Stephen Moyer Distressed Debt Pdf Merge

Stephen Moyer Distressed Debt Pdf Merge Rating: 10,0/10 1796 votes

A Primer on Distressed Investing: Buying Companies by Acquiring Their Debt - Moyer - 2. Journal of Applied Corporate Finance. Stephen Moyer Distressed Debt Pdf Merge. Get for free stephen g moyer distressed debt analysis strategies for speculative investors ebook in pdf/epub/online. Distressed Debt Analysis. Moyer has been a Portfolio Manager. Stephen Moyer Distressed Debt Pdf Merge. The process is made more risky and difficult by the many conflicting interests of creditors and equity holders who work throughout the process to protect their individual interests. The authors provide a detailed discussion of such conflicts and how restructuring practitioners seek to manage them. Hellenische Identitat in der Spatantike Pagane Autoren und ihr Unbehagen an der eigenen Zeit eazydoc com pdf; Stephen G Moyer Distressed Debt. STEWART STREET Winchester VA First posted on Friends of Fort Loudoun Winchester VA 9/11/16 by Jim Moyer posted. Investing in French Distressed Debt. Urybride's Recent Posts: urybride. Moyer - Distressed Debt Analysis: Strategies for Speculative Investors tested. Araxis Merge v2012 4246 Mac OSX. To execute the maneuvers, such as this one, described in Distressed Debt Analysis: Strategies for Speculative Investors, one must disguise one’s own intentions while anticipating the actions of other market participants. Author Stephen G. Moyer explicitly likens the resulting interplay to chess.

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Posted by3 years ago
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I am working on creating a PDF repository for the reading list in the sidebar. I have went through all the categories but Real Estate Investing, Valuation, Options, Risk Management, and History.

Below is the list of books that I have been able to find and the ones I have not been able to find or I have not been able to find a version from a non-shady website.

It would be helpful if you could please help me find the books that I don't have.

SHOULD I share this using MEGA?

The list:

Accounting

Accounting For Value - Stephen Penman NO

Analysis for Financial Management - Robert Higgins NO

Interpretation of Financial Statements - Benjamin Graham YES

Financial Shenanigans - Howard Schilit YES

Stephen Moyer Distressed Debt

Financial Statements - Thomas Ittelson NO

Distressed

Behavioural Finance

Fooled By Randomness - Nassim Taleb YES

Predictably Irrational - Dan Ariely YES

Thinking, Fast and Slow - Daniel Kahneman YES

Why Smart People Make Big Money Mistakes - Gary Belsky YES

Biographies

Cable Cowboys - Mark Robichaux NO

Poor Charlie's Almanack - Charlie Munger NO

Snowball - Alice Schroeder Y

The Life and Timeless Financial Wisdom of Benjamin Graham - Joe Carlen NO

The Outsiders - William Thorndike YES

Distressed Debt Fund

Business Analysis

Competition Demystified - Bruce Greenwald Y

Competitive Advantage - Michael Porter Y

Competitive Strategy - Michael Porter Y

Distressed Investing

Bankruptcy Investing - Ben Branch N

Corporate Financial Distress and Bankruptcy - Edward Altman Y

Creating Value Through Corporate Restructuring - Stuart Gilson Y

Distressed Debt Analysis - Stephen Moyer NO

Distress Investing - Martin Whitman no

The Aggressive Conservative Investor - Martin J Whitman No only a shady site: http%3A%2F%2Fwww.books.mec.biz%2Fdownloads%2FThe_Aggressive_Conservative_Investor_%2FNzIwNDUwOTA2&usg=AFQjCNEGwdGV6Llm-ADIaR5PXfA82t3hMw

Stephen Moyer Distressed Debt Pdf Merger

The Art of Distressed M&A - Peter Nesvold no

The Vulture Investors - Hilary Rosenberg NO

Fixed Income

Fixed Income Analysis - Frank Fabozzi NO

Interest Rate Markets - Siddhartha Jha Y

The Bond Book - Annette Thau NO

The Handbook of Fixed Income Securities - Frank Fabozzi Y

Value Investing

Applied Value Investing - Joseph Calandro NO

Beating The Street - Peter Lynch Y

Buffett Beyond Value - Prem Jain Y

Common Stocks and Uncommon Profits - Philip Fisher Y

Confidence Game - Christine Richard Y

Fooling Some of the People All of The Time - David Einhorn NO

From Graham to Buffett and Beyond - Bruce Greenwald NO

Margin of Safety - Seth Klarman YESYESYES

Manual of Ideas - John Mihaljevic NO

One Up On Wall Street - Peter Lynch NO

Security Analysis - Benjamin Graham YES

The Essays of Warren Buffett - Warren Buffett YES

The Intelligent Investor - Benjamin Graham YES

The Little Book That Beats The Market - Joel Greenblatt YES

The Most Important Thing - Howard Marks NO

The Value Investors - Bruce Greenwald NO

The Warren Buffett Way - Robert Hagstrom yes

You Can Be A Stock Market Genius - Joel Greenblatt YES

Distressed Debt Private Equity

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Stephen Moyer Distressed Debt

