Copyright © 2013 Knight Sac Media. All rights reserved.http://www.siliconinvestor.com/subject.aspx?subjectid=56822One reads of Value Investors aligning themselves with their understanding or interpretation of the Investment Strategies and Modus Operandi of Benjamin Graham and Warren Buffett, ... two of the most renowned and successful of their craft. From the literature of Warren Buffett’s approach to company ...http://www.siliconinvestor.com/images/Logo380x132.pnghttp://www.siliconinvestor.com/subject.aspx?subjectid=5682238013210E_K_SRe: Book Value and TBV I also know that on both Yahoo Finance and my Schwab Research link, the BV and TBV do change as they update their database. Over the years I find the BV to be the more conservative figure. Some have argued that Goodwill should be added in too as many times that type of "brand" has value. I di...http://www.siliconinvestor.com/readmsg.aspx?msgid=289051455/20/2013 3:11:57 PMbruwinHi there E_K_S. Whenever I post anything which requires some form of calculation, use of formulas, etc.., I try, wherever possible, to show how I got to my answer(s) and any other references. In my post that you referred to, regarding ADM, I went for a “Total Tangible Assets/share” value. I also posted an Investoped...http://www.siliconinvestor.com/readmsg.aspx?msgid=289049115/20/2013 1:39:47 PMNikhilJoghttp://www.siliconinvestor.com/readmsg.aspx?msgid=289048535/20/2013 1:13:58 PMWoody_NickelsYahoo! data is not always up to date. Find a second and third source, if possible.http://www.siliconinvestor.com/readmsg.aspx?msgid=289040495/20/2013 12:54:30 AMWoody_NickelsThere are many, many charts like those. Uninterrupted up trends, without any correction or consolidation. Makes me uneasy, afa initiating new positions. Fed induced stock inflation. Hard to find value and yield these days. I'm holding my purchases from years ago, but not initiating new positions. Generating income ...http://www.siliconinvestor.com/readmsg.aspx?msgid=289040465/20/2013 12:49:39 AME_K_SHi Bruwin - Re: Archer Daniels Midland Company (ADM) -NYSE - new 52wk high: last $35.00/share Sorry I took so long to get back to you on ADM. I was calculating the EKS$ and think in the earlier post you may have used an incorrect BV (and/or TBV). I based my calculation on a BV of $28.76/share ( as reported by YAHO...http://www.siliconinvestor.com/readmsg.aspx?msgid=289032205/19/2013 1:28:45 PMbruwinFurther to #3035 below, I must also express my appreciation for the stock choices put forward by FVI contributors for the SI Top 10. Back in mid-September (the 18th. to be exact) I bought into 4 of them, viz. DIS, GLW, JOY and UNP, as well as into CL, which was a favourite of mine. See also my chat with NikhilJog .......http://www.siliconinvestor.com/readmsg.aspx?msgid=289029285/19/2013 8:38:09 AMbruwinThe 17th. May 2013 has come and gone. That date marks the 9 month period of our “SI Top 10 Portfolio”. It currently stands at a Capital Gain of 11.25%. The S&P 500 ETF is at 19.15%, and the “SI – 8 Losers” is at 26.73%. Buffett’s Portfolio is at 17.19%. So that’s the current state of affairs. Apart from The Ox’s su...http://www.siliconinvestor.com/readmsg.aspx?msgid=289028665/19/2013 3:12:57 AMDr_of_Microcaps PhotoMedex Reports First Quarter 2013 Financial Results Revenues increased 14% over the same period in 2012, diluted EPS increased 31% to $0.34 [graphic]Press Release: PhotoMedex, Inc. – Wed, May 8, 2013 8:00 AM EDT RELATED QUOTES Symbol Price ChangePHMD15.550.04 [graphic] MONTGOMERYVI...http://www.siliconinvestor.com/readmsg.aspx?msgid=288880695/11/2013 12:10:27 AMDr_of_Microcaps Sappi results for 2nd quarter ended