Renn Fund | Enter Horizon Kinetics

On June 13, 2016, Steven Stein, the President of Etude Capital, LLC sent an open letter to the Board of Directors of the Renn Fund. At the time, Etude Capital and its affiliates held 12.4% of the outstanding shares of the Renn Fund (NYSE MKT:RCG). Two months earlier, a shareholder meeting had voted in favour of a … Continue reading Renn Fund | Enter Horizon Kinetics

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Hauppauge Digital: Gone Dark but is there Value?

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?

Origo and the value of Tempo Software

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 Capital: Thoughts on Valuation

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

Nugget: PPR changes name to Keurig and starts Puma restructuring

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

The Penman-Nissim model of profitability analysis

  Stephen Penman is a George O. May Professor of Financial Accounting at Columbia Business School. He is the author and co-author of acclaimed financial valuation textbooks, such as Financial Statement Analysis and Security Valuation as well as books aimed at a more general audience, such as Accounting for Growth.  The Penman-Nissim Profitability Framework In 1999, Doron … Continue reading The Penman-Nissim model of profitability analysis

Nugget: Eddy Lampert on Same store sales (SSS)

From the 2005 Letter to shareholders: If we take a simple example of a single store, then a comparison of SSS from year to year is fairly straightforward. If a store does $1 million in sales at a 10% operating margin this year, generating $100,000 in operating profit, and does $1.1 million in sales next … Continue reading Nugget: Eddy Lampert on Same store sales (SSS)

Nugget: O. Mason Hawkins on Madison Square Garden

From the 2011Q4 letter to shareholders of the Southeastern Asset Management´s Longleaf Funds: Madison Square Garden: Based in New York, Madison Square Garden (MSG) owns one of the most valuable regional sports networks at a time when live sports content is increasingly important to traditional distributors. In addition, the company owns two of the best … Continue reading Nugget: O. Mason Hawkins on Madison Square Garden