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  • You Just Bought A Stock - Now What?

    You just bought a stock. After months of research and thought, you’ve found a security trading at a discount to intrinsic value; your brain, while anticipating the potential future gains that will result from the investment, is reacting similarly to a cocaine addict anticipating their next high. Eventually, the euphoria subsides; Mr. Market doesn’t care that you’re now the proud owner of 50 shares of Coca-Cola (KO). It’s time to play the waiting game. What is an investor to do?

      


  • You Should be Picking up What First Pacific Advisors Drops

    The offshore segment for the oil & gas industry suffered a great activity slowdown after the Deepwater Horizon incident. A fear for inadequate safety measures and changing government regulation, scared investors away while putting several businesses on the brink of bankruptcy. Of course the consequences had different impacts over the companies involved. British Petroleum (BP), the platform operator, paid a bigger price than Transocean (RIG), the equipment provider, in the market. Differences aside, the incident negatively affected the whole industry. And the most noticeable indicator was a steep drop on stock face value. However, a stiffer consequence was a lesser interest on the industry from potential investors. As those fear dissipate, Ensco (ESV) appears as an interesting prospect investment. Let us see why.

      


  • You Should be Picking up What First Pacific Advisors Drops

    The offshore segment for the oil & gas industry suffered a great activity slowdown after the Deepwater Horizon incident. A fear for inadequate safety measures and changing government regulation, scared investors away while putting several businesses on the brink of bankruptcy. Of course the consequences had different impacts over the companies involved. British Petroleum (BP), the platform operator, paid a bigger price than Transocean (RIG), the equipment provider, in the market. Differences aside, the incident negatively affected the whole industry. And the most noticeable indicator was a steep drop on stock face value. However, a stiffer consequence was a lesser interest on the industry from potential investors. As those fear dissipate, Ensco (ESV) appears as an interesting prospect investment. Let us see why.

      


  • Scott Black’s Top First Quarter Holdings

    Scott Black is the chairman, president, chief investment officer and founder of Boston-based Delphi Management, and is often featured in Barron’s. Delphi Management’s investment philosophy states that they “only invest in companies that meet our internally developed set of rigorous quantitative criteria.” The fund also only invests in equity securities of US-listed companies, and takes only long positions.


    Over the past quarter Guru Scott Black purchased 13 new stocks, bringing his total first quarter portfolio to 109 stocks valued at $924 million.

      


  • Can WABCO's Stock Continue To Grow?

    At GuruFocus there are pre-defined screens for finding value stocks. Using the “Peter Lynch + Warren Buffet” screen yields 5 results. WABCO Holdings Inc (WBC) is the stock with the smallest market cap. I chose the stock with the smallest market cap because I am looking for a stock with more room to grow. Use the screen to see the remaining results.


    So far WABCO is good enough Warren Buffet, and it passes the Peter Lynch screen. The stock has also gone up nearly 60 percent in the past year. Is there more room for it to grow?

      


  • Weitz Funds' Analyst Corner - A Perspective On Liberty Media Corporation

    By Drew Weitz



    Liberty Media (LMCA) owns interests in companies across the media, entertainment and communications industries. The largest investments include publicly traded Sirius XM Holdings, Charter Communications and Live Nation Entertainment, as well as fully owned subsidiary The Atlanta National League Baseball Club (the Atlanta Braves). Liberty is led by its founder and Chairman John Malone and CEO Greg Maffei.

      


  • Fisher Investments' Top New Stocks of the First Quarter

    Ken Fisher (Trades, Portfolio) manages Fisher Investments, under the theory that supply and demand determine markets, and therefore to beat the market investors must find information others don’t know or have misinterpreted. Fisher Investments has $44 billion in assets under management.

    In the first quarter of 2014, the firm purchased 57 new stocks, for 3% turnover in the portfolio containing 541 stocks. Below are the largest new buys.  


  • Bill Ackman and Valeant Pharmaceuticals Team Up to Take Over Pharmaceutical Company Allergen

    Over the past week GuruFocus Real Time Picks reported that Bill Ackman (Trades, Portfolio) made a buy into Allergen (AGN). This is the first buy into the company for Ackman, and he did so in a big way by purchasing a total of 28,878,538 shares of the company’s stock. He bought these shares at the average price of $120.89 per share on April 11, and since this buy the price per share is up 35% to $163.65.


    Ackman’s Pershing Square Capital Management has taken a near 10% stake in Allergan over the past couple of months. The fund has now teamed up with the Canadian-based Valeant Pharmaceuticals International (VRX) which is known for its consistent track record in acquiring other companies. Ackman’s activist fund and Valeant have partnered together to purchase Allergan for roughly $46 billion in a cash-and-stock deal, according to Bloomberg.

      


  • Baron Funds' First Quarter 2014 Commentary

    "Anyone who's lived through 9/11 and the Financial Panic five years ago has to be skeptical about their ability to predict the future." Larry Summers. Former Harvard President. Former U.S. Treasury Secretary. March 2014.


    Former Treasury Secretary Larry Summers was recently invited to a dinner at one of my friend's homes. The intent was to have Secretary Summers speak to and answer questions posed by twenty investors…and by two brothers who are astronauts! I was among the investors at that dinner. Astronaut Mark Kelly, the husband of former Congresswoman Gabby Giffords, after scanning the room filled with men from many cultures and backgrounds, whispered to me, "Aren't there any women on Wall Street?" I told him at my firm, there are. 50% of our employees are women, including Linda Martinson, Chairman of Baron Funds. Many of our senior executives, in addition to Linda, are also females. Although only a few of our analysts are women, we're working on that, too. But, I digress.

