Last Update: 12-31-1969

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  • IVA International Fund Adds to Stakes in Satellite Companies

    Remember when the fellow came up to Dustin Hoffman in “The Graduate” and told him, “I have one word for you," and that word was plastics? For the IVA International Fund (Trades, Portfolio), many of its first-quarter transactions can’t be summed up in a single word, but, after you look at the Fund’s activity, a one-word theme does emerge for some of its largest deals – satellites. The Fund increased its holdings in three satellite companies in the first quarter.


    In all, IVA International Fund (Trades, Portfolio) added to 11 existing stakes in the first quarter, and three are satellite related. Its most significant add was to Thaicom PLC (BKK:THCOM), a series of communications satellites operated from Thailand in which IVA initially invested in the fourth quarter of 2014. IVA more than tripled its stake with its purchase of 13,956,100 shares for an average price of ฿36.59 (about $1.08 in U.S. currency) per share. The purchase had a 0.72% impact on IVA’s portfolio and made Thaicom the 10th-largest stake by volume in that portfolio.

      


  • Activist Shareholders Take Aim At Aura Minerals

    A group of minority shareholders have bought up 5.5% in Aura Minerals (ORA), pushing for an ousting of CEO James Bannantine and sale of the company. The group cites management and the board as the sole reason for the 93.7% decline in the Company's market value since October 18, 2011, when Bannantine was appointed CEO. Here's the letter:


    June 1, 2015

      


  • Larry Robbins keeps on buying Manitowoc Co Inc.

    After his latest buys of Q1 2015, Guru Larry Robbins (Trades, Portfolio) keeps on increasing his stake in Manitowoc Co Inc (MTW) even in June (Q2), according to GuruFocus real time picks.


    In March he bought the stock for the first time, and now he increased his stake by 11.61% at an average price of $19.3 reaching a total of 9,614,197 shares held. After this buy the Investor is still the second main holder of MTW after Carl Icahn (Trades, Portfolio) who owns 10,582,660 shares.

      


  • Wintergreen Fund Buys CSX Corp in Q1

    During the first quarter, the Wintergreen Fund (Trades, Portfolio) invested in one new stock, and closed positions in five others, according to GuruFocus Real Time Picks.


    The fund invests in securities of any nation that are priced below what the firm believes is the true value. As of the first quarter, the portfolio held 28 stocks, with 34.5% of assets in the consumer defensive sector. This is followed by 22.6% in consumer cyclical stocks and 12.3% in real estate.

      


  • The Absolute Return Letter – June 2015



  • Valuation: A Holistic Approach

    Statistics cannot be any smarter than the people who use them. And in some cases, they can make smart people do dumb things.[1] – Charles Wheelan


    A lot of the questions we get are based on how we value a company. As investment managers we think this is the most important task we have as allocators of capital. The ability to get reasonably close – not perfect – valuation of a potential investment is the predominant driver of our long-term success or failure. Yet it is by far the area where – to Wheelan’s statement – smart people make some of the dumbest mistakes (including ourselves).

      


  • Short-Selling Specialist Carson Block Thinks Investors Should Avoid Chinese and Hong Kong Stocks

    Chinese stocks have had a great run, but is there still time to get in?


    Carson Block, who has focused a short-selling fund on China, says investors should avoid the region.

      


  • Billionaire Investor Jeff Vinik Weighs In On Active Versus Passive Investing

    Jeff Vinik is so rich he owns an NHL hockey team. He made those billions by actively managing capital.


    It might surprise you then to learn that he thinks investors should have at least half of their investment funds in passive and not active investment vehicles.

      


  • State Of The Emerging Markets: All About Those (Central) Banks – View From Mark Mobius

    This spring my travels have taken me to Europe, where I’ve had the pleasure of speaking with colleagues, clients and companies in the region that is on our team’s radar. I’ll be back in London for Franklin Templeton’s 2015 London Investment Conference, which has the theme: “Investing for What’s Next™: A Roadmap for Active Investors.” Certainly, the value of active management is one we champion at Franklin Templeton, and we in the Templeton Emerging Markets Group are quite active in our travels around the world searching for potential investment opportunities. At the conference, I’ll be sharing some key themes I see shaping emerging markets today, but here’s a sneak peak.


    Emerging markets outlook

      


  • Airline Stocks Look Attractive After Southwest Trims Capacity Growth Plans

    Airlines stock have been under pressure since mid-May after Southwest Airlines (LUV) raised its 2015 capacity growth to 8% from 7%. Investors were worried that capacity growth will negatively affect the U.S. industry’s balance between supply and demand which may result in carriers losing the pricing power. It appears that Southwest is now trimming it growth plan in order to appease investors who had became wary after the company's announcement last month. Yesterday, in an interview to Bloomberg, Southwest Airlines CEO Gary Kelly trimmed the capacity growth target to 7 percent. This is a positive news for airline companies and I believe investors should consider going long on Airlines stock at current levels. In particular, I find Delta Airlines (DAL) risk reward compelling.


