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Charles Rotblut posts:
49 min ago
Facebook’s Warning Signs
Investors are constantly told to read prospectuses and annual reports. Yet many do not. This is a shame because doing so can reveal important information. Consider the following details from a registration statement that was recently filed with the...
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Federico Flom posts:
56 min ago
Superb Ideas from Lee Ainslie: AmBev (ABV) and Wells Fargo (WFC)
Lee Ainslie is the founder and CEO of Maverick Capital, an investment advisor that manages investment funds. Lee worked for Tiger Management and served KPMG before setting up his company. Now, he works with a team of analysts in six industry...
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Chandan Dubey posts:
56 min ago
Large debt-equity ratio is a byproduct of share repurchases
I have been looking at Philip Morris (PM) from quite some time. It looks like a fabulous investment. Strong brands, addictive (moat) and has a very good management. The FCF during 2003-2010 has gone from $4 billion to $10.3 billion. With a market cap of...
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Federico Flom posts:
1 hr ago
Zeke Ashton thinks you should buy DO: His main Thesis
Zeke Ashton manages Centaur Capital Partners and is also in charge of the investments for Centaur Value Fund. Before becoming managing partner he served as general partner and portfolio manager for Centaur Investments LP, a predecessor to the Fund and a...
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Federico Flom posts:
1 hr ago
Wilbur Ross Top Holdings: Why he bought them ?
Wilbur Ross is an investor that has become very well known given his trend of restructuring failed companies in industries like steel, coal, telecommunications, foreign investment and textiles. He focuses on leveraged buyouts and distressed businesses....
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Downwardog commented on Ben Strubel's article
5 hr ago
Fairholme’s 2011 Results Show the Risk of Concentrated Positions in Hard to Value Businesses
The performance of the Fairholme Fund (FAIRX) and manager Bruce Berkowitz and his comments in his annual letter have been the subject of numerous...
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graemew commented on Ben Strubel's article
6 hr ago
Fairholme’s 2011 Results Show the Risk of Concentrated Positions in Hard to Value Businesses
The performance of the Fairholme Fund (FAIRX) and manager Bruce Berkowitz and his comments in his annual letter have been the subject of numerous...
View all 7 commentsgraemew 02-04 09:58
- I agree completely with your assessment Ben. And the way I would sum it up is by the old saying ''success breeds failure''. Often a run of success can lead to overconfidence and hence the highly concentrated portolio of financials, which rather than hitting the ball out of the park, resulted in a significant loss of capital....whether this will rectify itself remains to be seen.
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caricommsteve commented on Fox Business's article
6 hr ago
T. Boone Pickens Tells Fox Business Oil Could Reach $130 A Barrel
In an interview to appear today on FOX Business Network’s (FBN) Bulls & Bears (4 PM/ET), oil tycoon T. Boone Pickens speaks with anchors Liz Claman...
View all 2 commentscaricommsteve 02-04 09:52
- Please share how Pickens is in bed with government.
Funny, almost 1 year later and the pigeon that they call the President spells out an energy plan that mimics Pickens Plan almost word for word.
Pickens comes out every time Oil spikes because he is right ... every time.
Why do we delay anything about oil pipeline, NatGas conversions and getting people to work ?
for the love of all that is good in this world ... if the pinko commies are that worried about environment during this transferrence from Opec to USA energy, tie research dollars for alternative energy and clean compliance to every gallon of raw material taken from the ground !!!
Libertarians and Independents Unite ... It Is Time.
- Please share how Pickens is in bed with government.
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Dividend posts:
8 hr ago
High Yield Ex-Dividend Reminder For Next Week February 06-12, 2012
Here is a current overview of best yielding stocks that have their ex-dividend date on the next trading day. If your broker settles your trade today, you will receive the next dividend. A full list of all stocks with ex-dividend date can be found here:...
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Dividend posts:
8 hr ago
Dividend Yield Update For Dow Jones And NASDAQ As Of February 2012
I screened stocks from the Dow Jones Industrial Average 30 Index and NASDAQ 100 by dividend yields and dividend structure. The best yielding stocks within the Dow are still AT&T and Verizon. Both have a yield above five percent and pay stable dividends....
