The story of Tele-Communications, Inc. (TCI) is one of the most fascinating tales of shareholder wealth creation that you'll hear. It is also the story of the rise of one of the most renowned owner-operators, John C. Malone. If one would have invested $100 into TCI in 1973 when John Malone joined the company as CEO and mimicked … Continue reading TCI and the Becoming of the Cable Cowboy
On February 24, 2014, the Nasdaq Stock Exchange made public its decision to delist the common shares of Hauppauge Digital (HAUP) from its exchange as it no longer met the qualification criteria. On July 28, 2014, the SEC accepted Hauppauge Digital's application to go dark, as the company had less than 300 shareholders. Hauppauge Digital last … Continue reading Hauppauge Digital: Gone Dark but is there Value?
On August 14th, Origo (formerly Nýherji) announced that the company had entered into exclusive negotiations with the Dutch investment firm HPE Growth Partners for the sale of 33% of the equity of its wholly owned subsidiary, Tempo Software. The announcement brings more clarity to the actual market value of Tempo Software but Origio first announced its … Continue reading Origo Nears Sale of Tempo Share to HPE Growth Partners
Formerly named Winland Electronics, Winland Holdings Corporation, is a small Minnesota based company that is OTC-traded under the ticker symbol WELX. The company sells sensors that monitor environmental conditions such as moisture, humidity and temperature. Over a period of time, the management team of Winland Electronics had provided unsatisfactory results as they invested heavily in … Continue reading Winland Holdings Corporation (WELX)
On Thursday, 2 August, 2018, Arion Bank will release its financial results for the first six months of 2018. This will be the first release of financial statements since Arion Bank completed the IPO of approximately 30% of it's common shares in a secondary offering. Background to the IPO The Arion Bank IPO is interesting … Continue reading The Arion Bank IPO and what happens after?
Allan MacDonald, Senior Vice President and Portfolio Manager at Burgundy Asset Management Ltd presented at the Ben Graham Centre's 2018 Value Investing Conference. The topic of his talk was: Finding Great Investment Opportunities in New Business Models. Companies owned by their own customers One of the opportunists that Allan covers he refers to as Demutualization. The term … Continue reading The Most Profitable Industry Ever?
Origo is an Icelandic IT company listed on the Nasdaq OMX Iceland stock exchange. The company employs over 500 people, offering IT solutions ranging from hardware, software, consultancy and technical services. In addition to its Icelandic operations, Sweedish-based Applicon AB and Tempo Solutions operate as fully owned subsidiaries. Origo 2017 Financials In 2017, the company … Continue reading Origo and the value of Tempo Software
Oaktree is an asset management company that specializes in the high-yield bond market and distressed debt. Oaktree is lead by Howard Marks, who is famous for the Memos he publishes periodically. Oaktree Presentation from the Bernstein Conference At the end of last May, Jay Wintrob, CEO of Oaktree Capital presented at the Bernstein Strategic Decisions … Continue reading Oaktree Capital: Thoughts on Valuation
In 2012 Robert Novy-Marx wrote the paper The Other Side of Value:The Gross Profitability Premium. You could say that it is an attempt to test the hypothesis of Charles Munger and Warren Buffett that it’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price. The Gross … Continue reading The Profitability Factor
From a Reuters article on June 18, 2013: But beyond the name change and new logo featuring an owl, Pinault gave few answers to shareholders about the future of Puma or Fnac, the group's CD and book business, which will list on the stock market on Thursday. Pinault called on shareholders to hold on to Fnac … Continue reading Nugget: PPR changes name to Keurig and starts Puma restructuring