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  • Glenview's Larry Robbins Adds to Stake in Watchmaker Fossil

    Glenview Capital Management’s Larry Robbins (Trades, Portfolio), the top-performing hedge fund manager last year, reported on Monday adding shares to his stake in Fossil Group Inc. (FOSL), according to GuruFocus Real Time Picks.  

  • Japan: Apocalypse Now or Apocalypse Later?

    Japan can’t do anything right.

    That’s not a criticism, mind you, but rather an observation of how truly bad Japan’s options are right now. If you want a “risk free” trade for the remainder of this decade, it would be this: short the yen.


  • The Buyback Annoyance

    Stock buybacks have been the craze over the past couple of years. Ever since the Fed flushed the economy with cheap money, corporations have been using the funds to invest in their businesses to grow, spend on mergers and acquisitions, raising or issuing special dividends, and of course, the buyback annoyance – buying back its own company stock. While a majority of the investors and traders see that as a good thing, I see it mostly as an annoyance that does not achieve much more than some financial engineering.

    The buyback Annoyance


  • Argentina´s economy is going through a rough winter

    Argentina´s economy is going through a rough winter

    Since the declaration of the default, July 30th, a freezing wind-chill is hitting the economy and the future is truly uncertain. This last week has been one of the worst for the national government as regards markets. Despite having a national holiday, the Central Bank lost U$S 168 million in foreign reserves, the worst downfall since March 2014. And this trend seems to find no limit; in less than one month, the gap between the dollar blue and the official one has increased from 49, 6% up to 64, 8%.


  • Activision: Safe To Play Long For Investors

    The gaming industry has been sliding down in the year 2014, as we did not see many hit releases. This industry is certain to rebound, as we may notice a flurry of new releases in the next few months. It is anticipated that gaming software revenue would be around $64 billion in the year 2014. Market research companies also expect the gaming software industry to hit $100 billion mark by 2018. Exponentially growing mobile user combined with the game addicts is the key for this voluptuous growth of the gaming software market, not forgetting the console gamers. Activision Blizzard, Inc. (ATVI) is one such company which is focused in the domain of entertainment and interactive gaming software segment. The company has recently hit great success with some of its latest release which we will discuss later in this article.

    Overview of the second quarter


  • iPhone6 Sets the Market on Fire

    Apple Inc. (AAPL) has already let the IPhone6 and IPhone6 plus out of its bag and the market is busy sweeping all of them.


  • “Vaca Muerta,” Argentina´s Jackpot

    Unlike our fellow partner Brazil, Argentina has never had a discovery of such magnitude. Vaca Muerta is a geologic formation of the Jurassic and Cretaceous ages, located at Neuquén in Argentina. It is best known as the host rock for major deposits of tight oil (shale oil) and shale gas. The large oil discovery in the Vaca Muerta Formation was made in 2010 by the former Repsol-YPF, which announced the discovery in May 2011. The total proven reserves are around 927 million barrels, and YPF's production alone is over 20,000 barrels per day (3,200 m3/d).

    In February 2012, Repsol YPF SA raised its estimate of oil reserves to 22.5 billion barrels.


  • Ariel Funds' John Rogers August Commentary

    We have noted before that standardized return periods, especially shorter-term ones, can unfortunately drive investors to make poor decisions. To illustrate the point, below we discuss the trailing three-year returns of the equity markets. These three-year numbers have been rising for several months, and we think they are likely to rise next month—fairly substantially, in fact. This observation is not in any way a prediction; it is based on the known past rather than on the unknowable future.

    Nobody knows what will happen in September 2014, but we do know what happened in September 2011. That is, a short bear market that many seem to have forgotten came to a close. Specifically, from May 1, 2011, through September 30, 2011, the S&P 500 Index fell –16.26%, the MSCI EAFE Index dropped –22.19%, and the Russell 2000 Index lost –25.10%. Many use a drop of –20% as the measurement of a bear market and largely pay attention to the large-cap market, so some view the event as a simple correction. On the other hand, Russell and other experts use a –15% drop to define bear markets; that is our standard at Ariel. Given small caps’ –25% decline alongside sharp drops globally, from our perspective it clearly merits the label of bear market. Whether or not you call the five-month drop in 2011 a bear market, it certainly greatly affects the current three-year return numbers. Obviously, as new monthly returns become a part of the three-year record, older months “roll off.” For this reason, standardized period returns can jump or plummet around inflection points that happened years ago. Below we show the last three-year returns from the past five months to illustrate the point.


  • Third Avenue Real Estate Value Fund Second Quarter 2014

    Dear Fellow Shareholders, We are pleased to provide you with the Third Avenue Real Estate Value Fund’s (Fund) report for the quarter ended July 31, 2014.

    Portfolio Activity


  • Pershing Square Plans a $2 Billion Amsterdam Fund Public Listing

    Activist fund manager Bill Ackman (Trades, Portfolio), founder of Pershing Square, hopes to raise at least $5 billion from institutional investors who aren't in the United States. His Pershing Square Capital Management is preparing for a public listing on the Amsterdam Stock Exchange. There are reports that the firm has already raised $1.5 billion from 30 of its core investors and currently have 300 investors.

