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105-Year Old Value Investor Irving Kahn Buys NYT, C, NTE, Sells DCOM, NVS, CVX

Irving Kahn was born in 1905. He was one of the earliest analyst on Wall Street. He served as teaching assist to Ben Graham at Columbia and learned value investing directly from Ben Graham. He is certainly old fashioned. He buys New York Times Co., Citigroup Inc., Nam Tai Electronics Inc, Audiovox Corp., Medquist Holdings Inc., sells Dime Community Bancshares Inc., Novartis Ag, Chevron Corp., Motorola Inc. during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, Kahn Brothers & Company Inc.. As of 03/31/2011, Kahn Brothers & Company Inc. owns 49 stocks with a total value of $580 million.

In 2002, he is quoted as saying: "I'm at the stage in life where I get a lot of pleasure out of finding a cheap stock," adding that his research still pushes him to work evenings and weekends. His son Thomas, currently President of Kahn Brothers Group, has said, "My father continues to research ideas and talk to companies. One of the nice things about this business is that there's no mandatory retirement age, and you allegedly get wiser as you get older."

These are the details of the buys and sells.

For the details of Irving Kahn's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Irving+Kahn

This is the sector weightings of his portfolio:

Financials 38.1%
Health Care 24%
Consumer Goods 9.5%
Oil & Gas 5.8%
Consumer Services 4.3%
Industrials 4.3%
Telecommunications 3.4%
Technology 0.4%
Basic Materials 0.1%
Utilities 0.1%


These are the top 5 holdings of Irving Kahn

  1. NEW YORK COMMUNITY BANCORP INC. (NYB) - 3,705,389 shares, 11.03% of the total portfolio. Shares reduced by 1.73%
  2. PFIZER INC. (PFE) - 2,633,346 shares, 9.22% of the total portfolio. Shares added by 0.07%
  3. MERCK & CO. INC. (MRK) - 1,450,044 shares, 8.25% of the total portfolio. Shares added by 0.37%
  4. BRISTOLMYERS SQUIBB CO. (BMY) - 1,679,435 shares, 7.65% of the total portfolio. Shares reduced by 0.46%
  5. SEABOARD CORP. (SEB) - 15,646 shares, 6.51% of the total portfolio. Shares reduced by 0.63%


Added: New York Times Co. (NYT)

Irving Kahn added to his holdings in New York Times Co. by 67.09%. His purchase prices were between $8.86 and $10.9, with an estimated average price of $10.07. The impact to his portfolio due to this purchase was 1.35%. His holdings were 2,063,170 shares as of 03/31/2011.

New York Times Company is a diversified media company including newspapers, television and radio stations, magazines, electronic information and publishing, Internet businesses, and forest products investments. New York Times Co. has a market cap of $1.15 billion; its shares were traded at around $7.8 with a P/E ratio of 10.7 and P/S ratio of 0.9. New York Times Co. had an annual average earnings growth of 0.1% over the past 5 years.

Added: Citigroup Inc. (C)

Irving Kahn added to his holdings in Citigroup Inc. by 10.36%. His purchase prices were between $43.9 and $51.3, with an estimated average price of $47.29. The impact to his portfolio due to this purchase was 0.49%. His holdings were 6,858,122 shares as of 03/31/2011.

Citigroup Inc., the global financial services company, has some two hundred million customer accounts and does business in more than hundred countries, providing consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citigroup Inc. has a market cap of $1283.11 billion; its shares were traded at around $44.16 with a P/E ratio of 142.4 and P/S ratio of 14.9.

Added: Nam Tai Electronics Inc (NTE)

Irving Kahn added to his holdings in Nam Tai Electronics Inc by 6.81%. His purchase prices were between $6.21 and $7.84, with an estimated average price of $6.8. The impact to his portfolio due to this purchase was 0.19%. His holdings were 2,650,317 shares as of 03/31/2011.

