: Part 2

Posted on 12 CommentsPosted in How to Improve Results, Industry-Banks, Investment Quotes

In Part 1 of this post, I looked at some quality screens I look at occasionally to generate ideas. In this second part of the post, I thought I’d briefly review an industry specific screen that I put together more recently that I will make a point to review every month or so. I’m doing a lot of work on bank stocks lately, looking at a lot of cheap stocks selling for significantly less than their tangible book value. I’ll […]

Quality Screens: Part 1

Posted on 12 CommentsPosted in How to Improve Results, Investment Philosophy, Investment Quotes

“(The Intelligent Investor) taught me how to think about a stock and the stock market. It taught me the market was there not to instruct me but to serve me. – Warren Buffett, 2013 Berkshire Hathaway Annual Meeting Ben Graham taught us that it is crucial to make Mr. Market our servant, not our master. Buffett once said if he taught a business school program on investing, he would have just two classes: How to Value a Business, and How […]

Bill Ackman On His Recent Mistakes

Posted on 10 CommentsPosted in Case Studies, General Thoughts, Superinvestors

Bill Ackman is like the New York Yankees, a team that many love to see lose. Ackman is a star fund manager with an outstanding long term track record. He has also been the star in an interesting theater over the past year thanks to two very public investments that did not go his way. I’ve been somewhat surprised by the way that Ackman is portrayed in the public. He has developed into a sort of “hedge fund public enemy number […]

Coach (COH): An Overview of the Numbers

Posted on 18 CommentsPosted in Investment Ideas & Company Research

I was reading the news one morning last week and noticed that Coach reported earnings that disappointed and the stock was off 8%. I’ve never really looked at Coach and don’t know much about the company, but I glanced at some of the numbers and was impressed by how strong the business appears to be. Although I prefer investing in stocks that are cheap and obviously undervalued, I’m always looking at great businesses to study them and learn more about […]

Some Notes on Strayer’s Cost Cutting Plans

Posted on 5 CommentsPosted in Uncategorized

Strayer had their quarterly earnings announcement yesterday morning and there were a couple interesting announcements. Someone asked me for a comment on the report. I listened to the call this morning and here are some notes along with my basic comment in reply… Here are some notes: Enrollments for fall term 2013 decreased 17% to 43,192 (last year it was 51,727) Continuing student enrollment decreased 14% New student enrollment decreased 23% Revenues continue to fall—down 11% in Q3 2013 Earnings […]