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Listed Hedge Fund Company Here’s a listed hedge fund that looks interesting although I don’t own it at the moment. A few hedge funds and private equity houses went public in the past few years and it is pretty interesting because you get to invest with some pretty amazing people. Of course, the performance in…
OK, I keep saying I won’t do something and then go ahead and do it a post or two later. One thing interesting to notice about these bank earnings announcements is how solid they are despite the horrible environment (or so it seems when you read the newspaper). For example, the S&P 500 index has…
Earnings conference calls are great because you really get a feel for what is going on in the economy more so than macro announcements and economist opinions, market expectations and things like that. Of course, there are companies that are always upbeat so are totally useless in gauging the economy; Starbucks, Yum Brands, Cisco and…
Just a quick note that this blog is still alive and well. It’s earnings/conference call season so I will be spending most of my day for the next week or two reading earnings announcements and listening to conference calls. I won’t be making comments on quarterly earnings as I only look at stocks from a…
This is a stock that Leucadia owned for a brief time. I think they paid around $15/share for it and even participated in a global offering of the stock at $17 (per U.S. ADR) back in 2008. Asked at the annual meeting whether they were worried about the populist policies of the Argentina government, Leucadia…
Continuing on the “stocks are no good” theme, it is interesting to look at what the Superinvestors did during the long flat market period between 1965 and 1982. I think the Dow hit 1,000 back then and didn’t go above it for good until late 1982. The talk now is that the U.S. may go…
Gold has done really well the last decade or so and more and more people are talking about the inevitability of gold as a wealth saving asset (protection against inflation, monetary pump-priming etc…). However, a lot of what we hear today sounds a lot like Howard Marks’ first-level thinking (see here what that means). Central…
Here is a stub trade that doesn’t seem to get talked about much. I remembered that Renault owns a big chunk of Nissan and that it is very valuable. The talk a while back was that if you backed out Renault’s ownership of Nissan and Volvo, you can get the Renault auto business for free. Well,…
To continue the boring pattern of featuring companies with great track records being offered by Mr. Market at a discount, here is Alleghany Corp (Y), an insurance company/conglomerate. This currently looks like an insurance company but acts more like a conglomerate. This is one of those companies where the annual reports are very well written…
Apple Stock Price Since 1984 Apple’s stock was IPO’ed on December 12, 1980 at $22/share. On a split-adjusted basis, that’s $2.75/share. Apple closed yesterday at around $378/share for an annualized return of +17.8%/year. Pretty incredible given the long period that Apple went nowhere and did nothing (after they fired Jobs until he came back). The…