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  • MEDIA ADVISORY: BMO CEO Bill Downe to Participate in Scotiabank GBM Financials Summit 2015


  • Terreno Resources Corp. Announces Termination of Arrangement Agreement With Crown Life


  • CORRECTION FROM SOURCE: North Sea Energy Announces Second Quarter 2015 Results


  • Ashburton Assessing Lithium Claims in Nevada


  • Forent Energy Announces Q2 2015 Financial and Operating Results


  • First Bauxite Corporation Announces Filing of Quarterly Financial Statements and MD&A


  • Minco Gold Provides Corporate Update


  • Eurotin Files Interim Financial Statements


  • China's Currency Devaluation - Wasatch Funds

    After years of small-scale strengthening against the U.S. dollar, the coordinated devaluation of the Chinese yuan has come when China’s economy is seeing more signs of weakness. In our view, it’s hard to believe that the recent devaluation of the yuan will significantly help the Chinese economy. In addition, relative to the last several years, the yuan is still strong against the euro and the yen. This raises the question: Is there more devaluation to come?


    Clearly, growth-rate expectations for China’s GDP have come down (see chart below). The forecast is for 6.9% growth in 2015, versus 7.4% in 2014. Moreover, recent auto-sector and consumer data were weaker than expected. We believe the government’s push for a shift to more consumption-based growth (away from investment-led growth) is still high on the agenda.

      


  • Who Ate Joe's Retirement Money - A GMO Whitepaper



  • PIMCO's Outlook on Volatility

    Q: Are the markets likely to remain volatile and how should investors position their portfolios?

    Scott Mather: While the volatility this past week has been extreme, it has been a feature in the markets over the past eight months and will likely continue – especially with continued divergence in global monetary policies. Investors should position their portfolios with this higher volatility in mind, and make sure, for example, that they’re taking risk only where they are being properly compensated for it. Risk premiums across all financial assets are relatively compressed at the moment, so it’s time to think about taking less risk than over the past several years across many sectors and asset classes.

      


  • Nassim Taleb: So Much Excitement Over Nothing

    Nassim Taleb thinks that people are lacking the experience to realize when a real problem is upon them.


    Today, he believes the recent market selloff was caused by people being nervous for little reason. This is not 1998, Taleb said. But he does warn that if there was a big economic problem, we would be in trouble given that interest rates are already near zero.

      


  • Downturns Create Buying Opportunities - Francis Gannon of the Royce Funds

    Even with the stock market's rebound over the last several days, the recent declines for equities were alarming for most investors. The question of just how bad things might get remains unanswered (largely because it's unanswerable).


    Bear markets and sharp declines, however, are part of life. And from our perspective this most recent sell-off shed light on the importance of being selective.

      


  • Times Like This: The U.S. and China Market Turmoil - Matthews Asia

    Times like this in the markets can be unsettling. We are accustomed to dealing with risk, that is to say we are familiar with “normal” market swings from year to year. But when there is a sudden abrupt fall in markets, investors may find themselves at a loss. This is not about risk, as such, but about uncertainty: “What is going on?”


    To answer that question, we reach for times that seem familiar to us to try to make sense of what is happening and what the immediate future might hold. But we also need a logical framework within which to guide us—to show us where history can be helpful and where it might be misleading. I am happy to outline the ways in which I am viewing recent developments now, and the way the team at Matthews Asia is thinking about what’s going on.

      


  • Under the Hood: What's in Your Index - Horizon Kinetics

    Under the Hood: What’s in Your Index? (An Ongoing Series)


    Your Bond Index: Part of the ETF Bubble

      


  • Inflation Data Shows Continued Lack of Price Stability Progress

    U.S. equity market indexes gave up some of their gains on Friday, ending mostly flat for the day. The Nasdaq Composite was just above zero at 0.33%. The S&P 500 was basically neutral, ending the day up 0.03%. The Dow Jones Industrial Average fell slightly for the day, closing down 0.10% with the index’s greatest losses from Pfizer (NYSE:PFE) and Wal-Mart (NYSE:WMT).


    On Friday, the Bureau of Economic Analysis (BEA) released its Personal Income and Outlays report which fell slightly below estimates having a negative effect on broad market valuations for the day. Consumer spending was slightly disappointing at a 0.3% increase from June, falling below economists’ average projection of 0.4%. The month’s inflation measure also showed that price pressures continue to have a negative effect on price stability.

      


  • PRIMECAP Sells Stake in Biopharmaceutical Company

    PRIMECAP Management (Trades, Portfolio) was founded more than 30 years ago as an independent investment management company. Its objective is to provide solid long-term equity investment results based on commitment to fundamental research, long-term investment horizon, emphasis on individual decision-making and focus on value. With returns of 18.72% last year, 39.73% in 2013 and 15.27% in 2012, PRIMECAP appears to be meeting its goal.


