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FPA Capital Fund Comments on Noble Energy Guru stock highlight
Let’s start with energy, as we know it is top of mind for many of our shareholders. A crucial factor we want to express is that the energy companies in the portfolio do not have any near-term refinancing risk, unlike many other energy companies that have large sums of debt coming due this year or next. A very recent example of how a strong balance sheet can benefit shareholders is Noble Energy (NYSE:NBL). NBL refinanced some of its intermediate debt maturities with shorter-term debt at substantially lower interest rates in early January 2016. Today, most energy companies seeking to refinance their debt would experience much higher interest payments, if they could even access the credit market. NBL was not only able to access the credit market but also lower its annual interest expense by $50 million for the same amount of debt outstanding.

When we assess the energy stock’s impact on the FPA Capital Fund Read more...
FPA Capital Fund Comments on Patterson-UTI Energy Guru stock highlight
PTEN (NASDAQ:PTEN) is the second largest land-based drilling rig operator after Helmerich & Payne; the company also owns a fleet of pressuring pump equipment to help shale oil & gas companies fracture rocks that contain hydrocarbons. During the current market down turn, the top 10 pressure pumping companies, including PTEN, have increased their aggregate market share from 60% to 75%. PTEN has a strong balance sheet at 1x debt/EBITDA, and it has no public debt outstanding. Despite oil prices being down 70% from mid-2014, PTEN’s consensus free cash flow expectation for 2016 is $0.75 per share. PTEN is trading at less than book value and 3.5x normalized EBITDA, which we believe are attractive valuation characteristics. We added to the position in the most recent quarter. Read more...
FPA Capital Fund Comments on Western Digital Corp Guru stock highlight
Now, let’s turn our attention to WDC. WDC (NASDAQ:WDC) is a stock the Fund has owned for a decade and one from which we have extracted substantial realized gains over the years. In October, WDC announced they would acquire Sandisk (NASDAQ:SNDK) for $19 billion, and many shareholders were surprised by WDC’s decision.

SNDK (NASDAQ:SNDK) is a major player in the NAND flash market and holds some of the most important NAND patents, for which it receives royalties, but some investors believe SNDK is lagging Samsung’s new NAND flash chip architecture (called 3D). NAND flash semiconductor chips are the chips used in Apple iPhones, Android phones, iPads, digital cameras, and a host of other technology equipment to store information and images.

Our perspective is that WDC will be able save a substantial Read more...
FPA Capital Fund Comments on Apollo Education Group Guru stock highlight
APOL (NASDAQ:APOL) is trading at less than book value, less than 10% of sales (net of cash), and less than 1x enterprise value-to-EBITDA. APOL is a very cheap stock, in our opinion, and we added to the position in the quarter.

Let’s discuss APOL in greater detail. APOL declined 28% in the December quarter due to reporting lower than expected new student enrollment and a non-fundamental issue. The most important items, profits and free cash flow, met expectations. Incredible as it is irresponsible, the stock partly sold off because the Chairman of the Board received a margin call on stock he had pledged as collateral for a real estate loan he assumed many years ago. Per our discussion with APOL management, the loan was for a little over $25 million and it had a condition that provided that the loan would come due immediately if APOL declined below $10 a share. This occurred on October 22, when APOL announced its earnings, lower new student enrollments, and a $110 million acquisition in Germany. Shareholders initially Read more...
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FPA Capital Fund Comments on Apollo Education Group Guru stock highlight
APOL (NASDAQ:APOL) is trading at less than book value, less than 10% of sales (net of cash), and less than 1x enterprise value-to-EBITDA. APOL is a very cheap stock, in our opinion, and we added to the position in the quarter.Let’s discuss APOL in greater detail. APOL declined 28% in the December quarter due to reporting lower than expected new student enrollment and a non-fundamental issue. The most important items, profits and free cash flow, met expectations. Incredible as it is irresponsible, the stock partly sold off because the Chairman of the Board received a margin call on stock he had pledged as collateral for a real estate loan he assumed many years ago. Per our discussion with APOL management, the loan was for a little over $25 million and it had a condition that provided that the loan would come due immediately if APOL declined below $10 a share. This occurred on October 22, when APOL announced its earnings, lower new student enrollments, and a $110 million acquisition in Germany. Shareholders initially More...

