Today

• Menu tclfinancialltd post a new topic 22 min ago

  BG/SBLC FOR LEASE AND PURCHASE AT BEST RATES
  We are project funder as well as financial lender. We have BG/SBLC specifically for BUY/LEASE at a leasing price of 4%+2% of face value Issuance by HSBC London and many other 25 top AA rated Bank in Europe, Middle East or USA. We also secure funding....
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• Menu brigattiinvestimenti commented on Thomas Macpherson's article 2 hr ago

  Fundamental Business Analysis
  “Getting inside the guts of a business and understanding how it works really isn’t that interesting or sexy. I remember sitting on an assembly...
  View all 1 comment

  brigattiinvestimenti 01-17 03:36
  

  • Great piece Thomas,
    
    thank you for share your valuable insights!
    
    Do you have any book/source you reccomend to get a general perspective of different industries/business models and a better understanding of the fundamentals of a company?
    
     
    

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Yesterday

• Menu kimberlythibaut commented on Marketwired's article 9 hr ago

  Medovex Corporation Enters into Securities Purchase Agreement
  Acquisition of RMS Successfully Closed, New Board Members Appointed, and Financing Secured ALPHARETTA, Ga., Jan. 16, 2019 (GLOBE NEWSWIRE)...
  View all 1 comment

  kimberlythibaut 01-16 20:00
  

  • I was diagnosed of Chronic Obstructive Pulmonary Disease (COPD) in 2012 at the age of 63. I had been a heavy smoker, my symptoms started out with dry cough and shortness of breath, i ended up in the hospital, on a ventilator. I should have known it was coming, but like most smokers, thought it would never happen to me. My COPD got significantly worse and unbearable because of my difficulty catching breath. Last year, i started on a natural COPD Herbal therapy from Organic Herbal Clinic, i read a lot of positive reviews from patients who used the treatment and i immediately started on it. I had great relief with this herbal treatment. I breath very much better now, no case of shortness of breath or chest tightness since treatment. Visit Organic Herbal Clinic website w ww .organicherbalclinic. com. This COPD treatment is a miracle!!
    

  Comment
• Menu Tiziano Frateschi posts: 13 hr ago

  5 Health Care Stocks in Gurus' Portfolios
  According to the GuruFocus <a...
  Comment
• Menu Rupert Hargreaves posts: 15 hr ago

  Charlie Munger: When You Find Good Businesses, Back the Truck Up
  , <a...
  Comment
• Menu Rupert Hargreaves posts: 15 hr ago

  Warren Buffett and Real Estate Investment Trusts
  (<a...
  Comment
• Menu Alberto Abaterusso posts: 16 hr ago

  McEwen Mining Falls on Lower Silver Output
  The Canadian miner recorded a nearly 23% year-over-year increase in gold...
  Comment
• Menu Sydnee Gatewood posts: 17 hr ago

  Record Earnings Send Bank of America Shares Higher
  and full-year 2018 financial reports for the four major U.S. banks, shares of Bank...
  Comment
• Menu Holly LaFon posts: 18 hr ago

  John Rogers' 4th Quarter Ariel Fund Commentary
  A quick look at the global stock market’s final scorecard for 2018 makes it easy to forget how well things had been going for much of the year. In many ways, we got used to the success. Over nearly a decade, the S&P 500 slowly but steadily...
  Comment
• Menu Valu2day commented on Stepan Lavrouk's article 18 hr ago

  How Will Banks Perform in 2019?
  Warren Buffett (Trades, Portfolio), the greatest value investor of all time, is a major holder of U.S. bank stocks. In the third quarter of 2018,...
  View all 1 comment

  Valu2day 01-16 10:46
  

  • The yield curve is a problem for banks right now, Banks borrow short and lend long, so a flat or inverted yield curve hampers their ability to lend and also harms their net interest margins, On the other hand, banks do benefit from higher rates because they lag raising rates on deposits and any new money or matured securities investments in fixed income securities will benefit from higher rates. Also, since the advent of ZIRP and QE mostly all banks have resorted to more fee's.  But, I suspect some new and incumbent members of Congress may not be as bank friendly perhaps in this area or others going forward as well,
    

  Comment
• Menu Alberto Abaterusso posts: 18 hr ago

  Hecla Mining Tumbles on Production Results
  The stock price fell because despite a 13% year-over-year increase in gold...
  Comment
• Menu Tiziano Frateschi posts: 19 hr ago

