This is a ChatGPT-free Zone
OK, so this is sort of a continuation of my PZN post. Listening to conference calls, you can tell that Pzena spends a lot of time thinking about value and deep value investing. I guess that’s because he spends a lot of time talking to potential clients and he has to sell them on the…
OK, so here’s another nail that we can hammer down with our asset management company valuation model. I have been following this company since the IPO but haven’t really taken a close look at it recently. This is a pure, deep-value investment company run by Richard Pzena. In case you are wondering, this is the…
OK, so I mentioned WisdomTree Investment (WETF) in my last post. In my other post looking at DoubleLine, I sort of got a feel for what money management firms are worth. I got comfortable with the fact that asset managers currently trade for around 10x pretax profits and that’s pretty consistent across asset manager types….
I just finished reading The Big Secret for the Small Investor, and thought it was really good. I know, I know. This is old news. It’s been blogged and discussed to death, I think. But I haven’t kept up with my reading and I just happened to come across this at the local library so I checked…
So here’s another followup post, this time for my OAK/DoubleLine post (here). Jeffrey Gundlach was on CNBC yesterday and talked about the markets and surprisingly talked about what he sees for the future of DoubleLine. Gary Kaminsky conducted the interview and he asked a really good question that lead to Gundlach’s discussion of DoubleLine’s future…
This is just a quick follow-up to my LUK posts; today Fortescue and Leucadia came to an agreement on the 4% notes. People who follow LUK know that FMG insisted that they had a right to issue more royalty notes and dilute LUK and they have been in court fighting this out. Today LUK announced…
So someone posted a recommendation for SPE in a comment on this blog so I decided to take a look. As I posted before, I am not a big fan of closed-end funds, and it turns out this is a closed-end fund that invests in other closed-end funds (and other things). So my initial reaction, of…
So the conversation I overheard this weekend that I mentioned in the previous post reminded me of something. Back when I used to talk a lot more to ‘trader’ types many of them used technical analysis, macro-forecasting, astrology and all sorts of other things because they claimed that fundamental analysis of stocks just doesn’t work. Part of…
So it’s been a while since I posted. Some late summer, beginning of the school-year business, some laziness and some dead-ends is my excuse. Dean Foods / WhiteWave Foods Spinoff I spent some time digging into the Dean Foods (DF) WhiteWave spinoff but couldn’t get over the fact that it just looks like a really crappy…
I don’t plan on updating things every quarter on companies I mention here; figures will go up and down over the short term due to markets and AUM changes due new fund launches and returning of capital to investors (due to realizations) etc. But anyway, one of the interesting things about OAK is the off-balance…