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
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 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
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
Black Diamond Inc (BDE) is a reverse merger stock as two operating companies, Black Diamond Equipment and Gregory Backpacks, were aquired by a registered shell company Clarus Corp, that had previously sold its software operations. In a letter to shareholders from May 2010, chairman Warren B. Kanders states: After a long and thorough process of … Continue reading Profile: Black Diamond Inc.
In my opinion shares of Callaway Golf (ELY) are getting very close to the liquidation value of the shares. Here is a quick back-of-the-envelope attempt to kill the company using the statements of the 2010 annual report: According to this rough estimate, the per share liquidation value is in the region of $5 which would … Continue reading Profile: Callaway Golf (ELY)
Website: Adidas-group.com Factsheet: (link) Industry Profile: (link) Sportgamma.net articles on Adidas Back-of-the-Envelope Valuation Currently, the shares of Adidas AG. seem to be fairly valued. Using the takeover bid price of Timberland as the most recent real market multiple for a company in the sport apparel & footwear industry, we come at a fair value of … Continue reading Profile: Adidas Group AG.
Francis Chou is a Canadian value investor and principal of Chou Associates Management Inc. In 1981, together with six fellow telephone repairmen, Francis Chou started an investment club with $51,000. He left Bell Canada in 1984 and became a retail analyst at GW Asset Management. He turned the investment club into Chou Associates Fund in 1986. … Continue reading Francis Chou | Deep Value Investor
http://youtu.be/pqzcCfUglws I probably don’t enjoy anything as much as reading Charles Munger, but this is my absolute favorite piece of Munger-material (link to the whole speech): "The model I like—to sort of simplify the notion of what goes on in a market for common stocks—is the pari-mutuel system at the racetrack. If you stop to … Continue reading Profile: Charles Munger
"By the way, you may not know, but the Michael Jordan of stock buybacks was Henry Singleton at Teledyne. Henry began Teledyne in 1961 with approximately seven million shares outstanding and grew the company through acquisitions while shares outstanding peaked in 1972 at 88 million. From 1972 to 1987, long before stock buybacks became popular, … Continue reading Profile: Henry Singleton