      


  • David Einhorn Comments on Conn's

    CONN (CONN) is a specialty retailer of appliances, furniture, mattresses and electronics with 79 locationsin Texas and the Southwest. CONN finances 77% of customer purchases through its proprietarysubprime credit portfolio. In February, the company announced 33% comparable store salesgrowth in Q4 with strong gross margins. However, it also announced increased credit losses andreduced earnings guidance from a range of $3.80-$4.00 to a range of $3.40-$3.70 for calendar2014. Given the market’s past experience with deterioration in subprime credit, the stockreaction was severe: The price fell from $79 at the start of the year to $32 on the news. We believe that this is a retailer with 15-20% unit growth and current double digit comparable storesales growth, and that the market overreacted to moderately bad news. We acquired shares at anaverage price of $35.49 and they ended the quarter at $38.85.

    From David Einhorn (Trades, Portfolio)'s first quarter 2014 investor letter.   


  • David Einhorn Comments on Altice S.A.

    We established a position in ATC (XAMS:ATC) at an average price of €28.47. ATC owns integrated telecom assets (principally cable and some mobile) across Europe, Israel and the Caribbean. Its largest asset is a controlling stake in French cable operator Numericable. ATC's business is very stable and grows organically at a healthy clip. ATC's management owns a lot of stock and has an excellent track record in both operations and capital allocation. We see substantial upside given management's ability to improve core margins while making strategic acquisitions and disposals across ATC's portfolio. Importantly, Numericable has struck a deal to acquire SFR (France's second largest telecom operator) from Vivendi, which will create significant synergies from consolidating the French market. Presuming most of those synergies, we purchased ATC for less than 6x estimated 2016 EBITDA and a greater than 15% free cash flow yield to the equity. Beyond 2016, we expect ATC to grow EBITDA more than 10% per year for a number of years. ATC shares ended the quarter at €32.34.

    From David Einhorn (Trades, Portfolio)'s first quarter 2014 investor letter.   


  • David Einhorn Comments on SunEdison

    SUNE (SUNE), formerly known as MEMC, is a developer of solar power plants for businesses and utilities. The declining cost of solar energy combined with the rising cost of conventionally produced electricity should position SUNE as a winner. The company has built a large pipeline of attractive projects secured by credit-worthy buyers of electricity. Until recently, the good business was mixed in with two bad ones: manufacturing wafers for semiconductor companies, and assembling commodity solar modules for developers. Historically, the company's poor balance sheet forced it to sell many of its solar development projects at discounted prices to raise capital.


    The company has now exited the solar module assembly business and is in the process of monetizing its semiconductor wafer business through an IPO. Later this year, we expect the company will IPO a newly-created Yieldco, which will house its most attractive solar projects rather than selling them to third parties. NRG Yield Inc. is a comparable company that trades at 12x EBITDA and has a 3% dividend yield. Were Yieldco to trade at 9x EBITDA and a 5% dividend yield it would imply a value for the solar business of ~$34 per share. SUNE expects to run its development business close to breakeven in future periods. Adding in the value of the soon-to-be IPO'ed semiconductor business and subtracting a modest amount of corporate net debt would suggest a sum of the parts value for SUNE of ~$35 per share. Our average entry price is $15.55 and SUNE shares ended the quarter at $18.84.

      


  • David Einhorn Comments on Resona

    We established a position in Resona (TSE:8308), the largest Japanese regional bank, at a price of ¥547,representing 0.8x book value and 8x earnings. Resona was formed through the 2002-2003merger and recapitalization of three local banks in the Tokyo and Osaka regions. As part of thatrecapitalization, the Japanese government bought a majority equity stake. Under newmanagement, the bank cleaned up its balance sheet, began paying back the government stake,and has been profitable every year since, reaching a 13% ROE last year. In 2013, managementannounced a five-year plan to buy out the remaining government shareholding. Due to strongerthan expected earnings, that plan is well ahead of schedule, and the company is buying backstock from the government at very attractive valuations. The accretion from the buyback doesnot appear to be reflected in analyst models. With the more volatile international Japanese bankstrading at 9x EPS, and its peer regionals at 13x EPS, Resona is cheap on both an absolute andrelative basis. Resona shares ended the quarter at ¥499.

      


  • Carl Icahn on Apple, Ackman and Valeant, and Seeding Activist Funds



  • Warren Buffett on Buying More IBM, Abstaining on Coke Vote, Bill Ackman



  • Bill Ackman Discusses Valeant on CNBC



  • Comment for Zuoan Fashion Ltd News, Research and Articles --GuruFocus.com



  • United Technologies: Creating a Niche in the Diversified Industrial industry

    The diversified industrial industry plays a great role for the prosperity of an economy. United Technologies Corporation (UTX) is one of the best companies operating in this industry. This Hartford, Conn.-based company provides a broad range of high-technology products and services to the global aerospace and building systems industries. Its operations include original equipment manufacturing (OEM), and extensive related aftermarket parts and services in both its commercial and aerospace businesses. The company's main customers include both private and government companies and its businesses are geographically diversified, continuing to evolve with the globalization of world economies.


    Tracking the Performance

      


  • Chesapeake’s Troubles Make It a Stock to Stay Away From

    Chesapeake Energy (CHK), America’s second-largest natural gas producer, has struggled with its numbers as the natural gas market had had a tough time of late. Chesapeake incurred a net loss of $159 million in the last reported quarter. It was, however, able to increase its revenue by 28% to $4.54 billion.


    Tough Times

      


  • Emerging Markets: Investing Where Others Fear to Tread

    The best performing single-country market in 2014 is…Egypt?


    Indeed it is, at least based on the performance of the Market Vectors Egypt ETF (EGPT), which was up 26% year to date through April 21. Not a bad haul given that the S&P 500 is barely up 2% in 2014 and the Nasdaq Composite is actually in the red.

      


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