    The Fund will be called Pershing Square Holdings and reuters has reported that USB and Deutsche Bank will underwriting the listing. The fund so far this year has gained 31.2 percent in returns on investments and the the fund has currently net asset value of $2.9 billion. The firm expects its shares to start trading on Cctober 13 at a price of $25 per share. Pershing Square plans on investing $100 million into the fund, and this will be separate from itself. The firm hope that Pershing Square Holdings will after completing the IPO will have at least or more than a market capitalization of $5 billion.


  • Third Avenue Small-Cap Value Fund Second Quarter Commentary

    Dear Fellow Shareholders,

    We are pleased to welcome Chip Rewey to Third Avenue’s Small Cap team as a fellow shareholder and Co‐Lead Manager, working closely with Curtis Jensen. As outlined in Third Avenue Value Fund’s letter, Chip has also joined that team as Lead Portfolio Manager. These appointments not only speak to Chip’s decades of successful experience at like‐minded investment firms, but also to his embracing of a collaborative, team approach to investing, as well as to Marty Whitman’s time‐tested deep value philosophy. Chip evidences all the characteristics we seek in our teammates: an independent and curious mind; a high level of energy and a sense of urgency in a job that we are privileged to do every day. Chip’s addition will help us to build on the terrific momentum that this team has developed.


  • Notes From Charlie Munger's DJCO 2014 Shareholder Meeting

    “Welcome to the largest DJCO shareholder meeting not counting shareholders. We have a few shareholders and lots of groupies.

    “I welcome all of you including the groupies.

  • Gabelli Value 25 Fund Second Quarter Commentary

    To Our Shareholders,

    For the quarter ended June 30, 2014, the net asset value (“NAV”) per Class A Share of The Gabelli Value 25 Fund Inc. increased 4.1% compared with increases of 5.2% and 2.8% for the Standard & Poor’s (“S&P”) 500 Index and the Dow Jones Industrial Average, respectively. See page 2 for additional performance information.


  • GuruFocus Names Top Dividend Growers of the Week

    During the past week, GuruFocus recognized four companies as dividend growers. In order to be qualified for this list, the company had to:

  • The Bill Barrett Report: Q2 2014

    Bill Barrett Corporation (BBG), last month, reported second quarter 2014 results.

    Highlights of the second quarter:


  • Aerolineas Argentinas: a flying brick up high in the sky (Part I).

    Aerolineas Argentinas: a flying brick up high in the sky (Part I).

    Aerolineas Argentinas was the first struggle the Kirchner Government has been proud of. A few years later, the skirmish for Repsol-YPF let the Government show the world how “strong” they were, or sort of speak, believed they were.


  • The Dark Age for the Automotive Industry in Argentina


    Statistics have shown that during the first half of 2014, the sales for brand new cars dropped by 23 percent, while used car sales decreased by 9 percent in Argentina. These results were provided by the Automotive Commerce Chamber (CCA – Cámara del Comercio Automotor) and the Association for Automotive Dealerships (Acara – Asociación de Concesionarios de Automóviles).


  • Cabot Oil Reports Q2 2014 Results

    Cabot Oil & Gas Corporation (COG) last month reported its financial and operating results for the second quarter of 2014.

    Highlights for the quarter:


  • Argentina´s economy is going through a rough winter

    Since the declaration of the default July 30, a freezing wind-chill is hitting the economy and the future is truly uncertain. This last week has been one of the worst for the national government as regards markets. Despite having a national holiday, the Central Bank lost U.S. $168 million in foreign reserves, the worst downfall since March 2014. And this trend seems to find no limit; in less than one month, the gap between the dollar blue and the official one has increased from 49, 6% up to 64, 8%.

    Since 2003, when Nestor Kirchner assumed the presidency of Argentina, his government, thanks to the aid provided by economist Roberto Lavagna and Martin Redrado, managed to increase the foreign reserves of the Central Bank up to U.S. $52.190 million.


  • Apple’s Moat Just Got a Lot Wider

    I have to admit I was not able to get anything done on Tuesday when Apple released its new iPhone, Apple Pay and Apple Watch — absolutely nothing. Like millions of others, I was glued to my iPad watching Tim Cook do a two-hour Apple infomercial. (And unlike any other infomercial, I watched it twice.) The interest must have been greater than even Apple expected, as its website simply could not handle the traffic and kept crashing. A lot of viewers must have been sleep-deprived Chinese; it was 1:00 am in China, and Cook’s keynote was simultaneously dubbed in Mandarin. Apple’s emphasis on China makes a lot of sense, of course: The country is Apple’s biggest growth driver, with 4G just being rolled out there.

    The release of the new iPhones was important for Apple (AAPL) in the short run — it desperately needed to introduce larger phones to battle Android handsets. Both the 4.7- and 5.5-inch phones looked terrific. However, the fact that Apple introduced two sizes may have an interesting consequence: Consumers will need to hold the actual phones to figure out which one fits them best. Online orders will likely be lower than usual, while traffic to Apple Stores will explode over the next several weekends (by the way, that will benefit other mall retailers). However, what is now known as the Apple Watch is really important for the company in the long run. Apple’s competitive advantage lies in its ecosystem, as its software allows you to easily connect and communicate with other Apple users.


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