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   Strategies & Market TrendsValue Investing


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To: Graham Osborn who wrote (56745)1/24/2016 3:49:15 PM
From: bruwin
   of 75664
 
Apart from the accounts you've read of Graham, have you perhaps also read the following regarding Buffett, both written by Mary Buffett and David Clark ...

1) The Buffettology Workbook

2) Warren Buffett and the Interpretation of Financial Statements

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To: Spekulatius who wrote (56744)1/24/2016 4:39:37 PM
From: Graham Osborn
   of 75664
 
One other consideration is ValueAct's sales have been very timely of late. They exited Valeant within 6 months of the big drop I believe. I'm starting to take their moves seriously.

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To: staring who wrote (56742)1/24/2016 5:51:32 PM
From: Paul Senior
   of 75664
 
UNFI. I'll put it on my watch list. Has had a good history of revenue increases and bottom-line results. Negatives for the company stock are described here:

finance.yahoo.com

Is "BOSS", Hugo Boss AG (BOSS.de)? This fashion retailer doesn't appeal to me at current price.

Just my opinion, and I've been wrong many, many times.

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To: Graham Osborn who wrote (56747)1/24/2016 5:53:55 PM
From: Graham Osborn
   of 75664
 
Fun fact: on EV/ Rev basis (better comp than price), AXP is cheaper than it was at the 09 low - cheaper in fact than any time since 1995. Of course, that figure should be adjusted for anticipated revenue losses.

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To: Graham Osborn who wrote (56745)1/24/2016 6:15:41 PM
From: Paul Senior
3 Recommendations   of 75664
 
Every account I've read of Graham implies he would have been out of the market at these levels.
Really?

I can't recall reading that he would ever advise "Intelligent Investors" to be out of the market totally. Afaik, he counseled shifting between 75% stocks/25% bonds when market was cheap to 75%bonds/25% stocks when market was expensive.

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From: Graham Osborn1/24/2016 9:08:53 PM
   of 75664
 
Thought some of you old timers might find this entertaining:

m.youtube.com

It's good to know the founder still has a sense of humor

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To: Grommit who wrote (56720)1/24/2016 9:19:17 PM
From: Graham Osborn
   of 75664
 
Why do you find it strange?

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To: Paul Senior who wrote (56748)1/24/2016 9:33:43 PM
From: E_K_S
1 Recommendation   of 75664
 
Re: UNFI - It's fairly valued according to the GN valuation model. I do like their low debt but operating margins are low typical of food stores.

I could not find BOSS only the German apparel company. That one is not a a sector I would buy now.

---------------------------------------

FWIW, added to my TAL shares at $9.23/share, started a new ABBV position again, closed out ABT and peeled off 30% of my XOM @ $75.00/share shares that I bought August last year at $68.00/share. I hate to see profitable Buys (even at very good Buy points) go into the negative.

Still selectively making Buys where my first test is that the company must sell at a discount to it's GN value. Over the last five years, that screen has made me the most money and few if any of those buys blew up. An undervalued GN Buy can lead to a 'value trap' at times so buyer beware.

AP is one that may be the later case but I continue to add as BV increases. Also, SNFCA is selling below it's BV but seeing very few Buyers perhaps because it is a very small cap. Same w/ STRL even after announcing three new contracts worth over $125 mln in 2016 as management promised.

Good investing

EKS

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To: Paul Senior who wrote (56719)1/25/2016 1:54:29 PM
From: Paul Senior
   of 75664
 
Adding to my bank stocks this morning as they continue to fall: BAC, C, and Mr. Buffett's USB

finance.yahoo.com

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From: Paul Senior1/25/2016 2:11:55 PM
   of 75664
 
Adding to my basket of housing stocks: a few shares now of KBH and BZH.

These two stocks show up on my Graham screen as selling for 2/3 NCAV. However, both show large amounts of deferred tax assets on the balance sheet. Removing those from the calculation, the two stocks don't have that NCAV appeal. Still, they appear cheap enough to me, and I'm betting on the housing recovery to continue - hoping that mortgage rates don't discourage new buyers, and that the companies are correct when they say they have or had difficult quarters because of inclement weather (the typical excuse -g-).

(I hold stickbuilders WLH and MDC also.)

finance.yahoo.com

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