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federicof1982 commented on whopper investments's article
8 hr ago
Value Thoughts on Facebook FB IPO Overvaluation vs. GOOG
Everyone seems to be talking about the Facebook IPO, and their S-1 filing actual crashed the EDGAR website and prevented me from researching some...
View all 1 commentfedericof1982 02-04 08:09
- What if Facebook decides to enter the search market and start generating search results based on better social metrics that Google can't do ? Facebook has the potential to enter the lucrative search engine market that GOOG dominates, in fact they said in the S1 that web is becoming more social and search results based on what currently we see will change in the future. What could happen if FB allows me to connect with people that is currently searching what I am looking for ?
I think that it is not "fair" that only an algorithm decides my search results, those must be decided based on my interests, the keyword algorithm(as GOOG does) and also a possibility to conect with other people searching the similar keywords.
Also, what could happen if Facebook start monetizing all their mobile usage ? FB said that the revenue generated from mobile is zero because they did not started to place ads on FB mobile/ipad app.
FB developed a Payment platform. What could happen if movies or books can be bought via FB ? S1 said that FB only uses Payment platform for games and will allow that for other uses in the future...
Also, more than 65% of advertising comes from print, radio and TV... Don't you think those % will change in the future ? How much of that ad pie can go to FB ?
I mean, we have LOTS of cases of bubble and overvaluation, but this Company has some different or innovative items that makes me believe that in the future it could be better than in the past.
- What if Facebook decides to enter the search market and start generating search results based on better social metrics that Google can't do ? Facebook has the potential to enter the lucrative search engine market that GOOG dominates, in fact they said in the S1 that web is becoming more social and search results based on what currently we see will change in the future. What could happen if FB allows me to connect with people that is currently searching what I am looking for ?
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coda commented on gurufocus's article
9 hr ago
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
View all 40 commentscoda 02-04 07:02
- tesco,wfc regarding the next european stock I say it's Nestle and I think he bought it also selling a small part of Kraft,this is a strategy I discover he uses within the same industry.
Other stocks that he could consider in Europe include Astrazeneca(but he already owns Sanofi I doubt),Metro,eon and others related to beverages
- tesco,wfc regarding the next european stock I say it's Nestle and I think he bought it also selling a small part of Kraft,this is a strategy I discover he uses within the same industry.
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adamcz commented on guruhl's article
10 hr ago
Bruce Berkowitz's 2011 Shareholder Letter
January 26, 2012 To the Shareholders and Directors of Fairholme Funds, Inc.: What a horrible year for performance! Market prices plunged in many of...
View all 17 commentsadamcz 02-04 06:36
but to underperform so badly makes it hard to maintain confidence in a manager. I'm a big fan of Berkowitz and hope he can get back on track. Frankly, I expect that he will. The hope would be that he can overlay some light portfolio management techniques over his deep value stock picking to avoid the big drops in the future.
I don't think a horrible year should make you lose confidence in light of a long term track record that is still intact. This is different from somebody like Bill Miller who had such an awful year, it erased years of gains, and made it so that he had not beaten the S&P over the long term. Berkowitz has still crushed the S&P long term.
And I hope he does not try any "portfolio management techniques." I hope he concentrates even more into his very best ideas, and gladly accept the irregular returns that it leads to. He absolutely should not be looking to inferior funds and managers for technique ideas like this.
Yesterday
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batbeer2 commented on Anh Hoang's article
11 hr ago
Facebook IPO $100 Billion Valuation Is Not So Overpriced
When it comes to the largest social networking site, everybody things of one name,Facebook, along with the famous young founder, Mark Zuckerberg....
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parmenion commented on gurufocus's article
12 hr ago
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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AlbertaSunwapta commented on Anh Hoang's article
14 hr ago
Facebook IPO $100 Billion Valuation Is Not So Overpriced
When it comes to the largest social networking site, everybody things of one name,Facebook, along with the famous young founder, Mark Zuckerberg....
View all 4 commentsAlbertaSunwapta 02-04 02:36
- I'd like to look to what will people be selling in order to buy Facebook. Any ideas?
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amerie commented on Intelligent Speculator's article
14 hr ago
Free Super Bowl Tickets Thanks to eBay’s ($EBAY) Flaws?
