Irving Kahn, the oldest living value investor, experienced the great depression of 1930s as an adult. What does he think about the current financial crisis? He is buying the beaten down bond insurers and a few healthcare stocks during the third quarter. These are the details.
Irving Kahn buys Ambac Financial Group Inc., sells Autoliv Inc., CNA Financial Corp., MAXXAM Inc during the 3-months ended 09/30/2008, according to the most recent filings of his investment company, Kahn Brothers & Company Inc.. Irving Kahn owns 57 stocks with a total value of $411 million. These are the details of the buys and sells.
New Purchases: ABK,
Added Positions: BMY, MBI, NYT, ORI, PFE, SLM,
Reduced Positions: MHS, MON, PHI,
Sold Out: ALV, CNA, MXM,
For the details of Irving Kahn's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Irving+Kahn
Added: MBIA Inc. (MBI, Financial)
Irving Kahn added to his holdings in MBIA Inc. by 104.13%. His purchase prices were between $3.9 and $16.61, with an estimated average price of $9.9. The impact to his portfolio due to this purchase was 1.55%. His holdings were 1,188,430 shares as of 09/30/2008.
MBIA Incorporated is engaged in providing financial guaranteeinsurance and investment management and financial services to public finance clients and financial institutions on a global basis. Financial guarantees for municipal bonds asset-backed and mortgage-backed securities investor-owned utility bonds and collateralized obligations of sovereigns corporations and financial institutions both in the new issue and secondary markets are provided through the Company's wholly-owned subsidiary MBIA Insurance Corporation. MBIA Inc. has a market cap of $2.23 billion; its shares were traded at around $10.46 .
Added: SLM Corp. (SLM, Financial)
Irving Kahn added to his holdings in SLM Corp. by 3995.11%. His purchase prices were between $13.89 and $18.45, with an estimated average price of $16.3. The impact to his portfolio due to this purchase was 1.49%. His holdings were 565,125 shares as of 09/30/2008.
SLM Corporation is the one of nation's largest private sources of funding and servicing support for higher education loans for students and their parents. The company provides a wide range of financial services processing capabilities and information technology to meet the needs of educational institutions lenders students and guarantee agencies. SLM Corp. has a market cap of $4.84 billion; its shares were traded at around $11.3 .
Added: Old Republic International Corp. (ORI, Financial)
Irving Kahn added to his holdings in Old Republic International Corp. by 13.04%. His purchase prices were between $9.61 and $16.5, with an estimated average price of $11.2. The impact to his portfolio due to this purchase was 0.49%. His holdings were 1,749,252 shares as of 09/30/2008.
Old Republic International Corporation is Chicago-based and is an insurance holding company whose subsidiaries market underwrite and provide risk management services for a wide variety of coverages in the property and liability mortgage guaranty title and life and health insurance fields. Old Republic International Corp. has a market cap of $2.03 billion; its shares were traded at around $9.33 with P/S ratio of 0.62. The dividend yield of Old Republic International Corp. stocks is 8.41%.
Added: BristolMyers Squibb Company (BMY, Financial)
Irving Kahn added to his holdings in BristolMyers Squibb Company by 3.84%. His purchase prices were between $20.47 and $22.01, with an estimated average price of $21.3. The impact to his portfolio due to this purchase was 0.29%. His holdings were 1,543,159 shares as of 09/30/2008.
Bristol-Myers Squibb Company is a global leader in the research and development of innovative lifesaving and life-enhancing treatments for heart disease; high blood pressure; stroke; diabetes; cancer; HIV/AIDS and other infectious diseases; depression schizophrenia and other mental disorders; pain; and other conditions. BristolMyers Squibb Company has a market cap of $41.08 billion; its shares were traded at around $21.59 with a P/E ratio of 10.53 and P/S ratio of 1.98. The dividend yield of BristolMyers Squibb Company stocks is 7.03%.
Added: Pfizer Inc (PFE, Financial)
Irving Kahn added to his holdings in Pfizer Inc by 1.96%. His purchase prices were between $17.46 and $19.97, with an estimated average price of $18.7. The impact to his portfolio due to this purchase was 0.16%. His holdings were 1,968,754 shares as of 09/30/2008.