  6 High-Cap Stocks With High Dividend Yields
  , the...
  Comment
• Menu Holly LaFon posts: 19 hr ago

  Ask Investor Craig Thrasher Your Investing Question
  Both funds have produced...
  Comment
• Menu Stepan Lavrouk posts: 20 hr ago

  How Will Banks Perform in 2019?
  , <a...
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• Menu Ishan Majumdar posts: 21 hr ago

  Is BJ’s Restaurants a Buy Despite the Slowdown in Casual Dining?
  The casual dining sector in the U.S. has not had a pleasant 2018 as most stocks received downgrades and witnessed selloffs due to reduced same-store sales, poor traffic growth and overhead affecting margins. One of the few stocks that managed to...
  Comment
• Menu davieshoward77 commented on reliablemandate's topic 22 hr ago

  BG/SBLC PROVIDER
  ARE YOU AN INDIVIDUAL BUSINESSMAN OR A BUSINESS ORGANISATION THAT WISHES TO EXPAND IN BUSINESS, WHY NOT SOURCE FOR BG/SBLC FROM WONG MAN BROKERS WHO...
  View all 63 comments

  davieshoward77 01-16 06:40
  

  • 
    
    Dear Sir,
    
    Are you having one or two difficulties from other financial instrument lender? I want you to take a chance with us you will never regret your partnership with our firm.We have direct and efficient providers.
    
    I am the sole mandate of a genuine efficient provider for lease/sales BG/ SBLC and other financial instruments, at reasonable prices, Issuance by top AAA rated Bank in Europe.Presently, we focus on BG/SBLC for Lease and Sale transactions, However, our Lease BG/SBLC/MTN is 6+2% and Sale at 40+2%.
    
    Should you find this interesting and acceptable? Kindly, contact us and we shall review and respond with DOA within 48hrs maximum.
    
    Please request for full procedure details if interested.
    
    For further inquiry contact:
    
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  Comment
• Menu chowdutpal commented on reliablemandate's topic 01-16 03:52

  BG/SBLC PROVIDER
  ARE YOU AN INDIVIDUAL BUSINESSMAN OR A BUSINESS ORGANISATION THAT WISHES TO EXPAND IN BUSINESS, WHY NOT SOURCE FOR BG/SBLC FROM WONG MAN BROKERS WHO...
  View all 62 comments

  chowdutpal 01-16 03:51
  

  • GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR LEASE AT THE LOWEST RATES AVAILABLE. OTHER FINANCIAL INSTRUMENTS SUCH AS MTN, CD, DLC, PB ARE ALSO AVAILABLE
    
    I'm direct to a provider who has recently issued banking instruments for a couple of my clients the provider is 100% check-able you can do your due diligence on them. I personally know the provider.
    
    Our instruments are only from AAA rated banks and we issue from $1M to $5B. The provider is 100% verifiable. If you are genuinely seeking bank instruments such as Bank Guarantee (BG) Standby Letter of Credit (SBLC) Direct Line of Credit (DLC) Medium Term Note (MTN) Letter of Credit (LC)
    
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    Contact me and I will be glad to share with you our working procedures.
    
    Contact :Utpal Chowdhury
    
    Email: [email protected]
    
    Skype: utpal.chowdhury73
    
    BROKERS ARE WELCOME & 100% PROTECTED!!!
    

  Comment

2019-01-15

• Menu acountantbrooks commented on Marketwired's article 01-15 23:37

  MANF Therapeutics Receives Notice of Allowance from US Patent & Trademark Office Covering the Use of MANF or CDNF as a Treatment for Glaucoma, Macular Degeneration and Retinitis Pigmentosa
  New York, NY, Jan. 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- MANF Therapeutics, a wholly-owned subsidiary of Amarantus Bioscience...
  View all 1 comment

  acountantbrooks 01-15 23:37
  

  • My mother has Parkinson’s disease She had taken levodopa for two years. But, October last year she had one injection of Apokyn (apomorphine) with bad side effects, the doctor wants her to take another one but I disagreed. Nine weeks ago a friend at work, introduced me to Best Health Herbal Centre, after telling her my mother’s problem. I ordered two bottles of Parkinson’s disease herbal formula from Best Health Herbal Centre, which my mother only used for six weeks and the result was extremely marvellous and my mother Parkinson’s disease was totally reversed. Am so happy to see my mother happy again.
    