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created_utcscoredomainidtitleauthorupsdownsnum_commentspermalinkselftextlink_flair_textover_18thumbnailsubreddit_ideditedlink_flair_css_classauthor_flair_css_classis_selfnameurldistinguished
1361408349.064reddit.com18x8c1Worthy of your upvote --> AMA Request: Warren BuffettWrg260877133http://www.reddit.com/r/SecurityAnalysis/comments/18x8c1/worthy_of_your_upvote_ama_request_warren_buffett/Falset5_2s7v0FalseFalset3_18x8c1http://www.reddit.com/r/IAmA/comments/18vyxo/ama_request_warren_buffett/
1376229950.038self.SecurityAnalysis1k56s810-K Club?arbitragr40228http://www.reddit.com/r/SecurityAnalysis/comments/1k56s8/10k_club/Any interest in doing a 10-K club? The idea would be that once a month, we'd pick a company to look at and read their recent 10-K/any relevant presentations or news about the company and then start a new post where we discuss and give our thoughts on the company and its valuation. **First idea is up, see here:** http://www.reddit.com/r/SecurityAnalysis/comments/1k6drz/10k_club_1_equinix_september/ Falset5_2s7v01376277227.0Truet3_1k56s8http://www.reddit.com/r/SecurityAnalysis/comments/1k56s8/10k_club/
1363888876.030gladwell.com1aqua7The Sure Thing, by Malcolm Gladwell: Article on How Successful Businesspeople View Risk.FundamentalHedgie3339http://www.reddit.com/r/SecurityAnalysis/comments/1aqua7/the_sure_thing_by_malcolm_gladwell_article_on_how/Falset5_2s7v0FalseFalset3_1aqua7http://www.gladwell.com/pdf/surething.pdf
1363334517.024smartmoney.com1ac91vThe 400% ManFinancialAnalrapist28410http://www.reddit.com/r/SecurityAnalysis/comments/1ac91v/the_400_man/Falset5_2s7v0FalseFalset3_1ac91vhttp://www.smartmoney.com/invest/strategies/the-400-man-1328818316857/
1348340372.027self.SecurityAnalysis10b3us75 Industry Primerscurrygoat34754http://www.reddit.com/r/SecurityAnalysis/comments/10b3us/75_industry_primers/I've uploaded ~~75~~ ~~79~~ 98 Industry Primers to my Google Drive. These primers cover all major industries and are from major investment banks, consulting firms, and governmental sources. PM tunitg6 if you want access to the folder and he can grant you access.currygoatFalset5_2s7v01365097509.0Truet3_10b3ushttp://www.reddit.com/r/SecurityAnalysis/comments/10b3us/75_industry_primers/
1348179869.026self.SecurityAnalysis107talUpdated Reading ListBeren-28215http://www.reddit.com/r/SecurityAnalysis/comments/107tal/updated_reading_list/**Accounting*** [Accounting For Value - Stephen Penman](http://www.amazon.com/Accounting-Columbia-Business-School-Publishing/dp/0231151187/ref=pd_sim_b4)* [Analysis for Financial Management - Robert Higgins](http://www.amazon.com/Analysis-Financial-Management-Mcgraw-Hill-Insurance/dp/0077297652)* [Interpretation of Financial Statements - Benjamin Graham](http://www.amazon.com/Interpretation-Financial-Statements-Benjamin-Graham/dp/0887309135/ref=pd_sim_b_2)* [Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports - Howard Schilit](http://www.amazon.com/Financial-Shenanigans-Accounting-Gimmicks-Reports/dp/0071703071)* [Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports - Thomas Ittelson](http://www.amazon.com/Financial-Statements-Step-Step-Understanding/dp/1601630239/ref=pd_sim_b8)**Behavioural Finance*** [Behavioural Investing: A Practioner's Guide to Applying Behavioural Finance - James Montier](http://www.amazon.com/Behavioural-Investing-Practitioners-Applying-Finance/dp/0470516704/ref=la_B001IR3EBG_1_3?ie=UTF8&qid=1348179614&sr=1-3)* [The Black Swan - Nassim Taleb](http://www.amazon.com/Black-Swan-Improbable-Robustness-Fragility/dp/081297381X/ref=pd_sim_b_1)* [Fooled By Randomness - Nassim Taleb](http://www.amazon.com/Fooled-Randomness-Hidden-Chance-Markets/dp/1400067936/ref=sr_1_4?s=books&ie=UTF8&qid=1302728018&sr=1-4)* [Why Smart People Make Big Money Mistakes: Lessons from the New Science of Behavioral Economics - Gary Belsky](http://www.amazon.com/Smart-People-Money-Mistakes-Correct/dp/0684844931)**Biographies*** [Einstein of Money: The Life and Timeless Financial Wisdom of Benjamin Graham - Joe Carlen](http://www.amazon.com/Einstein-Money-Timeless-Financial-Benjamin/dp/1616145579/ref=sr_1_1?ie=UTF8&qid=1349634497&sr=8-1&keywords=Einstein+of+Money%3A%C2%A0+The+Life+and+Timeless+Financial+Wisdom+of+Benjamin+Graham)* [Poor Charlie's Almanack - Charlie Munger](http://www.amazon.com/Poor-Charlies-Almanack-Charles-Expanded/dp/1578645018/ref=dp_cp_ob_b_title_0)* [Snowball: Warren Buffett and The Business of Life - Alice Schroeder](http://www.amazon.com/Snowball-Warren-Buffett-Business-Life/dp/B002QGSVOS/ref=pd_sim_b_7)**Business Analysis*** [Competition Demystified - Bruce Greenwald](http://www.amazon.com/Competition-Demystified-Radically-Simplified-Approach/dp/1591841801/ref=sr_1_1?ie=UTF8&s=books&qid=1304233825&sr=1-1)* [Competitive Advantage - Michael Porter](http://www.amazon.com/Competitive-Advantage-Creating-Sustaining-Performance/dp/0684841460)* [Competitive Strategy - Michael Porter](http://www.amazon.com/Competitive-Strategy-Techniques-Industries-Competitors/dp/0684841487)**Distressed Investing*** [The Aggressive Conservative Investor - Martin J Whitman](http://www.amazon.com/Aggressive-Conservative-Investor-Investment-Classics/dp/0471768057/ref=pd_sim_b_4)* [The Art of Distressed M&A - Peter Nesvold](http://www.amazon.com/The-Art-Distressed-Financing-Insolvent/dp/0071750193/ref=pd_sim_b_3)* [Bankruptcy Investing - Ben Branch](http://www.amazon.com/gp/product/1587982919?ie=UTF8&tag=amildolonthew-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=1587982919)* [Corporate Financial Distress and Bankruptcy - Edward Altman](http://www.amazon.com/Corporate-Financial-Distress-Bankruptcy-Distressed/dp/0471691895/ref=la_B000APJCIG_1_1?ie=UTF8&qid=1348182239&sr=1-1)* [Creating Value Through Corporate Restructuring - Stuart Gilson](http://www.amazon.com/Creating-Value-Through-Corporate-Restructuring/dp/0470503521/ref=pd_sim_b_2)* [Distressed Debt Analysis - Stephen Moyer](http://www.amazon.com/gp/product/1932159185?ie=UTF8&tag=amildolonthew-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=1932159185)* [Distress Investing: Principles and Techniques - Martin Whitman](http://www.amazon.com/Distress-Investing-Principles-Technique-Finance/dp/0470117672/ref=la_B001H6KO4S_1_1?ie=UTF8&qid=1339566782&sr=1-1)* [The Vulture Investors - Hilary Rosenberg](http://www.amazon.com/gp/product/0471361895?ie=UTF8&tag=amildolonthew-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471361895)**Fixed Income Analysis*** [Fixed Income Analysis - Frank Fabozzi](http://www.amazon.com/Fixed-Income-Analysis-Institute-Investments/dp/047005221X/ref=sr_1_4?s=books&ie=UTF8&qid=1348178655&sr=1-4)* [The Bond Book - Annette Thau](http://www.amazon.com/The-Bond-Book-Third-Edition/dp/007166470X/ref=pd_sim_b_2)* [The Handbook of Fixed Income Securities - Frank Fabozzi](http://www.amazon.com/Handbook-Fixed-Income-Securities/dp/0071440992/ref=sr_1_1?ie=UTF8&s=books&qid=1267651030&sr=8-1)**History*** [The Great Crash of 1929 - Kenneth Galbraith](http://www.amazon.com/Great-Crash-1929-Kenneth-Galbraith/dp/0547248164)* [A History of Financial Speculation - Edward Chancellor](http://www.amazon.com/Devil-Take-Hindmost-Financial-Speculation/dp/0452281806/ref=pd_sim_b_2)* [A History of The International Monetary System](http://www.amazon.com/Globalizing-Capital-History-International-Monetary/dp/0691139377/ref=pd_sim_b_4)* [Irrational Exuberance - Robert Shiller](http://www.amazon.com/Irrational-Exuberance-Robert-J-Shiller/dp/0767923634/ref=pd_sim_b_4)* [Manias, Panics and Crashes: A History of Financial Crises - Charles Kindleberger](http://www.amazon.com/Manias-Panics-Crashes-History-Financial/dp/0230365353/ref=pd_sim_b_3)* [The Panic of 1907 - Robert Brunner](http://www.amazon.com/The-Panic-1907-Lessons-Learned/dp/0470452587/ref=pd_sim_b_1)* [A Short History of Financial Euphoria - Kenneth Galbraith](http://www.amazon.com/History-Financial-Euphoria-Penguin-Business/dp/0140238565)* [This Time Is Different: Eight Centuries of Financial Folly - Rogoff & Reinhart](http://www.amazon.com/This-Time-Different-Centuries-Financial/dp/0691152640/ref=pd_sim_b_3)**Valuation*** [The Dark Side of Valuation - Aswath Damodaran](http://www.amazon.com/Dark-Side-Valuation-Valuing-Companies/dp/013040652X)* [Investment Valuation: Tools and Techniques for Determining the Value of Any Asset - Aswath Damodaran](http://www.amazon.com/Investment-Valuation-Techniques-Determining-Second/dp/0471414883)* [Security Analysis and Business Valuation on Wall Street - Jeffrey Hooke](http://www.amazon.com/Security-Analysis-Business-Valuation-Companion/dp/0470277343/ref=sr_1_1?s=books&ie=UTF8&qid=1291948154&sr=1-1)* [Valuation: Measuring and Managing The Value of Companies - McKinsey & Co](http://www.amazon.com/Valuation-Measuring-Managing-Companies-Finance/dp/0470424656)**Value Investing*** [Applied Value Investing - Joseph Calandro](http://www.amazon.com/gp/product/0071628185)* [Beating The Street - Peter Lynch](http://www.amazon.com/Beating-Street-Peter-Lynch/dp/0671891634)* [Buffett Beyond Value - Prem Jain](http://www.amazon.com/Buffett-Beyond-Value-Management-Investing/dp/0470467150/ref=pd_sim_b_8)* [Common Stocks and Uncommon Profits and Other Writings - Philip Fisher](http://www.amazon.com/Uncommon-Profits-Writings-Investment-Classics/dp/0471445509/ref=pd_sim_b_3)* [Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street's Bluff - Christine Richard](http://www.amazon.com/Confidence-Game-Manager-Streets-Bloomberg/dp/1118010418)* [The Essays of Warren Buffett - Warren Buffett](http://www.amazon.com/Essays-Warren-Buffett-Lessons-Corporate/dp/0966446127/ref=pd_sim_b_4)* [Fooling Some of the People All of The Time - David Einhorn](http://www.amazon.com/Fooling-People-Complete-Updated-Epilogue/dp/0470481544/ref=pd_sim_b_3)* [The Intelligent Investor - Benjamin Graham](http://www.amazon.com/Intelligent-Investor-Definitive-Investing-Practical/dp/0060555661/ref=pd_sim_b_7)* [The Little Book That Beats The Market - Joel Greenblatt](http://www.amazon.com/Little-Still-Market-Books-Profits/dp/0470624159/ref=pd_sim_b_1)* [Margin of Safety - Seth Klarman](http://www.amazon.com/Margin-Safety-Risk-Averse-Strategies-Thoughtful/dp/0887305105)* [The Most Important Thing - Howard Marks](http://www.amazon.com/Most-Important-Thing-Thoughtful-Publishing/dp/0231153686)* [One Up On Wall Street - Peter Lynch](http://www.amazon.com/One-Up-Wall-Street-Already/dp/0743200403/ref=pd_sim_b_1)* [Rediscovered Benjamin Graham - Janet Lowe](http://www.amazon.com/Rediscovered-Benjamin-Graham-Selected-Writings/dp/0471244724)* [Security Analysis - Benjamin Graham](http://www.amazon.com/Security-Analysis-Foreword-Buffett-Editions/dp/0071592539/ref=pd_sim_b_3)* [Value Investing: From Graham to Buffett and Beyond - Bruce Greenwald](http://www.amazon.com/Value-Investing-Graham-Buffett-Finance/dp/0471463396/ref=pd_sim_b_9)* [Value Investing: Tools and Techniques for Intelligent Investment - James Montier](http://www.amazon.com/Value-Investing-Techniques-Intelligent-Investment/dp/0470683597/ref=pd_sim_b_5)* [The Value Investors - Lessons From The Worlds Top Hedge Fund Managers - Bruce Greenwald](http://www.amazon.com/The-Value-Investors-Lessons-Managers/dp/1118339290/ref=sr_1_1?ie=UTF8&qid=1349634391&sr=8-1&keywords=The+Value+Investors%3A%C2%A0+Lessons+From+The+World%27s+Top+Fund+Managers)* [The Warren Buffett Way - Robert Hagstrom](http://www.amazon.com/Warren-Buffett-Way-Second/dp/0471743674/ref=pd_sim_b_9)* [You Can Be A Stock Market Genius - Joel Greenblatt](http://www.amazon.com/You-Can-Stock-Market-Genius/dp/0684840073/ref=pd_sim_b_8)Falset5_2s7v01349897710.0Truet3_107talhttp://www.reddit.com/r/SecurityAnalysis/comments/107tal/updated_reading_list/
