Last Update: 12-31-1969

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  • Warren Buffett's 1990 Letter To Berkshire Hathaway Shareholders


    Reading Warren Buffett (Trades, Portfolio)'s letters to shareholders gives all investors insight into how Bufffett thinks and invest. His letter to shareholders are a must read for all value investors seeking to expand their knowledge of businesses and valuation. In the 1990 letter Buffett discuss his permant four, which included Coca-Cola. He also discuss the increase in book value to $4,612.06. Mr. Buffett also discuss various other topics in the letter including look-through earnings and economic earnings.   

  • Contrarian David Dreman: Why the Low PE Approach Works

    Contrarian investor David Dreman (Trades, Portfolio) wears many hats. The founder of Dreman Value Management is also a long-time Forbes columnist and author of five books on contrarian investment strategies and behavioral finance — fields he pioneered.

    But Dreman is also well known for sticking to a bottom-up, low PE stock-picking approach. In the interview below, he explains the extensive research that has proven the quality of the strategy, where he sees opportunities in the market and the 19th century book he says investors should read.


  • Fisher: Yellen Used to Look 'Ridiculous'

    "The fact is, if you take thing after thing after thing after thing that can be measured quantitatively, and run very long charts of them, going back to let's say 1989 and then overlay the 19 approximate 97-98 period with where we are now, you will see amazing correlations," Fisher said on CNBC this morning.


  • Why PepsiCo Shares Climbed Despite Adverse Currency Impact

    Global beverage and snack giant PepsiCo (NYSE:PEP) released its third quarter 2015 earnings result early this week. The company’s shares went up 1.5% at $97.23 early afternoon after it disclosed its revenue and profit figures that beat Wall Street estimates.

    PepsiCo’s success is the result of its strategy that it began implementing several years ago, which was to expand its offerings into snacks. For its beverage unit too, PepsiCo has been constantly innovating and investing in healthier options which would appeal to conscious consumers. The taste and preference of Americans have completely reversed over the years as they have started noting what food they consume and how it influences their health. As such, the beverage giant considered a shift in its core business offerings. And it has got remunerated for it. Here’s a brief look at the company’s quarterly performance.


  • John Rogers - Industrials, Media Are 'Cheap'

    Ariel Investments' CEO John Rogers (Trades, Portfolio) thinks the market's downturn is only temporary and the bull market will resume. He also discusses areas he thinks are undeservedly discounted, naming specific stocks: Kennametal (NYSE:KMT), Tegna (NYSE:TGNA), KKR & Co. (NYSE:KKR), Lazard (NYSE:LAZ), CBS (NYSE:CBS) and Meredith (NYSE:MDP).

  • Insiders Are Selling Dave & Buster's Entertainment and Buying Twinlab

    The All-In-One Guru Screener can be used to find insider buys and sales over the last week by clicking on the Insiders tab and changing the settings for All Insider Buying/All Insider Selling to “$1,000,000+” and duration to "October 2015."

    According to the above filters, the following are the recent buys from company insiders in the past week.


  • Boone Pickens: Oil to $70, Russia in the Middle East, Cheating Car Companies

    The founder of BP Capital and oil expert Boone PIckens join CNBC's Squawk Box to say he still thinks oil will go up, more car companies than Volkswagen (XTER:VOW) could be cheating and more:

  • Seth Klarman on Choosing Among Valuation Methods

    "Margin of Safety" is one of the most straightforward books there is on investing. Seth Klarman (Trades, Portfolio)'s writing is direct, honest and sometimes a bit harsh, but always full with intelligence, common sense and the wisdom that he acquired over the years. In one of the chapters, Klarman describes several valuation methods and then poses the question (which many of us make to ourselves), which method should I choose to make my valuations?

    "How should investors choose among these several valuation methods? When is one clearly preferable to the others? When one method yields very different value from the others, which should be trusted?


  • Eighty-four Attractive Dividend Growth Stocks for Your Retirement Portfolios: Part 2A

    I recently completed a three-part series of articles offered to assist retired investors in designing the equity portion of their retirement portfolios.

    In part 1 of this series found here I presented Peter Lynch’s six broad categories of stocks (businesses) that he wrote about in his best-selling book “One Up On Wall Street.” The primary objective of this first article was simply to provide the reader a general idea of the various categories of common stocks that were generally available to choose among. I presented one or two examples of each category in order to illustrate the advantages and/or disadvantages of each category. I also pointed out that not every category was appropriate for most conservative retired investors.


