It was a difficult quarter for equities, wrote Bruce Sherman, the Guru from Private Capital Management. However, “Private Capital Management is a high conviction manager, committed to taking large positions in specific securities where we perceive a substantial dichotomy between the stock price and our estimate of private market value.”
“We evaluate corporate cash generation potential through a complete business cycle; a time-line of minimally three to five years. This discipline has disqualified a number of recently strongly performing industries from consideration due to concerns ranging from excessive capital intensity to the inherent unpredictability of long-term cash flow…..”
Read the complete report
(Specially thanks to Paul of Private Capital Management for making this letter available to GuruFocus readers.)
“We evaluate corporate cash generation potential through a complete business cycle; a time-line of minimally three to five years. This discipline has disqualified a number of recently strongly performing industries from consideration due to concerns ranging from excessive capital intensity to the inherent unpredictability of long-term cash flow…..”
Read the complete report
(Specially thanks to Paul of Private Capital Management for making this letter available to GuruFocus readers.)