1375801417.026self.SecurityAnalysis1jtbytQuick and Dirty Washington Post Valuationcurrygoat2713http://www.reddit.com/r/SecurityAnalysis/comments/1jtbyt/quick_and_dirty_washington_post_valuation/Some people may wonder why so many M&A transactions are posted in this sub. M&A transactions often have interesting wrinkles that expose undervalued securities. I particularly focus on divestitures as they can materially change the balance sheet and earnings/cash flow profile of a company. Many times I'll do a quick and dirty valuation to see if anything obvious jumps out at me. Some interesting things were there and at first there was nothing to see. Now I'll put this on my watch list until I get more information.As posted yesterday, [Jeff Bezos purchased the Washington Post for $250M](http://www.washingtonpost.com/national/washington-post-to-be-sold-to-jeff-bezos/2013/08/05/ca537c9e-fe0c-11e2-9711-3708310f6f4d_story.html). This was interesting as I knew that WPO is a holding company with many different businesses. Let's examine what's left over after Bezos takes the Washington Post (all of the information was found reading the most recent [10-Q](http://www.sec.gov/Archives/edgar/data/104889/000010488913000018/d10q.htm), [10-K](http://www.sec.gov/Archives/edgar/data/104889/000010488913000009/d10k.htm), and the [letter agreement](http://www.sec.gov/Archives/edgar/data/104889/000095015713000294/ex2-1.htm)):Operating Assets:* Education Business - Consists of Kaplan's Higher Ed (For Profit Education), Test Prep and International businesses (2012: ~$2.2B Rev, ~$125M EBITDA)* Cable Television - Owns Cable ONE business that has ~600k subs in 19 midwestern states (2012: ~$285M EBITDA)* Television Broadcasting - Owns Post-Newsweek Stations that has 6 TV stations in Houston, Detroit, Miami, Orlando, San Antonio, and Jacksonville. (2012: ~$200M EBITDA, 2011:~$130M EBITDA)* Remaining Publishing Businesses - Slate, Slate V, The Root, Foreign Policy* Other Businesses - WaPo Labs, Social Code, Celtic HealthcareNon Operating Assets/Liabilities:* Cash, Marketable Securities, Investments in Affiliates (Cars.com/Apartments.com), Real Estate, **Net Pension Assets**, DebtQuick and Dirty Valuation:I'm going to use comps for this valuation as it is quick and dirty. There have been numerous issues across for-profit education: drops in enrollment, regulatory scrutiny, accreditation scares, and the sector is in general turmoil. Companies trade at 2X-5X EBITDA based on how quickly earnings are falling. APOL's revenue and EBIT is falling faster than DV's so APOL trades around 2X EBITDA and DV trades around 5X EBITDA. Kaplan's revenue and EBITDA are falling relatively slowly so I'll give it a 4X multiple.WPO's other businesses are in areas where there have been recent M&A activity. Charter recently acquired [Cablevision's Systems Bresan Broadband Holdings for 1.625B (8X-9X EBITDA)](http://www.deadline.com/2013/02/charter-buys-cablevision-western-systems/). Also, [Tribune recently purchased 19 Local TV stations for 2.7B (7-8X average 2011/2012 EBITDA)](http://dealbook.nytimes.com/2013/07/01/tribune-to-buy-19-tv-stations-for-2-7-billion/). I'll use these multiples for those respective divisions. The other businesses are small and I'll value them at $0.I'll value the cash as cash (restricted cash isn't counted) and debt as debt. Marketable securities will be adjusted as they hold 2,214 shares of BRK.A and 424,250 shares of BRK.B (Most recent 10-K). The stock has gone up about 8.8% in the past 3 months so this adds about $37M to the marketable securities balance of $470M.The company holds a 16.5% interest in Classified Ventures and they own Cars.com and Apartments.com. These companies are web 1.0 darlings are in danger of being disrupted by other products. Rent.com was bought by eBay in 2004 for $415M and sold to Primedia last year for an undisclosed price. These assets are worth something, but not as much as they used to be. Let's assume that Rent.com is worth 25% (~$100M) of what is was in 2004. Apartments.com and Cars.com have similar traffic to Rent.com according to Compete.com (I know, not the best proxy for traffic). Then WPO's interest in these businesses is worth $33M.Their remaining publishing businesses could be worth $75M. You can use the HuffPo sale to AOL as a comp for Slate. At that point in time, they had about 25M visitors and Slate currently has 5M according to compete. Either way, this estimate is more of a quick guess than anything for the rest of the properties.Real Estate not included in the sale of the Washington Post includes, properties at 1150 15th St NW, 1515 L St NW, 1523 L St NW, 1100 15th St NW, and wharves and warehouses on the Alexandria, VA waterfront owned by Robinson Terminal Warehouse. [You can look up the DC Properties here](https://www.taxpayerservicecenter.com/RP_Search.jsp?search_type=Assessment) and [the Alexandria Property here](http://realestate.alexandriava.gov/index.php?action=address) to get their tax assessed values. This should give you a lower bound on what the properties are worth. The DC Properties are assessed at about $80M in total and the Alexandria property is assessed at $16.3M.The pension is the most interesting piece to me. I'm assuming that this is not sold to Bezos for two reasons that may or may not be justified:1. When they sold Newsweek in 2010, they kept the pensions at the company.2. The pension is over funded and they have a $560M asset on their balance sheet.>The Company assumed a 6.5% expected return on plan assets for fiscal year 2012, which is consistent with the expected return assumption for fiscal years 2011 and 2010. The Company’s actual return on plan assets was 18.5% in 2012, 14.7% in 2011 and 20.3% in 2010. The 10-year and 20-year actual returns on plan assets were 8.5% and 11.4%, respectively.WPO's pension managers have beaten the market over the past 1-year, 2-year, 3-year, 10-year, and 20-year periods (I'm sure with a large dash of Warren Buffett). This is something that is very rarely seen and their overfunded pension is the result.* Education Business - $125M x 4X = $500M* Cable Television - $285M x 8.5X = $2423M* Television Broadcasting - $165M x 7.5X = $1238M* Remaining Publishing Businesses - $75M* Other Businesses - $0* Washington Post Consideration - $250M* Cash - $300M* Marketable Securities - $470M + 37M = $507M* Investments in Affiliates - $33M* Real Estate - $96M* Pension Assets - +$589M* Debt - -$533MTotal Value = ~$5.5BCurrent Market Cap = $4.42BI revised this as I had forgotten some assets that moved the value up 10%. There's alot of uncertainty around how much the remaining publishing businesses make, how much working capital the separated Washington Post will have, and how much of the pension and debt will be shifted to the new company (I erroneously assumed that everything would stay at the old Washington Post). This took me about an 1.5 hours of reading this morning. You'll have to wait for the purchase agreement to come out to see how everything falls.Falset5_2s7v01375808053.0Truet3_1jtbythttp://www.reddit.com/r/SecurityAnalysis/comments/1jtbyt/quick_and_dirty_washington_post_valuation/
1375750755.024scribd.com1js2vtCharlie Munger Art of Stock PickingTannorp2733http://www.reddit.com/r/SecurityAnalysis/comments/1js2vt/charlie_munger_art_of_stock_picking/Falset5_2s7v0FalseFalset3_1js2vthttp://www.scribd.com/doc/75389403/Charlie-Munger-Art-of-Stock-Picking
1369739454.024atlasofpublicstocks.com1f6yjaAtlas of Pubic Stocks (Every listed company in the world, on google maps)claphands222408http://www.reddit.com/r/SecurityAnalysis/comments/1f6yja/atlas_of_pubic_stocks_every_listed_company_in_the/Falset5_2s7v0FalseFalset3_1f6yjahttp://atlasofpublicstocks.com/
1368707658.024farnamstreetblog.com1eg3jvThe Buffett Formula — How To Get Smartercurrygoat2738http://www.reddit.com/r/SecurityAnalysis/comments/1eg3jv/the_buffett_formula_how_to_get_smarter/Falset5_2s7v0FalseFalset3_1eg3jvhttp://www.farnamstreetblog.com/2013/05/the-buffett-formula-how-to-get-smarter/
1312919410.025self.SecurityAnalysisjdt72I know there's not a lot of chatter here..tekpunk26113http://www.reddit.com/r/SecurityAnalysis/comments/jdt72/i_know_theres_not_a_lot_of_chatter_here/But thanks to those who are posting these links, they're all very informative and greatly appreciated. Falset5_2s7v0FalseTruet3_jdt72http://www.reddit.com/r/SecurityAnalysis/comments/jdt72/i_know_theres_not_a_lot_of_chatter_here/
1376802556.023finance.fortune.cnn.com1klb3iThe 1975 Buffett memo that saved the Washington Post's pensionFinancialAnalrapist2522http://www.reddit.com/r/SecurityAnalysis/comments/1klb3i/the_1975_buffett_memo_that_saved_the_washington/Falset5_2s7v0FalseFalset3_1klb3ihttp://finance.fortune.cnn.com/2013/08/15/warren-buffett-katharine-graham-letter/
1374258843.024valuewalk.com1inbkpKlarman: Economy ‘House of Cards’, ‘Will Eventually Implode’DrShakoor2954http://www.reddit.com/r/SecurityAnalysis/comments/1inbkp/klarman_economy_house_of_cards_will_eventually/Falset5_2s7v0FalseFalset3_1inbkphttp://www.valuewalk.com/2013/07/klarman-economy-house-of-cards/
1366894855.022mungerisms.blogspot.ca1d2vqvCharlie Munger:Art of Stock Pickinginvesting1012311http://www.reddit.com/r/SecurityAnalysis/comments/1d2vqv/charlie_mungerart_of_stock_picking/Falset5_2s7v0FalseFalset3_1d2vqvhttp://mungerisms.blogspot.ca/2009/08/art-of-stock-picking.html