With the Super Bowl a few days away, many of us fans are wondering how we would ever pay for Super Bowl tickets. I’m a Colts fan so obviously going...
View all 1 commentamerie 02-04 02:20
- Every fan of NFL football would love to go the Super Bowl. It is among the biggest sporting events in the world. The cost of tickets to the game certainly shows that, as they are amazingly costly. Source for this article: Attending Super Bowl still super expensive
Indeed, Superbowl is one of the most anticipated event in sports. The demand for this event is very high. Well, I guess that's explain why tickets become now costly.
- Every fan of NFL football would love to go the Super Bowl. It is among the biggest sporting events in the world. The cost of tickets to the game certainly shows that, as they are amazingly costly. Source for this article: Attending Super Bowl still super expensive
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Dividend wrote a new blog
14 hr ago
Dividend Yield Update For Dow Jones And NASDAQ As Of February 2012
Best Yielding Stocks from Dow Jones and NASDAQ By Dividend Yields – Stock, Capital, Investment . I screened stocks from the Dow Jones I -
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flash_os commented on gurufocus's article
16 hr ago
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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Bill.Smith commented on gurufocus's article
16 hr ago
New Page Added: Where Are We with Global Market Valuations?
We have created a new page on where we are with market valuations of different countries. Here is the link to the new page. Since we published...
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sapporosteve commented on page
17 hr ago
Global Stock Market Valuations and Expected Future Returns
sapporosteve 02-03 23:12
- GuruFocus,
Congratulations. As an Australian who buys local and global stocks, this is a very welcome addition to the site and one I will use often to assist me in buying and selling undervalued stocks.
Regards
- GuruFocus,
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chihin commented on gurufocus's article
18 hr ago
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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ken_hoang commented on Anh Hoang's article
19 hr ago
Facebook IPO $100 Billion Valuation Is Not So Overpriced
When it comes to the largest social networking site, everybody things of one name,Facebook, along with the famous young founder, Mark Zuckerberg....
View all 3 commentsken_hoang 02-03 21:30
- Yes, actually it's the technology company that Buffett is talking about. And Berkshire Hathaway has bought in $10 billion into IBM.. it's all bout the great company at the fair or undervalued price. Just thinking back when Google went public at around $100 at 100x P/E in 2004. And when Munger said about the moats full of shark in Google.
Google is the largest storage information in the world, private data including emails, database, websites etc. For facebook, it is to save the private data, connections, private messages, anything about its users sharing on facebook.
- Yes, actually it's the technology company that Buffett is talking about. And Berkshire Hathaway has bought in $10 billion into IBM.. it's all bout the great company at the fair or undervalued price. Just thinking back when Google went public at around $100 at 100x P/E in 2004. And when Munger said about the moats full of shark in Google.
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Jonathan Poland commented on Anh Hoang's article
20 hr ago
Facebook IPO $100 Billion Valuation Is Not So Overpriced
When it comes to the largest social networking site, everybody things of one name,Facebook, along with the famous young founder, Mark Zuckerberg....
View all 2 commentsJonathan Poland 02-03 19:53
- Buffett once said that if he taught an investment class a final exam question would be: "How do you value an Internet company? And, anyone who turned in an answer would fail. I am not sure it's changed since then....
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ramands123 commented on Ben Strubel's article
20 hr ago
Fairholme’s 2011 Results Show the Risk of Concentrated Positions in Hard to Value Businesses
The performance of the Fairholme Fund (FAIRX) and manager Bruce Berkowitz and his comments in his annual letter have been the subject of numerous...
View all 6 commentsramands123 02-03 19:49
- Not correct Francis Chou bought almost at the same valuation as Bruce did.
Ironically both were Mornigstar's manager of the decade.
Mohnish i think got better valuation. I have a feeling he waited for Warren Buffett to make the first move.
I think he bought all - BAC, GS and Wells Fargo based on Warren or Charlie Munger's remarks..
But that's beside's the point. They all bought similar securities at big Margin of Safety
- Not correct Francis Chou bought almost at the same valuation as Bruce did.
