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Investor Jim Rogers Tells Fox Business Agriculture Is “Going to Be One of the Great Industries of Our Time”
Chairman and CEO of Rogers Holdings Jim Rogers spoke with FOX Business Network (FBN) about the United States deficit and the path the nation and individuals need to take in order to prosper. Rogers said that the U.S. economy will not recover until we “accept reality, stop spending money we don’t have, go down to a lower level, and start over.” He went on to say that particularly in such an uncertain economy, “you should invest in only what you know, otherwise keep your money in cash.” Excerpts from the interview are below: Read more...
Answers from Tom Gayner's Interview with GuruFocus
Tom Gayner, a renowned valued investor, is president and chief investment officer of Markel Corp and president of Markel Gayner Asset Management, the investment subsidiary of Markel Corp., since 1990. He manages about $2 billion. Read more...
GuruFocus Interview with Fairfax CEO Prem Watsa
GuruFocus had an opportunity to speak with Prem Watsa, chairman and chief executive of Fairfax Financial Holdings, a $7.7 billion Toronto-based firm, where he has delivered a 5-year cumulative return of 176%, compared to 12.2% of the S&P 500. In 2008, when the market was spiraling to a loss of 37%, he achieved a 21% return for his clients. Read more...
Walter Schloss: The Essence of Value Investing
Here are some notes taken from the life of Walter Schloss, once an office roommate of Warren Buffett. He is still alive and kicking at 95, and is one of the investors who inspires me the most. He had several points in common with Philip Fisher and Philip Carret, some of his contemporary investing legends; they lived very long; invested since very young until late in life; and never looked for extreme fortune or fame. He also led a simple life and, until recent interviews, still invests his personal money. His life incarnates the essential substance of value investing. Read more...
GuruFocus Interview with Investor Arnold Van Den Berg
Arnold Van Den Berg is a value investor with 43 years of industry experience and founder of $2 billion firm Century Management. A short time ago, GuruFocus readers asked him their investing questions. His responses, in which he discusses MDC Holdings Inc. (NYSE:MDC), Toll Brothers (NYSE:TOL), Microsoft (NASDAQ:MSFT), Dell (NASDAQ:DELL), Cisco (NASDAQ:CSCO), Applied Materials (NASDAQ:AMAT), Walmart (NYSE:WMT), Wells Fargo (NYSE:WFC), are below: Read more...
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Commentaries and Stories

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Oil Majors Cut $200 Billion Of Spending
Global oil and natural-gas producers are shelving $200 billion of investment in more than 45 projects following the slump in crude prices, according to a new Wood Mackenzie report. The report excludes the North American shale industry, where Wood Mackenzie counted another $83 billion in delays thus far. More...

OIL, GAS, ENERGY, LONG, SHORT, CAPEX, EXPLORATION


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IVA International Fund Q2 2015 Review
The IVA International Fund (Trades, Portfolio) Class A (NAV) (“the Fund”) ended the quarter on June 30, 2015 with a return of 1.95% versus the MSCI All Country World Index (ex-U.S.)(“Index”) return of 0.53%, bringing YTD performance to 5.24% versus the Index return of 4.03% for the same period. More...

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IVA Worldwide Fund Q2 2015 Commentary
The IVA Worldwide Fund Class A (NAV) (“the Fund”) ended the quarter on June 30, 2015 with a return of -0.90% versus the MSCI All Country World Index (“Index”) return of 0.35%, bringing YTD performance to 0.57% versus the Index return of 2.66% for the same period. More...