1364252339.023greenbackd.com1b0685Warren Buffett and John Hussman On The Stock Market: The Ratio of Total Market Capitalization-to-GNP is Sending a 'Very Strong Warning Signal'Greenbackd30716http://www.reddit.com/r/SecurityAnalysis/comments/1b0685/warren_buffett_and_john_hussman_on_the_stock/Falset5_2s7v0FalseFalset3_1b0685http://greenbackd.com/2013/03/25/warren-buffett-and-john-hussman-on-the-stock-market/
1307558539.023self.SecurityAnalysishutz7Getting around subscription paywallsBeren-2635http://www.reddit.com/r/SecurityAnalysis/comments/hutz7/getting_around_subscription_paywalls/So some people may not be able to afford to pay subscriptions to some news websites for various reasons, so here are some tricks that may be able to work.Edit: I've added this to sidebar under useful linksFalset5_2s7v0TrueTruet3_hutz7http://www.reddit.com/r/SecurityAnalysis/comments/hutz7/getting_around_subscription_paywalls/
1376269536.021self.SecurityAnalysis1k6drz10-K Club #1: Equinix (September)arbitragr24313http://www.reddit.com/r/SecurityAnalysis/comments/1k6drz/10k_club_1_equinix_september/I think that Equinix would be a good first case study to look at. There are bright hedge funds on both sides of this name and so the way I look at this is we should read and learn as much as we can about the company over the course of the month and then I'll set up a new topic for discussion in **September**.Your contribution to the discussion should really be simple. You should be able to articulate why this is a buy/sell/or hold. It's best to have supporting evidence for how you make your argument. You should have primary data on your side. This can come from a variety of sources. Market share data which shows the company is sliding. Financial ratios which show it's deteriorating. Industry data which shows the supply/demand situation is skewed towards one side or another. Not really looking for full blown write ups here, just informed opinions.**Let's shoot for a discussion the weekend of the 13th in September.****Company name:** Equinix**Ticker:** EQIX**Description:** Equinix, Inc. (Equinix) connects businesses with partners and customers worldwide through a global platform of data centers. The Company connects approximately 4000 customers, across the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific. Platform Equinix combines international business exchange (IBX) data centers, a global footprint and ecosystems. The Company offers each customer a choice of business partners and solutions based on their colocation, interconnection and managed IT service needs. Equinix offers customers direct interconnection to an aggregation of bandwidth providers, including the Internet Service Providers (ISPs), broadband access networks and international carriers. Its customers include carriers and other bandwidth providers, cloud and information technology services providers, content providers, financial companies and global enterprises. On July 2, 2012, (the ancotel Acquisition Date), the Company acquired a privately-held company in Germany.**Investor relations:** http://www.equinix.com/company/investors/**EDGAR Links:**10-K: http://www.sec.gov/Archives/edgar/data/1101239/000119312513076572/d450454d10k.htm10-Q: http://www.sec.gov/Archives/edgar/data/1101239/000119312513304769/d543601d10q.htm**- Arbitragr**Falset5_2s7v0FalseTruet3_1k6drzhttp://www.reddit.com/r/SecurityAnalysis/comments/1k6drz/10k_club_1_equinix_september/
1365348814.021youtube.com1butg6Ackman: Wachovia Windfall Took 4 Hours of Work [2mins]currygoat2322http://www.reddit.com/r/SecurityAnalysis/comments/1butg6/ackman_wachovia_windfall_took_4_hours_of_work/Falset5_2s7v0FalseFalset3_1butg6http://www.youtube.com/watch?v=f0NWtYP57jw&sns=em
1361817971.022self.SecurityAnalysis197eo5My Notes to book “Security Analysis” 6th editionrbco2311http://www.reddit.com/r/SecurityAnalysis/comments/197eo5/my_notes_to_book_security_analysis_6th_edition/Ronald R. Redfield CPA, PFSNotes to book “Security Analysis” 6th editionWritten by: Benjamin Graham and David DoddI thought these quotes from Security Analysis Sixth Edition Hardcover might be food for thought. Benjamin Graham and David Dodd first wrote security Analysis in 1934. The first edition was described by Graham as a “book that is intended for all those who have a serious interest in securities values.” The book was not designed for the investment novice. One must have an intermediate to advanced understanding of financial statements, accounting and finance for the book to be understood. The book emphasizes logical reasoning. Graham wrote, “It is the conservative investor who will need most of all to be reminded constantly of the lessons of 1931 –1933 and of previous collapses.”On Page [xiv] Seth Klarman wrote: ”Losing money, as Graham noted, can also be psychologically unsettling. Anxiety from the financial damage caused by recently experienced loss or the fear of further loss can significantly impede our ability to take advantage of the next opportunity that comes along. If an undervalued stock falls by half while the fundamentals – after checking and rechecking – are confirmed to be unchanged, we should relish the opportunity to buy significantly more “on sale.” But if our net worth has tumbled along with the share price, it may be psychologically difficult to add to the position.”On Page [xviii] Klarman wrote: ”Skepticism and judgment are always required.”“Because the value of a business depends on numerous variables, it can typically be assessed only within a range.”“In the end, the most successful value investors combine detailed business research and valuation work with endless discipline and patience, a well-considered sensitivity analysis, intellectual honesty, and years of analytical and investment experience.” On Page [xx] Klarman wrote: ”Even in the worst of markets, Graham and Dodd remained faithful to their principles, including their view that the economy and markets sometimes go through painful cycles, which must simply be endured. They expressed confidence, in those dark days, the economy and stock market would eventually rebound: “While we were writing, we had to combat a widespread conviction that financial debacle was to be the permanent order.”“It is always difficult to take a contrarian approach. Even highly capable investors can wither under the relentless message from the market that they are wrong.”On Page [xxii] Klarman wrote: ”Of course, for those value investors who are truly long term oriented, it is a wonderful thing that many potential competitors are thrown off course by constraints that render them unable or unwilling to effectively compete.”On Page [xxiv] Klarman wrote: ”When bargains are scarce, value investors must be patient; compromising standards is a slippery slope to disaster. New opportunities will emerge, even if we don’t know when or where.”“Still value investors are bottom-up analysts, good at assessing securities one at a time based on the fundamentals. They don’t need the entire market to be bargained priced, just 20 or 25 unrelated securities – a number sufficient for diversification of risk. Even in an expensive market, value investors must keep analyzing securities and assessing businesses, gaining knowledge and experience that will be useful in the future.”On Page [xxvi] Klarman wrote: ”In a bad real estate climate, tighter lending standards can cause even healthy properties to sell at distressed prices. Graham and Dodd’s principles – such as the stability of cash flow, sufficiency of return, and analysis of downside risk – allow us to identify real estate investments with a margin of safety in any market environment.”On Page [xxxix] Klarman wrote: ”In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times. By controlling risk and limiting loss through extensive fundamental analysis, strict discipline, and endless patience, value investors can expect good results with limited downside.”On Page [xl] Klarman wrote: ”The real secret to investing is that there is no secret to investing.”On Pages 22 and 23 there is an interesting table on Economic Data from 1911-1913, 1923-1925 and 1936-1938. On Page 57 Roger Lownestein wrote: ”As a rule of thumb, investors should spend the bulk of their time on the disclosures of the security under study, and they should spend significant time on the reports of their competitors. The point is not just to memorize the numbers but to understand them; as we have seen, both the balance sheet and the statement of cash flow will throw significant light on the number that Wall Street pays the most attention to, the reported earnings.”On Page 138 Howard S. Marks wrote: ”Importantly, Graham and Dodd highlight the importance of cash flow stability in a company’s ability to service its debts in an adverse environment. “Once it is admitted – as it always must be – that the industry can suffer some reduction in profits, then the investor is compelled to estimate the possible le extent of the shrinkage and compare it with eh surplus above the interest requirements. He thus finds himself…vitally concerned with the ability of the company to meet the vicissitudes of the future (p. 155 2nd ed.) This consideration contributed to the fact that, in its infancy in the mid – 1970’s, the leveraged buyout industry restricted its purchases to noncyclical companies. Of course, like all important investment principles, this one is often ignored in bullish periods; enthusiasm and optimism gain sway and the stable –cash-flow rule can be easily forgotten.”On Page 140 Marks reminded us of a Graham quote from page 185 of 2nd ed.: “During the great and disastrous development of the real estate mortgage-bond business between 1923 and 1929, the only datum customarily presented to support the usual bond offering—aside from an estimate of future earnings—was a statement ofThe appraised value of the property, which almost invariably amounted to some 662/3% in excess of the mortgage issue. If these appraisals had corresponded to the market values which experienced buyers of or lenders on real estate would place upon the properties, they would have been of real utility in the selection of sound real estate bonds. But unfortunately they were purely artificial valuations, to which the appraisers were willing to attach their names for a fee, and whose only function was to deceivethe investor as to the protection which he was receiving.”