Amit Wadhwaney on Insurance Companies during Crises

Amit Wadhwaney is a former key portfolio manager of Third Avenue Funds, who currently operates his on value-oriented hedge fund under the name Moerus Capital.  At Third Avenue, Amit Wadhwaney led the upstart of the international business at Third Avenue and was the founding manager of the Third Avenue Global Value Fund, LP, the Third … Continue reading Amit Wadhwaney on Insurance Companies during Crises

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Martin Whitman on Value Investing vs. Fundamental Finance

Martin Whitman was a well-known value investor. He started out in distressed investing and it was relatively late in his career that he founded the Third Avenue value fund. Whitman was a very prolific writer on financial and value investing topic, through letters to unitholders of the Third Avenue funds as well as books that … Continue reading Martin Whitman on Value Investing vs. Fundamental Finance

Nugget: Valuation of Unfunded Pension Liabilities

Two companies that I have been following recently - Sears Holding and Post NL - have substantial unfunded pension liabilities. Here are a number of articles covering the subject: "The Value of Control: Implications for Control Premia, Minority Discounts and Voting Share Differentials" by Aswath Damodaran of Stern School of Business, June 2005 "An investment … Continue reading Nugget: Valuation of Unfunded Pension Liabilities

Investing in the Unknown and Unknowable by Richard Zeckhauser

The following excerpt comes from the essay "Investing in the Unknown and Unknowable" by Richard Zeckhauser, an American economist who has built his academic career around the study of risk management, decision sciences, investment, and policy-making under uncertainty. An Alternative View on Risk "From David Ricardo making a fortune buying British government bonds on the … Continue reading Investing in the Unknown and Unknowable by Richard Zeckhauser

Nugget: Taleb on Banking

An article by Nassim Taleb and Mark Spitznagel on the current state of banking and the issue of managment compensation: "Of course, before being bailed out by governments, banks had never made any return in their history, assuming that their assets are properly marked to market. Nor should they produce any return in the long … Continue reading Nugget: Taleb on Banking

Nugget: Pabrai on risk and uncertainty

There is a quite interesting interview with Monish Pabrai on Forbes online, in which is talks, amongst other topics, about the entreperneurial approach to risk and uncertainty. I very much share is views as there is a vital difference between risk and uncertainty. Here is an excerpt from the interview: Forbes: "Does this tie into … Continue reading Nugget: Pabrai on risk and uncertainty

Leucadia Management on Net Operating Loss (NOL) and Deferred Tax Assets

Leucadia National Corporation was a New York based holding company, founded by the acclaimed value investors Ian Cumming and Joseph Steinberg. After a merger with Jeffries Bank and the retirement of Cumming and Steinberg, the holding company was renamed into Jeffries Financial Group. Turnaround Investors To most Value Investors, Leucadia is a household name. As … Continue reading Leucadia Management on Net Operating Loss (NOL) and Deferred Tax Assets

Buffett on Nebraska Furniture Mart

In his letters to shareholders, Warren Buffett has frequently talked about Nebraska Furniture Mart and its business model. Here are the essential quotes: 1983 About 67 years ago Mrs. Blumkin, then 23, talked her way past a border guard to leave Russia for America. She had no formal education, not even at the grammar school … Continue reading Buffett on Nebraska Furniture Mart

Nugget: Adidas CFO on Capital Allocation

From the adidas 2Q2011 earnings call Q&A session, available at SeekingAlpha.com: Chris Svezia – Susquehanna Financial Group LLP "And the third question would be the use of your cash. If you keep your run rate of the declining net debt, you’re going to be net cash positive by the end of the year. Any thoughts … Continue reading Nugget: Adidas CFO on Capital Allocation