Murray Stahl

Murray Stahl

Last Update: 11-13-2015

Number of Stocks: 503
Number of New Stocks: 14

Total Value: $5,499 Mil
Q/Q Turnover: 1%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Murray Stahl Watch

  • Chase Coleman's Tiger Global Buys Anheuser-Busch, Time Warner Cable

    As a “Tiger Cub,” or former protégé of the legendary investor Julian Robertson (Trades, Portfolio), it’s little surprise that Chase Coleman (Trades, Portfolio) has achieved his own success at his investment firm Tiger Global Management, which manages about $20 billion.

    Despite being known as one of the best and youngest investors today, the firm has suffered some losses recently due to the slowdown in the Chinese economy. The public equity fund is invested heavily in Chinese internet stocks such as Vipshop Holdings (NYSE:VIPS) and Autohome Inc. (NYSE:ATHM), which are down 33% and 25% for the year.


  • Biogen Among Murray Stahl's Holdings With Growing Earnings

    Murray Stahl (Trades, Portfolio) is the chairman of Horizon Asset Management Inc. He is also director of Research and co-portfolio manager of the Small Cap Opportunities Fund and the Paradigm Fund.

    The following are the most undervalued stocks in his portfolio that have growing EPS over the last five years.


  • Notes From Murray Stahl's FRMO Shareholder Meeting

  • Time to Take Profits on NASDAQ

    NASDAQ Inc. (NASDAQ:NDAQ) is one of the world’s largest providers of trading, clearing, exchange technology, regulatory, securities listing and information and public company services. NASDAQ operates in four business segments: market services, listing services, information services and technology solutions.

    NASDAQ’s market services include equity and derivative trading and clearing, cash equity trading, fixed income, currency and commodities trading and clearing, and broker services. Its transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes.


  • Insiders Are Buying WidePoint and Selling Paycom

    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 "September 2015."

    According to the above filters, the following are the recent buys from company insiders during the third week of September.


  • Murray Stahl Focuses on Existing Stakes in Second Quarter

    Horizon Asset of Murray Stahl (Trades, Portfolio)’s Horizon Kinetics hit something of a speed bump in its annual returns in 2014. It returned only 4.3% to investors after logging returns of 36% in 2013 and 27% in 2012. That may help to explain, in part, why Stahl’s second-quarter emphasis was on his existing stakes, not new ones.

    Stahl did invest in more than a dozen new buys in the second quarter, but all were small by guru standards. His most significant activity involved adding to or reducing existing stakes in his portfolio.


  • FRMO Corp.'s 2015 Shareholder Letter

  • Murray Stahl's Second Quarter Shareholder Letter

    Dear Fellow Shareholders,

    The past year was a year of harvesting. As noted in the 2014 Shareholder Letter, we have been gradually disposing of our closed end fund investments that have been primarily oriented towards bonds. It might be recalled that these were purchased during the aftermath of the 2008 bond market crisis when the bond market essentially ceased to function. Closed end funds were not only priced at very significant discounts to net asset value, but most bonds, apart from U.S. Treasury Securities, sold at substantial discounts to par value. Years of ultra-accommodative monetary policy have certainly changed this circumstance. We concluded that the after tax returns from this point forward are likely to be at best in the low single digits and these returns are not at all proportional to the risk of continued investment. Hence, we have been sellers of these funds for the past year.


  • Insider Buys at Ares Capital Corporation

    Penelope Roll (Insider Trades), CFO of Ares Capital Corporation (ARCC), bought 7,500 shares of the company on Aug. 24. The average price per share was $15.22 for a total transaction of $114,150. Ares Capital Corporation is a financing company specializing in senior secured loans and mezzanine debt. The company’s market cap is $4.73 billion.

    The volume of insider buys for the company decreased from 2012 to 2014; however, the number of insider buys increased during the same period of time. There were four transactions totaling 434,350 shares of ARCC in 2012, and 25 transactions totaling 161,662 shares in 2014. 1440606035235.png 1440606042707.png Roll made six insider buys totaling 21,500 shares of the company since August 2011. Ares Capital Corporation CAO, Vice President, and Treasurer Scott Lem (Insider Trades) also bought 1,275 shares of the company on Aug. 21. The average price per share was $15.52. Lem bought 7,087 shares of the company since August 2014, and the earliest insider buy decreased about 10% since the purchase. For more information about insider transactions with Ares Capital Corporation, click here.


  • Morgan Stanley Raises Tesla's Price Target

    Shares of Tesla Motors, Inc. (NASDAQ:TSLA) are jumping in Monday´s trading $8.41 or 3.46% to $251.56 per share. I think this is a stock to watch close during the trading day. But why?

    Although Morgan Stanley (NYSE:MS) maintained its overweight rating, the target price was adjusted to $465 from $280, saying the automaker is in a unique position to dominate the market.


  • LendingTree Climbs Despite Doubts of Business

    During the last trading sessions, share price of LendingTree Inc (TREE) has risen by 40% after recent reports of results of the last quarter (Q2 2015).

    The company reported a positive net income of $4.7 million while during the same quarter of the last year it reported a loss. Revenue jumped 139% year over year and 29% from the first quarter of the year.


  • UBS Trims Tesla's Price Target and Downgrades Rating

    UBS analyst Colin Langan downgraded the rating on Tesla Motors (NASDAQ:TSLA) from Neutral to Sell. Additionally, the price target was lowered from $220 to $210.

