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
Tag: Graham net-net
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
Nugget: Third Avenue takes on a position in Madison Square Garden common
To my surprise, Curtis R. Jensen, Chief Investment Officer of the Third Avenue Small-Cap Value Fund, revealed in his letter to shareholders from April 30th. 2011, that the fund had added Madison Square Garden common shares to its portfolio. Third Avenue operates value oriented mutual funds, based on the principles of Ben Graham. Its founder, … Continue reading Nugget: Third Avenue takes on a position in Madison Square Garden common
Parmalat, a rebirth
Who doesn´t remember the Parmalat logo on the front of the F.C. Parma kit? Or the gigantic bankruptcy that ended that sponsorship deal? Well, Parmalat is back. After serious restructuring the company as returned to profitability and with a very strong balance sheet, it seems like an interesting investment. In the first quarter of 2011 … Continue reading Parmalat, a rebirth
Martin Whitman on GAAP accounting
One investor that I closely follow is Martin Whitman of Third Avenue Funds. He is a classic Graham-ist with some very interesting opinions on investing. Here is a short quote on accounting: ER: You’ve been quoted as saying that it is still possible to find Ben Graham’s “net-nets”, is this still true? MW: Yes. However … Continue reading Martin Whitman on GAAP accounting