Shares in one of Mohnish Pabrai (Trades, Portfolio)'s favorite U.S. equity investments, GrafTech International (EAF), plunged by around 10% yesterday after the company reported its fourth-quarter and full-year 2019 results.

Pabrai holdings

According to Pabrai's latest 13F filings, the value investor owned 5.5 million shares in this industrial business at the end of September 2019. This position was worth a total of $71 million, which I estimate makes it about 10% of Pabrai Investments' overall equity portfolio.

Based on Pabrai's past history and comments, it seems that this is one of his is high uncertainty low-risk

Introduction

I recently became interested in GrafTech International Ltd. (EAF) after reading a June 2019 Mohnish Pabrai (Trades, Portfolio) interview, where he anticipated that he was going to commit a big chunk of his assets to a company he would not disclose because they were still in the process of buying it, but, he added, anyone who was interested could simply check the 13F, which they were going to disclose in August. As I was reading the article in September, I immediately rushed to the Securities and Exchange Commission's website and discovered

GrafTech International (EAF - $11.62 – NYSE) (EAF) is one of the leading producers of graphite electrodes used in electric arc furnaces to make steel. GrafTech has so far not lived up to our expectations as the company continues to work through a set of issues from higher channel inventories driving spot electrode prices lower, higher prices for key raw ingredient petroleum needle coke, and general economic worries. GrafTech is better insulated from the increased needle coke costs due to its captive supply covering roughly 2/3 of production, but the lower spot prices for electrodes raises concerns about the stability

To Our Shareholders:

For the quarter ended December 31, 2019, the KEELEY Mid Cap Dividend Value Fund’s net asset value (“NAV”) per Class A share rose 7.04% compared with a 6.36% gain for the Russell Mid Cap Value Index. For the full-year 2019, the Fund was up 25.61% compared with a 27.06% gain for the benchmark.

Commentary

After limping into the end of 2018, the market bounced back in the first quarter and never looked back. As measured by the S&P 500 Index (or any other Index for that matter), the market rose in all four quarters, historically the market

GrafTech International Ltd. (EAF - $11.62 - NYSE) (EAF) is a leading manufacturer of graphite electrodes used in electric arc furnaces that produce steel. GrafTech has not lived up to our expectations as the company continues to work through a set of issues from higher channel inventories driving spot electrode prices lower, higher prices for key raw ingredient petroleum needle coke, and general economic worries. The company is better insulated from the increased needle coke costs due to its captive supply covering roughly 2/3 of its production, but the lower spot prices for electrodes has raised concerns about the

In his annual meeting presentation to investors of Pabrai Investment Funds, Mohnish Pabrai (Trades, Portfolio) revealed he would be willing to sell his long-standing Fiat Chrysler Automobiles (FCAU) investment for the right opportunities.

Pabrai first added Fiat to his portfolio in 2012 and built a large holding over the following years. At one point in 2018, the position was the only stock holding in his U.S. equity portfolio, valued at around $240 million or approximately 37% of Pabrai Funds' total assets under management.

10-bagger

Writing in his second-quarter 2019 letter to investors, Pabrai

Mohnish Pabrai (Trades, Portfolio), managing partner of Pabrai Funds, disclosed this week that during the third quarter, he trimmed his holding of Fiat Chrysler Automobiles NV (FCAU) and boosted his positions in GrafTech International Ltd. (EAF) and Micron Technology Inc. (MU).

The fund manager seeks out-of-favor companies with market caps around $500 million. Pabrai tends to run a concentrated portfolio with no more than 20 holdings.

Pabrai said in a March GuruFocus interview that he moved the majority of his equity investments from the U.S. to global markets like India,

Yacktman Asset Management (Trades, Portfolio)’s Chief Investment Officer, Partner and Portfolio Manager Stephen Yacktman bought shares of the following stocks in both the second and third quarters.

Berkshire Hathaway Inc.

The guru increased the Berkshire Hathaway Inc. (BRK.B) position by 2.33% in the second quarter and then added 2.71% in the third quarter. The stock has a weight of 0.32% in the portfolio.