Pfizer Inc is a research-based global pharmaceutical company that discovers and develops innovative value-added products that improve the quality of life of people around the world and help them enjoy longer healthier and more productive lives. Pfizer has three business segments: health care animal health and consumer health care. Its products are available in numerous countries. (Company Press Release) Pfizer Inc has a market cap of $114.6 billion; its shares were traded at around $18.41 with a P/E ratio of 10.88 and P/S ratio of 2.50. The dividend yield of Pfizer Inc stocks is 7.72%.
Added: The New York Times Company (NYT, Financial)
Irving Kahn added to his holdings in The New York Times Company by 12.55%. His purchase prices were between $12.18 and $15.25, with an estimated average price of $13.6. The impact to his portfolio due to this purchase was 0.14%. His holdings were 513,386 shares as of 09/30/2008.
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. The Company currently classifies its businesses into the following segments: Newspapers Broadcasting Magazines and Forest Product Investments and Other Joing Ventures. The New York Times Company has a market cap of $1.41 billion; its shares were traded at around $10.28 with a P/E ratio of 17.67 and P/S ratio of 0.49. The dividend yield of The New York Times Company stocks is 9.63%.
New Purchase: Ambac Financial Group Inc. (ABK, Financial)
Irving Kahn initiated holdings in Ambac Financial Group Inc.. His purchase prices were between $1.33 and $8.52, with an estimated average price of $4.4. The impact to his portfolio due to this purchase was 0.07%. His holdings were 100,000 shares as of 09/30/2008.
Ambac Financial Group Inc. is a holding company whose subsidiaries provide financial guarantee products and other financial services to clients in both the public and private sectors around the world. Through its financial services subsidiaries the Company provides investment agreements interest rate swaps investment advisory and cash management services primarily to states municipalities and their authorities. Ambac Financial Group Inc. has a market cap of $576.78 million; its shares were traded at around $3.4 . The dividend yield of Ambac Financial Group Inc. stocks is 1.66%.
Reduced: Philippine Long Distance Telephone Compa (PHI, Financial)
Irving Kahn reduced to his holdings in Philippine Long Distance Telephone Compa by 46.94%. His sale prices were between $50.81 and $60.57, with an estimated average price of $56.4. The impact to his portfolio due to this sale was -0.08%. Irving Kahn still held 34,730 shares as of 09/30/2008.
Philippine Long Distance Telephone Company is the country's principal supplier of domestic and international telecommunications services. Thecompany's charter which extends until 2028 authorizes it to provide virtually every type of telecommunications service. The company has a network of 174 central office exchanges serving the Metro Manila area and other cities and municipalities throughout the country. Philippine Long Distance Telephone Compa has a market cap of $7.49 billion; its shares were traded at around $42.65 with a P/E ratio of 8.90 and P/S ratio of 2.73. The dividend yield of Philippine Long Distance Telephone Compa stocks is 3.25%.
Reduced: Medco Health Solutions Inc. (MHS, Financial)
Irving Kahn reduced to his holdings in Medco Health Solutions Inc. by 31%. His sale prices were between $45.18 and $50.6, with an estimated average price of $47.9. The impact to his portfolio due to this sale was -0.09%. Irving Kahn still held 28,753 shares as of 09/30/2008.
Medco Health Solutions Inc. is the nation's largest pharmacy benefit manager or PBM. They provide sophisticated programs and services for clients and the members of their pharmacy benefit plans as well as for the physicians and pharmacies the members use. Their programs and services help clients control the cost and enhance the quality of the prescription drug benefits they offer to their members. Medco Health Solutions Inc. has a market cap of $20.97 billion; its shares were traded at around $38 with a P/E ratio of 23.36 and P/S ratio of 0.40.
Reduced: Monsanto Company (MON, Financial)
Irving Kahn reduced to his holdings in Monsanto Company by 48.83%. His sale prices were between $105.8 and $119.92, with an estimated average price of $113.4. The impact to his portfolio due to this sale was -0.14%. Irving Kahn still held 12,381 shares as of 09/30/2008.
Monsanto is a leading global provider of technology-based solutions and agricultural products for growers and downstream customers such as grain processors and consumers in the agricultural markets. The combination of its herbicides seeds and related genetic trait products provides growers with integrated solutions to more efficiently and cost effectively produce crops at higher yields while controlling weeds insects and diseases. Its base business led by Roundup and coupled with the latest tools in biotechnology genomics and molecular breeding. Monsanto Company has a market cap of $48.06 billion; its shares were traded at around $93.74 with a P/E ratio of 24.24 and P/S ratio of 4.52. The dividend yield of Monsanto Company stocks is 1.33%.