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FPA Capital Fund Comments on Western Digital Corp Guru stock highlight
Now, let’s turn our attention to WDC. WDC (NASDAQ:WDC) is a stock the Fund has owned for a decade and one from which we have extracted substantial realized gains over the years. In October, WDC announced they would acquire Sandisk (NASDAQ:SNDK) for $19 billion, and many shareholders were surprised by WDC’s decision.SNDK (NASDAQ:SNDK) is a major player in the NAND flash market and holds some of the most important NAND patents, for which it receives royalties, but some investors believe SNDK is lagging Samsung’s new NAND flash chip architecture (called 3D). NAND flash semiconductor chips are the chips used in Apple iPhones, Android phones, iPads, digital cameras, and a host of other technology equipment to store information and images.Our perspective is that WDC will be able save a substantial More...

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FPA Capital Fund Comments on Patterson-UTI Energy Guru stock highlight
PTEN (NASDAQ:PTEN) is the second largest land-based drilling rig operator after Helmerich & Payne; the company also owns a fleet of pressuring pump equipment to help shale oil & gas companies fracture rocks that contain hydrocarbons. During the current market down turn, the top 10 pressure pumping companies, including PTEN, have increased their aggregate market share from 60% to 75%. PTEN has a strong balance sheet at 1x debt/EBITDA, and it has no public debt outstanding. Despite oil prices being down 70% from mid-2014, PTEN’s consensus free cash flow expectation for 2016 is $0.75 per share. PTEN is trading at less than book value and 3.5x normalized EBITDA, which we believe are attractive valuation characteristics. We added to the position in the most recent quarter. More...

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FPA Capital Fund Comments on Noble Energy Guru stock highlight
Let’s start with energy, as we know it is top of mind for many of our shareholders. A crucial factor we want to express is that the energy companies in the portfolio do not have any near-term refinancing risk, unlike many other energy companies that have large sums of debt coming due this year or next. A very recent example of how a strong balance sheet can benefit shareholders is Noble Energy (NYSE:NBL). NBL refinanced some of its intermediate debt maturities with shorter-term debt at substantially lower interest rates in early January 2016. Today, most energy companies seeking to refinance their debt would experience much higher interest payments, if they could even access the credit market. NBL was not only able to access the credit market but also lower its annual interest expense by $50 million for the same amount of debt outstanding.When we assess the energy stock’s impact on the FPA Capital Fund More...

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Can You Count on Disney Amid the Market Selloff? With headwinds already priced in, opening of new theme parks should drive Disney higher  - Can You Count On Disney Amid The Market Selloff?
Blue-chip stocks are probably the safest stocks to buy when the market is in correction mode. More...

LONG


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Mondelez Makes for a Tasty Investment Company reported a strong fourth quarter and significant margin expansion  - Mondelez Makes For A Tasty Investment
Mondelez International Inc. (NASDAQ:MDLZ) is a snack manufacturing company. It had pro forma 2014 revenue of more than $30 billion. The company manufactures and markets food and beverage products for consumers in approximately 165 countries around the world. The company produces biscuits, chocolate, candy and powdered beverages as well as gum and coffee. More...

LONG


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Apple Is Undervalued Now is the best time to buy Apple while also making conservative price targets to guide when to sell the stock and the strike price to sell calls  - Apple Is Undervalued
Apple Inc. (NASDAQ:AAPL) is currently down almost 10% year to date, although it remains a favorite of both hedge funds and professional money managers. Most frighteningly, a steep decline after a disappointing quarter of relatively low iPhone sales growth has encouraged significant investor caution. More...

LONG, COVERED CALLS, TECH


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Get Ready for the Long Haul: Cheap Crude Oil Is Here to Stay Industry pundits believe global economic forces will weigh heavily on crude oil, keeping the price of WTI and Brent crude in a tight range until 2025  - Get Ready For The Long Haul: Cheap Crude Oil Is Here To Stay
One of the most prominent voices in the crude oil market, the CEO of the Vitol Group, Ian Taylor, believes that we are in for a period of sustained weakness when it comes to crude oil prices. There are several reasons why this perception is being bandied about by people like Taylor and others in the oil market. For starters, we are simply seeing way too much crude oil being produced and not enough crude oil being consumed. More...

