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?

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Martin Whitman on Value Investing vs. Fundamental Finance

Martin Whitman was a well-known value investor. He started out in distressed investing and it was relatively late in his career that he founded the Third Avenue value fund. Whitman was a very prolific writer on financial and value investing topic, through letters to unitholders of the Third Avenue funds as well as books that … Continue reading Martin Whitman on Value Investing vs. Fundamental Finance

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: 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

Profile: Delta Lloyd Group (dl.as)

Website:  http://www.deltalloydgroep.com Delta Lloyd initial IPO prospectus (link) David Einhorn´s Greenlight Capital holds a position in DL.  In a speech at the Ira Sohn conferance, Einhorn talked about his DL thesis (read transcript at insidermonkey.com): ...on price: "It has 167M shares outstanding and trades at 70% book value, 6x earnings, and has a 6% dividend … Continue reading Profile: Delta Lloyd Group (dl.as)

Prem Watsa on insurance industry outlook in 2010 annual letter

Our businesses in Canada and the United States continue to be challenged by highly competitive market conditions. Excess capacityhas led to downward pressure on rates. Another year of benign catastrophe experience inNorthAmerica has encouraged aggressive pricing. While the industry’s accident year combined ratio is running at 100% or more, reserve releases from prior years have … Continue reading Prem Watsa on insurance industry outlook in 2010 annual letter