“This whole scheme of real estate financing was honeycombed with the most glaring weaknesses, and it is sad commentary on the lack of principle, penetration, and ordinary common sense on the part of all parties concerned that it was permitted to reach such gigantic proportions before the inevitable collapse.”Here is a Graham quote from page 43 of 2nd ed.:“Now let us consider a similar judgment based primarily upon the trend. In 1929 nearly all public-utility systems showed a continued growth of earnings, but the fixed charges of many were so heavy—by reason of pyramidal capital structures—that they consumed nearly all the net income. Investors bought bonds of these systems freely on the theorythat the small margin of safety was no drawback, since earnings were certain to continue to increase. They were thus making a clear-cut prediction as to the future, upon the correctness of which depended the justification of their investment. If their prediction were wrong—as proved to be the case—they were bound to suffer serious loss.”Ezra Merkin (an alleged Madoff feeder) on page 288 wrote in an essay titled 'Blood and Judgment.'Still if Graham and Dodd's bible cannot be understood today without commentary, the attitude embodied in this work is timeless. As long as investors remain human, and thus subject to greed, fear, pressure, doubt and the entire range of human emotions, there will be money to be made by those who steel themselves to overcome emotion. As long as the human tendency to march in herds persists, there will be opportunity for contrarians who are unafraid to stand alone.'Glenn H. Greenberg wrote on page 399 and 400,'Accounting has always presented management with opportunities to misrepresent results. In 1934, companies ran nonrecurring gains through the profit-and-loss statement and stretched out depreciation schedules to make earnings look better than they were.” 'The second challenge to rational investing is to maintain one's logical convictions in the face of excess gloom or euphoria as reflected in stock prices. I doubt many owners of private companies are preoccupied with the value of their business on a short-term basis - how different from the public markets, where a rising stock price makes us feel smart and a falling on makes us feel dumb.'Obviously it requires strength of character in order to think and act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.'On Page 405 Greenberg discussed the 3 main challenges of Value Investing: A. “Careful research takes time and seldom results in a clear case of taking a large position. It is tedious to always review and seldom uncover an opportunity.”B. “It is difficult to maintain ones logical convictions in the face of excess gloom or euphoria as reflected in stock prices.” He discusses something we occasionally ponder. The concern that our analysis is incorrect as a company’s stock price gets pounded. Greenberg writes, “Our self-doubts and fears of failure cause us to glimpse catastrophe where we once envisioned opportunity. Graham and Dodd wrote, “Obviously it requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.”C. He discusses the presence of greed and how that is now exaggerated in 2008 by the proliferation of hedge funds.On Page 406 Greenberg wrote: “A recurring theme of Security Analysis is the importance of gathering as much information as possible, but then making judgments, which are subject to being wildly of the mark.” On Page 482 Graham wrote: ”In the absence of indications to the contrary we accept the past record as a basis for judging the future. But the analyst must be on the lookout for any such indications to the contrary. Here we must distinguish between vision or intuition on the one hand, and ordinary sound reasoning on the other. The ability to see what is coming is of inestimable value, but it cannot be expected to be part of the analyst's stock in trade.On Page 642 Graham wrote: “The relaxation of investment bankers’ standards in the late 1920’s, and their use of ingenious means to enlarge their compensation, had unwholesome repercussionsin the field of corporate management. Operating officials felt themselves entitled not only to handsome salaries but also to a substantial participation in the profits of the enterprise. In this respect the investment- trust arrangements, devised by the banking houses for their own benefit, set a stimulating example to the world of “big business.”On Page 653 Graham wrote: “The industrial field never offered the same romantic possibilities for high finance as were found among the rails and utilities, but it may well be that the ingenious talents of promoters and financial wizards will be directed towards the industrials in the future. The investor and the analyst should be on their guard against such new dazzlements.”On Page 654 Graham wrote about analyzing companies using some fundamental methods. This makes an excellent source to revisit and study.On page 687 Graham discussed the apparent nationalization of, and then future privatization of the railroads. This is eerily similar to me in relation to Banks as I write this in February 2009.“In the years following 1932 a large part of the country’s railroad mileage went into the hands of trustees. At the close of 1938 a total of 111 railway companies operating 78,016 miles (31% of the total railway mileage in the United States) were in the hands of receivers or trustees. This is the greatest mileage ever in the hands of the courts at any one time. Reorganization in every case has been long delayed, owing on the one hand to the complicated capital structures to be dealt with and on the other to the uncertainty as to future normal earnings. As a result the price of a great many issues fell to extremely low levels—which would undoubtedly have presented excellent opportunities for the shrewd investor, had it not been that the earnings of the railroads as a whole continued for some years to make disappointing showings as compared with general business.”On Page 708 Graham wrote: ”Purchase of securities selling well below intrinsic value. Intrinsic Value takes into account not only past earnings and liquid asset values but also future earning power, conservatively estimated – in other words, qualitative as well as quantitative elements. We think that since a large percentage of all issues nowadays are relatively unpopular, there must be many cases in which the market goes clearly and crassly astray, thus creating real opportunities for the discriminating student.”Falset5_2s7v0FalseTruet3_197eo5http://www.reddit.com/r/SecurityAnalysis/comments/197eo5/my_notes_to_book_security_analysis_6th_edition/
1338781488.021wallstreetoasis.comujn2oCollection of 80+ Investment Research Industry Primers (x-post from r/finance)currygoat2101http://www.reddit.com/r/SecurityAnalysis/comments/ujn2o/collection_of_80_investment_research_industry/Falset5_2s7v0FalseFalset3_ujn2ohttp://www.wallstreetoasis.com/forums/industry-primers-ready-to-go
1320177036.022manualofideas.comlws70Why Very Few People Become Great Investorscurrygoat2533http://www.reddit.com/r/SecurityAnalysis/comments/lws70/why_very_few_people_become_great_investors/Falset5_2s7v0FalseFalset3_lws70http://www.manualofideas.com/files/sellers.pdf
1370819652.020youtube.com1g0cgeBuffett & Gates on Successinvesting1012111http://www.reddit.com/r/SecurityAnalysis/comments/1g0cge/buffett_gates_on_success/Falset5_2s7v0FalseFalset3_1g0cgehttp://www.youtube.com/watch?feature=player_embedded&v=ldPh0_zEykU
1356558134.021youtube.com15hhkuMichael Burry, who predicted the mortgage crises1kGarand2106http://www.reddit.com/r/SecurityAnalysis/comments/15hhku/michael_burry_who_predicted_the_mortgage_crises/Falset5_2s7v0FalseFalset3_15hhkuhttps://www.youtube.com/watch?v=fx2ClTpnAAs
1356116329.021businessweek.com158o1wRyan Morris: A 28 Year Old Activist Investorcurrygoat25417http://www.reddit.com/r/SecurityAnalysis/comments/158o1w/ryan_morris_a_28_year_old_activist_investor/Falset5_2s7v0FalseFalset3_158o1whttp://www.businessweek.com/articles/2012-12-20/ryan-morris-28-year-old-activist-investor#p1
1355129164.021management.fortune.cnn.com14lhftOct-1989 Fortune article: 'Are these the new Warren Buffetts?'FinancialAnalrapist23211http://www.reddit.com/r/SecurityAnalysis/comments/14lhft/oct1989_fortune_article_are_these_the_new_warren/Falset5_2s7v0FalseFalset3_14lhfthttp://management.fortune.cnn.com/2012/11/21/new-warren-buffetts/
1354587524.020newyorker.com148kr9Lunch with Warren Buffett (short piece on the New Yorker)FinancialAnalrapist2220http://www.reddit.com/r/SecurityAnalysis/comments/148kr9/lunch_with_warren_buffett_short_piece_on_the_new/Falset5_2s7v0FalseFalset3_148kr9http://www.newyorker.com/talk/financial/2012/12/10/121210ta_talk_surowiecki
1349303814.021self.SecurityAnalysis10wgdsPresentations From The Value Investing Congress 2012Beren-2105http://www.reddit.com/r/SecurityAnalysis/comments/10wgds/presentations_from_the_value_investing_congress/* [Bill Ackman - GGP](http://www.scribd.com/doc/108717703/Bill-Ackman-Value-Investing-Congress-100112)* [Barry Rosenstein - Agrium](http://www.scribd.com/doc/108783511/Rosenstein-ValueInvestingCongress-100112)* [Alex Roepers - Five Long Ideas](http://www.scribd.com/doc/108783996/Roepers-ValueInvestingCongress-100212)* [John Mauldin - Macro Picture](http://www.scribd.com/doc/108784250/Mauldin-ValueInvestingCongress-100112)* [Zack Buckley - Splunk](http://www.scribd.com/doc/108784547/Buckley-ValueInvestingCongress-100112)* [Mick McGuire - Alexander & Baldwin, Gencorp, Brookfield Residential](http://www.scribd.com/doc/108784794/McGuire-ValueInvestingCongress-100112)* [Whitney Tilson - Netflix, Howard Hughes, Berkshire Hathaway](http://www.scribd.com/doc/108785151/Value-Investing-Congress-Presentation-Tilson-10-1-12)* [Kian Ghazi - Layne Christensen Company](http://www.scribd.com/doc/108785334/Ghazi-ValueInvestingCongress-100112)* [Lloyd Khaner - Starbucks, Jamba](http://www.scribd.com/doc/108847813/Khaner-ValueInvestingCongress-100212)* [Bob Robotti - Calfrac Well Services](http://www.scribd.com/doc/108848171/Robotti-ValueInvestingCongress-100212)* [Guy Gottifried - Clublink Enterprises, Canam Group](http://www.scribd.com/doc/108862836/Gottfried-ValueInvestingCongress-100212)Falset5_2s7v0FalseTruet3_10wgdshttp://www.reddit.com/r/SecurityAnalysis/comments/10wgds/presentations_from_the_value_investing_congress/
1367088816.022blogs.wsj.com1d88zpWhat Sell-Side Research Analysts Really Docurrygoat2318http://www.reddit.com/r/SecurityAnalysis/comments/1d88zp/what_sellside_research_analysts_really_do/Falset5_2s7v0FalseFalset3_1d88zphttp://blogs.wsj.com/totalreturn/2013/04/25/stock-analysts-tell-all/
1366380288.019online.wsj.com1codi3Forget Gold, the Gourmet Cupcake Market Is Crashingcurrygoat22312http://www.reddit.com/r/SecurityAnalysis/comments/1codi3/forget_gold_the_gourmet_cupcake_market_is_crashing/Falset5_2s7v0FalseFalset3_1codi3http://online.wsj.com/article/SB10001424127887324345804578425291917117814.html