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Causeway Funds Commentary - Paying the Piper: Economic Reform in China
Quoted by China Daily newspaper on June 10, 2015, Goldman Sachs Chairman and CEO Lloyd Blankfein commented that “China has achieved a very high growth rate at some cost…so growth has to be absorbed, mistakes have to be corrected and bad investments have to be written off in order to have another stage of rapid growth.” Easier said than done. What are the implications for a slowing Chinese economy—one that cannot absorb the world’s non-food commodities at the pace of the past two decades? China needs to continue its implementation of structural reform (opening industries to foreign competition and lowering trade barriers, for example). This year, the Chinese government’s attempts to rein in margin debt of mainland buyers of domestic A-shares contributed to an aggressive sell off in mid-June. The government announced drastic measures to stem the bleeding in local markets, such as suspending trading and halting IPOs, strongly encouraging companies to engage in share buybacks, and providing unlimited financing to the state agency that supplies capital to Chinese brokers. We consider this intervention to be a step backward. China has set a goal for a more transparent and efficiently functioning financial system, and will likely pay a steep price for misguided policy. How has the deceleration in Chinese real gross domestic product growth and the government’s boosting of stock markets shaped how we have positioned client portfolios? We spoke to Causeway portfolio managers, Arjun Jayaraman and Jonathan Eng, to understand our quantitative and fundamental research view of China in 2015. Arjun, how do Causeway’s emerging markets portfolios reflect the team’s expectations for China? AJ: In order to put some level of support under the local stock market and sustain economic activity, China will probably maintain an accommodative monetary policy. Today, in our unconstrained portfolios, our overall exposure to China is roughly in-line with that of the MSCI Emerging Markets Index (“EM Index”). However, for the past two years we have maintained an underweight position in Chinese banks, a mirror image of the country’s economic health. We recognize the importance of Chinese Hong Kong-listed “H-shares” in the EM Index, but want to lower our emerging markets portfolios’ China risk. In addition, recently we decreased our sensitivity to the Chinese market by adding lower beta (index sensitive) Chinese stocks to our portfolios. Jonathan, Causeway’s international and global value equity portfolios have both direct H-share holdings as well as indirect Chinese exposure by investing in many companies with operations, revenues or other connections to China. As an expert in industrials, how do you view the China exposure in developed markets portfolios? JE: Speculative booms and busts have—and will –occur in many geographies. Valuations become overextended, share prices fall, investors lose money, then retreat, and valuations return to more rational levels. Unfortunately, the Chinese government has interfered with the local stock market, one of the most important free market mechanisms. But where does intervention stop? As a research team, we are now contemplating the ramifications of “national” policy to support employment and the extent to which it drags on Chinese corporate earnings. Cutting employees may become very challenging for Chinese companies, especially those that are state-owned. Compared to 2013, we have lowered our global and international portfolios’ weights in capital goods companies. Many of these multinational firms generate a sizable portion of their profits in China. They are vulnerable to deflation, particularly as Chinese demand slows for their products. We have placed more emphasis on spending by the Chinese consumer with holdings in such sectors as consumer discretionary and mobile telecommunications. For example, China’s vehicle ownership is less than 20% the level in the United States; car penetration will likely rise with improved affordability. Furthermore, the government has accelerated the replacement cycle and wants to remove the old, dirtier vehicles from the road. We are also looking at a sanguine outcome for luxury goods demand and tourism. With surplus capacity in basic industries, China needs a solution to absorb its years of excess fixed investment. What are you anticipating? JE: I think the government has already signaled its intent to export some of its construction and industrial excess capacity, as well as newer technologies in solar panel, machinery and telecommunications equipment, via the Silk Road Economic Belt and Maritime Silk Road (aka the Belt and Road initiative). This development strategy, first announced in late 2013, is designed to boost employment in China, as well as accelerate more capital convergence and currency integration globally, lessening dependence on the US dollar. AJ: By investing in transportation and other commercial infrastructure (highways, railways, ports, and coastal facilities) across Asia, the Middle East, and Europe, China intends to improve trade and foreign relations, and find a productive home for its massive $4 trillion of foreign reserves. In our emerging markets portfolios, we increased exposure to Chinese-listed industrials companies that we expect to benefit from the Belt and Road initiative. However, by interfering with its own stock market, China has apparently postponed its drive toward a more market-based mechanism of resource allocation. Beyond the stock market, speculation also appears rampant in residential housing.What are the economic and portfolio implications of this housing risk? Continue reading here. More...

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Aflac – Is USA the new Japan?  - Aflac – Is USA The New Japan?
Is USA the new Japan? More...

LONG, INSURANCE, FINANCIAL, HEALTH, AFLAC, MEDICAL


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The Gabelli Value 25 Fund Inc. Q2 2015 Shareholder Commentary
To Our Shareholders, More...

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Wall Street Week Interview With David Rubenstein
Wall Street Week Interviewed David Rubenstein, co-founder and co-CEO of The Carlyle Group. Mr. Rubenstein discussed his early career in law and politics and the founding of The Carlyle Group. He talked about why he went into private equity since he didn't love practicing law. During the interview Mr. Rubenstein talked about the benfits of private equity and how its makes companies that they invest in more profitable. He talked about the early years of Carlyle Group and the cuture of the firm that he and his co-founders created. Mr. Rubenstein talked about why he took his firm public and the benfits of doing so. He went on to talk about how he plans on giving away his wealth. More...

WALL STREET WEEK,INTERVIEW,CARLYLE GROUP,DAVID ROBENTSTEIN,BILLIONAIRE,PRIVATE EQUITY,


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Pzena Investment Management Q2 Commentary – What Is Active Versus Passive Investing?  - Pzena Investment Management Q2 Commentary – What Is Active Versus Passive Investing?
Passive investing strategies have become all the rage. Since 2000, Index strategies, together with their close cousins, Exchange Traded Funds, have gone from a little more than a tenth of U.S. Equity Mutual Funds assets under management (AUM) to just under one-third at the end of 2014. The numbers are even more dramatic for Global and International funds, with passive strategies going from under 3% in 2000 to 27% at the end of last year. Over that time span, passively managed AUM has grown at 15.3% per annum, more than triple the rate of actively managed AUM, with no sign of slowdown in recent years. More...

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Chugging Along – Osterweis Capital
Sitting down to write this quarter’s Outlook, we feel a bit sheepish. Despite all the headlines and drama around the world (e.g., Greece, Middle East turmoil, China stock market bubble), not much has changed in our outlook for the U.S. economy or the U.S. financial markets. The U.S. economy appears to have rebounded in the second quarter from the first quarter swoon. New jobs are being created at a steady clip, which continues to lower the unemployment rate and nudge up wages. Housing persists in its grudging recovery. Commodity inflation is nil and inflation remains low. Business capital spending is anemic. The dollar is strong. Despite the sluggishness of the overall economy, corporate profits, excluding energy, continue to grow and margins remain at record highs. In short, this is what we have been saying for several years. More...