The company, which operates in the Insurance and investment industry, has a market cap of $540.19 billion. Its revenue of $258.75 billion has grown at an average

We are pleased to bring you the 37th edition of Graham & Doddsville! This student-led investment publication of Columbia Business School (CBS) is co-sponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Student Investment Management Association (CSIMA). Since our Spring 2019 issue, the Heilbrunn Center hosted the 2019 From Graham to Buffett and Beyond dinner in Omaha and the 2019 Pershing Square Challenge. The Heilbrunn Center also attended an alumni event hosted by Sheldon Stone ’78 in L.A.

Our first interview in this Fall Issue is with Paul Moroz, Chief Investment Officer of Mawer, a Canadian

The Yacktman Fund (Trades, Portfolio) made only one new buy during the third quarter – GrafTech International Ltd. (EAF). Its more significant updates include increasing its holding of Macy’s Inc. (M) and reducing its positions in Procter & Gamble Co. (PG), Coca-Cola Co. (KO) and PepsiCo. Inc. (PEP).

New buy

The fund’s only new buy this quarter was 770,642 shares of GrafTech International. The stock was trading for an average price of $11.88 per share during the quarter, and it now represents 0.17% of the equity portfolio.

GrafTech, which primarily produces graphite electrodes, has a market cap

Skilled value investor Mohnish Pabrai (Trades, Portfolio) has been avoiding U.S. stocks for the past few years because he's been unable to find any attractive value opportunities. Instead, he's been investing his clients' money in international stocks, such as India's Rain Industries.

With this being the case, investors noticed when Micron Technology (MU) appeared in the Pabrai Investments portfolio at the end of 2018. And since then, Pabrai has also added another U.S. stock to his portfolio.

According to Pabrai's 13-F filing for the second quarter of 2019, Pabrai Investments initiated a new position in U.S.-based GrafTech

Renowned investor Mohnish Pabrai (Trades, Portfolio), the managing partner of Pabrai Funds, disclosed one new holding in his second-quarter portfolio, which was released earlier this week.

After he began having trouble finding good opportunities in the U.S. market, the guru, who oversees an extremely concentrated portfolio of discounted, U.S.-listed value stocks, told GuruFocus in an interview in March he moved the vast majority of his portfolio into India, Turkey and South Korea.

GrafTech International

Pabrai invested in 4.12 million shares of Ohio-based GrafTech International Ltd. (EAF) during the quarter, allocating 16.12% of the

Yacktman Asset Management (Trades, Portfolio) revealed its second-quarter portfolio Friday afternoon, reporting that it started positions in three companies and substantially boosted its holding of a mid-cap graphite electrode maker.

Founded in 1992 by Donald Yacktman, the Austin-based firm is now led by Stephen Yacktman, who serves as chief investment officer, partner and portfolio manager. Yacktman is widely followed for its long-term, disciplined value approach to stock picking.

To end its first-quarter letter, the firm wrote that, “as previously, we will navigate by focusing on individual securities we think can produce solid returns over time with a

Yacktman Asset Management (Trades, Portfolio) disclosed on Friday that it established four new positions during the third quarter: Micron Technology Inc. (MU), 3M Co. (MMM), Abbott Laboratories (ABT) and GrafTech International Ltd. (EAF).

Managed by Stephen Yacktman, the firm seeks growth companies with three key attributes: good business, shareholder-oriented management and a low purchase price. This approach combines the best of growth and value investing according to the firm’s prospectus.

Micron Technology

The firm invested in 257,513 shares of Micron Technology, a major memory and storage solutions provider. Shares averaged $50.44 during the quarter:

The following stocks have low price-earnings ratios and have been bought by gurus. While some of them are great investments, others need to be checked again, according to the discounted cash flow calculator.

With a market cap of $11.83 billion, Norwegian Cruise Line Holdings Ltd. (NCLH) is trading with a price-earnings ratio of 14.72, a price-sales ratio of 2.13 and a forward price-earnings ratio of 10.32. According to the discounted cash flow calculator, the stock has a fair value of $35.85 while trading at $53.42. The stock price has fallen 6% over the last 12 months and is currently

The GuruFocus All-in-One Screener can be used to find insider trades from the past week. Under the Insiders tab, change the settings for All Insider Buying to “$2,000,000+,” the duration to “August 2018” and All Insider Sales to “$5,000,000+.”

According to the above filters, the following trades were made by company insiders this week.

Macquarie Group Ltd., 10% owner of Macquarie Infrastructure Corp. (MIC), bought 178,342 shares for an average price of $44.80 per share on Aug. 14 and 15.

The infrastructure company has a market cap of $3.91 billion and