March 2013 reflect mixed markets [graphic]Press Release: Sappi Limited – Thu, May 9, 2013 2:34 AM EDT 0 RELATED QUOTES Symbol Price ChangeSPP2.690.04 [graphic] JOHANNESBURG, May 9, 2013 /PRNewswire/ -- Summary for the quarter European business impac...http://www.siliconinvestor.com/readmsg.aspx?msgid=288880125/10/2013 11:20:49 PMDr_of_Microcaps Entertainment Gaming Asia Reports First Quarter 2013 Results and Provides Market Update [graphic]Press Release: Entertainment Gaming Asia Inc. – 5 hours ago 0 RELATED QUOTES Symbol Price ChangeEGT1.93-0.08 [graphic] HONG KONG--(BUSINESS WIRE)-- Entertainment Gaming Asia Inc. ( EGT) (“En...http://www.siliconinvestor.com/readmsg.aspx?msgid=288870905/10/2013 1:49:39 PMbruwinYes, I'd say that experienced, as well as committed, management is an important factor for Buffett. The one thing that Buffett doesn't like to do is to get personally involved in the running of the companies that he owns. He came to that conclusion in his thirties when a company that he bought a controlling interest...http://www.siliconinvestor.com/readmsg.aspx?msgid=288849225/9/2013 2:57:26 PMSergio H<The one thing that has always surprised me is the fact that Buffett doesn't have the company in his portfolio. I would have thought that this one would be "a given" > Bruwin, doesn't Buffett like to see a management team that has been in place for a considerable amount of time? Colgate's executives have risen throu...http://www.siliconinvestor.com/readmsg.aspx?msgid=288847145/9/2013 1:39:33 PMbruwinYes, I see there was an SEC Filing on 15 Nov. 2012 regarding the share sale which ties in with that price spike. I did note, at the time, that their Common Shares Outstanding didn't really change, which is confirmed by the filing. Just goes to show I should always check those filings. I quite often forget .... ''On No...http://www.siliconinvestor.com/readmsg.aspx?msgid=288837805/9/2013 1:54:17 AMDr_of_MicrocapsThe Share-Holders did a secondary offering back in November and this Company is very well Capitalized for a Microcap transforming in to a Small Cap Growth Vehicle. The "Good Dr's In!http://www.siliconinvestor.com/readmsg.aspx?msgid=288836775/8/2013 11:16:08 PMbruwinFor an Exchange Traded Fund (ETF) this one has certainly done exceptionally well. I see that one would have doubled your money in less than 5 months, provided, of course, that one had bought in at the beginning of 2013!! Needles to say, the question is, how sustainable is that price growth? I see that there was a hu...http://www.siliconinvestor.com/readmsg.aspx?msgid=288815535/8/2013 1:39:24 AMDr_of_Microcaps Nathan's Famous Inc. (NATH) -NasdaqGM 49.59 [graphic] 4.96(11.11%) 4:00PM ED Prev Close:44.63Open:45.10Bid:48.50 x 500Ask:N/A1y Target Est:N/ABeta:0.41Next Earnings Date: 3-Jun-13[graphic]Day's Range:44.10 - 49.8152wk Range:21.36 - 49.81Volume:72,856Avg Vol (3m):11,634Market Cap:219.68MP/E (ttm):32.62E...http://www.siliconinvestor.com/readmsg.aspx?msgid=288814245/7/2013 11:28:06 PMDr_of_MicrocapsYou may like this one as well! WisdomTree Announces First Quarter 2013 Results [graphic]Press Release: WisdomTree Investments, Inc. – Fri, Apr 26, 2013 7:00 AM EDT RELATED QUOTES SymbolPriceChangeWETF12.49+0.02 [graphic] Record $5.9 Billion Net Inflows, 10.8% Market Share Record Revenues, Up 53% From Year Ago...http://www.siliconinvestor.com/readmsg.aspx?msgid=288812365/7/2013 9:10:41 PMbruwinI must say, it really doesn't surprise me to see the ongoing positive performance of Colgate-Palmolive. If one looks at the table below, this company ticks so many of the boxes. Its Bottom Line net profit may be slightly below target, and that