  • Bill Nygren: Party Like It's 1908

    As I write this, something wonderful is happening in Chicago: There is excitement about winning an October baseball game for the first time in 12 years.1 The Chicago Cubs are finally back in the playoffs. As every Chicago Cubs fan knows, it has been a long road back from our last World Series win in 1908. In 2003, the Cubs were one game from going to the World Series, leading the Florida Marlins three games to one, but went on to lose three consecutive games to the eventual champions. Since then, the Cubs compiled a cumulative regular season record of 90 games below .500 and lost all six of their playoff games, bringing their postseason losing streak to nine games. Until this year.

    Twelve years ago, in our June 2003 report, I wrote about the Michael Lewis book "Moneyball." It tells the story of how Oakland A’s general manager Billy Beane built a team that made the postseason, even though it had one of the lowest payrolls in major league baseball. Beane used advanced statistics to identify valuable players whom other teams had given up on. (I liked how Beane’s approach resembled Oakmark’s approach to buying stocks.) In 2002, after taking the A’s to the playoffs for three consecutive years, Beane turned down an offer from the Boston Red Sox to become baseball’s highest-paid general manager.


  • Dividend Aristocrats Part 1 of 52: Stanley Black & Decker

    Starting in September 2014, I analyzed every Dividend Aristocrat stock in detail. You can see the results of the analysis at this link.

    It has been just over a year since that time. The Standard & Poor's 500 has been turbulent since September 2014. Oil prices have crashed. The global economy is threatening to stall.


  • Nintai Charitable Trust: Q3 Report

    This is the first public quarterly report of the Nintai Charitable Trust. The Trust is a legacy portfolio of Nintai Partners that ceased operations earlier in 2015. I personally manage the Trust Portfolio and serve as chief investment officer.

    The third quarter saw some dramatic movement leaving the markets down significantly during the quarter. The Standard & Poor's 500TR was down by 6.4%, the Morningstar Total U.S. Equity Index was down 7.5%, and the Nintai Proxy (70% Vanguard U.S. Equities Total Market Index, 15% Vanguard Global Equities Total Market Index, and 15% Cash) was down 8.8%. The Nintai Charitable Trust Portfolio was down 7.8% net all fees. Through Sept. 30 year to date, the S&P 500TR is down 6.4%, the Morningstar Total U.S. Equity Index is down 7.8%, and the Nintai Proxy is down 9.8%. The Nintai Charitable Trust Portfolio is up 2.1% YTD net all fees.


  • The U.S. Economy Is Doing Just Fine

    Fears of a potential “global recession” are overblown. History has shown that global recessions can only occur if the U.S. economy is in a recession.

    Yes, it’s true that the U.S. economy is not as hot as it was in 2014. But that’s normal. The economy will fluctuate in every single economic expansion. The current slowdown in economic growth is normal. The following signs show that this U.S. economic expansion still has a few more years left in it.


  • Jim Chanos Explains His Interest in China, Why Tesla Is a Short

    Investors would be wise to listen to Jim Chanos (Trades, Portfolio) if for no other reason than it may help avoid a major mistake on the long side.

    In the video below Chanos discusses why he has for so long been a bear on China.


  • Hillhouse Capital's Lei Zhang's Lecture at Columbia Business School

    In the high-flying world of investing, Lei Zhang maintains a relatively low profile. Yet since he was seeded by David Swensen (Trades, Portfolio) of Yale Endowment with $20 million in 2005, he has achieved a ~40% compounded annual return (28x not adjusting for inflation), making him one of the best-performing investment managers. To put it into perspective, Warren Buffett (Trades, Portfolio) has achieved a compounded annual return of ~22%, albeit for the past 50 years.

    Today Lei Zhang’s Hillhouse Capital, named after a street near Yale where Lei received his MBA and master’s in public policy, manages ~$18 billion. Thought not just focused on tech, Lei is best known for backing several most successful Chinese Internet entrepreneurs and startups (e.g. Tencent [TCEHY], [JD]). On April 29, Lei paid a visit to the “temple of value investing,” Columbia Business School, to share his investing and life lessons. Below are my syntheses of his wisdom.


  • Global Value Investing – Tom Russo Talks at Google

    Long-term patient value investing: The majority of the money that trades on the stock market every day is certainly not done so using that philosophy.

    Tom Russo (Trades, Portfolio) is a proven long-term investor.


  • The Hedged Portfolio Method

    Picture your portfolio like the piggy bank in the image below – protected by armor, but still collecting coins. That illustrates the purpose of the hedged portfolio method: To generate competitive returns while strictly limiting risk.


  • Inter Pipeline Announces October 2015 Cash Dividend

  • Agility Health Announces Change in Management Team

  • AltaGas Ltd. 2015 Third Quarter Results and Conference Call October 29, 2015

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