Last Update: 12-31-1969

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Top Ranked Articles

Investor Jim Rogers Tells Fox Business Agriculture Is “Going to Be One of the Great Industries of Our Time”
Chairman and CEO of Rogers Holdings Jim Rogers spoke with FOX Business Network (FBN) about the United States deficit and the path the nation and individuals need to take in order to prosper. Rogers said that the U.S. economy will not recover until we “accept reality, stop spending money we don’t have, go down to a lower level, and start over.” He went on to say that particularly in such an uncertain economy, “you should invest in only what you know, otherwise keep your money in cash.” Excerpts from the interview are below: Read more...
Answers from Tom Gayner's Interview with GuruFocus
Tom Gayner, a renowned valued investor, is president and chief investment officer of Markel Corp and president of Markel Gayner Asset Management, the investment subsidiary of Markel Corp., since 1990. He manages about $2 billion. Read more...
GuruFocus Interview with Fairfax CEO Prem Watsa
GuruFocus had an opportunity to speak with Prem Watsa, chairman and chief executive of Fairfax Financial Holdings, a $7.7 billion Toronto-based firm, where he has delivered a 5-year cumulative return of 176%, compared to 12.2% of the S&P 500. In 2008, when the market was spiraling to a loss of 37%, he achieved a 21% return for his clients. Read more...
Walter Schloss: The Essence of Value Investing
Here are some notes taken from the life of Walter Schloss, once an office roommate of Warren Buffett. He is still alive and kicking at 95, and is one of the investors who inspires me the most. He had several points in common with Philip Fisher and Philip Carret, some of his contemporary investing legends; they lived very long; invested since very young until late in life; and never looked for extreme fortune or fame. He also led a simple life and, until recent interviews, still invests his personal money. His life incarnates the essential substance of value investing. Read more...
GuruFocus Interview with Investor Arnold Van Den Berg
Arnold Van Den Berg is a value investor with 43 years of industry experience and founder of $2 billion firm Century Management. A short time ago, GuruFocus readers asked him their investing questions. His responses, in which he discusses MDC Holdings Inc. (MDC), Toll Brothers (TOL), Microsoft (MSFT), Dell (DELL), Cisco (CSCO), Applied Materials (AMAT), Walmart (WMT), Wells Fargo (WFC), are below: Read more...
» More Articles

Commentaries and Stories

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Investor Chuck Royce Cuts Stake in Adtran Chuck Royce - Investor Chuck Royce Cuts Stake In Adtran
Chuck Royce (Trades, Portfolio)’s firm Royce & Associates docked a position in Adtran Inc. (ADTN) on June 30, GuruFocus Real Time Picks reported. More...

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My Approach to Selling A Successful Investment  - My Approach To Selling A Successful Investment
As the stock market has marched higher over the past few years, I’ve felt a growing desire to start reducing my stake in a few names that don’t seem quite as attractively valued as they used to be. As a result, I’ve spent time trying to answer a seemingly straightforward question: When should you sell a stock? Let me note at the outset that this discussion will focus solely on investments that have worked out as planned (moved higher); the approach to failed investments, while clearly important, is worth its own article at some point in the future. More...

Sysco


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Steven Romick Adds to Eight Stakes in Second Quarter Steven Romick - Steven Romick Adds To Eight Stakes In Second Quarter
Steven Romick (Trades, Portfolio) is the portfolio manager of FPA Crescent Fund, which has averaged more than 11% in returns for the last decade. Its returns in 2014 were in single digits (6.64%), but it returned 21.95% in 2013 and 10.33% in 2012. More...

Steven Romick


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John Rogers' Investment in Anixter International Inc
Anixter International Inc. (AXE) is a distributor of enterprise cabling and security solutions, electrical and electronic wire and cable products, and OEM supplies. The company is chaired by Sam Zell, the billionaire best known for his real estate business Equity Residential. More...

JOHN ROGERS, TELECOM PLAY, SAM ZELL, Anixter International


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Royce Funds Commentary - 2Q15 Market - Is a More Normalized Environment on the Horizon?
After five years of higher-than-usual returns, we believe that U.S. equity results are moving closer to their longer-term averages, that stocks of economically sensitive companies will be rewarded while interest rate sensitive stocks look likely to lag, and that U.S. small-caps offer attractive risk/return profiles given their greater potential for earnings growth and reasonable valuations. More...

Chuck Royce


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PRIMECAP Adds to Three Stakes in Portfolio Primecap Management - PRIMECAP Adds To Three Stakes In Portfolio
At the end of June, when most Americans were embarking or about to embark on their Fourth of July holidays, which likely included fireworks displays, PRIMECAP Management (Trades, Portfolio) made some modest fireworks of its own by adding to three stakes in its portfolio – SanDisk Corp (SNDK), Chegg Inc (CHGG) and Abaxis Inc (ABAX). More...