Sold Out: MAXXAM Inc (MXM, Financial)
Irving Kahn sold out his holdings in MAXXAM Inc. His sale prices were between $11.76 and $24.63, with an estimated average price of $19. The impact to his portfolio due to this sale was less than 0.01%.
MAXXAM Inc. is a holding company and as such conducts substantiallyall of its operations through its subsidiaries. The Company operates in four principal industries: Aluminum Forest Products Real Estate investment and development and Racing Operations. MAXXAM Inc has a market cap of $60.43 million; its shares were traded at around $13.25 with P/S ratio of 0.68.
Sold Out: CNA Financial Corp. (CNA, Financial)
Irving Kahn sold out his holdings in CNA Financial Corp.. His sale prices were between $23.64 and $28.73, with an estimated average price of $26.4. The impact to his portfolio due to this sale was less than 0.01%.
CNA Financial Corporation is an insurance holding company whose primary subsidiaries consist of property/casualty and life insurance companies. CNA's property/casualty insurance operations are conducted by Continental Casualty Company and The Continental Insurance Company. Life insurance operations are conducted by Continental Assurance Company. CNA Financial Corp. has a market cap of $4.11 billion; its shares were traded at around $16.1 with a P/E ratio of 20.51 and P/S ratio of 0.50. The dividend yield of CNA Financial Corp. stocks is 3.4%.
Sold Out: Autoliv Inc. (ALV)
Irving Kahn sold out his holdings in Autoliv Inc.. His sale prices were between $35.53 and $44.42, with an estimated average price of $38.9. The impact to his portfolio due to this sale was less than 0.01%.
Autoliv Inc. is a worldwide leader in automotive safety a pioneer in both seatbelts and airbags and a technology leader with the widest product offering for automotive safety. All the leading automobile manufacturers in the world are our customers. Autoliv Inc. has a market cap of $1.59 billion; its shares were traded at around $23.05 with a P/E ratio of 5.59 and P/S ratio of 0.23. The dividend yield of Autoliv Inc. stocks is 7.87%.
Irving Kahn buys Ambac Financial Group Inc., sells Autoliv Inc., CNA Financial Corp., MAXXAM Inc during the 3-months ended 09/30/2008, according to the most recent filings of his investment company, Kahn Brothers & Company Inc.. Irving Kahn owns 57 stocks with a total value of $411 million. These are the details of the buys and sells.
New Purchases: ABK,
Added Positions: BMY, MBI, NYT, ORI, PFE, SLM,
Reduced Positions: MHS, MON, PHI,
Sold Out: ALV, CNA, MXM,
For the details of Irving Kahn's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Irving+Kahn
Added: MBIA Inc. (MBI, Financial)
Irving Kahn added to his holdings in MBIA Inc. by 104.13%. His purchase prices were between $3.9 and $16.61, with an estimated average price of $9.9. The impact to his portfolio due to this purchase was 1.55%. His holdings were 1,188,430 shares as of 09/30/2008.
MBIA Incorporated is engaged in providing financial guaranteeinsurance and investment management and financial services to public finance clients and financial institutions on a global basis. Financial guarantees for municipal bonds asset-backed and mortgage-backed securities investor-owned utility bonds and collateralized obligations of sovereigns corporations and financial institutions both in the new issue and secondary markets are provided through the Company's wholly-owned subsidiary MBIA Insurance Corporation. MBIA Inc. has a market cap of $2.23 billion; its shares were traded at around $10.46 .
Added: SLM Corp. (SLM, Financial)
Irving Kahn added to his holdings in SLM Corp. by 3995.11%. His purchase prices were between $13.89 and $18.45, with an estimated average price of $16.3. The impact to his portfolio due to this purchase was 1.49%. His holdings were 565,125 shares as of 09/30/2008.
SLM Corporation is the one of nation's largest private sources of funding and servicing support for higher education loans for students and their parents. The company provides a wide range of financial services processing capabilities and information technology to meet the needs of educational institutions lenders students and guarantee agencies. SLM Corp. has a market cap of $4.84 billion; its shares were traded at around $11.3 .