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CanadianClub commented on gurufocus's article
21 hr ago
Fairholme Funds Sold BAM, C, RF, AIG, BRK.B to Meet Redemptions
Bruce Berkowitz’s Fairholme Funds just released their latest portfolios. The funds almost did not buy any stocks during the three months ended Nov....
View all 1 commentCanadianClub 02-03 19:25
- Could you please clarify where this information comes from/when it was published? Because the actual shareholder's report (and the yearly letter) state substantially different holdings - Cf. Page 8:
"The following charts show the top ten holdings and industry categories in descending
order of each Fund’s net assets as of November 30, 2011. Portfolio holdings are
subject to change without notice.
The Fairholme Fund
Top Ten Holdings by Issuer*
(% of Net Assets)
American International Group,
Inc. 26.2%
AIA Group Ltd. 11.4%
Sears Holdings Corp. 10.7%
Berkshire Hathaway, Inc. 9.3%
CIT Group Inc. 6.9%
Bank of America Corp. 5.5%
General Growth Properties, Inc. 4.2%
The St. Joe Co. 4.0%
China Pacific Insurance (Group)
Co., Ltd. 3.8%
Leucadia National Corp. 3.6%
The Income Fund
Top Ten Holdings by Issuer*
(% of Net Assets)
MBIA, Inc. 34.0%
Emigrant Bancorp, Inc. 17.7%
Sears Holdings Corp. 15.6%
CIT Group Inc. 10.4%
Regions Financial Corp. 5.3%
Bank of America Corp. 4.2%
Jefferies Group, Inc. 3.4%
General Growth Properties, Inc. 1.2%
Wells Fargo & Co. 0.5%
American International Group, Inc. 0.5%
* Excludes cash and money market funds."
A little bit disconcerting to read in your article that the Income Fund was 65% in BAC now...
So, are you really providing information concerning portfolio changes after Nov 30, 2011 ? Because you seem to be referring to that date (end of FY2011). I'm aware that the portfolio holdings could have changed after Nov 30 2011 - but not aware of that being published...
Some kind of misunderstanding - or am I just confused and should consider cutting back on the Canadian Club..?
- Could you please clarify where this information comes from/when it was published? Because the actual shareholder's report (and the yearly letter) state substantially different holdings - Cf. Page 8:
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tonysf commented on Anh Hoang's article
21 hr ago
Facebook IPO $100 Billion Valuation Is Not So Overpriced
When it comes to the largest social networking site, everybody things of one name,Facebook, along with the famous young founder, Mark Zuckerberg....
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gurufocus posts:
22 hr ago
Fairholme Funds Sold BAM, C, RF, AIG, BRK.B to Meet Redemptions
Bruce Berkowitz’s Fairholme Funds just released their latest portfolios. The funds almost did not buy any stocks during the three months ended Nov. 30, 2011. Many positions were eliminated or reduced, including Bruce Berkowitz’s favorite financials...
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waup7707 commented on CanadianValue's article
22 hr ago
Bruce Berkowitz Has 26% of the Fairholme Fund in AIG – Don’t You Think You Should at Least Consider It for Your Portfolio?
This week GuruFocus provided us with a copy of the 2011 Bruce Berkowitz / Fairholme Fund letter to his shareholders. What an awful year for...
View all 1 commentwaup7707 02-03 18:26
- I took out a home equity line of credit from AIG several months ago and it gave me a front-row-seat view of AIG’s people and business. To sum it up, it was very frustrating and painful to do business with AIG. It took more than three months, two appraisals, and endless due diligence of AIG’s loan team to close my HELOC. After closing, it took more than three weeks for AIG to put my account in their system. My excruciating experience tells me that AIG is a dysfunctional, bureaucratic, indifferent place. If I were a shareholder, I would have been horrified and dumped my shares.
In the past several years both before and after financial crisis, I have pulled up AIG’s 10k’s and tried to understand its business, risk and value. However, I have to admit I am not competent of understanding AIG and I feel few if any investors may truly assess the risks of AIG’s myriad businesses and derivative books.
Even for my personal portfolio without redemption pressure, I would be extremely uncomfortable putting more than 5% of my total asset on a black-box type of financial company with a lot of risks that cannot be quantified.