    According to the UBS report, "The stock has jumped +40 percent since the anticipation of the storage announcement; however, our analysis indicates that TSLA's current planned 15GWs of storage capacity may be larger than the market in 2020."


  • FedEx Is a Long-Term Buy

    In this article let's take a look at FedEx Corporation (NYSE:FDX), the leader in global express delivery services, which provides guaranteed domestic and international air express, residential and business ground package delivery, heavy freight and logistics services.

    Although revenue increased, when compared to the same quarter one year before, it was below the forecast. Also, the company reported weaker earnings than expected from analyst estimates. Earnings of $2.66 per share missed estimates of $2.68. Among the reasons we found were the currency translation and the falling fuel surcharges. After the earnings were released, the stock price plummeted by 3% to $176. In what we consider a five-year period, EPS has grown by 14% annually.


  • Murray Stahl Reduces Most Valuable Stakes in First Quarter

    Murray Stahl (Trades, Portfolio) is chairman of Horizon Asset Management, Inc., the mutual fund he co-founded 30 years ago. Horizon has a record of producing positive returns for its clients. The return of 4.3% in the trying investment environment of 2014 was considerably lower than Horizon’s returns in 2013 and 2012, which were well into double figures.

    Stahl reduced each of his 10 most valuable stakes in the first quarter. He sold 323,780 shares of his most valuable holding, Howard Hughes Corp (NYSE:HHC), a real estate development and management company headquartered in Dallas, Texas, for an average price of $137.97 per share. The transaction had a -0.57% on Stahl’s portfolio.


  • This Buffet-Munger Name Is More Growth Stock than Value Stock

    When pension funds and big money managers want value propositions beyond the stock and bond markets, they call on companies like Brookfield Asset Management Inc. (NYSE:BAM).

    We might call it one of the 800-pound gorillas literally searching the world for under-priced assets, especially in real estate, renewable energy, and infrastructure (among others). Brookfield has more than $200-billion in assets under management, and a big war chest that will allow it to make major acquisitions when it finds properties it likes.


  • Murray Stahl's Undervalued stocks trading at low P/E

    Murray Stahl (Trades, Portfolio) is the Chairman of Horizon Asset Management, Inc. He is also Director of Research and Co-Portfolio Manager of the Small Cap Opportunities Fund and the Paradigm Fund.

    During the last quarter of 2014 he bought 32 new stocks to his portfolio and now it is composed of 512 stocks and has a total value of $7,405 Mil with a Q/Q turnover of 4%.


  • Mason Hawkins Increases Holdings in Murphy Oil

    Mason Hawkins (Trades, Portfolio) has been Chairman and Chief Executive Officer Southeastern Asset Management since 1975, and he and his partners manage the Longleaf Partners Funds. Mr. Hawkins attended the University of Florida where he earned a B.A. in Finance, and the University of Georgia where he earned an M.B.A. in Finance.

    Web Page:


  • Murray Stahl’s Horizon Kinetics Comments on Coca-Cola

    There is no longer a central mechanism for investors to vote with their feet on an individual stock. Taking Coca-Cola (KO), as an example, during the decade of the 1970s, the company generated about 13% annualized earnings growth, some years approaching 20%. For the first 5 years of the ‘70s, the P/E ratio ranged between about 30x and 40x earnings. Few would argue that it wasn’t overvalued. And, as the reversion to the mean principle would dictate, despite a decade of earnings growth that strong, the P/E contracted to 13.6x by 1978 and, over the course of an entire decade, the shares declined by over 45%.

    Today, Coca-Cola trades at a P/E of 21x, not 30x or 40x. On the other hand, it is now a mature company: its products are everywhere, there is a limit to how much more Coca-Cola per-capita the world’s residents will drink, even if they don’t develop a preference to less sugary drinks. In fact, Coca-Cola has lost revenue in the last two years. With that understanding, at 21x earnings, is Coca-Cola any less overvalued than it was in 1973? It might be more overvalued. This is the type of unhealthy growth (slowing/declining) and valuation (high/rising) pairing that is more and more representative of the major stock indexes. That they have risen of late is no more a sign that one should be invested that way than that one should have been invested in the notorious Nifty Fifty during the early 1970s or in the favored stocks during the 1999 Internet Bubble.


  • Murray Stahl’s Horizon Kinetics 4Q 2014 Commentary

    The annual questions: How will the markets do this year? How have we done? Will it be more of the same or different? Every once in a while, those questions are much more important than usual, not merely of seasonal interest. This is one of those times.

    In 2013, our equity strategies were up far more than the market. Would it have been reasonable to expect another 35% or 45%? No. This past year, the S&P 500 was up almost 14%, much more than our strategies. Would it be reasonable to expect that again (or, for the next two years)? No. Why not? Because it’s not just a roll of the dice or momentum; there are specific and very important activities at work behind these results; to not understand them is to risk being exposed as markets approach a dangerous juncture.


  • 5 Stocks Multiple Gurus Are Buying

    One of GuruFocus’ useful features is the Consensus Picks of Gurus page, which lists stocks that have been bought or sold by multiple gurus.

    On this page, users can filter stocks with the most active buys or sells over three, six, and 12 month time frames. This feature is just one of the ways you can search for investing ideas and see what stocks gurus are interested in.


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