From most value investing metrics, the stock of Gamco Investors (NYSE:GBL) looks dirt cheap. Based on the trailing twelve-month earnings per share, GBL trades at a Price-to-Earnings ratio of about 5.3: 2Q20$0.421Q20$0.424Q19$0.913Q19$0.50EPS (TTM)$2.25Share Price12.11P/E Ratio5.38 If we use the 2019 Earnings per Share, the trailing P/E is about 4: 4Q190.913Q190.502Q190.881Q190.70EPS (TTM)2.99Share Price12.11P/E Ratio4.05 The operative … Continue reading Is Gamco Investors a Value Trap?
TCI and the Becoming of the Cable Cowboy
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. Books Featuring John Malone: Cable Cowboy: John Malone and the Rise of the Modern Cable BusinessThe Outsiders: Eight Unconventional CEOs … Continue reading TCI and the Becoming of the Cable Cowboy
The Most Profitable Industry Ever?
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 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
Profile: Global Automobile Industry
The Global Automotive Industry consists of all companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. In 2012, more than 84 million vehicles were produced globally by the industry as a whole. The Worlds Biggest Auto Manufacturers The biggest car brands in 2011, in terms of vehicles sold, were … Continue reading Profile: Global Automobile Industry
What caught my interest? A rough thesis on Nintendo by Moore_Capital54 on the Corner of Berkshire and Fairfax forum: Over the last 2 months we have built a significant position in Nintendo. I thought I would share this idea with the board as it is the type of contrarian value investment that I love and … Continue reading Profile: Nintendo
Profile: Level 3 Communications
Level 3 Communications in one sentence: Level 3 Communications, Inc., together with its subsidiaries, operates as a facilities-based provider of a range of integrated communications services primarily in North America, Latin America, and Europe. The Internet Content Value Chain: On Durable Competitive Advantage Lower unit cost faster than you lower unit prices. That has been … Continue reading Profile: Level 3 Communications
First Marblehead Corporation
First Marblehead Corporation was a speciality finance company that specialized in providing private lending solutions to students in the United States. The company was founded and lead by Dan Meyers in 1991. After going private in August 2016, First Marblehead Corporation changed their name to Cognition Financial Corporation in May 2017. FMD writeup on SumZero A … Continue reading First Marblehead Corporation
Profile: Liberty Media Corp & Liberty Interactive
Wikipedia entry: Liberty Media began in 1991 as a spin-off of TCI, an American cable-television group. Peter Barton, hired by TCI's Malone, served as president until retiring in April 1997 to start an investment firm and spend time with his family. The company took over TCI assets considered to have little value, but Barton completed … Continue reading Profile: Liberty Media Corp & Liberty Interactive