- I took out a home equity line of credit from AIG several months ago and it gave me a front-row-seat view of AIG’s people and business. To sum it up, it was very frustrating and painful to do business with AIG. It took more than three months, two appraisals, and endless due diligence of AIG’s loan team to close my HELOC. After closing, it took more than three weeks for AIG to put my account in their system. My excruciating experience tells me that AIG is a dysfunctional, bureaucratic, indifferent place. If I were a shareholder, I would have been horrified and dumped my shares.
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mainstreetman commented on mainstreetman's stock note
22 hr ago
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guruhl posts:
23 hr ago
Murray Stahl Includes Some Risk with His Top Three New Stocks
Murray Stahl founded Horizon Kinetics in 1994 and has held the same philosophy for picking stocks since inception to today. Stahl theorizes that the glut of investors seeking short-term gains in the markets create inefficiencies which long-term...
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CanadianValue posts:
23 hr ago
Bruce Berkowitz Has 26% of the Fairholme Fund in AIG – Don’t You Think You Should at Least Consider It for Your Portfolio?
This week GuruFocus provided us with a copy of the 2011 Bruce Berkowitz / Fairholme Fund letter to his shareholders. What an awful year for Berkowitz. Not just was performance horrible, down 32.42%, but his investors have also been abandoning him like...
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CanadianValue posts:
23 hr ago
Boone Pickens Outlook for Oil and Natural Gas Prices
Main points from Pickens: - U.S. oil industry doing a great job of finding oil; we have the cheapest oil in the world (referring to WTI discount). - On top of that natural gas at $2.50 in the U.S. compares to $13 in Europe and $15 in the Middle...
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Anh Hoang posts:
23 hr ago
Facebook IPO $100 Billion Valuation Is Not So Overpriced
When it comes to the largest social networking site, everybody things of one name,Facebook, along with the famous young founder, Mark Zuckerberg. Facebook, from the Harvard dormitory room of eight years ago, is taking its first step to become a publicly...
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paulwitt commented on gurufocus's article
23 hr ago
New Page Added: Where Are We with Global Market Valuations?
We have created a new page on where we are with market valuations of different countries. Here is the link to the new page. Since we published...
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superguru commented on Ben Strubel's article
23 hr ago
Fairholme’s 2011 Results Show the Risk of Concentrated Positions in Hard to Value Businesses
The performance of the Fairholme Fund (FAIRX) and manager Bruce Berkowitz and his comments in his annual letter have been the subject of numerous...
View all 5 commentssuperguru 02-03 16:52
- "He is not the only one try looking at Q3 of Mohnish Pabrai, Francis Chou , Wilbur Ross."
Except that Mohnish and Francis appeared to have bought financials at much more attractive valuations than Bruce did.
- "He is not the only one try looking at Q3 of Mohnish Pabrai, Francis Chou , Wilbur Ross."
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Nicolas73 commented on guruhl's article
02-03 17:27
Bruce Berkowitz's 2011 Shareholder Letter
January 26, 2012 To the Shareholders and Directors of Fairholme Funds, Inc.: What a horrible year for performance! Market prices plunged in many of...
View all 16 commentsNicolas73 02-03 16:27
- Yes, but for an individual investor is much simpler, you can just sit and wait (if you don't need that money, of course) until the value gap shrinks. For an institutional investor like Berkovitz, you see, it's really hard. He could materially not have the time to wait for that thing to materialize.
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Tom Russo portfolio Updated
02-03 16:21
Tom Russo's stock picks has been updated
The latest portfolio date is 2011-12-31. This is the complete portfolio -
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Charlotte K Varzi commented on gurufocus's article
02-03 16:12
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
View all 36 commentsCharlotte K Varzi 02-03 15:12
- Warren Buffet bought Bank of America, BAC because it has been badly beaten up and he must see long term value in it.
He also bought AAPL, Apple
- Warren Buffet bought Bank of America, BAC because it has been badly beaten up and he must see long term value in it.
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Anh Hoang posts:
02-03 15:58
Facebook IPO $100 Billion Valuation is not so overpriced
When it comes to the largest social networking site, everybody will think of one name: Facebook, along with the famous young founder Mark Zuckerberg. Facebook, from the Harvard dormitory room of 08 years ago, is taking its first step to become the public...