Added: Old Republic International Corp. (ORI, Financial)
Irving Kahn added to his holdings in Old Republic International Corp. by 13.04%. His purchase prices were between $9.61 and $16.5, with an estimated average price of $11.2. The impact to his portfolio due to this purchase was 0.49%. His holdings were 1,749,252 shares as of 09/30/2008.
Old Republic International Corporation is Chicago-based and is an insurance holding company whose subsidiaries market underwrite and provide risk management services for a wide variety of coverages in the property and liability mortgage guaranty title and life and health insurance fields. Old Republic International Corp. has a market cap of $2.03 billion; its shares were traded at around $9.33 with P/S ratio of 0.62. The dividend yield of Old Republic International Corp. stocks is 8.41%.
Added: BristolMyers Squibb Company (BMY, Financial)
Irving Kahn added to his holdings in BristolMyers Squibb Company by 3.84%. His purchase prices were between $20.47 and $22.01, with an estimated average price of $21.3. The impact to his portfolio due to this purchase was 0.29%. His holdings were 1,543,159 shares as of 09/30/2008.
Bristol-Myers Squibb Company is a global leader in the research and development of innovative lifesaving and life-enhancing treatments for heart disease; high blood pressure; stroke; diabetes; cancer; HIV/AIDS and other infectious diseases; depression schizophrenia and other mental disorders; pain; and other conditions. BristolMyers Squibb Company has a market cap of $41.08 billion; its shares were traded at around $21.59 with a P/E ratio of 10.53 and P/S ratio of 1.98. The dividend yield of BristolMyers Squibb Company stocks is 7.03%.
Added: Pfizer Inc (PFE, Financial)
Irving Kahn added to his holdings in Pfizer Inc by 1.96%. His purchase prices were between $17.46 and $19.97, with an estimated average price of $18.7. The impact to his portfolio due to this purchase was 0.16%. His holdings were 1,968,754 shares as of 09/30/2008.
Pfizer Inc is a research-based global pharmaceutical company that discovers and develops innovative value-added products that improve the quality of life of people around the world and help them enjoy longer healthier and more productive lives. Pfizer has three business segments: health care animal health and consumer health care. Its products are available in numerous countries. (Company Press Release) Pfizer Inc has a market cap of $114.6 billion; its shares were traded at around $18.41 with a P/E ratio of 10.88 and P/S ratio of 2.50. The dividend yield of Pfizer Inc stocks is 7.72%.
Added: The New York Times Company (NYT, Financial)
Irving Kahn added to his holdings in The New York Times Company by 12.55%. His purchase prices were between $12.18 and $15.25, with an estimated average price of $13.6. The impact to his portfolio due to this purchase was 0.14%. His holdings were 513,386 shares as of 09/30/2008.
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. The Company currently classifies its businesses into the following segments: Newspapers Broadcasting Magazines and Forest Product Investments and Other Joing Ventures. The New York Times Company has a market cap of $1.41 billion; its shares were traded at around $10.28 with a P/E ratio of 17.67 and P/S ratio of 0.49. The dividend yield of The New York Times Company stocks is 9.63%.
New Purchase: Ambac Financial Group Inc. (ABK, Financial)
Irving Kahn initiated holdings in Ambac Financial Group Inc.. His purchase prices were between $1.33 and $8.52, with an estimated average price of $4.4. The impact to his portfolio due to this purchase was 0.07%. His holdings were 100,000 shares as of 09/30/2008.
Ambac Financial Group Inc. is a holding company whose subsidiaries provide financial guarantee products and other financial services to clients in both the public and private sectors around the world. Through its financial services subsidiaries the Company provides investment agreements interest rate swaps investment advisory and cash management services primarily to states municipalities and their authorities. Ambac Financial Group Inc. has a market cap of $576.78 million; its shares were traded at around $3.4 . The dividend yield of Ambac Financial Group Inc. stocks is 1.66%.
Reduced: Philippine Long Distance Telephone Compa (PHI, Financial)
Irving Kahn reduced to his holdings in Philippine Long Distance Telephone Compa by 46.94%. His sale prices were between $50.81 and $60.57, with an estimated average price of $56.4. The impact to his portfolio due to this sale was -0.08%. Irving Kahn still held 34,730 shares as of 09/30/2008.