    PRIMECAP’s most noteworthy second-quarter transaction was its sale of its 2,284,039-share stake in Pharmacyclics Inc. (NASDAQ:PCYC), a Sunnyvale, Calif.-based biopharmaceutical company, for an average price of $256.7 per share. The deal had a -0.57% impact on PRIMECAP’s portfolio.

      


  • Oakmark Funds: Staying the Course

    “During the lazy days of summer, one may contemplate investing from the perspective of a regatta. Although the less disciplined change their tack in hopes of coaxing along a success, we at Harris Associates continue to look to the horizon and stay the course, even when the winds shift or the gusts blow.” – David Herro (Trades, Portfolio), 2013

    The recent tumble in the markets has caused volatility in stock prices and uncertainty among many investors. But as we have noted before, our intrinsic value of a stock often does not move as fast—or even in the same direction—as market prices. In fact, we view market instability favorably: “In this current environment, as share prices have aggressively fallen, we believe it is a great opportunity for long-term investors to buy quality businesses at lower prices,” says David Herro (Trades, Portfolio), the firm’s Deputy Chairman and Chief Investment Officer of International Equities.  


  • 'U.S. Small-Caps: A Look Forward and a Look Back' - Royce Funds Commentary

    While we have recently witnessed extraordinary runs from certain sectors of the small-cap market, Portfolio Manager Bill Hench believes a rally for many stocks in the small-cap universe, especially those more closely tied to domestic GDP, is still in the offing.


    "In 2015, the market has given good returns in sectors like non-residential construction and some of the parts of technology, specifically some of the memory devices and some of the semiconductor devices. Housing has just started to turn around. Health Care has been a very good sector, specifically biotech. Overall, most stocks have not participated to the extent that people think that they have.

      


  • John Griffin Buys Stake in Danaher Corp.

    John Griffin (Trades, Portfolio)’s Blue Ridge Capital pursues absolute returns in its investments based on fundamental analysis. In 2007, Griffin is said to have made $625 million following a 65% return on the fund.


    Griffin’s most significant transaction in the second quarter was his purchase of a 2,315,000-share stake in Danaher Corp. (NYSE:DHR), a Washington, D.C.-based conglomerate, for an average price of $85.21 per share. The deal had a 2.23% impact on Griffin’s portfolio.

      


  • Bretton Fund 2Q15 Letter To Shareholders

    Dear Fellow Shareholders:


    The Bretton Fund’s net asset value per share (NAV) as of June 30, 2015, was $25.83. The fund’s total return for the quarter was 1.41%, while the S&P 500 Index returned 0.28%. The total return for the fund for the first half of 2015 was 0.43%. Over the same period of time, the total return for the S&P 500 Index was 1.23%.

      


  • Sequoia Fund Comments on Omnicom

    David Poppe:


    Omnicom (NYSE:OMC) is one of four large advertising agency holding companies. The industry has really consolidated down, and there are four large ones left. We think Omnicom is best of breed, but in fact they are all pretty good. It is a very good industry for a couple reasons. One is media is really fragmenting right now. For large corporations that have huge marketing budgets, it is getting harder not easier as advertising spending fragments to online, mobile, social, as well as TV. And TV itself just continues to fragment as there is more and more cable proliferation all the time. We think Omnicom has a good stable of creative agencies. Arguably, you could say Omnicom is the best creatively. Its agencies tend to win the most prizes, for whatever that is worth. Omnicom is also very good at the data analytics side of it as are the others. It is an area where the clients need the help; so we think it is well positioned for the future. Another tailwind is that the emerging world is really growing and global marketers want to reach those new consumers or newly wealthy consumers. And Omnicom, WPP, another big advertising holding company, these companies are necessary to reach those potential new customers.

      


  • Sequoia Fund Comments on Berkshire Hathaway

    Question:


    I have a question on Berkshire (NYSE:BRK.A)(NYSE:BRK.B) which I think is your second largest position. Warren Buffett (Trades, Portfolio) now is what, 84, 85. What if he should die or get sick and can no longer manage the company? I know he has given it a lot of consideration. But how do people feel about it?

      


  • Sequoia Fund Coments on Danaher

    Terence Paré:


    Danaher (NYSE:DHR) is in a lot of different businesses. It started out as an industrial company making things like hand tools and engine retarders. It used to make Craftsman mechanics tools. But the company right now is basically — and in fact has reclassified its documentation with the SEC — to that for industrial instruments. Danaher makes things like oscilloscopes, mass spectrometers. It has a very significant dental business. But it still sells Matco hand tools, which are sold in vans that drive around to garages, industrial printers, medical gear, water treatment equipment, and more.