1356064222.019businessinsider.com157k85Bill Ackman's Herbalife Short Presentation [342 Pages]currygoat23414http://www.reddit.com/r/SecurityAnalysis/comments/157k85/bill_ackmans_herbalife_short_presentation_342/Falset5_2s7v0FalseFalset3_157k85http://www.businessinsider.com/bill-ackmans-herbalife-presentation-2012-12#-1
1349891711.020self.SecurityAnalysis119gw2Why Berkshire bought NYSE:DVA, an analysis.1kGarand2337http://www.reddit.com/r/SecurityAnalysis/comments/119gw2/why_berkshire_bought_nysedva_an_analysis/Last week, the world found out that Berkshire Hathaway now owns more than 10% of DaVita (DVA), a dialysis company. I took a look over this weekend, and I think this is why.DVA is a pretty good company--profitable, growing, etc. Good, but not too exciting. Then I read their final prospectus on their merger with HealthCare Partners. And everything made sense.HealthCare Partners is a private medical services company, with about $400M in net earnings. They are very profitable, and growing. DVA is buying them for $5.7B, using $4.7B long term debt, $1B in new stock issue. As a combined company, DVA will have doubled their earnings to $800~~B~~M, while increasing their outstanding shares by 10%. Now, they are not going to report $800~~B~~M in combined earnings this year, because there is a special payout to HCP in form of $315M cash, reducing their earnings to ~$500M. So in 2012, their net earnings will go up only about 15%. Next year, they should fully realize their combined earnings.So why didn't HCP just go IPO instead? They would be worth maybe $10B, but it may take a lot of work to realize it. Because the insiders own 70%+ of the company, it may have made more sense for them to sell. And the CEO's are friends.So there you go. Double the earnings with little share dilution, realized in about 12 months. Arbitrage with margin of safety. Classic Warren.Falset5_2s7v01349907288.0Truet3_119gw2http://www.reddit.com/r/SecurityAnalysis/comments/119gw2/why_berkshire_bought_nysedva_an_analysis/
1374904963.017oddballstocks.com1j5c1gWhy I Invest in Small Capscurrygoat21413http://www.reddit.com/r/SecurityAnalysis/comments/1j5c1g/why_i_invest_in_small_caps/Falset5_2s7v0FalseFalset3_1j5c1ghttp://www.oddballstocks.com/2013/07/why-small-caps.html
1369919019.018futureblind.com1fc0tnWarren Buffett's 1973 letter to Katherine Grahaminvesting1011912http://www.reddit.com/r/SecurityAnalysis/comments/1fc0tn/warren_buffetts_1973_letter_to_katherine_graham/Falset5_2s7v0FalseFalset3_1fc0tnhttp://www.futureblind.com/2013/05/dear-mrs-graham/
1367604331.019video.cnbc.com1dmrnwCharlie Munger On the Record: The Full Interview [36min]Beren-1903http://www.reddit.com/r/SecurityAnalysis/comments/1dmrnw/charlie_munger_on_the_record_the_full_interview/Falset5_2s7v0FalseFalset3_1dmrnwhttp://video.cnbc.com/gallery/?video=3000166059&play=1
1366034583.020cbs360.gsb.columbia.edu1ce0m4Columbia Value Investing Courses for Spring 2013: Audio Filesinvesting1012222http://www.reddit.com/r/SecurityAnalysis/comments/1ce0m4/columbia_value_investing_courses_for_spring_2013/Falset5_2s7v0FalseFalset3_1ce0m4http://cbs360.gsb.columbia.edu:8080/ess/portal/section/9aac273a-cf89-457a-8165-8a00db64e2f1
1362358229.018self.SecurityAnalysis19lw6yHappy cake day to Beren-, the founder of this subWrg26082685http://www.reddit.com/r/SecurityAnalysis/comments/19lw6y/happy_cake_day_to_beren_the_founder_of_this_sub/Great job on creating and maintaining an awesome sub. I personally visit multiple times a day and find most of the information very useful. While there are many value blogs on the internet, this is probably the best resource out there that sorts through all the BS and talks intelligently about value investing, Warren Buffett, Ben Graham, and everything in between.Falset5_2s7v0FalseTruet3_19lw6yhttp://www.reddit.com/r/SecurityAnalysis/comments/19lw6y/happy_cake_day_to_beren_the_founder_of_this_sub/
1358295030.019brontecapital.blogspot.ca16ngmfNotes on Visiting a Herbalife Nutrition ClubBeren-22310http://www.reddit.com/r/SecurityAnalysis/comments/16ngmf/notes_on_visiting_a_herbalife_nutrition_club/Falset5_2s7v0FalseFalset3_16ngmfhttp://brontecapital.blogspot.ca/2013/01/notes-on-visiting-herbalife-nutrition.html
1348804018.021scioncapital.com10lpaiMichael Burry's 2008 Letter to Investors (AAOI h/t)claphands222215http://www.reddit.com/r/SecurityAnalysis/comments/10lpai/michael_burrys_2008_letter_to_investors_aaoi_ht/Falset5_2s7v0FalseFalset3_10lpaihttp://www.scioncapital.com/PDFs/Scion%202008%201Q.pdf
1302726881.019self.SecurityAnalysisgpch0Recommended Reading ListBeren-291016http://www.reddit.com/r/SecurityAnalysis/comments/gpch0/recommended_reading_list/An ever growing list of various books on not only value investing but other areas that could help you become a better value investor.Falset5_2s7v0TrueTruet3_gpch0http://www.reddit.com/r/SecurityAnalysis/comments/gpch0/recommended_reading_list/
1375976891.018self.SecurityAnalysis1jymebTSLA Stock Price: Need for JustificationVelswon20257http://www.reddit.com/r/SecurityAnalysis/comments/1jymeb/tsla_stock_price_need_for_justification/Alright I wanted some help and critiquing for my analysis.I just simply looked at the numbers and compared TSLA (Tesla) with F (Ford).According to today's stock price of $97.08 for TSLA, and $16.91 for F.* TSLA market capitalization = $17.82B* F market capitalization = $66.46B This means that Ford is only worth 3.73 times as much as Tesla. I find that very had to believe. Especially when you dig a bit deeper and come by the stockholder equity numbers. * TSLA stockholder equity = $168.58M * F stock holder quity = $19.22B Not to mention that Q2 earnings also show * TSLA net income = -11.25M* F net income = + 1.23B So I was wondering why when Ford has 30 times the stockholder equity of Tesla and when Ford has many times more the profits of Tesla, people have valued Ford to only be worth 3.73 times the value of Tesla. I am not trying to say that TSLA should be priced lower or that F should be priced higher, I am just trying to figure out why the prices are what they are.Falset5_2s7v0FalseTruet3_1jymebhttp://www.reddit.com/r/SecurityAnalysis/comments/1jymeb/tsla_stock_price_need_for_justification/
1371732671.020self.SecurityAnalysis1gq2l0Value Investing Rant/Book Recommendations?agaglio22225http://www.reddit.com/r/SecurityAnalysis/comments/1gq2l0/value_investing_rantbook_recommendations/Value investing works. It's always worked and will always work (in the long run) because cash = cash. Stock prices will reflect the cash that they produce. I don't think anyone here would argue with that.But am I the only one who's kinda sick of the value investing culture? It's like the same things -the same concepts- explained over and over and over again. I saw someone commented on the Doug Barnett video: 'There's nothing new to learn here.' Yeah, well when was the last time anyone gave a presentation on value investing where there was something new to learn? At least the Barnett video has some examples.If you've read one or two value investing books, you've read them all. The marginal utility of reading another is pretty much zero. Of course there are books every once in a while that are different and somewhat revolutionary (Greenblatt's You Can be a Stock Market Genius comes to mind) but the vast majority are just regurgitation. When I see another book has come out, I think to myself: exactly what the world doesn't need - another value investing book. Or take the lecture series available from the Ben Graham Centre (http://www.bengrahaminvesting.ca/Resources/videos.htm). How many of these lectures say anything besides 'We buy good companies when they're out of favor blah blah blah'? I'd recommend Klarman's video but the rest are more or less useless if you're already familiar with VI.While I'm ranting away I might as well mention what I see as a big drawback of most VI books: a lack of examples and detailed analysis of the examples. This is where Greenblatt's book excels but few others do. In my opinion, going through real world examples and real world valuations is possibly the most important part of becoming a good investor. It's the reason that youtube video of Van Den Burg's on CSCO is worth your time and Greenwald's squawking Columbia lectures probably aren't. Am I the only one that feels this way? At some point an investor needs to shift his focus from value investing to business in general. I wish I had shifted mine earlier- I'd be a better investor now if I had. I also think that most people should make the shift way earlier than they do. That being said, does anyone have any good book recommendations that deal with specific industries? I'd like to begin widening my circle of competence and understanding of business. Not my understanding of value investing. OK, that's enough whining for one day.Falset5_2s7v0FalseTruet3_1gq2l0http://www.reddit.com/r/SecurityAnalysis/comments/1gq2l0/value_investing_rantbook_recommendations/
1367944728.018scribd.com1dvc6zBerkshire Hathaway Annual Meeting 2013: 31 Pages of Notesinvesting1011807http://www.reddit.com/r/SecurityAnalysis/comments/1dvc6z/berkshire_hathaway_annual_meeting_2013_31_pages/Falset5_2s7v0FalseFalset3_1dvc6zhttp://www.scribd.com/doc/139978111/Berkshire-Hathaway-Annual-Meeting-2013
1365790336.018youtube.com1c7y7hTrader: The Documentary (Paul Tudor Jones) is now on YoutubeRMFT891917http://www.reddit.com/r/SecurityAnalysis/comments/1c7y7h/trader_the_documentary_paul_tudor_jones_is_now_on/Falset5_2s7v0FalseFalset3_1c7y7hhttp://www.youtube.com/watch?v=K2sjOJajHwk
1360359067.019southeasternasset.com185lkaDell's largest outside shareholder will vote to reject the acquisitionheardaloon1900http://www.reddit.com/r/SecurityAnalysis/comments/185lka/dells_largest_outside_shareholder_will_vote_to/Falset5_2s7v0FalseFalset3_185lkahttp://www.southeasternasset.com/downloads/dell-board-letter.pdf
1352844803.018self.SecurityAnalysis1359pmParalyzed: I've read EVERYTHING and I'm still confused.rbuk18038http://www.reddit.com/r/SecurityAnalysis/comments/1359pm/paralyzed_ive_read_everything_and_im_still/I've read it all.I've read Graham. I've read Lynch. I read the Fool weekly. I read countless posts and essays and god knows what.And I *still* don't know how to do this.I know I need to start 'evaluating companies'. But I still don't understand where to start? What data to choose? Which filters to set on stock screeners?It's like graduating uni - you think you've acquired a profession, but you really don't know anything.Help, Reddit? Please?**Edit**1. Just to be clear, I don't mean *literally* everything, but a lot.1. I think it all really boils down to the simple question: out of the, say, 3,000 or so stocks that are available on a random screener after basic filtering - how do I choose my first 10? my first 5? my first **1**?**Edit 2**So I'm guessing there's at least 2 more people that feel the same way I do? :)**Edit 3**I would appreciate if you can share which stock screener you are using?Falset5_2s7v01352928251.0Truet3_1359pmhttp://www.reddit.com/r/SecurityAnalysis/comments/1359pm/paralyzed_ive_read_everything_and_im_still/