  Comment
• Menu Holly LaFon posts: 01-15 16:07

  David Rolfe Comments on Charles Schwab
  ) reported +19% net revenue growth, combined with continued disciplined expense management, trailing 12-month overhead expenses as a percent of client assets...
  Comment
• Menu Stepan Lavrouk posts: 01-15 15:34

  How to Value an Oil and Gas Company: Part 2
   of this series, we looked the structure of the oil market, the defining features of the companies that comprise it and the factors...
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• Menu Holly LaFon posts: 01-15 15:24

  Tweedy Browne Global Value Buys 3 Stocks in 4th Quarter
  The $8.2 billion firm...
  Comment
• Menu Stepan Lavrouk posts: 01-15 15:22

  How to Value an Oil and Gas Company: Part 1
  The oil and gas sector is notoriously tricky to invest in given the technical nature of the field, the sometimes ambiguous terminology, the specialist line items present in accounting statements and the huge...
  Comment
• Menu Omar Venerio posts: 01-15 14:34

  Wall Street Jumps on Tuesday
  U.S. stocks were in positive territory on Tuesday despite uncertainty recarding company's quarterly financial results. The Dow Jones Industrial Average rose 120 points to 24,028, the S&P 500 index gained 0.95% to 2,607 and the Nasdaq Composite...
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• Menu Holly LaFon posts: 01-15 14:02

  David Rolfe Comments on Celgene
  ) challenged us for the quarter, and quite frankly, the full year, as management failed to deliver on their promising pipeline of drugs. In review of the year,...
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• Menu Holly LaFon posts: 01-15 14:02

  David Rolfe Comments on Facebook
  ). After seemingly surviving the public relations nightmare of the Cambridge Analytica scandal this past spring,...
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• Menu Holly LaFon posts: 01-15 14:02

  David Rolfe Comments on Qualcomm
  ). Setting aside the actual financial results of the business, 2018 saw the bid from Broadcom to acquire Qualcomm...
  Comment
• Menu Holly LaFon posts: 01-15 13:56

  Japan and Korea, Two Very Interesting Markets
  Happy new year 2019 and warm greeting from Asia. It has been a year since my last post from Japan. Firstly, I’d like to update you that Cobas is expanding our analyst capacity in Asia (in fact, doubling, from 1 to 2). Hwisoo Cha joins Cobas...
  Comment
• Menu Holly LaFon posts: 01-15 13:30

  Ron Baron Market Commentary: Recent Performance of Vail Resorts Inc.
  Shares of Vail Resorts, Inc. (MTN) fell sharply on Friday after the ski resort operator reported season-to-date results. Total lift ticket revenue was up 12.2% from a year ago, ski school revenue rose 9.5%, dining revenue was up 14.8%, and the...
  Comment
• Menu Holly LaFon posts: 01-15 13:25

  First Eagle Global Value Team 2018 Annual Letter
  We cannot predict what will happen next in economies or markets, but 2018 had the feel of a transitional year. Volatility, which in our view, had been muted for an unexpectedly long period of time, returned in force during the year—first in...
  Comment
• Menu Rupert Hargreaves posts: 01-15 11:39

  Hedge Funds Battered by PG&E Trade
  As I have covered before, several of the biggest hedge...
  Comment
• Menu Sydnee Gatewood posts: 01-15 11:07

  Wells Fargo Disappoints With 4th-Quarter Revenue Miss
  Shares of Wells Fargo & Co. (WFC) fell after the company reported fourth-quarter and full-year 2018 <a...
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• Menu Jonathan Poland posts: 01-15 10:56

  British American Tobacco Is Still a Buy
  British American Tobacco (BTI) has seen its stock fall by more than 50% in the last 52 weeks, all while its financial performance has never been better. More importantly, the underlying business will survive any short-term market volatility....
  Comment
• Menu Tiziano Frateschi posts: 01-15 10:40

  6 Bargain Stocks Growing Earnings
  Companies that are growing their earnings are often good investments because they can return a solid profit to investors. <a...
  Comment
• Menu Tiziano Frateschi posts: 01-15 10:37

  6 Stocks With Rising Book Value
  , the...
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• Menu Ishan Majumdar posts: 01-15 10:31