      


  • Sequoia Fund Comments on Mohawk

    Terence Paré:


    We have owned Mohawk (NYSE:MHK) for a long time. But I feel better about the company today than I have in a very long time. There are a couple reasons for that. One, the company is practically a unique franchise. It is the only flooring company that has exposure across almost the entire globe and is in most of the important flooring markets in the world. Number two, its portfolio of brands covers just about every kind of flooring that there is. It will add sheet vinyl and luxury vinyl tile when it closes on the IVC acquisition, which it announced at the end of last year. So it will make every kind of floor covering, be in most important markets, and generally be the leader in just about every market that it is in. It is the largest ceramic tile manufacturer in the world, and ceramic tile is the largest floor covering in the world.

      


  • Sequoia Fund Comments on IBM

    Question:


    I noticed the fund has a position in IBM and there have been many questions about Google. They seem to be companies moving in two different directions. Even though IBM screens cheaply on metrics, what is your attraction to the business right now?

      


  • Sequoia Fund Comments on Cabela's

    Question:


    Can you comment on Cabela’s please? Was it a mistake? How long are you going to hold on to it? What do you think the future is?

      


  • Sequoia Fund Comments on Perrigo

    Saatvik Agarwal:


    Regarding Perrigo (NYSE:PRGO), Mylan (NASDAQ:MYL) made an offer for Perrigo about a month ago. The original offer was made for about $205 but Mylan never disclosed the actual terms of the offer. It came as a surprise to Perrigo. It came as a surprise to us. Since then, Mylan has actually disclosed the terms of the offer. And it does not quite work out to $205 a share if you use the terms Mylan has disclosed. You have to value it based on the stock price of Mylan before it made the offer, because it is a stock and cash deal, and the stock price of Mylan ran up when they made the offer partly because people speculated that it would put Mylan into play and that Teva would bid on Mylan, which is what happened — Teva made a bid for Mylan after Mylan made an offer for Perrigo. Then Mylan raised its bid for Perrigo.

      


  • Sequoia Fund Comments on Praxair

    Question:


    Could you talk about the attractiveness of the industrial gas market, and more specifically about Praxair (NYSE:PX), the relative attractiveness of that company versus the other players in the market?

      


  • Sequoia Fund Comments on Verisk Analytics

    Question:


    I know you have a relatively small position in Verisk Analytics. Just a question on the investment thesis, the valuation, capital allocation, and more specifically the Wood Mackenzie acquisition, which the company announced in March.

      


  • Top Insider Buys of the Week

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


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

      


  • Understanding Fair Valuation: A Common Sense Approach to Long-Term Investing Success

    Introduction


    In order to understand what the intrinsic value or fair value of a common stock is, you must think like a long-term business owner and not like a stock trader. Additionally, you must think like a business owner that has no intention of selling their business. Put another way, your business generates your livelihood. Therefore, your primary focus and attention is on answering the question: how’s business?

      


  • Sequoia Fund Comments on Google

    Chase Sheridan:


    Great question. When people ask me about risks to Google (NASDAQ:GOOGL), hubris is one of the primary risks that it faces because the core business is so good. Management is investing really, really heavily in being the aggressor in a lot of areas — the opposite of a milker. Some people milk their businesses. Google is putting the milk back in the cow. With its capital allocation strategy, I will start by looking backwards and saying I thought that Google overpaid for YouTube at the time. I thought that Google overpaid for DoubleClick at the time. Looking back, those were both great acquisitions. I would certainly advise Google to do them again.

      


  • Sequoia Fund Comments on Valeant Pt. II

    David Poppe:


    I do not think we actually know the weighted average P/E on GAAP earnings. For companies like Valeant, I am not sure it would be a relevant number anyway. On the rest of it we will bring Rory up and put him on the spot.

      


  • Sequoia Fund Comments on Idexx

    Arman Kline:


    The company had a wonderful 2014. It made a big decision to go to direct distribution. Historically, Idexx (NASDAQ:IDXX) distributed the consumables for its instruments and its rapid assay tests for companion animals through a network of distributors in the US. Overseas it was a little bit more direct. It made a decision to go direct here, and the reason it made that decision is that it felt as the market leader with a dominant market share introducing new technology, new products, it needed a sales force that could encourage the adoption of those products more than it needed the help of distributors to penetrate the market. We think that management made the right decision.

      


  • Sequoia Fund Comments on Fastenal

    Question:


    I had a question on Fastenal (NASDAQ:FAST) — your thoughts on its net margins as the company pushes into non-fastener products and larger customers. And then maybe a little bit on Fastenal versus Grainger.

