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  • silvmich 2013-11-14 11:18
    VGM - in case you are interested, my next article on GNK was published.  I anonymously referred to you, was not sure if you wanted me to mention you by name (user id).
  • silvmich 2013-11-04 08:02

    I responded to your post with some comments, just wanted to make sure you saw.

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All vgm's Activities

  • vgm commented on Charles Sizemore's article 05-28 16:29
    Buybacks: Mostly an Accounting Sleight of Hand
    In the world of investing, so many things work better in theory than in practice. Executive stock options? Though originally billed as a way to...
    View all 2 comments
    vgm 05-28 17:29
    • Interesting reminder of how repurchases can be done for the wrong reasons. I'm sure it's rife and to the detriment of shareholders.

      It's perhaps worth reminding ourselves though that, properly implemented, buybacks can be not only beneficial, but extraordinarily accretive for shareholders. The case of Henry Singleton at Teledyne is arguably the superlative example, as described in The Outsiders and lauded by Buffett. And Buffett has said that a very real part of his own rationale for investing in IBM is the prospect of significant share repurchases.

      Furthermore, Pabrai describes how Munger gave him 3 pieces of advice to become a good/better investor, one of which Munger called buying the "cannibals" - his word for companies which were repurchasing their own stock (presumably wisely!).
  • vgm commented on Canadian Value's article 05-24 11:51
    "Meet The Frackers" – David Einhorn's Ira Sohn Presentation
    Meet The "Frackers" – David Einhorn
    View all 1 comment
    vgm 05-24 12:51
    • Chanos agrees with Einhorn.

      “It’s a flawed business model,” he said. ‘I agree with my friend David Einhorn (Trades, Portfolio) who’s been short in the space for three years.’’

  • vgm commented on GuruFocus's article 05-17 06:50
    Berkshire Hathaway Buys More IBM, Wells Fargo, Precision Castparts, Sells National Oilwell Varco, Bank Of New York Mellon, Charter Communications
    Warren Buffett (Trades, Portfolio)’s investment company just released his first quarter portfolio. Warren Buffett (Trades, Portfolio) and his CIOs...
    View all 6 comments
    vgm 05-17 07:50
    • "...reduced...holdings in National Oilwell Varco Inc by 2.37%."

      According to various other sources, NOV was reduced from 5.3M shares to 1.98M in the quarter. That's more than a 60% reduction.

      In conjunction with Snowballbuilder's comments above, I might suggest a complete revision of this article.
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