Dundee Corporation | A Race to the Bottom

Dundee Corporation (TSE: DC.A) is a Toronto based diversified holding company with investments in wealth management, resources, agriculture and real estate. Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol DC.A. Under the leadership of its founder, Ned Goodman, Dundee Corporation had enjoyed an illustrious history of … Continue reading Dundee Corporation | A Race to the Bottom

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The Curious Case of Sears Holdings

The Case For Sears Holdings (SHLD) - Baker Street Capital (September 2013)  Baker Street’s property-by-property real estate appraisal found that at least $7.3bn of value lies at the top 350 owned and 50 leased locations (p. 4)  Real estate value is starting to be actively unlocked (p. 9)  According to REITs and mall owners, demand … Continue reading The Curious Case of Sears Holdings

Leucadia National Corporation

Leucadia was run by two high-quality capital allocators, known for their ability to find value-oriented investment opportunities in distressed companies. Ian Cumming and Joseph Steinberg were able to compound the equity of Leucadia during a period of over 20 years, at rate of around 20% per annum. Due to the nature of the corporate strategy, … Continue reading Leucadia National Corporation

Nugget: Fairfax aquires 35% of Bank of Ireland

From an interesting article in The Globe and Mail: "Fairfax sent a team to Dublin about two weeks ago to comb through the bank’s loan books and question its credit people. Mr. Watsa met with the bank’s management, and came away believing that, with a recapitalization, Bank of Ireland chief executive officer Richie Boucher would … Continue reading Nugget: Fairfax aquires 35% of Bank of Ireland

From Micheal Burry´s 4Q2000 Annual Letter

From Micheal Burry´s 4Q2000 Annual Letter: When planning for a double, every dollar in excess cost amounts to two dollars in excess gain required. Every dollar saved amounts to the same two dollars in excess gain already realized. And it goes without saying that a 33.3% loss requires a 50% gain just to attain breakeven. … Continue reading From Micheal Burry´s 4Q2000 Annual Letter