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rbishnoi commented on gurufocus's article
02-03 15:54
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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pravchaw commented on page
02-03 15:52
WalMart Stores Interactive Charts --GuruFocus.com
View all 37 commentspravchaw 02-03 14:52
- What I meant below was price at median p/fcf etc. Many of the advanced metrics which are capital structure neutral such as Enterprise Value/EBITDA or cash return http://news.morningstar.com/classroom2/course.asp?docId=145100&page=10&CN=com can be put under premium metrics. These are very useful and unique numbers which no service currently provides. These are tedious to calculate and would offer great value to subscribers.
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pravchaw commented on page
02-03 15:42
WalMart Stores Interactive Charts --GuruFocus.com
View all 36 commentspravchaw 02-03 14:42
- Thanks for adding the second Y axis.
Great work. This app is getting better and better. I use it everyday.
Couple of more suggestion for further enhancement.
1. Ability to edit P/E, P/S, P/B ratio's. (this would help users model scenario's to account of P/E compression or expansion assumptions).
2. Ability to project price based on growth - i.e. assuming 8% earnings growth and a given p/e - what would the price of JNJ be in 3 years.
You should also think of adding other metrics like P/FCF, cash return and enterprise value / ebitda etc.
- Thanks for adding the second Y axis.
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chuckc commented on Chuck Carnevale's article
02-03 15:32
Fastenal (FAST): A Vivid Case of Overvaluation
Our normal policy is to produce articles and analysis on companies that we believe offer attractive valuations based on earnings and cash flows....
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chuckc commented on Chuck Carnevale's article
02-03 15:30
Fastenal (FAST): A Vivid Case of Overvaluation
Our normal policy is to produce articles and analysis on companies that we believe offer attractive valuations based on earnings and cash flows....
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Alex Garcia commented on Ben Strubel's article
02-03 15:22
Fairholme’s 2011 Results Show the Risk of Concentrated Positions in Hard to Value Businesses
The performance of the Fairholme Fund (FAIRX) and manager Bruce Berkowitz and his comments in his annual letter have been the subject of numerous...
View all 4 commentsAlex Garcia 02-03 14:22
- "The other group seems to portray him as an idiot whose contrarian streak got him in trouble and led to a permanent loss of his investor’s capital. "
He hasn't sold off the positions entirely (only the redemptions) so technically they are unrealized losses, but regardless it is going to take some time for the positions to break even.
-Alexg
http://www.valueinvestinghq.com
- "The other group seems to portray him as an idiot whose contrarian streak got him in trouble and led to a permanent loss of his investor’s capital. "
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aashiq commented on Steven Kiel's article
02-03 14:40
Who Wants Free Money with Inhibitex?
Inhibitex (INHX) is being bought out by Bristol-Myers Squibb (BMY) for $26 per share. You can elect to tender your shares now, to be effective on...
View all 1 commentaashiq 02-03 13:40
Steven,
I've read the TO and other 13 and 14Ds that have been proliferating on the SEC website. There is a lawsuit (not class action) and a request for an injunction against this tender - which will have a preliminary hearing on Monday, Feb 6th. What are your thoughts on the requested injunction?
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ramands123 commented on Ben Strubel's article
02-03 14:19
Fairholme’s 2011 Results Show the Risk of Concentrated Positions in Hard to Value Businesses
The performance of the Fairholme Fund (FAIRX) and manager Bruce Berkowitz and his comments in his annual letter have been the subject of numerous...
View all 3 commentsramands123 02-03 13:19
Not to defend him but its worthwhile to read artical on Wells Fargo in 1990's when he defended Wells in oustanding investor's digest.
He is concentrated but he is also diverefied within Financials. His bet is on entire Financial System and not a bank.
His resoaning is right, book of US financial system is at depressed levels and he is buying at a significant discount to already depressed book. Bad loans have an average life which for most part have run-off. Books are lot cleaner. Gone are concentrated extotic deribatives, CDO's , CDS, complex edges. Try reading AIG financials now Vs 2007.
If they one push in the stock market, all they have to do is one stock offering and capital ratio's are all set.