Primecap Management


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Why I Am Buying W.P. Carey Inc. Again
I’m getting July started off right, with the purchase of shares in a high-quality company that has a penchant for rewarding shareholders (the owners of the company) with large and growing dividends. They say snowballs don’t roll in July. I beg to differ! This past weekend saw July 4th, or Independence Day. First, thank you to everyone who serves in the military and allows us the freedom we enjoy. Second, when I think of Independence Day, I also think of a different kind of independence – independence from the rat race, wage slavery, and the constant need to exchange our limited and dwindling time for a paycheck. And I just bought a little more independence with this most recent transaction. I purchased 25 shares of W.P. Carey Inc. (WPC) on 7/6/15 for $59.53 per share. Overview W.P. Carey Inc. is a global real estate investment trust that provides services including long-term sale-leaseback and build-to-suit financing solutions. As of December 31, 2014, the company has 219 tenants across 783 properties in 18 countries. The occupancy rate is 98.6% and the average lease term is 9.1 years. They operate in two segments: Real Estate Ownership (71% of fiscal year 2014 revenue) and Investment Management (29%). They were founded in 1973 but reorganized as a REIT in 2012. Stick To The Plan I’ve talked a lot about WPC lately, so there’s not much more I can add. I initiated a stake in the company (and analyzed the stock) back in early April and the stock has dropped incrementally since then. What does a long-term dividend growth investor do? Well, buy more, of course. I last averaged down in early June, but this is my most aggressive purchase thus far. What I will quickly discuss, though, is sticking to your long-term plan. I’ve been hearing a lot of noise about Greece lately. I have high-grade earplugs, but even I have a hard time ignoring the noise when the media is screaming in my ear. And that’s kind of what’s happening here with the situation in Greece. I can tell you what’s not going to happen: Greece isn’t going anywhere. Whether or not they’re part of the eurozone in a decade is anyone’s guess, but the people and the country aren’t going anywhere. Besides, this is an economy that’s smaller than the metro Boston area. Are we really going crazy over something like that? I can, however, tell you what is going to happen: Great companies will continue to sell more products and/or services to more people in the future. Profits will grow. And dividends will increase in turn. PepsiCo, Inc. (PEP) will still be selling potato chips and beverages in a decade. Aflac Incorporated (AFL) will still be selling insurance products to clients in the US and Japan over the foreseeable future. And W.P. Carey Inc’s properties across the world will still be used for a variety of purposes tomorrow, a year from now, and a decade from now. The odds of any of these companies not continuing to do what they do best and make a lot of money doing it are incredibly small. And it would certainly take a lot more than some currency concerns in Greece to make that happen. I just can’t recall Pepsi ever mentioning in an annual report that their future hinged on the future of Greece. That’s probably because it doesn’t. Either way, you can’t control Greece. You can’t control what Europe (or any other country) does. What you can control, though, is your own behavior: your spending, investing, and consistency. So stick to your long-term plan. Ignore the noise and focus on what you can control. Risks WPC is truly international, so they face currency risks like any other company doing business globally. In addition, they face interest rate risk in the sense that as rates rise the cost of capital increases. Though this is also true for almost every business out there that relies on some debt to conduct business and grow, this is exacerbated for REITs because of their structure. Another risk is that 25% of WPC’s leases expire within the next five years. Any issues with renewals could be problematic. Furthermore, only 26% of their tenants are investment-grade. Lastly, although they have substantial experience in their field dating back decades, their operating history as a REIT is rather short. Valuation WPC’s P/AFFO ratio is currently 12.53, which I find really attractive when you consider the quality, track record, valuation, growth, and yield. The yield is 6.41% right now. That’s obviously very appealing to anyone who’s interested in current income in the sense that every dividend dollar gets one that much closer to independence. That’s also substantially higher than the five-year average for this stock. So you’re getting a lot of yield both in absolute and relative terms. I valued shares using a dividend discount model analysis with an 8% discount rate and a very conservative 4% long-term dividend growth rate. That’s almost half the DGR over the last decade, which gives a rather large margin of safety to account for rising rates and some of the other unique risks I touched on above. The DDM analysis gives me a fair value of$99.06. This stock could be significantly undervalued here as it exhibits a rare and elusive combination of yield and dividend growth that are both quite high. It’s just not particularly often that you can buy a stock with a yield of well over 6% and long-term dividend growth in the upper single digits. Conclusion I continue to really like WPC here. It appears to be a stock on the low end of its recent historical norms in terms of valuation and yield in a market that is otherwise rather expensive. And the combination of yield and dividend growth is incredibly attractive to me. I love the firm’s real estate portfolio. It’s incredibly diversified both in terms of industry and geography. While I love another of my REIT holdings in Realty Income Corp. (O), WPC gives me better diversification, higher yield, more aggressive growth, and a much lower valuation. All that with a dividend growth track record that doesn’t trail O by much. I’m very interested in adding to O at some point here as well, but I find WPC far more enticing at this point in time. WPC has quickly become a rather large position for me, especially in regards to the dividend income it generates for me. So I’m not particularly interested in adding a lot more over the near term, but I also wouldn’t shy away from averaging down again, if given the opportunity. This purchase adds $95.40 to my annual dividend income, based on the current $0.9540 quarterly dividend. I usually include current valuation opinions from other analysts, but neither Morningstar nor S&P Capital IQ follow this stock. I’ll update my Freedom Fund in early August to reflect this recent purchase. Full Disclosure: Long WPC, PEP, AFL, and O. Are you a fellow WPC shareholder? Have you been averaging down? Why or why not? Thanks for reading. More...