Nam Tai Electronics Inc. provides design and manufacturing services to original equipment manufacturers of consumer electronic products. Nam Tai Electronics Inc has a market cap of $270.2 million; its shares were traded at around $6.03 with a P/E ratio of 17.2 and P/S ratio of 0.5. The dividend yield of Nam Tai Electronics Inc stocks is 3.3%.

Added: Audiovox Corp. (VOXX)

Irving Kahn added to his holdings in Audiovox Corp. by 4.54%. His purchase prices were between $7.15 and $8.68, with an estimated average price of $7.92. The impact to his portfolio due to this purchase was 0.13%. His holdings were 2,209,352 shares as of 03/31/2011.

Audiovox Corporation generally markets its products under the well-recognized Audiovox brand name. Audiovox Corp. has a market cap of $150.3 million; its shares were traded at around $7.23 with a P/E ratio of 26.8 and P/S ratio of 0.3.

Added: Medquist Holdings Inc. (MEDH)

Irving Kahn added to his holdings in Medquist Holdings Inc. by 7.51%. His purchase prices were between $8.15 and $10.63, with an estimated average price of $9.22. The impact to his portfolio due to this purchase was 0.12%. His holdings were 987,476 shares as of 03/31/2011.

MedQuist Holdings provides integrated clinical documentation solutions for the U. Medquist Holdings Inc. has a market cap of $438.9 million; its shares were traded at around $10.22 with and P/S ratio of 1.1.

Reduced: Dime Community Bancshares Inc. (DCOM)

Irving Kahn reduced to his holdings in Dime Community Bancshares Inc. by 52.51%. His sale prices were between $14.12 and $15.8, with an estimated average price of $14.98. The impact to his portfolio due to this sale was -0.44%. Irving Kahn still held 157,630 shares as of 03/31/2011.

Dime Community Bancshares, Inc. is the holding company The Dime Savings Bank of Williamsburgh. Dime Community Bancshares Inc. has a market cap of $504.3 million; its shares were traded at around $14.54 with a P/E ratio of 11.4 and P/S ratio of 2.3. The dividend yield of Dime Community Bancshares Inc. stocks is 3.9%. Dime Community Bancshares Inc. had an annual average earnings growth of 10.6% over the past 10 years. GuruFocus rated Dime Community Bancshares Inc. the business predictability rank of 2-star.

Reduced: Novartis Ag (NVS)

Irving Kahn reduced to his holdings in Novartis Ag by 48.6%. His sale prices were between $52.75 and $59.24, with an estimated average price of $56.19. The impact to his portfolio due to this sale was -0.43%. Irving Kahn still held 47,484 shares as of 03/31/2011.

Novartis AG is committed to improving health and well-being through innovative products and services. Novartis Ag has a market cap of $138.08 billion; its shares were traded at around $60.31 with a P/E ratio of 11.8 and P/S ratio of 2.7. The dividend yield of Novartis Ag stocks is 3.3%. Novartis Ag had an annual average earnings growth of 13.5% over the past 10 years. GuruFocus rated Novartis Ag the business predictability rank of 4-star.

Reduced: Chevron Corp. (CVX)

Irving Kahn reduced to his holdings in Chevron Corp. by 20.03%. His sale prices were between $90.41 and $108.01, with an estimated average price of $98.33. The impact to his portfolio due to this sale was -0.1%. Irving Kahn still held 21,886 shares as of 03/31/2011.

Chevron is the fifth-largest integrated energy company in the world. Chevron Corp. has a market cap of $208.96 billion; its shares were traded at around $104.09 with a P/E ratio of 10.2 and P/S ratio of 1. The dividend yield of Chevron Corp. stocks is 2.8%. Chevron Corp. had an annual average earnings growth of 14.3% over the past 10 years. GuruFocus rated Chevron Corp. the business predictability rank of 2.5-star.


Rating: 2.8/5 (12 votes)

Comments

positive_carry
Positive_carry - 3 years ago
Seems like his portfolio should be worth more, given the number of years of compounding from which he has ostensibly benefited.

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