He is not the only one try looking at Q3 of Mohnish Pabrai, Francis Chou , Wilbur Ross. All super investors
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JoeDaWealthManager commented on Ben Strubel's article
02-03 14:15
Fairholme’s 2011 Results Show the Risk of Concentrated Positions in Hard to Value Businesses
The performance of the Fairholme Fund (FAIRX) and manager Bruce Berkowitz and his comments in his annual letter have been the subject of numerous...
View all 2 commentsJoeDaWealthManager 02-03 13:15
- His biggest mistake was not the concentration risk, but the risk being too narrow in financials, too. Since his mentor Warren Buffett often says in the short term, a stocks movement is more a voting machine, when the masses headed to the exits, he suffered redemption risk and was selling his plums because of the high illiquidity of these positions.
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brianbook commented on Ben Strubel's article
02-03 13:57
Fairholme’s 2011 Results Show the Risk of Concentrated Positions in Hard to Value Businesses
The performance of the Fairholme Fund (FAIRX) and manager Bruce Berkowitz and his comments in his annual letter have been the subject of numerous...
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John_K_Pesce commented on guruhl's article
02-03 13:56
International Stocks at 52-Week Lows - HBC, TM, TOT, PBR
According to the GuruFocus list of 52-week lows, the top international stocks trading near 52-week lows are HSBC Holdings Plc ADS (HBC), Toyota Motor...
View all 1 commentJohn_K_Pesce 02-03 12:56
- Total fina SA found gas off the shore of Azerbaijan. It's no secret that all it takes is a lot of cash and bribery of Samir Sharifov to approve the permits. I heard that the CIA pays Samir Sharifov bring in certain companies to undermine the Iranians' own economic goals. Hmmm.
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5517ORA commented on gurufocus's article
02-03 13:44
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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sergiovlc17 posts:
02-03 13:05
UFP Technologies – A Small, High-Quality FCFer
UFP Technologies (UFPT) is a producer of innovative custom-engineered component products and specialty packaging. Founded in 1963, the company has pioneered a long list of processes and applications, has a large portfolio of active patents, and holds...
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Ben Strubel posts:
02-03 12:53
Fairholme’s 2011 Results Show the Risk of Concentrated Positions in Hard to Value Businesses
The performance of the Fairholme Fund (FAIRX) and manager Bruce Berkowitz and his comments in his annual letter have been the subject of numerous commentaries. The fund lost 32.42% in 2011. The commentary seems to fall in to one of two camps. His...
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Jamesho90 commented on gurufocus's article
02-03 12:32
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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ramands123 commented on guruhl's article
02-03 11:57
Bruce Berkowitz's 2011 Shareholder Letter
January 26, 2012 To the Shareholders and Directors of Fairholme Funds, Inc.: What a horrible year for performance! Market prices plunged in many of...
View all 15 commentsramands123 02-03 10:57
As a value investor its very difficult to avoid pre-mature accumulation. In a way if you believe market is un-predictable then there is no way you can avoid pre-mature accumulation.
One can say even Buffet's timing wasnt perfect on BAC.
And i guess it doesn't have to be as long your entry point has acceptable rate of return or margin of safety.
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Bloomberg posts:
02-03 11:56
El-Erian on jobs: U.S. has structural issues that aren't being dealt with
PIMCO CEO and co-CIO Mohamed El-Erian spoke with Bloomberg Television's Betty Liu, Scarlet Fu and Dominic Chu this morning about today's jobs report and the global economy. On jobs, El-Erian said that "let's not also forget the numbers outside these...
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guruhl posts:
02-03 11:39
Kyle Bass Advises Texas Fund Not to Sell Gold
Kyle Bass worries that both inflation and deflation are increasing in different areas, along with the deficit risk in Europe and the U.S. He told a meeting of hedge fund managers in Austin that they should not sell the $1 billion worth of gold in the...
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cor7997 commented on gurufocus's article
02-03 11:21
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
View all 32 commentscor7997 02-03 10:21
AMZN - because the recent increasing amount of cash flow invested to fortify the business, irrespective of the short term view, represents exactly the kind of attitude WB is looking for Berkshire crown of jewels;
VALU - because is cheap, has no debt (and never had), has a new and intriguing internet based source of revenuews, was one of the few 'external sources' WB has used and is majority owned by the founder's company.