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Down Another 40%, is Weight Watchers Finally a Buy?
Back in May, we warned investors to stay away from Weight Watchers International (WTW). Since then, shares have fallen an additional 40%. More...

WEIGHT, LOSS, SHORT, WATCHERS, NUTRITION, NUTRISYSTEM


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Investment Lessons Learned from the Poker Table  - Investment Lessons Learned From The Poker Table
“I don’t know.” These three words don’t inspire a lot of confidence in the messenger and probably will not get me invited onto CNBC, but that is exactly what I think about the topic I am about to discuss. More...

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The Perfect Retail Business Model Warren Buffett - The Perfect Retail Business Model
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Your Essential Guide to Walter Schloss Investing Warren Buffett - Your Essential Guide To Walter Schloss Investing
“Basically we like to buy stocks which we feel are under-valued, and then we have to have the guts to buy more when they go down. And that’s really the history of Ben graham. That’s it.” More...

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Yingli Green Energy and its critical financial situation
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Book Review: Confidence Game
Several years before the credit crisis, Bill Ackman (Trades, Portfolio) warned investors that the large bond insurers, MBIA in particular, were taking on too much risk. He started shorting the stock and talking about the company's problems to anyone who would listen. He was attacked by many, including MBIA management, regulators who don't appreciate the role of short-sellers, and the media. He was eventually vindicated as his predictions turned out right and he generated an incredible profit as a result. In Confidence Game, Christine Richard tells this story. More...

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This Unloved Cigarette Stock is a Dividend Growth Machine
Don’t let the rumors fool you – the cigarette industry’s decline is greatly exaggerated. The tobacco industry is truly massive and dominated by a few large players. More...

CIGARETTES, TOBACCO, DIVIDENDS, LONG


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Why I Bought More Of Horsehead Holding After The 15% Drop
Horsehead Holding Corp (ZINC) is the largest zinc producer in the United States and a leading maker of zinc value-added products like zinc oxide and zinc powder. Globally Horsehead holding is the largest producer of zinc from recycled sources. Horsehead has just finished building a solvent extraction/electro winning production facility which is central to this investment idea. Horsehead was formed only 12 years ago but its predecessor companies, New Jersey Zinc Company and the St. Joe resources company, have been in zinc production since the 1800s. On 7-6-2015 the stock fell 20% without any news. After checking for news updates, I decided this created an attractive entry point but was unable to get shares at the absolute bottom of the day as the stock bounced back a little. Given the fundamentals it looks to be an excellent entry point to me and I've taken the opportunity to lower my cost base. More...

ZINC, COMMODITY, COMMODITIES, LONG


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Good Time To Accumulate Helmerich & Payne
I have been neutral to negative on Helmerich & Payne (HP) since the steep decline in oil and gas prices translated into lower onshore and offshore drilling activity. However, in this article, I change my view from neutral to positive for the long term. In line with this view, I believe that Helmerich & Payne is worth accumulating at current levels. This article discusses the triggers that will translate into upside for Helmerich & Payne in the coming years. More...

LONG, ENERGY, OIL & GAS EXPLORATION


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Here's why American Eagle's Resurgence will Continue
Teen clothing retailer American Eagle (AEO) was previously a high-flying stock, however increasing competition turned around the company’s fortunes in 2012. The organization, which competes in the extremely swarmed and competitive teenager space, saw its earnings and sales growth tank due to the appalling growth in competition in the teen clothing space. Evidently, American Eagle’s earnings and revenue moved downwards. More...

LONG


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The Two Best Airline Stocks that Investors Should Buy
Stocks across the airline sectors have fallen sharply ever since Southwest Airlines (LUV) announced it will be boosting capacity by 7%-8% in 2015, up from its previous estimation of 7%. Although the increase was minor, it spurred a massive selloff throughout the sector as investors blamed the companies of increasing supply at a faster rate than demand. While overcapacity has always been a cause of concern for carriers, I think the massive selloff was unwarranted. Investors have exaggerated the overcapacity threats and have ignored many positive trends that will benefit the carriers. More...

LONG


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Growing business for Element Financial Corp through its exceptional management
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Chipotle Mexican Grill: A Strong Buy on the Drop
Chipotle Mexican Grill’s (CMG) has been the best performing restaurant stock over the past few years; however shares are down close to 20% in 2015. The plunge was a result of Chipotle’s slower-than-expected same-store sales growth rate. I believe investors have overreacted as Chipotle’s growth story is still intact. The company has a lot of room to expand, which is why I expect it to move higher. Chipotle’s “Food with Integrity” approach has been loved by the customers, and the company expanded on this philosophy by announcing that it is removing genetically modified (GMO) products from its menu. More...

LONG


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