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...
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Commentaries and Stories

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Mario Gabelli Comments on Kraft Foods Group Inc
Kraft Foods Group Inc. (0.2%) (KRFT – $87.12 – NASDAQ), based in Northfield, Illinois, is the North American grocery business of Kraft Foods Inc., which was separated through a tax-free spin-off to shareholders on October 1, 2012. As a result, shareholders received one share of Kraft Foods Group Inc. for every three shares of Kraft Foods Inc. common stock, which was subsequently renamed Mondelēz International Inc. (0.5%). Kraft Foods Group is comprised of the North American grocery operations, excluding the snack businesses, which generated approximately $18.2 billion of revenue from leading brands such as Maxwell House coffee, Oscar Mayer meats, Jell-O desserts, Cool Whip toppings, and Cracker Barrel, Kraft, Polly-O, and Velveeta cheeses. On March 25, 2015, the H.J. Heinz Company and Kraft signed a definitive agreement to merge and form the Kraft Heinz Company. Accordingly, shareholders of Kraft will receive a $16.50 per share special dividend and 49% ownership of the newly formed company, which will be the third largest food and beverage company in North America and the fifth largest globally. The remaining 51% will be owned More...

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Mario Gabelli Comments on Exelis Inc
Exelis Inc. (0.5%) (XLS – $24.37 – NYSE) is a leader in C4 (command, control, communications, computers) and ISR (intelligence, surveillance and reconnaissance) products and information and technical services. The company provides mission critical systems in integrated electronic warfare, sensing and surveillance, air traffic management, information and cyber security, and networked communications. Products in the Information and Technical Services segment include large scale ground communication networks for NASA and the DOD, national intelligence defense against chemical, biological, and explosive threats, space ground and range systems for U.S. military launch, logistics, and base operations to the armed forces, and air traffic control management. On February 6, 2015, XLS announced a definitive agreement under which Harris Corp. will acquire the company in a cash and stock transaction valued at about $24.70 per share. Under the terms of the deal, XLS shareholders will receive $16.625 in cash and 0.1025 of a share of Harris common stock. Based on the Harris closing price of $78.70 per share and including the $140 million of XLS More...

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Mario Gabelli Comments on AMETEK Inc
AMETEK Inc. (1.7% of net assets as of March 31, 2015) (AME – $52.54 – NYSE) is a leading global manufacturer of analytical instruments for the process, aerospace, and industrial markets, and a leading producer of electric motors and blowers for the floor care and outdoor power equipment markets. In the near term, the company continues to experience growth in its longer cycle businesses in the aerospace, power generation, and process industries. Longer term, the company continues to make acquisitions to augment growth. In 2015, AMETEK expects one half to two thirds of its revenue growth to come from acquisitions. The company is focused on acquiring differentiated businesses with revenues of $150-$300 million. The company expects to spend ~$1 billion on acquisitions this year. AMETEK also decided to moderate its investment into the Floorcare and Specialty Motors end market within the Electromechanical Group; we believe the segment may be a prime spin-off candidate. More...

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Mario Gabelli’s Asset Fund Q1 2015 Commentary
To Our Shareholders, More...

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Ken Heebner's CGM Focus Fund Q1 2015 Letter
To Our Shareholders: More...

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KEELEY Small Cap Value Fund Comments on Exelis Inc
The Fund’s top position during the quarter was Exelis Inc. (XLS), a former spin-off of ITT Corp. (ITT), and Exelis also recently spun-off a division of their own in Vectrus Inc. (VEC). During the quarter the stock rose over 37 percent and added 46 basis points of performance to the Fund. Shares of the defense contractor jumped sharply in February after they agreed to be acquired by rival Harris Corp. (HRS) in a deal valued at $4.75 billion. While we believe there may be good synergies between the two companies, valuations became high enough that we exited the position soon after the announcement. More...

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KEELEY Small Cap Value Fund Comments on Intrawest Resorts Holdings Inc
The second largest detractor during the quarter was Intrawest Resorts Holdings Inc. (SNOW) which fell over 26 percent and cost the Fund 24 basis points in performance. Shares of the leading mountain resort and adventure company were negatively impacted by the rise of the U.S. dollar, since almost half of their revenue is generated in Canada. Despite the revised guidance due to the currency impact, we believe the long-term fundamentals remain intact. More...

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KEELEY Small Cap Value Fund Comments on Helix Energy Solutions Group Inc
Although energy stocks did not have a material impact on our results during the quarter, Helix Energy Solutions (HLX) was the Fund’s leading detractor after falling over 37 percent and detracting 38 basis points of return from the Fund. Despite having exposure to longer-term, offshore energy projects, Helix was not immune to price pressure given the dramatic weakness in the price of oil. With continued uncertainty around the price of the commodity, coupled with the fact that Helix and other service providers may be more vulnerable to an extended decline, we decided to exit the position during the quarter. More...

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John Keeley’s KEELEY Small Cap Value Fund Q1 2015 Commentary
In the first calendar quarter of 2015, the KEELEY Small Cap Value Fund (KSCVX) climbed 2.35 percent compared to a 4.32 percent rise for the Russell 2000 Index. After lagging for much of the last twelve months, small cap stocks rebounded in the first quarter, especially in March where they significantly outperformed their larger peers. A potential factor in this outperformance was the continued rise of the U.S. Dollar, which has climbed largely in response to global monetary authorities reacting to a weak growth outlook by easing monetary policies. More than 20 countries have eased monetary policy in 2015 and these extraordinary measures have facilitated a great deal of currency volatility in recent months. The impact of a strong dollar is mixed with respect to the U.S. economy. On a positive note, cheaper import prices will benefit the U.S. consumer and should continue the low inflationary environment that has contributed to recent economic expansion. On the other hand, the stronger dollar will be a headwind for U.S. exports, especially for multinational companies which we believe was a factor in the recent outperformance of small-cap stocks (which tend to have a domestic focus) More...

