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)
Tag: sport
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
Nugget: Adams Golf
Adams Golf (ADGF) has been showing up on value sceens for some time now, athough the stock has appreciated a great deal in the last year or so (when it was popping up on net-net screens). Barney Adams is the founder of Adams Golf and credited with the innovation of the hybrid golf club. Although … Continue reading Nugget: Adams Golf
The Greek Organization of Football Prognostics (OPAP)
I while ago I posted a excerpt from Buffett in which he explains his idea of the prototype of a dream business (See´s Candy). You can read it here. The dream business has the following distinguising characteristics: See’s Candy has not a growth company as CAGR has only been about 2% but it has strong … Continue reading The Greek Organization of Football Prognostics (OPAP)