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The Iran Deal Is Mostly About Oil – Euro Pacific Capital
The recent nuclear non-proliferation agreement between Iran and the U.S. has created a firestorm debate in the Middle East and on both sides of the Atlantic. While the deal is supposedly all about nuclear power and nuclear bombs, its practical implications are all about oil. But the conclusions we should make about its impact on the energy sector are far from clear. A ratification of the deal would allow Iran to make lucrative long term production and distribution contracts with foreign energy firms. However, freely flowing oil from Iran would add significant new oil supply into the world markets, disrupt U.S. plans to become an energy exporter, and could potentially put further downward pressure on prices. More...

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Offshore Driller's Valuation After the Dividend Cut
In this article let's take a look at Ensco PLC (NYSE:ESV), the international offshore oil and gas contract drilling company, which is the world's second-largest offshore drilling rig fleet amongst competitive rigs, with an ultra-deepwater fleet that is the newest in the industry. More...

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Inflation Deniers Emboldened by Gold's Struggles
The vultures are circling. Precious metals bulls, laid flat by gold and silver prices dropping for the fifth week in a row, are watching deflationists such as Harry Dent and the financial media squawk about the imminent demise of precious metals. More...

INVESTING, ECONOMICS, FINANCE, CHINA, GREECE, WASHINGTON, USA, AMERICA, GOLD, PLATINUM, PALLADIUM, SILVER, PRECIOUS METALS, JAPAN, GREECE


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Why Yelp is Still a Terrible Investment
Yelp (NYSE:YELP) has established itself as one of the most hated companies in the U.S. The company has fought several extortion claims over the past few years. Consistent reports exist of Yelp filtering only good reviews and displaying only bad reviews after the business concerned declines to advertise (due to the ridiculously high cost) with Yelp. It is safe to assume that Yelp has damaged many decent small and medium scale restaurants, which is why many business owners hate the company. There’s even a restaurant that offers a 50% discount to customers who leave them a bad review on Yelp. More...

SHORT


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GoodHaven Fund Semiannual Letter For 2015
GoodHaven Fund semiannual report for the period ending May 31, 2015. More...

GOODHAVEN FUND,SEMI-ANNUAL LETTER,2015,ENERGY HOLDINGS,


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Why Intel is Likely to Recover Soon
Intel (NASDAQ:INTC) stock has been pretty volatile over the last 12 months due to fall of the number of PC shipments. Shares reached a 10-year high mark in December 2014, but they're down approximately 12% in 2015, primarily due to lenient demand for computer chips. In its previous fiscal quarter, Intel's sales came in roughly $1 billion lower than first expectations, as computer manufacturers decelerated down manufacture and engrossed on moving prevailing inventory. Desktop chips sales were down approximately 16%. More...

LONG, TECHNOLOGY


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Apple's Post-Earnings Pullback is an Opportunity to Buy
The market’s reaction to Apple’s (NASDAQ:AAPL) earnings report was quite surprising. Apple’s stock was punished for releasing weak guidance, but I think the reaction was overblown as Apple delivered a decent quarter. While everyone is focusing on Apple’s weak iPhone guidance, the company is making other moves to diversify revenue and grow. While I still think the iPhones will continue to be a worldwide success, I think investors should take a look at Apple’s other moves. More...

LONG, TECHNOLOGY


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Johnson Controls Continues Trading at a Premium Compared to Peers
In this article, let's take a look at Johnson Controls Inc. (NYSE:JCI), a leading manufacturer of automotive interior systems, automotive batteries and automated building control systems. More...

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Value Trap at World Acceptance (WRLD)  - Value Trap At World Acceptance (WRLD)
First off, looking at World Acceptance’s (NASDAQ:WRLD) website makes me cringe. I wonder why it hasn’t done a better job cleaning up its brand for the digital age. On the other hand, a look-through at the company’s financials and you see a business that doubled its sales and profit along with tripling its book value in the last decade. Doing this while maintaining a very high return on equity and very low loan net cap rates. More...

FINANCIAL SERVICES, PAYDAY LOANS, INSTALLMENT LOANS


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3D Systems' Survival is at Risk  - 3D Systems' Survival Is At Risk
Summery: More...

ADDITIVE MANUFACTURING, METAL ADDITIVE MANUFACTURING, 3D PRINTING


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Jack in the Box Looks Promising  - Jack In The Box Looks Promising
Jack in the Box Inc. (NASDAQ:JACK) operates and franchises Jack in the Box restaurants. Jack in the Box restaurants are being listed among the largest hamburger chains, with more than 2,200 restaurants in 21 states and Guam. JACK also franchises in Qdoba Mexican Grill. More...

LONG


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Trebor12
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Zaiko2000
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WHERE IS Allan Mecham ,

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