may be due to the effect of its SG&A expense. However, it has a great Pret...http://www.siliconinvestor.com/readmsg.aspx?msgid=288808515/7/2013 4:47:10 PMDr_of_MicrocapsLakes Entertainment Inc. Stock Upgraded (LACO ) Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and...http://www.siliconinvestor.com/readmsg.aspx?msgid=288789445/6/2013 8:58:24 PMbruwinYes, I'd say that your various presentations clearly indicate the price rises in lumber products, more especially in the 2010 and 2012 periods. That seems to support what we saw in ANS’s EBITDA spikes in those same periods, which appeared to be reflected in their Revenue increases relative to the Cost of Sales of ANS....http://www.siliconinvestor.com/readmsg.aspx?msgid=288779595/6/2013 12:55:24 PME_K_SAinsworth Lumber Co. Ltd. (Toronto: ANS.TO) Norbord, Inc. (NBD.TO) -Toronto Hi Bruwin - I believe the main reason for the huge Revenue surge for the time period you detailed is/was due to the the price rise in the North Central Benchmark OSB price. Below is a chart from the Norbord annual report (4/3013) showing the ...http://www.siliconinvestor.com/readmsg.aspx?msgid=288773725/6/2013 9:20:09 AMbruwinI read, with interest, your exchange with E_K_S (and his own post), regarding Ainsworth(ANS) and the graph that you posted .. [graphic]Message 28874491 ... and I thought I’d look into the aspect of the “EBITDA spikes”, especially in 2010 and 2012, from an Annual Results perspective, seeing as their latest result was ...http://www.siliconinvestor.com/readmsg.aspx?msgid=288772375/6/2013 7:19:24 AMDr_of_Microcaps Colgate Announces 1st Quarter 2013 Results Strong Organic Sales Growth Worldwide [graphic]Press Release: Colgate-Palmolive Company – Thu, Apr 25, 2013 7:00 AM EDT 0 RELATED QUOTES SymbolPriceChangeCL121.26+0.53 [graphic] NEW YORK--(BUSINESS WIRE)-- Colgate-Palmolive Company ( CL) today r...http://www.siliconinvestor.com/readmsg.aspx?msgid=288736055/3/2013 3:01:16 PMDr_of_Microcaps Newell Rubbermaid Reports Solid First Quarter 2013 ResultsCore Sales Growth of 2.5% (adjusted for 2012 SAP-related timing shift)Normalized EPS of $0.35, 9.4% ahead of Prior Year QuarterReported Sales Decline of 0.8%; Reported EPS of $0.19Announces Plan to Divest Non-Strategic Businesses[graphic]Press Release: Newell ...http://www.siliconinvestor.com/readmsg.aspx?msgid=288734905/3/2013 2:13:38 PMSergio HROIC beat earning estimates. ROICW is now more than a 200% gain and there's more upside. I think we can expect that ROIC will be increasing their div. http://www.siliconinvestor.com/readmsg.aspx?msgid=288720475/2/2013 11:09:39 PME_K_STriumph Group, Inc. (TGI) -NYSE 74.56 5.11(-6.41%) Triumph Group beats by $0.09, beats on revs; guides FY14 EPS below consensus, revs below consensus (TGI) 79.67 : Reports Q4 (Mar) earnings of $1.68 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $1.59; revenues rose ...http://www.siliconinvestor.com/readmsg.aspx?msgid=288712285/2/2013 2:51:46 PMbruwinWell, according to what E_K_S posted in ... [graphic]Message 28861365 Analysts were predicting $6.10/share for 2013. From their latest Q4 that's just been published we have :- Gross Net Income = $(76.3+80.2+75.2+65.6)mil. = $297.3mil. Diluted Shares = 52.7mil. So Annual EPS = $297.3/52.7 = $5.64 < Analysts’ predi...http://www.siliconinvestor.com/readmsg.aspx?msgid=288704515/2/2013 9:56:35 AMSergio HI would like to suggest that we keep it simple as far as deciding if we want to drop none, one or two stocks. Each stock stays in, unless there is a nomination for a stock to be dropped. If there are no nominations, the portfolio stays intact. If there is a nomination, then majority rules