      


  • This Global Paper Giant Is Playing Well

    International Paper (NYSE:IP) is a global leader in the paper and packaging industry with manufacturing operations in the North America, Europe, Latin America, Russia, Asia and North Africa. International Paper, a Fortune 500 company and global leader in paper and packaging products, is known for its commitment to the environment and to the communities it serves.


    Its businesses include industrial and consumer packaging along with uncoated papers and pulp. Headquartered in Memphis, Tenn., the company employs approximately 58,000 people and is strategically located in more than 24 countries serving customers worldwide. International Paper net sales for 2014 were $24 billion.

      


  • Merger Integration Begins for 3M and Separations Media

    3M (NYSE:MMM) announced on Aug. 26 that it has completed the acquisition of Separations Media for $1 billion. The acquisition of Separations Media from Polypore International, Inc. (NYSE:PPO) is occurring simultaneously with the acquisition of Polypore’s Energy Storage business by Asahi Kasei. The Energy Storage business comprised the remainder of Polypore International. Thus upon completion of both acquisitions Polypore International’s shares will be completely dissolved and the company will no longer operate as a single entity.


    Separations Media is a lucrative acquisition for 3M because of the value it adds to 3M’s filtration industrials business. Separations Media manufactures microporous membranes and modules used for filtration primarily in the industrial and life sciences sectors. In Separations Media’s fiscal year 2014, it reported net sales of $208.4 million, an increase of 7.4% from the previous year. As of Aug. 26 the Separations Media business will begin to be fully integrated within 3M’s Industrial business segment.

      


  • What Matters & What Doesn’t in Investing

    Every day the financial media pushes hyped-up stories on individual investors. Take a look at the example below (from today, on the front page of Yahoo! Finance):


    STOCKS SOAR, CRUDE OIL GOES BANANAS: Here’s what you need to know

      


  • An Attractive Dividend Stock in the Utility Sector

    In this article, let's take a look at Scana Corp. (NYSE:SCG), a $7.72 billion market cap South Carolina corporation that is engaged in the generation, transmission, distribution and sale of electricity to retail and wholesale customers and the purchase, sale and transportation of natural gas to retail customers.


    Hedge fund activity

      


  • Six Advantages of the Stock Market, According to Mohnish Pabrai

    In the "Dhandho Investor," Mohnish Pabrai mentions there are six advantages to buying shares on the stock market versus buying and selling entire businesses, which are worth remembering:


    1. When you buy an entire business, there is some serious lifting required. You either need to run it or find someone competent who can. This is no small task.

      


  • Brinker International Looks Tastier

    Brinker International, Inc. (NYSE:EAT) is one of the world’s leading casual dining restaurant companies. With more than 1,600 restaurants and over 100,000 team members in 33 countries and two territories, Brinker and its brands welcome more than one million guests into the restaurants every day.


    The recent quarter results marked an improvement in operating margin. The Chili’s brand continues to be strong all around the world. The company is putting in plans to grow Chili’s and Maggiano’s. The company is taking initiatives that strengthen the brand relevance and further differentiate it from the competitors.

      


  • 5 Investing Quotes for Recessions

    The stock market has been incredibly volatile recently. The global economy has become increasingly unstable.


    Could it be possible that we’ve reached the end of this current six-year-long bull market and are headed for another recession?

      


  • Ten Low PE Stocks for the Enterprising Investor – August 2015

    There are a number of great companies in the market today. By using the ModernGraham Valuation Model, I've selected 10 low PE stocks for the Enterprising Investor. These companies have the lowest PEmg (price / normalized earnings) ratio out of all companies reviewed by ModernGraham. Each company has been determined to be suitable for the Enterprising Investor and undervalued according to the ModernGraham approach.


    Defensive Investors are defined as investors who are not able or willing to do substantial research into individual investments, and therefore need to select only the companies that present the least amount of risk. Enterprising Investors, on the other hand, are able to do substantial research and can select companies that present a moderate (though still low) amount of risk. Enterprising Investors may also be interested in reviewing the 10 Most Undervalued Companies for the Enterprising Investor while also conducting further research into the following companies.enterprising low PE

      


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  • SolarWinds Establishes IT Professionals Day as Official Holiday


  • Black Bull Resources Inc. Announces June 30, 2015 Interim Financial Statement Release


  • VIQ Solutions Announces Q2 Results


  • The Energold Group Announces Second Quarter 2015 Financial Results


  • American Power Group Announces Completion of a $3.25 Million Term Loan for the Purchase of Next Generation Natural Gas Flare Capture and Recovery Systems


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