    Delta is one of the cheapest S&P 500 stock trading at a forward PE of just 8 times. Delta is also one of the best airlines in terms of operational excellence. In 2014, the company had 95 days of no mainline cancellations, a completion factor of 99.8% and an on-time rate of 85%. This excellent operational performance translates into revenue premium as customers are willing to pay for high quality services.

      


  • Darden is a Good Turnaround Story to Bet On

    Darden Restaurants, Inc. (DRI) owns and operates full-service dining restaurants in the United States and Canada under the trade names Olive Garden®, LongHorn Steakhouse®, The Capital Grille®, Yard House®, Bahama Breeze®, Seasons 52®, Eddie V's Prime Seafood® and Wildfish Seafood Grille®. The company also used to own the Red Lobster chain of restaurants, which it sold in 2014. As of February 2015, the company operated 1,528 restaurants out of which 845 belonged to the Olive Garden brand, 478 belonged to the LongHorn Steakhouse brand and remaining belonged to other smaller brands.


    After years of mismanagement, the company's business was struggling in 2014 when an activist hedge fund Starboard Value LP initiated a position in the company. The fund gave its detailed plan on how to turnaround Darden's ailing business in September 2014 and was able to completely oust Darden's (now ex- ) board in October 2014.

      


  • Frank Sinatra on the Reinvestment of Unrealized Gains

    In the song “That’s Life,” Frank Sinatra tells us everything we need to know about the process of creating wealth in the stock market. We believe a little-known component of creating that wealth lies in the reinvestment of unrealized gains in long duration common stock ownership. In 1966 he first sang:


    That's life (that's life), that's what all the people say
      



  • Equinix In Acquisition Mode To Grow In Europe

    On last Friday, U.S. data center company, Equinix Inc. (EQIX), agreed to buy British rival Telecity Group Plc. (TLEIY) for creating its dominance in the European continent where the latter has operations in 11 countries. Telecity, which is based in London, operates its data centers in these countries, and it is expected that, if this deal passes the regulatory approval stages, it could create the largest data center operator in Europe where there is a rising demand for data centers and the so-called Cloud services. Let’s quickly take a sneak peek into the deal highlights and how it could benefit Equinix on the long run.


    The deal details

      


  • Royce Funds Commentary - Can a Slow-Growth Environment Create Opportunities?

    Portfolio Manager Bill Hench on areas of the small-cap consumer market that he currently finds attractive, using volatility to purchase stocks at highly attractive prices, the effect a rise in rates might have on some of his holdings, and more.


    Watch the video here.

      


  • Tweedy Browne Investment Adviser’s Annual Letter to Shareholders 2015

    “We live in interesting times” is a frequently used phrase believed to derive from an earlier expression, “may you live in interesting times,” the origin of which is murky. In either version the intent is to convey a sense of an uncertain, unpleasant world. While there is little doubt we live in interesting times, we hesitated using this phrase in our letter, concerned that the expression carries with it a degree of alarm that we don’t necessarily share. We believe a more apt description of where we are today is that “we live in hard-to-figure-out times.” And yet, many global equity markets have continued marching onwards and upwards.

      


  • Big Lots Reports Better-than-expected Q1 Earnings

    Big Lots (BIG) recently reported its first-quarter results for fiscal 2015. The discount retailer posted 13% growth in income from continuing operations to $32.308 million or 61 cents a share, up from $28.581 million or 50 cents a share in the year-ago quarter. While the figure surpassed the company’s own guidance of earnings in the 55-60 cents a share range, it also beat the consensus estimate of 59 cents a share. The surge in net income is particularly significant since the company had carried a loss from discontinued operations during the year-ago quarter. Following the results, Big Lots shares climbed to $45.95 before dipping over 2.5% to $43.90 at closing bell.


    Comparable-store sales up for fifth successive quarter

      


  • CafePress Rebounds As Founders Look to Right Ship

    • CafePress founders have returned to restore their company’s brand image
    • Cash glut from divestitures is being used for stock repurchase. Plan is to reacquire 20% of the shares outstanding
    • 2016 elections and Geeknet acquisition serve as tailwinds for CafePress moving forward
    •   


  • Diamonds in the Rough: 5 Attractive Stocks

    Fortunately, even in an expensive market, there are usually reasonable values to be found. Just about any financially healthy company will be trading at a sizable valuation these days, so drastically undervalued stocks in the dividend space are all but nonexistent.

      


  • Investor Margin Debt: Is This Really the Most Hated Bull Market in History?

    The current bull market, which started in early 2009, has been called “the most hated bull market in history.” It seems investors have been waiting in vain for that other shoe to drop only to see the market march higher with nary a correction.


    Stocks climb a proverbial wall of worry, and negative sentiment among rank-and-file investors is actually a contrarian bullish sign. It is when sentiment gets one-sidedly bullish and investors throw caution to the wind that you know a major top is near.

      


  • We Can Expect Low Interest Rates For At Least 10 Years

    If Jeremy Siegel is correct we can expect low interest rates for at least the next 10 years.


    For me personally, (and my entire generation) that is going to mean that my entire working career will be spent in an era of low interest rates.

      


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