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Top Ranked Articles

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...
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...
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...
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. (MDC), Toll Brothers (TOL), Microsoft (MSFT), Dell (DELL), Cisco (CSCO), Applied Materials (AMAT), Walmart (WMT), Wells Fargo (WFC), are below: Read more...
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Commentaries and Stories

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Sysco Corporation (SYY) Dividend Stock Analysis
Linked here is a detailed quantitative analysis of Sysco Corporation (SYY). Below are some highlights from the above linked analysis:Company Description: Sysco Corporation is a large distributor of food and related products, primarily to the foodservice or food-away-from-home industry. More...

DIVIDENDS


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Investors Should Add General Electric to Their Portfolio
General Electric Company (GE) is a diversified technology and financial services company. The products and services of the company range from aircraft engines, power generation, water processing and household appliances to medical imaging, business and consumer financing, and industrial products. It serves customers in more than 100 countries. It is a conglomerate involved with just about everything consumers come into contact with. In almost everything we do, GE plays a role in providing electrical boxes, light bulb, and appliances in our homes to providing the infrastructure to capture oil and gas, the conversion to electrical energy, and the infrastructure to support that delivery. More...

LONG


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Facebook Earnings: Here is What You Need to Know!  - Facebook Earnings: Here Is What You Need To Know!
Almost a couple of years back, Facebook’s (FB) stock nosedived after it launched its IPO, because the shares were overvalued and the employee share lockups had expired. Forward to this day and that particular incident seems to be a one-off occurrence. Just yesterday, Facebook’s share price hit a record high at $75 plus (approximately a 5% increase) on back of a strong Q2 report. In this article, I have tried and covered significant points for investors looking to invest in Facebook. More...

LONG, TECHNOLOGY


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Manning & Napier's Top 5 Second Quarter Stock Buys Manning & Napier - Manning & Napier's Top 5 Second Quarter Stock Buys
Manning & Napier Advisers Inc., a New York investment management firm with $54.1 billion in assets under management, had a portfolio valued at $25.5 billion at June 30. Managers purchased 52 new positions in the second quarter, the top five largest of which are: Priceline Group Inc. (PCLN), Intuitive Surgical Inc. (ISRG), ProShares Short 20+ Year Treasury ETF (TBF), ARRIS Group Inc. (ARRS) and Republic Airways Holdings Inc. (RJET). More...

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David Herro's Q2 2014 International Small Cap Fund Investor Letter
The Oakmark International Small Cap Fund returned 2% for the quarter ended June 30, 2014, underperforming the MSCI World ex U.S. Small Cap Index, which returned 3% for the same period. Since the Fund’s inception in November 1995, it has returned an average of 11% per year. More...

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Sarah Ketterer's Causeway Capital - 'What Happened to Hedge Fund Alpha?'
American economist and Nobel laureate, Eugene Fama, would make a tough client. But we understand his skepticism. He once admitted, “I don’t believe anyone wants to hear what I have to say.” Maybe investors will tune us out as well, but the message is worth delivering. Performance deconstruction can reveal much about manager skill. We focus on the elusive “alpha” component of the investment return, which is not derived from beta (a measure of an asset’s sensitivity to market movements) or common factor risks. Alpha matters because it captures the portion of returns that moves independently of stock market cycles. Why pay hedge fund fees for beta and common factor returns when they are available for very low passive management fees? Investors tell us they seek diversification and want alpha uncorrelated with financial markets. They expect capital preservation in down markets, and aim for returns that do not depend on any particular economic environment. These all-weather funds are increasingly hard to find. Opaque attribution of hedge fund returns has added to some of the confusion surrounding the asset class. More...

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Royce Funds Commentary - Does Active Management Succeed in International Small-Caps?
Divergent conclusions about the relative success of active management in the international small-cap universe prompted us to do our own examination, which stresses the importance of choosing the appropriate benchmark and evaluating the consistency of a fund's performance over long-term time periods. More...