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John Rogers' Investment Propels Two Stakes into His Personal Top 10
John Rogers (Trades, Portfolio), founder of Ariel Investment, LLC, is known to like to invest in small and medium-sized companies whose share prices are undervalued, believing that patience, independent thinking and a long-term outlook are critical to achieving good returns. Ariel had a 44.68% return in 2013 and a 20.32% return in 2012. More...

STOCKS, LONG


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Salesforce: Riding High On Cloud
Salesforce (CRM) has been achieving a new level of performance and is growing faster than any of its nearest competitors like Oracle (ORCL) and SAP (SAP). Salesforce offers a unique platform that is designed for today's connected world for connecting and managing customers. The platform helps Salesforce's customers connect with their customers in a whole new way and ultimately create customer success. Ever since the inception of Salesforce, it has been focused on building strong relationships with it customers and churning out innovative products that have leveraged growth for the company. More...

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Hotchkis & Wiley Large Cap Value Fund Q1 2015 Commentary
Following six years of positive returns, the S&P 500 Index opened 2015 with a modest +1.0% return in the first quarter. The unprecedented corporate cost-cutting measures and general economic recovery following the financial crisis has fueled impressive earnings growth. Over the last six years, the S&P 500 is up +194% cumulatively. While such a rampant appreciation of market prices would normally give us pause, equity valuations are scarcely higher than historical averages due to these robust earnings. More...

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Frank Sands More Than Doubles Stake in LendingCorp Frank Sands - Frank Sands More Than Doubles Stake In LendingCorp
Frank Sands (Trades, Portfolio) is CEO and CIO of Sands Capital Management, a firm that was founded by his father in 1992 and has grown from roughly $900 in assets under management to more than $23 billion. Most of his transactions involve reducing or increasing existing stakes in his portfolio, not buying new ones or selling old ones, and the first quarter of 2015 was no exception. More...

TECHNOLOGY, STOCKS


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Hotchkis & Wiley Keeps Buying Navistar
Since its inception in Los Angeles in 1980, Hotchkis & Wiley (Trade, Portfolio) has focused exclusively on finding and owning undervalued companies that have a significant potential for appreciation. Hotchkis & Wiley are value investors focusing on important investment parameters such as a company's tangible assets, sustainable cash flow, and potential for improving business performance. More...

LONG, INDUSTRIALS


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Bank of America Gets Bullish on Oil
After remaining on the sidelines for quite some time, Bank of America (BAC) has become more optimistic on Oil and Energy stocks. According to Bank of America analysts, WTI crude is likely to average around $57/bbl in 2016 and $75/bbl in the longer-term. Bank of America strategy team recommends buying what it calls ”Big, Old and Ugly” energy stocks as they are under-owned and have minimal sensitivity to oil prices. More...

LONG


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FPA Capital Fund Comments on Apollo Education Group Inc
Apollo (APOL) and DeVry (DV) were both poor performers in the quarter. There is no other way to say it, the second quarter numbers for Apollo were very disappointing – particularly the enrollment numbers. APOL has spent a lot of money on a new Learning Management System (LMS) for all University of Phoenix (UoP) students. This was a massive endeavor on the company’s part and will lead to a large differentiation experience for their students versus the competition. Unfortunately, like many new large software rollouts, the LMS rollout had a couple of bugs that needed to be fixed. For example, if your internet browser was updated to a new version, some of the automation links within LMS were not properly coded and the user experience diminished to the point where some students dropped out of the university. APOL believes the majority of the problems have been addressed and fixed, but management took its eye off the ball with respect to converting prospective students to new enrollees during the past quarter. Management indicated that More...

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FPA Capital Fund Comments on Helmerich & Payne Inc and Ensco PLC
During the first quarter of 2015, we swapped our position in Ensco (“ESV”) for Helmerich and Payne (HP) (“H&P”) because we believe they offered similar upside but H&P has less downside risk. H&P is the country’s biggest and most profitable onshore drilling contractor. At the time of our decision, H&P’s dividend yield was smaller (4.55% vs 10.37%) but it was still substantial and more secure than ESV’s dividend. Since our swap, Ensco cut its dividend exactly 80% (as of the end of the first quarter H&P yielded 4.04% vs 2.85% for ESV). We agree with ESV’s decision to cut its dividend. The market was not valuing the company based on this large dividend and there might be better ways to use those funds today such as buying back shares or purchasing distressed assets on the cheap. More...

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Paul Tudor Jones Adds to His United Technologies Position
Paul Tudor Jones (Trades, Portfolio) is the president and founder of Tudor Investment Corporation. He is one of the most successful investors of current times. Last quarter, he increased his stake in United Technologies (UTX) by buying 33,053 shares. As of March 31, 2015, he was holding 50,635 shares of the company. More...

LONG, INDUSTRIALS


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First Eagle Overseas Fund Q1 2015 Commentary
Market Overview More...

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Brian Rogers Significantly Increases His Stake in Flowserve
Brian Rogers (Trades, Portfolio) has been the portfolio manager of T. Rowe Price Equity Income Fund since its inception in 1985. Brian Rogers (Trades, Portfolio) has a conservative, value-oriented way to pursue substantial dividend income and long-term capital growth potential. He invests in common stocks of established firms that are expected to pay above-average dividends and appear to be out of favor or undervalued. More...

LONG, INDUSTRIALS


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