  Extended Stay Is an Excellent Yield Play Bet After a Tepid 2018 for the Hotel Industry
  Yield-hunting investors usually have a limited set of industries to focus on, such as shipping or real estate. This is why they often miss out on hidden gems in other industries that tick all the boxes for providing solid, long-term yield, such...
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• Menu The Science of Hitting commented on The Science of Hitting's article 01-15 09:23

  Some Thoughts on FedEx
  In 2018, I spent a few weeks researching package delivery and supply chain management companies FedEx (FDX) and UPS (UPS). Here’s what I tweeted...
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  The Science of Hitting 01-15 09:23
  

  • Dernek - Thanks for the kind words! I think we are on the same page :)
    

  Comment
• Menu yifan900 posts: 01-15 09:19

  5 Companies Hit 52-Week Highs
  <span...
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• Menu seo.almuheet commented on PressRelease's article 01-15 03:16

  Web.com Starts 2016 Helping Small and Medium Businesses Grow
  New Jobs Report Reinforces Need for Mom-and-Pop Web Presence JACKSONVILLE, FL--(Marketwired - Feb 18, 2016) - Web.com (NASDAQ: WEB) -- 2016...
  View all 10 comments

  seo.almuheet 01-15 03:16
  

  • small and medium-size business should realize the importance of online marketing in business growth. Majority of small and medium-size business comes to end without any success just because of a lack of understanding of marketing, They must have a proper website design to showcase their services and products. 
    

  Comment

2019-01-14

• Menu clementsprice8 commented on PRNewswire's article 01-14 20:04

  CytRx Corporation Highlights Aldoxorubicin's Inclusion In New NantCell Inc. Colorectal Cancer Clinical Trial
  This New Trial Represents The Fourth NantCell Study Evaluating Aldoxorubicin Combined with Immunotherapy or Cell-Based Therapy PR Newswire LOS...
  View all 1 comment

  clementsprice8 01-14 20:04
  

  • My Wife was diagnosed with ALS (Lou Gehrig's Disease) when she was 72 years old 4 years ago. The Rilutek (riluzole) did very little to help her. The medical team did even less. Her decline was rapid and devastating. Her arms weakened first, then her hands and legs. Last year, a family friend told us about Organic Herbal clinic and their successful ALS TREATMENT, we visited their website www.organicherbalclinic.com and ordered their ALS Formula, i am happy to report the treatment effectively treated and reversed her Amyotrophic Lateral Sclerosis (ALS), most of the symptoms stopped, she is able to walk and eat well, sleep well and exercise regularly., she is pretty active now and her attitude is extremely positive.
    

  Comment
• Menu Holly LaFon posts: 01-14 15:09

  Old West Investment Management 4th Quarter 2018 Commentary
  We founded Old West Investment Management slightly more than ten years ago, in November of 2008, right in the middle of what is now known as The Great Recession. The stock market reached its bottom on March...
  Comment
• Menu Holly LaFon posts: 01-14 15:00

  David Rolfe's Wedgewood Partners 4th Quarter Client Letter
  Welcome to the Hotel California. Such a lovely place. Such a lovely face. They livin’ it up at the Hotel California. What a nice surprise, bring your...
  Comment
• Menu Robert Abbott commented on Robert Abbott's article 01-14 14:53

  Modern Value Investing: Focus on Risk, Not Returns
  Value investors should not follow academics and Wall Street when they define risk, according to author Sven Carlin in chapter three of “Modern...
  View all 9 comments

  Robert Abbott 01-14 14:53
  

  • Well done, LwC!
    

  Comment
• Menu Sydnee Gatewood posts: 01-14 14:19

  FPA Capital Fund Buys 4 New Stocks in 4th Quarter
  , <a...
  Comment
• Menu Mayank Marwah posts: 01-14 13:50

  Key Takeaways From Citigroup’s 4th-Quarter Earnings
  Numbers for the...
  Comment
• Menu Holmes Osborne, CFA posts: 01-14 13:18

  Cameco Continuing to Do Well With Higher Uranium Prices
  Cameco Corp. (CCJ) is the second-largest uranium miner in the world. We like uranium because the demand and supply is easier to keep track of than other commodities. The number of nuclear reactors is known and so are the places where the ore is...
  Comment
• Menu LwC commented on Robert Abbott's article 01-14 12:17

  Modern Value Investing: Focus on Risk, Not Returns
  Value investors should not follow academics and Wall Street when they define risk, according to author Sven Carlin in chapter three of “Modern...
  View all 8 comments

  LwC 01-14 12:17
  

  • Reading your response inspired me to take another look:
    
     
    
    21% scenario B total return minus scenario A total return equals 5 percentage points.
    