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Tweedy Browne's Q2 2014 Shareholder Letter
With the VIX (proxy for market volatility) at its lowest level since 2007, it is not surprising that investors’ tolerance for risk appears to be growing, as evidenced by the continued strength in global equities and most other financial instruments. In a fascinating study conducted by John Coates, a research fellow at Cambridge, linking risk taking to physical responses to stress, it was shown that when market volatility is high, cortisol (the “stress hormone”) levels increase, causing investor appetite for risk to decline. Conversely, when levels of market volatility are low, cortisol levels remain largely unaffected, resulting in a greater willingness on the part of investors to take on risk. One could argue that the complete transparency of central bank monetary policy around the globe, particularly in the United States, has caused the release of “one of the most powerful potential brakes on excessive risk taking in stocks.”† Whether or not we have reached bubble territory is subject to debate, but investors should be cognizant that, if risk is indeed largely predicated on the price one pays for a security, it is no time for complacency. As you well know, we are not More...

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Why Beaten Down Nokia is a Great Buy
In the wake of auctioning off its gadgets business to Microsoft (MSFT), Nokia (NOK) is currently a more centered organization. Nokia is currently on track to profit from circumstances, for example, the developing utilization of LTE and permitting. Be that as it may, the stock's execution has been inconsistent so far not long from now, as Nokia has lost just about 5% of its esteem so far in 2014. Anyhow, is this an open door for financial specialists to purchase more imparts? We should figure out. More...

LONG, TECHNOLOGY


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Will GT Advanced Technologies Benefit From the iWatch?
I am almost certain that Apple's (AAPL) new iphone 6 will have a sapphire showcase. Notwithstanding, I additionally accept that Apple's approaching iwatch will likewise utilize GT Advanced Technologies' (GTAT) sapphire presentation. The late UBS downgrade claims that Apple won't have enough sapphire to fulfill the interest of the idevices; then again, I surmise that this assumption isn't right. We should investigate the reasons why I think the iwatch, along with the iphone 6, will have a sapphire presentation. More...

LONG, TECHNOLOGY


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Here’s Why Westport Innovations Is A Good Investment
Westport Innovations (WPRT) has taken a beating as the shares are down 10% year-to-date. The manufacture of low-emission engines and fuel-systems utilizing alternate fuels is up against challenges from diverse quarters, such as gaining popularity of electric car maker Tesla Motors (TSLA), and the adoption of fuel-cell technology gaining traction. In such a scenario, what does it have in store for investors? More...

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Will InvenSense Really Benefit From Apple?
Invensense (INVN) is a heading engineer of motion-sensing solutions found in a wide assortment of applications, one of the most intriguing of which is the smartphone market. Invensense's business is exceedingly subject to deals to Samsung Electronics, the world's heading smartphone seller. That said, as the dispatch of Apple's (AAPL) exceedingly expected iphone 6 draws close to, there's no less than one investigator who thinks Invensense has the iphone 6 configuration win. More...

LONG, TECHNOLOGY


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One Small-Cap Tech Stock that you Should Buy
Mellanox Technologies' (MLNX) stock appreciated a strong run from about $33 for every offer to almost $120 for every offer as a consequence of an arrangement of quarterly income beats coming about because of "repressed" interest for superior processing related items. As it got to be clear that the couple of "enormous" quarters were impermanent as this interest was fulfilled, the long-term development displays that speculators and experts indistinguishable had constructed went into disrepair, bringing the offer cost with it. Notwithstanding, the stock may now speak to a propelling open door in front of a conceivably expansive revive cycle. More...

LONG, TECHNOLOGY


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NVIDIA: This Chipmaker Is a Good Buy
Santa Clara-based chipmaker NVIDIA (NVDA) as of late released strong final quarter results. NVIDIA's stock has gotten a massive boost in the past one year as the organization continues to put in strong performances on the again of increasing sales of its graphics chips. Also, with a bounce back in sales of its Tegra portable chips, NVIDIA investors have discovered yet an alternate reason to be optimistic about the organization's prospects. Likewise, NVIDIA seems to be picking up an upper hand on its prime opponent Advanced Micro Devices (AMD), both in terms of piece of the pie and item improvement. More...