OIL


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This Cruise Company Will Brighten Up Your Holidays Company posts strong 3rd quarter results and provides guidance for the 4th quarter and full year 2015  - This Cruise Company Will Brighten Up Your Holidays
In this busy world, recreation provides peace of mind and good health. Depending upon the preferences, recreation may be of any kind, such as cruise lines, hotels, airlines and much more. The cruise line industry is the fastest-growing category in the leisure travel market. A great player in this industry is Norwegian Cruise Line Holdings Ltd. (NASDAQ:NCLH). More...

LONG


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3 Great Dividend Stocks for 2016 Safe dividend-paying companies with some capital gain potential  - 3 Great Dividend Stocks For 2016
It has been a rough start in the markets for 2016, and in particular for commodity investors. More...

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Baron International Growth Fund Added New Positions in 4th Quarter Several new exciting investments initiated  - Baron International Growth Fund Added New Positions In 4th Quarter
Commentary On New Positions: More...

BARON INTERNATIONAL GROWTH FUND,NEW POSITIONS,FOURTH QUARTER,GROWTH INVESTING,RON BARON,BILLIONAIRE,


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Baron International Growth Fund's 4th-Quarter Letter Underperformed the MSCI ACWI ex USA IMI Growth Index  - Baron International Growth Fund's 4th-Quarter Letter
Dear Baron International Growth Fund Shareholder: More...

RON BARON,BARON INTERNATIONAL GROWTH FUND,FOURTH QUARTER,LETTER,GROWTH INVESTING,BILLIONAIRE,


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Baron Focused Growth Fund 4th Quarter Letter Fund returned 6.33%, outperforming benchmark that rose 3.81% Ron Baron - Baron Focused Growth Fund 4th Quarter Letter
Dear Baron Focused Growth Fund Shareholder: More...

RON BARON,BARON FOCUS GROWTH FUND,FOURTH QUARTER,LETTER,LONG-TERM,GROWTH INVESTING,


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Former Baupost Investor David Abrams Continues Buying Barnes & Noble Abrams Capital Management has made several buys of the declining stock in recent months David Abrams - Former Baupost Investor David Abrams Continues Buying Barnes & Noble
David Abrams (Trades, Portfolio), the managing partner of value investment firm Abrams Capital Management, has continued to increase his position in the nation’s largest bookseller Barnes & Noble (NYSE:BKS) as the company’s share price decreases. More...

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Mario Gabelli Adds to More Than 200 Stakes in 4th Quarter Guru increases holding in Comcast by more than 800% Mario Gabelli - Mario Gabelli Adds To More Than 200 Stakes In 4th Quarter
Mario Gabelli (Trades, Portfolio), chairman and CEO of Gabelli Asset Management Company Investors, added to more than 200 existing stakes in his portfolio in the fourth quarter. Some qualified as his largest transactions of the quarter. More...

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Painting High Returns With Dividend Aristocrat Sherwin-Williams Sherwin-Williams has returned 21.1% per year over last decade; will its run continue?  - Painting High Returns With Dividend Aristocrat Sherwin-Williams
Sherwin-Williams (NYSE:SHW) has annually increased dividends since 1979 and outperformed the market by nearly 14% per year over the last decade. More...

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Kyle Bass on UDF: A Billion Dollar House of Cards Bass explains his short thesis for the REIT Kyle Bass - Kyle Bass On UDF: A Billion Dollar House Of Cards
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Baron Partners Fund 4th Quarter Shareholder Letter Fund is underperforming the Russell Midcap Growth Index Ron Baron - Baron Partners Fund 4th Quarter Shareholder Letter
Dear Baron Partners Fund Shareholder: More...

RON BARON,BARON PARTNER FUND,FOURTH QUARTER LETTER,


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Baron Small Cap Comments on Aspen Technology Fund initiates new holding in 4th quarter Ron Baron - Baron Small Cap Comments On Aspen Technology
Commentary on Aspen Technology (NASDAQ:AZPN): More...

BARRON SMALL CAP FUND,NEW PURCHASE,ASPEN TECHNOLOGY,COMMENTARY,GROWTH INVESTING,RON BARRON,BILLIONAIRES,



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