on hold or sell decision for e...http://www.siliconinvestor.com/readmsg.aspx?msgid=288703005/2/2013 8:50:29 AMSergio HTGI earnings out this morning. As expected, they beat estimates. The downside is that they lowered forward guidance, but I believe that was expected. Triumph Group beats by $0.09, beats on revs; guides FY14 EPS below consensus, revs below consensus (TGI) 79.67 : Reports Q4 (Mar) earnings of $1.68 per share, excluding ...http://www.siliconinvestor.com/readmsg.aspx?msgid=288702255/2/2013 8:11:53 AMbruwinYes, I'd certainly agree that the first step is for the majority of interested parties to decide whether or not there are one or two companies in the Portfolio that should be replaced at the end of the 9 month period. I’d say the following phrase in the Rule probably indicates that by the use of “can” as opposed to “wi...http://www.siliconinvestor.com/readmsg.aspx?msgid=288701555/2/2013 6:48:28 AMbruwinAt the end of the day it’s not just an ROE or ROA, or any other isolated factor/ratio, that will give one a better indication of the overall business performance of a company. It’s more likely to be a combination of several pertinent fundamental indicators that must Simultaneously meet or beat above averages targets. ...http://www.siliconinvestor.com/readmsg.aspx?msgid=288701485/2/2013 6:33:28 AMDr_of_Microcaps KKR & Co. L.P. Announces First Quarter 2013 Results Initiates quarterly distribution of 40% of balance sheet income Strong investment appreciation drives meaningful economic net income GAAP net income (loss) attributable to KKR & Co. L.P. was $193.4 million for the quarter ended March 31, 2013, up from $190.4 milli...http://www.siliconinvestor.com/readmsg.aspx?msgid=288700155/2/2013 12:30:10 AMDr_of_Microcaps Lakes Entertainment, Inc. Announces Controlled Casino Demonstration to Be Held at Rocky Gap Casino Resort on May 20 [graphic]Press Release: Lakes Entertainment, Inc. – Mon, Apr 29, 2013 6:30 AM EDT 0 RELATED QUOTES SymbolPriceChangeLACO3.09-0.07 [graphic] MINNEAPOLIS--(BUSINESS WIRE)-- Lakes En...http://www.siliconinvestor.com/readmsg.aspx?msgid=288699965/2/2013 12:05:44 AMThe OxWhile the statistics aren't all that great with our "top 10", I would say that we've done OK with our picks. 4 are solid winners ( up 18% to 32% ), 3 are losers ( down 17% to 31% ) and 3 are undecided ( down 1% to up 5% ). Considering we were trying to find "value" in our group, I'd say that we've done OK but not g...http://www.siliconinvestor.com/readmsg.aspx?msgid=288699585/1/2013 11:37:28 PMSergio HOK on Joy filling the gap, and I see the same pattern set up for GLW to do the same. I am not sure on JOY as a gap fill buy, but I have been leaning on adding GLW on pullback.http://www.siliconinvestor.com/readmsg.aspx?msgid=288698665/1/2013 10:32:41 PMSergio HVery well done Bruwin. I don't like quick methods that assume y because x, such as if a stock demonstrates a history of improving roe and roa it is a buy when it hits a 52 week low. You have to look at what's behind those numbers. I want to comment that I think Nik does a good job at doing that type of analyses, but...http://www.siliconinvestor.com/readmsg.aspx?msgid=288697305/1/2013 8:01:08 PMSergio HBruwin, before we look for candidates to add, I would like to suggest that we discuss if we would like to remove any stock from our present portfolio since we won't need any new candidates if no position is closed out.http://www.siliconinvestor.com/readmsg.aspx?msgid=288697135/1/2013 7:51:38 PMNikhilJoghttp://www.siliconinvestor.com/readmsg.aspx?msgid=288689285/1/2013 1:48:38 PMNikhilJogi think you did a smart thing by selling at $23. here is the