Philippine Long Distance Telephone Company is the country's principal supplier of domestic and international telecommunications services. Thecompany's charter which extends until 2028 authorizes it to provide virtually every type of telecommunications service. The company has a network of 174 central office exchanges serving the Metro Manila area and other cities and municipalities throughout the country. Philippine Long Distance Telephone Compa has a market cap of $7.49 billion; its shares were traded at around $42.65 with a P/E ratio of 8.90 and P/S ratio of 2.73. The dividend yield of Philippine Long Distance Telephone Compa stocks is 3.25%.
Reduced: Medco Health Solutions Inc. (MHS, Financial)
Irving Kahn reduced to his holdings in Medco Health Solutions Inc. by 31%. His sale prices were between $45.18 and $50.6, with an estimated average price of $47.9. The impact to his portfolio due to this sale was -0.09%. Irving Kahn still held 28,753 shares as of 09/30/2008.
Medco Health Solutions Inc. is the nation's largest pharmacy benefit manager or PBM. They provide sophisticated programs and services for clients and the members of their pharmacy benefit plans as well as for the physicians and pharmacies the members use. Their programs and services help clients control the cost and enhance the quality of the prescription drug benefits they offer to their members. Medco Health Solutions Inc. has a market cap of $20.97 billion; its shares were traded at around $38 with a P/E ratio of 23.36 and P/S ratio of 0.40.
Reduced: Monsanto Company (MON, Financial)
Irving Kahn reduced to his holdings in Monsanto Company by 48.83%. His sale prices were between $105.8 and $119.92, with an estimated average price of $113.4. The impact to his portfolio due to this sale was -0.14%. Irving Kahn still held 12,381 shares as of 09/30/2008.
Monsanto is a leading global provider of technology-based solutions and agricultural products for growers and downstream customers such as grain processors and consumers in the agricultural markets. The combination of its herbicides seeds and related genetic trait products provides growers with integrated solutions to more efficiently and cost effectively produce crops at higher yields while controlling weeds insects and diseases. Its base business led by Roundup and coupled with the latest tools in biotechnology genomics and molecular breeding. Monsanto Company has a market cap of $48.06 billion; its shares were traded at around $93.74 with a P/E ratio of 24.24 and P/S ratio of 4.52. The dividend yield of Monsanto Company stocks is 1.33%.
Sold Out: MAXXAM Inc (MXM, Financial)
Irving Kahn sold out his holdings in MAXXAM Inc. His sale prices were between $11.76 and $24.63, with an estimated average price of $19. The impact to his portfolio due to this sale was less than 0.01%.
MAXXAM Inc. is a holding company and as such conducts substantiallyall of its operations through its subsidiaries. The Company operates in four principal industries: Aluminum Forest Products Real Estate investment and development and Racing Operations. MAXXAM Inc has a market cap of $60.43 million; its shares were traded at around $13.25 with P/S ratio of 0.68.
Sold Out: CNA Financial Corp. (CNA, Financial)
Irving Kahn sold out his holdings in CNA Financial Corp.. His sale prices were between $23.64 and $28.73, with an estimated average price of $26.4. The impact to his portfolio due to this sale was less than 0.01%.
CNA Financial Corporation is an insurance holding company whose primary subsidiaries consist of property/casualty and life insurance companies. CNA's property/casualty insurance operations are conducted by Continental Casualty Company and The Continental Insurance Company. Life insurance operations are conducted by Continental Assurance Company. CNA Financial Corp. has a market cap of $4.11 billion; its shares were traded at around $16.1 with a P/E ratio of 20.51 and P/S ratio of 0.50. The dividend yield of CNA Financial Corp. stocks is 3.4%.
Sold Out: Autoliv Inc. (ALV)
Irving Kahn sold out his holdings in Autoliv Inc.. His sale prices were between $35.53 and $44.42, with an estimated average price of $38.9. The impact to his portfolio due to this sale was less than 0.01%.
Autoliv Inc. is a worldwide leader in automotive safety a pioneer in both seatbelts and airbags and a technology leader with the widest product offering for automotive safety. All the leading automobile manufacturers in the world are our customers. Autoliv Inc. has a market cap of $1.59 billion; its shares were traded at around $23.05 with a P/E ratio of 5.59 and P/S ratio of 0.23. The dividend yield of Autoliv Inc. stocks is 7.87%.
