Here are the week’s top stories at Value Investing News
1. Vitaliy Katsenelson Interview with Active Trader Magazine
(via contrarianedge.com)
I was interviewed by Active Trader Magazine. The question comes to mind – what do I know about trading? Absolutely nothing! This is exactly what I told David Bukey, the editor of the magazine, when he asked me for an interview. He assured me that he read my book and thought my (investing) message was very important to his readers. How can you say no to that?
2. Buffett tips off MU crowd
(via www.columbiatribune.com)
Billionaire investor Warren Buffett takes part in a question-and-answer session with business college students during the “Emerging Issues and Trends in Real Estate” forum and educational conference yesterday at the Trulaske College of Business at the University of Missouri.
3. Right Price Checklist: Business
(via mikesnewsletterinvesting.blogspot.com)
I detail my checklist for evaluating the business then apply it to Best Buy.
4. Warren Buffett Named ‘Manager’ of 2008 Boardroom All-Star Team
(via msnbcmedia.msn.com)
Warren Buffett ranks number one on Directorship magazine’s new list of the most admired board directors. Its Annual Survey of Exceptional Directors is compiled using “data from proxy firms, reader polls and governance experts.”
5. Special Situations Real Money Portfolio March 2008 Update
(via www.fatpitchfinancials.com)
Another update of the Special Situations Real Money Portfolio, my experiment in arbitrage investing. This month I talk about a profitless tender offer and the decline in price of three positions that have been held for several months.
6. Prof. Bruce Greenwald’s Talk on Value Investing
(via fundooprofessor.blogspot.com)
The talk, titled, “Value Investing Frameworks and Business Analytics” was delivered by Prof. Greenwald to an audience of 220 guests from the Indian investment community at Hotel Taj President in Mumbai On January 8.
7. Interview with Robert Rodriguez of FPA
(via www.investors.com)
Nice little interview with Bob Rodriguez, who along with Seth Klarman, always seems to have a good handle on the pulse of the financial markets.
8. Third Avenue Q1 Shareholder Letters
(via www.thirdavenuefunds.com)
Martin Whitman devotes a section of his quarterly letter to refuting William Ackman’s views on MBIA. My favorite sentence: “The argument that if an entity is in trouble, every liability on the balance sheet of that entity is also in trouble is strictly ‘amateur hour’.”
9. Altria’s Spin Cost Basis
(via valueplays.blogspot.com)
Here is the cost basis for your shares
10. Buffett Beats Bernanke
(via www.fool.com)
Fed Chairman Ben Bernanke is in a rough spot these days. When he lowers interest rates, the specter of stagflation is raised. When he rescues Bear Stearns from potential bankruptcy by brokering a sale to JPMorgan Chase, he’s chided for guaranteeing billions in private subprime loans with public money.
11. Bill Miller’s wishful thinking
(via money.cnn.com)
The value manager wants a better deal for Yahoo, but like so many takeover targets it has no better offers.
12. Value investing is supposed to get ugly
(via www.advisor.ca)
One of the tenets of value investing is there will be times when it’s going to get ugly. Problem is, for a lot of established value firms, things have never looked uglier — leading some advisors to question the wisdom of the strategy. But fund analysts say there is merit to what value firms are doing right now and investors should wait before they write off their value holdings.
Posted April 9th, 2008 by SilverSlime | Tags:
13. Q & A: Which Gurus Are Not Hurt By Credit Crisis?
(via www.gurufocus.com)
This is an interview GuruFocus had with Swiss magazine BILANZ. The questions and answers.
14. FDA Tobacco Bill: A Partnership
(via valueplays.blogspot.com)
This bill will end up being an FDA endorsement of tobacco
15. Swimming Happily Against the Tide — Third Avenue’s Marty Whitman Finds Lots to Buy
(via online.barrons.com)
In the midst of the market mayhem last August, Third Avenue Management sent a two-page letter to shareholders in its four mutual funds, including its flagship $10 billion Third Avenue Value Fund. The message: It’s time to buy.
16. Credit crisis over says top fund manager
(via www.citywire.co.uk)
Bill Miller of Legg Mason Investment Management believes the Bear Stearns bailout two weeks ago marks the end of the credit crisis.
17. MBA Advice from the Oracle of Omaha
(via www4.gsb.columbia.edu)
On March 21 I flew to Omaha — along with 150 of my classmates — to meet Warren Buffett, MS ’51, a man I have admired (some friends would say fanatically idolized) for close to 15 years.
18. Free Cash Yield: The Best Valuation Statistic?
(via magicdiligence.com)
There is only one valuation statistic that takes into account a company’s free cash production and balance sheet risk, and allows you to compare it’s valuation against other stocks, bonds, and treasuries. That statistic is the little used free cash yield measure.
19. Beware of Blind Contrarianism!
(via streetcapitalist.com)
Price is what you pay, value is what you get. Those words aren’t mine, they belong to Warren Buffett. For now though, they remain incredibly relevant to the type of investment environment we’re in.
20. Fat Pitch Financials Portfolio First Quarter 2008
(via www.fatpitchfinancials.com)
A review of the performance of the Fat Pitch Financials Portfolio for the first quarter of 2008.
Disclosure (“none” means no position):
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