news finance.yahoo.com http://www.siliconinvestor.com/readmsg.aspx?msgid=288689265/1/2013 1:47:40 PMbruwinFurther to my previous post, I found the following article at that splendid web site, Seeking Alpha, ... seekingalpha.com  It seems that it's not a 100% 'done deal' as there's ..... "The merger agreement contains a "go-shop" provision under which EBIX may solicit alternative proposals from third parties during the n...http://www.siliconinvestor.com/readmsg.aspx?msgid=288688115/1/2013 1:06:17 PMbruwinHi Nik, Yes, I’ve been in and out of EBIX over the years, and as I mentioned in the following two posts ... [graphic]Message 27797529 [graphic]Message 28121572 I sold the final 50% of what I bought for $19 at $23.20 in October last year. EBIX has always shown great financials. For example its Net Profit was often in...http://www.siliconinvestor.com/readmsg.aspx?msgid=288686515/1/2013 12:03:04 PMNikhilJogBRU - i had EBIX as a takeover target on my blog. I also heard from someone that you did lot of analysis on it? It got an offer today in the market to be taken out. Did you put money in it?http://www.siliconinvestor.com/readmsg.aspx?msgid=288684525/1/2013 10:51:22 AMNikhilJogrich - thanks. appreciate the insight. I went to undergrad near Roch. and my ex-gf is a post doc at RIT, after finishing her PHD :) Never thought will meet someone here from Rochester...http://www.siliconinvestor.com/readmsg.aspx?msgid=288684375/1/2013 10:46:34 AMbruwinI’d like to respond to your post because several of the points in mine may need clarification which, in turn, may indicate obvious areas of agreement. ” ...the numbers have a story behind them and you need to understand that story in order to understand how a co. works” Yes, I’d say that’s certainly the case. And my ...http://www.siliconinvestor.com/readmsg.aspx?msgid=288680955/1/2013 8:12:00 AMbruwinWe are now into the 9th. month since we posted our SI Top 10 Portfolio on the 17th. August 2012. According to the following ..... Rule 6) After 9 months has elapsed the SI Portfolio can be changed by a maximum of two stocks per year. These new stocks will be chosen and voted for in the same way as were the original 1...http://www.siliconinvestor.com/readmsg.aspx?msgid=288679585/1/2013 2:01:53 AMrichardredOT: Well a little brief update. I said 35 cent wing night which is Tuesday's (Tonight). I didn't go tonight, but my co-workers informed me wing night specials are now 55 cents each. I can only speak for the Rochester WW. It may or may not be indicative of the chain as a whole First off they picked a great...http://www.siliconinvestor.com/readmsg.aspx?msgid=288679055/1/2013 12:36:50 AMSergio HROC beat estimates despite weak titanium oxide numbers. There were a few interesting tidbits in their conference call. And they verified that they have been buying back shares. I was not aware that share count as reported was an avg. for the quarter. Silke Kueck-Valdes - JP Morgan Chase & Co, Research Division Okay....http://www.siliconinvestor.com/readmsg.aspx?msgid=288672844/30/2013 5:35:24 PMNikhilJogha:) Thanks red. I love when people challange me bcs thats the only way for me to learn. So what is your feedback since you go there often, both plus and minus? I will love to hear it.http://www.siliconinvestor.com/readmsg.aspx?msgid=288666784/30/2013 1:10:37 PMrichardredBTW-FWIW-I still go there about once a month on wing night. (35 cent wings) [graphic]Subject 54440 P.S. In over 30+ years I've never shorted any stock yet. So no comments as to your short call, but some good comments on both sides. http://www.siliconinvestor.com/readmsg.aspx?msgid=288665484/30/2013 12:27:54 PM