1303781177.018self.SecurityAnalysisgxeufI'd like to lend the services of /r/accounting.omar_torritos1919http://www.reddit.com/r/SecurityAnalysis/comments/gxeuf/id_like_to_lend_the_services_of_raccounting/Fellow value investors,I'd like to extend an open invitation for you to pose questions to [/r/accounting](http://www.reddit.com/r/accounting). We have a good mix of practitioners and students, who are willing to lend a hand. And I'm sure we'd all benefit from seeing how the end users, like yourselves use our products.So if you happen to run across something while perusing financial statements, that doesn't make sense, tingles your spidy sense, or you just want a second opinion on, please drop on in!Falset5_2s7v0FalseTruet3_gxeufhttp://www.reddit.com/r/SecurityAnalysis/comments/gxeuf/id_like_to_lend_the_services_of_raccounting/
1371513205.017reddit.com1gjuwm/u/currygoat delivers..Very Informative Response on Stock Screening MetricsWrg26081811http://www.reddit.com/r/SecurityAnalysis/comments/1gjuwm/ucurrygoat_deliversvery_informative_response_on/Falset5_2s7v0FalseFalset3_1gjuwmhttp://www.reddit.com/r/SecurityAnalysis/comments/1gag5l/value_screening_metrics/cakfqos
1369862956.017reuters.com1fam9iBuffett picks up Las Vegas-based NV Energy for $5.6 billionWrg26082142http://www.reddit.com/r/SecurityAnalysis/comments/1fam9i/buffett_picks_up_las_vegasbased_nv_energy_for_56/Falset5_2s7v0FalseFalset3_1fam9ihttp://www.reuters.com/article/2013/05/29/us-nveenergy-berkshire-idUSBRE94S1BK20130529
1363802375.017vimeo.com1aocs4Interview With Warren Buffett [15min]Beren-1703http://www.reddit.com/r/SecurityAnalysis/comments/1aocs4/interview_with_warren_buffett_15min/Falset5_2s7v0FalseFalset3_1aocs4http://vimeo.com/62209937#at=0
1358528211.017gurufocus.com16toh1How to Learn Everything You Need to Know About a Stockcurrygoat1923http://www.reddit.com/r/SecurityAnalysis/comments/16toh1/how_to_learn_everything_you_need_to_know_about_a/Falset5_2s7v0FalseFalset3_16toh1http://www.gurufocus.com/news/205070/how-to-learn-everything-you-need-to-know-about-a-stock
1354111903.017youtube.com13xm53Everything You Need to Know About Finance and Investing in Under an Hour - Bill AckmanRMFT892031http://www.reddit.com/r/SecurityAnalysis/comments/13xm53/everything_you_need_to_know_about_finance_and/Falset5_2s7v0FalseFalset3_13xm53http://www.youtube.com/watch?v=WEDIj9JBTC8
1349360158.017csinvesting.wordpress.com10xpn5Bruce Greenwald's Introduction to Value Investing Class Videos (Lectures 1-5)currygoat1923http://www.reddit.com/r/SecurityAnalysis/comments/10xpn5/bruce_greenwalds_introduction_to_value_investing/Falset5_2s7v0FalseFalset3_10xpn5http://csinvesting.wordpress.com/2012/10/04/greenwald-lectures-2010-1-5/
1341611739.016economics.harvard.eduw5exdThis Time is Different: A Panoramic View of Eight Centuries of Financial CrisesBeren-1711http://www.reddit.com/r/SecurityAnalysis/comments/w5exd/this_time_is_different_a_panoramic_view_of_eight/Falset5_2s7v0FalseFalset3_w5exdhttp://www.economics.harvard.edu/files/faculty/51_This_Time_Is_Different.pdf
1340309883.017gannonandhoangoninvesting.comvedfmHow to Become a Better Analyst One Hour at a Timecurrygoat1700http://www.reddit.com/r/SecurityAnalysis/comments/vedfm/how_to_become_a_better_analyst_one_hour_at_a_time/Falset5_2s7v0FalseFalset3_vedfmhttp://www.gannonandhoangoninvesting.com/blog/how-to-become-a-better-analyst-one-hour-at-a-time.html
1339177196.017tweedy.comurvcpWhat Has Worked In Investing - Study of Investment ApproachesBeren-1811http://www.reddit.com/r/SecurityAnalysis/comments/urvcp/what_has_worked_in_investing_study_of_investment/Falset5_2s7v0FalseFalset3_urvcphttp://www.tweedy.com/resources/library_docs/papers/What%20Has%20Worked%20in%20Investing%20Fund%20Version.pdf
1337733585.017oldschoolvalue.comu06psOld School Value Blog: [How Buffett Interprets Financial Statements]beta_writer1814http://www.reddit.com/r/SecurityAnalysis/comments/u06ps/old_school_value_blog_how_buffett_interprets/Falset5_2s7v0FalseFalset3_u06pshttp://www.oldschoolvalue.com/blog/tutorial/this-is-how-buffett-interprets-financial-statements/?source=rss&utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+OldSchoolValue+%28Old+School+Value%29
1327430336.017youtube.comourrzWarren Buffett - Lecture at University of GeorgiaBeren-2140http://www.reddit.com/r/SecurityAnalysis/comments/ourrz/warren_buffett_lecture_at_university_of_georgia/Falset5_2s7v0FalseFalset3_ourrzhttp://www.youtube.com/watch?feature=player_embedded&v=2a9Lx9J8uSs
1321583283.015youtube.commgfveKyle Bass Interview on BBC Hardtalkfreeandhappy1725http://www.reddit.com/r/SecurityAnalysis/comments/mgfve/kyle_bass_interview_on_bbc_hardtalk/Falset5_2s7v0FalseFalset3_mgfvehttp://www.youtube.com/watch?v=K-F_QF1XTXI&feature=player_embedded
1375045679.016bloomberg.com1j8gwgFormer Brazilian Billionaire Eike Batista Loses 99% of His Fortunecurrygoat1602http://www.reddit.com/r/SecurityAnalysis/comments/1j8gwg/former_brazilian_billionaire_eike_batista_loses/Falset5_2s7v0FalseFalset3_1j8gwghttp://www.bloomberg.com/news/2013-07-25/brazil-s-batista-loses-billionaire-status-as-debts-mount.html
1370899663.017ey.com1g2mp8Ernst & Young Bankruptcy and Liquidation Accounting Primercurrygoat1922http://www.reddit.com/r/SecurityAnalysis/comments/1g2mp8/ernst_young_bankruptcy_and_liquidation_accounting/Falset5_2s7v0FalseFalset3_1g2mp8http://www.ey.com/publication/vwluassetsdld/financialreportingdevelopments_bb1840_bankruptcy_december2011/$file/financialreportingdevelopments_bb1840_bankruptcy_december2011.pdf?OpenElement
1369239771.015greenbackd.com1eubcsWarren Buffett's Favored Measure of Market Valuation Passes Unwelcome MilestoneGreenbackd2051http://www.reddit.com/r/SecurityAnalysis/comments/1eubcs/warren_buffetts_favored_measure_of_market/Falset5_2s7v0FalseFalset3_1eubcshttp://greenbackd.com/2013/05/22/warren-buffetts-favored-measure-of-market-valuation-passes-unwelcome-milestone/
1368803178.017safalniveshak.com1eir9830 Big Ideas from Seth Klarman’s Margin of Safetyinvesting1011701http://www.reddit.com/r/SecurityAnalysis/comments/1eir98/30_big_ideas_from_seth_klarmans_margin_of_safety/Falset5_2s7v0FalseFalset3_1eir98http://www.safalniveshak.com/wp-content/uploads/2013/05/30-Ideas-from-Margin-of-Safety.pdf
1360883469.016bloomberg.com18jojmIcahn Discloses 13% Stake in HerbalifeBeren-16013http://www.reddit.com/r/SecurityAnalysis/comments/18jojm/icahn_discloses_13_stake_in_herbalife/Falset5_2s7v0FalseFalset3_18jojmhttp://www.bloomberg.com/news/2013-02-14/icahn-reports-13-stake-in-herbalife-plans-to-seek-talks.html
1356874882.017forbes.com15o83sForbes - Ben Graham's 60-Year-Old Strategy Still Winning BigWrg26081927http://www.reddit.com/r/SecurityAnalysis/comments/15o83s/forbes_ben_grahams_60yearold_strategy_still/Falset5_2s7v0FalseFalset3_15o83shttp://www.forbes.com/sites/investor/2012/12/18/ben-grahams-60-year-old-strategy-still-winning-big/
1341347752.015self.SecurityAnalysisvzwamThe r/SecurityAnalysis Investment Simulation Update (6 months)currygoat1720http://www.reddit.com/r/SecurityAnalysis/comments/vzwam/the_rsecurityanalysis_investment_simulation/I wanted to provide a quick update on the /r/SecurityAnalysis 2015 Investment Simulation that started on January 2nd, 2012. As a refresher, each competitor manages a $100,000 portfolio and their performance is judged after three years. This simulation is meant to be deliberate practice, so invest as you would in real life. Although simulations are imperfect and there is no substitute to investing with real money, this will be a starting point in investing for many and a growth point for others that want to try new techniques.41 people have registered for this competition, but only 23 people made trades. The current leader is still itsmedog with a 28% gain YTD. He was ahead about the same in the last update. Most of his profits have come from positions in AAPL, AAPL call options, OCLR, PRXI, and BREW. While I am no longer almost in last, I'm still below average. I have not sold any of my positions since the last update and only initiated one Merger Arb position. SVU is currently down 14% and is still the biggest dog in my portfolio. I pursued a very concentrated strategy for the simulation and I'm interested in seeing how this turns out.Only 4 of 23 people that made trades (itsmedog, nmelluzzo, Drited, and egoodwin) are currently beating the S&P500's return YTD of 9.26%. I expect this trend to continue as most active managers don't beat broad based indexes.For those interested in joining this simulation, you can [sign up for the competition using this link](http://simulator.investopedia.com/Game/ListGames.aspx?type=Search&item=SecurityAnalysis%202015&sc=1&scur=USD##axzz1zUyfE4xY) after you sign up for Investopedia.Game Name: SecurityAnalysis 2015 Password: BerenWasFirstRemember, this simulation is a marathon that ends January 2015. Good luck investing!currygoatFalset5_2s7v0FalseTruet3_vzwamhttp://www.reddit.com/r/SecurityAnalysis/comments/vzwam/the_rsecurityanalysis_investment_simulation/
1334698900.017blogs.wsj.comsevw6Warren Buffett Diagnosed With Stage 1 Prostate Canceromar_torritos1922http://www.reddit.com/r/SecurityAnalysis/comments/sevw6/warren_buffett_diagnosed_with_stage_1_prostate/Falset5_2s7v0FalseFalset3_sevw6http://blogs.wsj.com/deals/2012/04/17/warren-buffet-diagnosed-with-stage-1-prostate-cancer/?mod=djemalertNEWS
1332798580.018gurufocus.comreu45How Warren Buffett Made His First $100,000currygoat1806http://www.reddit.com/r/SecurityAnalysis/comments/reu45/how_warren_buffett_made_his_first_100000/Falset5_2s7v0FalseFalset3_reu45http://www.gurufocus.com/forum/read.php?1,169950,169950#msg-169950
1328818971.014finance.fortune.cnn.compi8zzWarren Buffett - Why Stocks Beat Gold and BondsBeren-1840http://www.reddit.com/r/SecurityAnalysis/comments/pi8zz/warren_buffett_why_stocks_beat_gold_and_bonds/Falset5_2s7v0FalseFalset3_pi8zzhttp://finance.fortune.cnn.com/2012/02/09/warren-buffett-berkshire-shareholder-letter/