BCR - because has 8% free cash flow yield, manageable debt, in a boring and stable industry and a low but growing dividend (with ample margin to increase it, having an average 15% payout ratio)
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benedetti commented on gurufocus's article
02-03 11:18
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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investingdaily posts:
02-03 10:36
The State of Agricultural Commodities - Fertilizer on the Rise
In the first half of 2011, the price of pork–a staple meat in the Chinese diet–surged nearly 40 percent, hitting consumers’ disposable incomes hard. To combat runaway prices and ease supply shortages, the Chinese government resorted to releasing...
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donli commented on donli's stock note
02-03 10:32
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Dividends4Life posts:
02-03 10:30
Leggett & Platt Inc. (LEG) Dividend Stock Analysis
Linked here is a detailed quantitative analysis of Leggett & Platt Inc. (LEG). Below are some highlights from the above linked analysis: Company Description: Leggett & Platt Inc. makes a broad line of bedding and furniture components and other home,...
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Dividend posts:
02-03 10:27
Asia’s Best Yielding Dividend Companies – An Overview
The growth of the economy is slowing but it seems that we will reach a soft landing. Recently published forecasts of the economic growth show that the highest GDP growth will be realized in Asia and Latin America. Europe should get negative growth due to...
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Dheeraj Grover posts:
02-03 10:23
BlackRock's Doll - Cautious, Balancing Your Portfolio
With the market up 20 percent or more in four months, Bob Doll, BlackRock chief equity strategist, shares his investment strategy and the cyclicals to watch. Doll says he expects 2.5 percent economic growth this year. Doll likes healthcare, such as...
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yams4112 commented on gurufocus's article
02-03 10:06
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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CanadianValue posts:
02-03 10:05
Ken Heebner Speaks to CNBC – Seeing Encouraging Indicators in the Housing Market
Like most of us Heebner took a beating in the financial panic of 2008. Prior to that he had one of the premier track records in the industry. He sounds quite optimistic about 2012: - Ingredients in place for a market melt-up - Car sales the...
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Dheeraj Grover posts:
02-03 10:05
Jeremy Siegel - Historic Stock Buying Opportunity?
Jeremy Siegel, Wharton School professor of finance, discusses why sees this market as a historic buying opportunity for investors. Follow the link below for the video: http://video.cnbc.com/gallery/?video=3000071052 <div...
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thinleyw commented on gurufocus's article
02-03 09:38
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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RLPIA wrote a new blog
02-03 09:35
MORNING COFFEE
Senate Passes Ban On Insider Trading By Congress. Yesterday the Senate voted 96-3 to pass the Stop Trading On Congressional Knowledge Act -
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whopper investments posts:
02-03 09:24
Value thoughts on Facebook $FB IPO Overvaluation vs $GOOG
Everyone seems to be talking about the facebook IPO, and their S-1 filing actual crashed the EDGAR website and prevented me from researching some actual value ideas, so I figured I’d go ahead and do a quick brush through the S-1 and my thoughts. First...
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JeanPierreSarti commented on Chuck Carnevale's article
02-03 09:19
Fastenal (FAST): A Vivid Case of Overvaluation
Our normal policy is to produce articles and analysis on companies that we believe offer attractive valuations based on earnings and cash flows....
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vdodla commented on gurufocus's article
02-03 09:06
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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hainesr98 commented on gurufocus's article
02-03 08:21
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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gurufocus posts:
02-03 08:10
New Page Added: Where Are We with Global Market Valuations?
We have created a new page on where we are with market valuations of different countries. Here is the link to the new page. Since we published the market valuation and implied future return based on the percentage of total market cap (TMC) relative to...
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parmenion commented on gurufocus's article
02-03 08:06
Quarterly Contest: What Stocks Did Warren Buffett Buy?
In less than two weeks Warren Buffett will report his portfolio of Berkshire Hathaway (BRK.A)(BRK.B). As a tradition, we are hosting a quarterly...
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Bruce was the manager of the last decade, not this decade. The team that helped him earn track record have left the building. Was he brilliant or fooled by randomness? My guess is the latter. As a risk manager he is plain awful and that is undeniable.