    5 percentage points divided by 16% equals 31%.
    
     
    
    The ending year value for scenario B year 2019 reflects the additional shares purchased in 2018 at $5, plus the end of year dividend.
    

  Comment
• Menu Tiziano Frateschi posts: 01-14 11:47

  6 Stocks With High Business Predictability Ratings
  , the following...
  Comment
• Menu Tiziano Frateschi posts: 01-14 11:20

  6 Bargain Stocks With Positive Earnings Growth Estimates
  According to the GuruFocus <a...
  Comment
• Menu Robert Abbott commented on Robert Abbott's article 01-14 11:16

  Modern Value Investing: Focus on Risk, Not Returns
  Value investors should not follow academics and Wall Street when they define risk, according to author Sven Carlin in chapter three of “Modern...
  View all 7 comments

  Robert Abbott 01-14 11:16
  

  • Good catch, LwC!
    
    Carlin does refer to 21% in the table and 31% in the text. I'm not even sure where he got those percentages; my calculator says 27% (Total reinvested dividend + End of year value) - (starting value of $10,000) = $2,705 / starting value = 27% 
    
    Anyone, especially Klarman followers, got ideas about this?
    

  Comment
• Menu Rupert Hargreaves posts: 01-14 10:39

  Don't Fear the Bear Market, Fear Inflation
  Investors often overlook the effects of inflation because they are not immediately...
  Comment
• Menu LwC commented on Robert Abbott's article 01-14 09:33

  Modern Value Investing: Focus on Risk, Not Returns
  Value investors should not follow academics and Wall Street when they define risk, according to author Sven Carlin in chapter three of “Modern...
  View all 6 comments

  LwC 01-14 09:33
  

  • “After three years, a one-year, 50% decline in the stock price increased the total return by 31%. “
    
     
    
    In the table above that, it looks like the return is 21%.
    

  Comment
• Menu habulus commented on GuruFocus's article 01-14 07:36

  GURUF Mac Version Is Released: New Feature Announcement
  We are very pleased to announce that we have developed the MAC version of user-defined-function GURUF. At this point we are still working on...
  View all 14 comments

  habulus 01-14 07:36
  

  • worked sometimes with a looong waiting time.
    
    nice feature if it would work properly
    
    No it shows "Out of Usage 3000 2019-01" - I guess it means data limit is reached (even if the manual tells different)
    
    sure that a Premium member who pays a few hundred bucks can receive only 3000 numbers
    
    sucks 
    
     
    

  Comment
• Menu clementsprice8 commented on Marketwired's article 01-14 05:09

  BrainStorm to Present NurOwn® Phase 3 Study Update at the 9th Annual California ALS Research Summit in Irvine, CA
  Dr. Ralph Kern to Provide Update on the Phase 3 Pivotal Trial of Autologous MSC-NTF Cellular Therapy (NurOwn®) in ALS   NEW YORK and...
  View all 1 comment

  clementsprice8 01-14 05:09
  

  • My Wife was diagnosed with ALS (Lou Gehrig's Disease) when she was 72 years old 4 years ago. The Rilutek (riluzole) did very little to help her. The medical team did even less. Her decline was rapid and devastating. Her arms weakened first, then her hands and legs. Last year, a family friend told us about Organic Herbal clinic and their successful ALS TREATMENT, we visited their website www.organicherbalclinic.com and ordered their ALS Formula, i am happy to report the treatment effectively treated and reversed her Amyotrophic Lateral Sclerosis (ALS), most of the symptoms stopped, she is able to walk and eat well, sleep well and exercise regularly., she is pretty active now and her attitude is extremely positive.
    