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Should Investors Buy a Troubled General Motors?
General Motors (GM) is in trouble this year. The automaker's shares have dropped as various controversies and investigations have surrounded it. In comparison, arch rival Ford (F) is doing great this year, with shares up in excess of 10%. More...

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Third Avenue Management Comments on Toyota
Perhaps because it has "Toyota" (TM) in its name or perhaps because it spun out Toyota Motor years ago, many people view Toyota industries as largely an automotive parts type company. it is, but also derives around 50% of operating income from its material handling equipment business, where it is the global market share leader. The company also has a logistics segment and a textiles machinery business. The company is profitable and growing and, furthermore, has an attractive investment securities portfolio, the value of which exceeds Toyota industries' current market value. The businesses are separable but not likely saleable (perhaps if it were not a Japanese company). Changes in corporate governance are afoot in Japan. The government is working on new corporate governance rules requiring independent directors, or in the absence of that, an explanation of deviations. Further, Japan is working on a Stewardship Code to encourage institutional investors to disclose their proxy votes and engage in dialogue with companies on issues that could impact long-term share value. a new stock index, the JPX- Nikkei 400, highlights this new focus. More...

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Third Avenue Management Comments on Symantec
Symantec (SYMC) operates in security software and IT storage management businesses with its well-known brands, such as Norton. Recently, it has experienced management turnover, with its second CEO terminated by the Board in as many years. The surprise announcement was due to what appears to be slower than expected execution of a previously announced new strategy. The company had already started to embark on its new strategy to improve growth capabilities, including restructuring the sales force and eliminating duplicative organizational and operating structures. While not central to our original investment thesis, we have long thought that the company's businesses seem separable and saleable. Strategic firms could be potentially interested in its various businesses, though it could also be interesting to private equity firms given the strong cash flow characteristics of the business. More...

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Third Avenue Management Comments on Bank of New York Mellon
BNY Mellon (BK) ("BK") participates in two businesses –asset management and investment servicing. The company had $1.6 trillion in assets under management and $27.9 trillion of asset under custody and/or administration, as of March 31, 2014. The businesses seem separable and more valuable on a sum-of-the-parts basis. The asset management business with its iconic Dreyfus Funds and stable of boutique managers could certainly be a stand- alone entity or would seem to attract interest from strategic or financial buyers. BK has been in the news recently given more shareholder scrutiny of its operating efficiency. Recently, there have been news reports that BK could be looking to sell its Corporate Trust unit, which has been a detractor due to the run-off of high-margin securitizations. More...

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Third Avenue Management Comments on Cavco Industries
The Fund's largest position is the common stock of Cavco industries inc. (CVCO), which represented 5.6% of the Fund's net assets as of quarter end. Since Cavco is not a household name, we thought it would be helpful to discuss the history of the investment and why we are so excited about its future. The Cavco investment originated during the 2008 financial crisis. Fleetwood Enterprises, a leading producer of manufactured homes and recreational vehicles ("RVs") had filed for bankruptcy, and its announcement of the sale of its RV business in a bankruptcy auction indicated that the manufactured housing business could be available on similar terms. Fund Management had long followed the manufactured housing industry and knew that Fleetwood had a strong brand name and reputation as a quality manufacturer. Fund Management contacted Joe Stegmayer, the Chairman and CEO of Cavco, to discuss the situation and learned that Cavco was also interested in the Fleetwood manufactured housing business. Fund Management had known Joe Stegmayer for many years, dating back to when he was president of industry leader Clayton Homes, and had tremendous respect More...

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Third Avenue Management Comments on Chong Hing Bank Ltd
The majority, 77%, of the Fund’s Chong Hing (HKSE:01111) Common position was accepted for tender by Yuexiu Financial Holdings, part of the Yue Xiu Group, a Chinese company. As discussed in the 2013 year end letter, Fund Management was very pleased with the price of this transaction (2.4 times book value, including a special dividend), particularly considering that the shares had been purchased below book value. More...

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