  Comment
• Menu muneerahmed400 commented on Bram de Haas's article 01-14 01:37

  Thomas Russo: How to Invest in International Consumer Brands
  Thomas Russo gave a long and interesting talk at Alphabet (GOOG)(GOOGL). He broke up the talk in three parts: What he looks for in an...
  View all 10 comments

  muneerahmed400 01-14 01:37
  

  • Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way I'll be subscribing to your feed and I hope you post again soon. Big thanks for the useful info Teak Closeouts
    

  Comment

2019-01-13

• Menu Robert Abbott commented on Robert Abbott's article 01-13 16:30

  Modern Value Investing: Focus on Risk, Not Returns
  Value investors should not follow academics and Wall Street when they define risk, according to author Sven Carlin in chapter three of “Modern...
  View all 5 comments

  Robert Abbott 01-13 16:30
  

  • Macpherson's article is now available at https://www.gurufocus.com/news/798841/fundamental-business-analysis
    

  Comment
• Menu Robert Abbott commented on Robert Abbott's article 01-13 11:26

  Modern Value Investing: Focus on Risk, Not Returns
  Value investors should not follow academics and Wall Street when they define risk, according to author Sven Carlin in chapter three of “Modern...
  View all 4 comments

  Robert Abbott 01-13 11:26
  

  • Tom and Batbeer2, thanks for your comments!
    
    Readers, there is a link at the end of Batbeer2's comment leading to an article on the 9 types of investment risk. I would also recommend it, and, please take his advice to learn about each and all of them, and how they might affect your outcomes.
    
    Also watch for Thomas Macpherson's upcoming articles on fundamental business analysis; his articles always insightful and easy to read.
    

  Comment
• Menu Tiziano Frateschi posts: 01-13 10:20

  6 Poorly Performing Gurus' Stocks
  While gurus hold positions in these companies, their stock prices and returns continue to fall. The following are the worst-performing stocks over the last three months with a long-term presence in more than <a...
  Comment
• Menu Joy Hu posts: 01-13 10:17

  52-Week Company Lows
  The price of The Estee Lauder...
  Comment
• Menu Joy Hu posts: 01-13 10:14

  Weekly CEO Buys Highlight
  Medtronic PLC (MDT) Chairman and CEO Omar...
  Comment
• Menu Myra Ramdenbourg posts: 01-13 10:04

  Weekly CFO Buys Highlight
  Terex Corp: Senior Vice President, CFO John D. Sheehan bought 439...
  Comment
• Menu Shuda Xia posts: 01-13 09:53

  Stocks That Fell to 3-Year Lows in the Week of Jan. 11
  Altria Group Inc. (MO) declined to...
  Comment

2019-01-12

• Menu richday101 commented on gurufocus's article 01-12 20:49

  Recent Changes to the GuruFocus DCF Calculator
  DCF calculation is a popular tool for estimating the fair value of a company. GuruFocus DCF calculator is one of the most favorite tools of our users...
  View all 10 comments

  richday101 01-12 20:49
  

  • I will point out to GuruFocus that on this page you have the formula as: "Terminal value=E(0) x^n * y(1-y^m)/(1-y)"
    
    However on other areas of the website (e.g. at https://bit.ly/2FpRmb7 ) you have "Terminal Value =E(0)x^n * y/(1-y)" The factor "(1-y^m)" is missing.
    
    Which of the two formulas is correct? Where did the formula come from? Could you add Footnotes or References. Much appreciated.
    

  Comment
• Menu richday101 commented on kfh227's article 01-12 20:31

  New Feature Announcement: Discounted Free Cash Flow Screener
  The Discounted Free Cash Flow Screener focuses on Free Cash Flow (FCF) and Total Equity. These measures can be used to determine an intrinsic value...
  View all 14 comments

  richday101 01-12 20:31
  

  • GuruFocus stated above that FCF is reduced by 33% to account for taxes. 
    
    Tryan112000 and Kreshel47 pointed out the error 5 years and 3 years ago respectively and never got a reply. Since GuruFocus did not respond.
    
    I have the following questions:
    
    (i) Did they quietly correct the error of double deduction for taxes without acknowledging the error, or 
    
    (ii) Do they continue to use the incorrect formula "FCF minus 33%xFCF (estimated for taxes)".
    
    I am hopeful the former is true. Hopefully we can get an answer from GuruFocus.
    

  Comment
• Menu Thomas Macpherson commented on Robert Abbott's article 01-12 18:54

  Modern Value Investing: Focus on Risk, Not Returns
  Value investors should not follow academics and Wall Street when they define risk, according to author Sven Carlin in chapter three of “Modern...
  View all 3 comments

  Thomas Macpherson 01-12 18:54
  

  • Great points Batbeer. Thanks for sharing them. - Tom
    

  Comment