1328032930.016self.SecurityAnalysisp4t77Aswath Damodaran MBA Corporate Finance & Valuation Classes 2012Beren-1826http://www.reddit.com/r/SecurityAnalysis/comments/p4t77/aswath_damodaran_mba_corporate_finance_valuation/* [Valuation Class](http://coursekit.com/app#course/b40.3331.damodaran/calendar)* [Corporate Finance](http://coursekit.com/app#course/b40.2302.damodaran-1/calendar)Falset5_2s7v0FalseTruet3_p4t77http://www.reddit.com/r/SecurityAnalysis/comments/p4t77/aswath_damodaran_mba_corporate_finance_valuation/
1313444199.015nytimes.comjjs4vWarren Buffett - Stop Coddling The Super RichBeren-1942http://www.reddit.com/r/SecurityAnalysis/comments/jjs4v/warren_buffett_stop_coddling_the_super_rich/Falset5_2s7v0FalseFalset3_jjs4vhttp://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=1
1374596044.017greenbackd.com1iw3r4Has value investing worked in Japan's long bear market (1990 to 2011)?Greenbackd2034http://www.reddit.com/r/SecurityAnalysis/comments/1iw3r4/has_value_investing_worked_in_japans_long_bear/Falset5_2s7v0FalseFalset3_1iw3r4http://greenbackd.com/2013/07/23/has-value-investing-worked-in-japans-long-bear-market-1990-to-2011/
1371065345.014kamny.com1g7s3xRisk is Not the Same as VolatilityBeren-1738http://www.reddit.com/r/SecurityAnalysis/comments/1g7s3x/risk_is_not_the_same_as_volatility/Falset5_2s7v0FalseFalset3_1g7s3xhttp://www.kamny.com/load/publications/p03_eng.pdf
1368919649.015self.SecurityAnalysis1elp3qSteps to start your own practice?voodoodudu18318http://www.reddit.com/r/SecurityAnalysis/comments/1elp3q/steps_to_start_your_own_practice/I have a decently wealthy network probably worth multi-millions in assets. Clients would be family, relatives, closed friends and rich people that I have met randomly. The vast majority trust me and a few have been asking me why I would want to work for a corporation when I could just start my own practice?Thus, do any of you guys know the steps I would need to take to start my own investment fund? I.e. proper licensing etc.Falset5_2s7v0FalseTruet3_1elp3qhttp://www.reddit.com/r/SecurityAnalysis/comments/1elp3q/steps_to_start_your_own_practice/
1367874337.015dealbook.nytimes.com1dteu1Bank of America and MBIA Agree to $1.7 Billion Settlementcurrygoat1500http://www.reddit.com/r/SecurityAnalysis/comments/1dteu1/bank_of_america_and_mbia_agree_to_17_billion/Falset5_2s7v0FalseFalset3_1dteu1http://dealbook.nytimes.com/2013/05/06/bank-of-america-and-mbia-said-to-agree-to-1-7-billion-settlement/?nl=business&emc=edit_dlbkpm_20130506
1367372323.014self.SecurityAnalysis1dgbx0What does Buffet mean by reading a lot?chiyeung17310http://www.reddit.com/r/SecurityAnalysis/comments/1dgbx0/what_does_buffet_mean_by_reading_a_lot/I understand the importance of reading. But what specifically should we read to become better investors? I am a college student, but with my spare time I am reading newspapers, annual reports, investment books, blogs and everything on this subreddit including the blogs etc.However after reading another article here, it seems like Buffet reads 500 pages of info a day. How does he do this? What does he read specifically? What are trade publications and how do we get it?If for example Buffet was interested in the news paper business, what would u do to learn about that sector? Thank youFalset5_2s7v0FalseTruet3_1dgbx0http://www.reddit.com/r/SecurityAnalysis/comments/1dgbx0/what_does_buffet_mean_by_reading_a_lot/
1366990695.016portfolio14.com1d5qdyPortfolio14's Generic Investment Checklistcurrygoat1933http://www.reddit.com/r/SecurityAnalysis/comments/1d5qdy/portfolio14s_generic_investment_checklist/Falset5_2s7v0FalseFalset3_1d5qdyhttp://www.portfolio14.com/2012/04/my-investment-checklist.html
1366217881.016greenbackd.com1cjk16Bull Markets Since 1871: Duration and MagnitudeGreenbackd1602http://www.reddit.com/r/SecurityAnalysis/comments/1cjk16/bull_markets_since_1871_duration_and_magnitude/Falset5_2s7v0FalseFalset3_1cjk16http://greenbackd.com/2013/04/17/bull-markets-since-1871-duration-and-magnitude/
1364868241.013self.SecurityAnalysis1bhisoAnnual Report Letter Reading Subreddit?Spankapotamus1523http://www.reddit.com/r/SecurityAnalysis/comments/1bhiso/annual_report_letter_reading_subreddit/First off, I want to thank everyone for the good content here. I've been a subscriber for a year and a half, and I've really seen my approach and philosophy evolve. Anyway, I vaguely remember hearing about a subreddit that shared and discussed annual reports, but I can't seem to find it. Can anyone point me in the right direction?Falset5_2s7v0FalseTruet3_1bhisohttp://www.reddit.com/r/SecurityAnalysis/comments/1bhiso/annual_report_letter_reading_subreddit/
1364141792.016greenbackd.com1ax25wWhat happens if you invest using forward earnings estimates to select stocks?Greenbackd1820http://www.reddit.com/r/SecurityAnalysis/comments/1ax25w/what_happens_if_you_invest_using_forward_earnings/Falset5_2s7v0FalseFalset3_1ax25whttp://greenbackd.com/2013/03/22/what-happens-if-you-invest-using-forward-earnings-estimates-to-select-stocks/
1362718571.014vanityfair.com19w8baBill Ackman, Dan Loeb, Carl Icahn, and Herbalife: The Big Short WarFinancialAnalrapist1626http://www.reddit.com/r/SecurityAnalysis/comments/19w8ba/bill_ackman_dan_loeb_carl_icahn_and_herbalife_the/Falset5_2s7v0FalseFalset3_19w8bahttp://www.vanityfair.com/business/2013/04/bill-ackman-dan-loeb-herbalife
1362081155.016bloomberg.com19exbzHerbalife to Add Two Board Members Chosen by Carl IcahnBeren-1713http://www.reddit.com/r/SecurityAnalysis/comments/19exbz/herbalife_to_add_two_board_members_chosen_by_carl/Falset5_2s7v0FalseFalset3_19exbzhttp://www.bloomberg.com/news/2013-02-28/herbalife-to-add-two-board-members-chosen-by-carl-icahn.html
1361984776.013vanityfair.com19c3ucBillionaire Bill Ackman’s Ill-Fated Bike Ride: “His Mind Wrote a Check That His Body Couldn’t Cash”investing1011745http://www.reddit.com/r/SecurityAnalysis/comments/19c3uc/billionaire_bill_ackmans_illfated_bike_ride_his/Falset5_2s7v0FalseFalset3_19c3uchttp://www.vanityfair.com/online/daily/2013/02/bill-ackman-daniel-loeb-bike-ride
1361474865.016mediafire.com18yyotCharlie Munger - DJCO Detailed NotesBeren-1601http://www.reddit.com/r/SecurityAnalysis/comments/18yyot/charlie_munger_djco_detailed_notes/Falset5_2s7v0FalseFalset3_18yyothttp://www.mediafire.com/view/?op9acwkr7z0z51t
1361380786.015ndir.com18w8u16 Graham Stocks for 2013wcampb1610http://www.reddit.com/r/SecurityAnalysis/comments/18w8u1/6_graham_stocks_for_2013/Falset5_2s7v0FalseFalset3_18w8u1http://www.ndir.com/SI/articles/1112.shtml
1358458393.014youtube.com16rx4rJim Chanos on China's Debt and PC Makers' FailuresBeren-1620http://www.reddit.com/r/SecurityAnalysis/comments/16rx4r/jim_chanos_on_chinas_debt_and_pc_makers_failures/Falset5_2s7v0FalseFalset3_16rx4rhttp://www.youtube.com/watch?feature=player_embedded&v=B9bPX3F5CJc
1352058836.015berkshirehathaway.com12mj9tBerkshire Hathaway Q3 2012 ResultsBeren-1503http://www.reddit.com/r/SecurityAnalysis/comments/12mj9t/berkshire_hathaway_q3_2012_results/Falset5_2s7v0FalseFalset3_12mj9thttp://www.berkshirehathaway.com/qtrly/3rdqtr12.pdf
1348103948.015self.SecurityAnalysis1062w6Starting a Berkshire Hathaway Letters Reading Group, Private Subredditsocrates_bro16129http://www.reddit.com/r/SecurityAnalysis/comments/1062w6/starting_a_berkshire_hathaway_letters_reading/Interested? Post to the thread. (x-post from /r/investing)Original post: http://www.reddit.com/r/investing/comments/1047ee/starting_a_berkshire_hathaway_letters_reading/Falset5_2s7v01348105098.0Truet3_1062w6http://www.reddit.com/r/SecurityAnalysis/comments/1062w6/starting_a_berkshire_hathaway_letters_reading/
1338154268.017manualofideas.comu7rbxTen Lectures On Security Analysis By Benjamin Graham [1946-1947]Beren-1812http://www.reddit.com/r/SecurityAnalysis/comments/u7rbx/ten_lectures_on_security_analysis_by_benjamin/Falset5_2s7v0FalseFalset3_u7rbxhttp://www.manualofideas.com/files/1946graham.pdf
1336870172.016csinvesting.files.wordpress.comtkcfeWarren Buffett Partnership Letters 1957-1970currygoat1710http://www.reddit.com/r/SecurityAnalysis/comments/tkcfe/warren_buffett_partnership_letters_19571970/Falset5_2s7v0FalseFalset3_tkcfehttp://csinvesting.files.wordpress.com/2012/05/complete_buffett_partnership_letters-1957-70_in-sections.pdf
1336166651.017bloomberg.comt7gqyBerkshire Profit Doubles on Insurance Results, DerivativesBeren-1708http://www.reddit.com/r/SecurityAnalysis/comments/t7gqy/berkshire_profit_doubles_on_insurance_results/Falset5_2s7v0FalseFalset3_t7gqyhttp://www.bloomberg.com/news/2012-05-04/berkshire-profit-doubles-on-insurance-results-derivatives.html
1333911237.016informationisbeautiful.netrzjepA Guide to Rhetological Fallaciescurrygoat1712http://www.reddit.com/r/SecurityAnalysis/comments/rzjep/a_guide_to_rhetological_fallacies/Falset5_2s7v0FalseFalset3_rzjephttp://www.informationisbeautiful.net/visualizations/rhetological-fallacies/
1324923010.016self.SecurityAnalysisnrbabThe /r/SecurityAnalysis Investment Simulation Starts in One Weekcurrygoat1607http://www.reddit.com/r/SecurityAnalysis/comments/nrbab/the_rsecurityanalysis_investment_simulation/This post serves as a reminder that the /r/SecurityAnalysis 2015 Investment Simulation starts on January 2nd, 2012. In this competition, each competitor manages a $100,000 portfolio and their performance is judged after three years. This simulation is meant to be deliberate practice, so invest as you would in real life. Although simulations are imperfect and there is no substitute to investing with real money, this will be a starting point in investing for many and a growth point for others that want to try new techniques.To join the game you must [sign up for Investopedia](http://accounts.investopedia.com/signupmember.aspx?site=simulator&RegLink=Simulator_Header#axzz1gVrtke9C). Afterwards, you can [click this link to join the game](http://simulator.investopedia.com/Game/GameDetails.aspx?rgid=169711#axzz1hfgDlF7U). The game can also be joined manually using the game name and password information below.Game Name: **SecurityAnalysis 2015**Password: **BerenWasFirst**Good Luck Investing!currygoatEdit: Link to game fixedFalset5_2s7v01350418667.0Truet3_nrbabhttp://www.reddit.com/r/SecurityAnalysis/comments/nrbab/the_rsecurityanalysis_investment_simulation/
1321298674.015self.SecurityAnalysismc2o0Warren Buffett Interview on CNBCBeren-1722http://www.reddit.com/r/SecurityAnalysis/comments/mc2o0/warren_buffett_interview_on_cnbc/Series of clips from a 3hr interview with Buffett on November 14 2011Falset5_2s7v0FalseTruet3_mc2o0http://www.reddit.com/r/SecurityAnalysis/comments/mc2o0/warren_buffett_interview_on_cnbc/
1303068429.013self.SecurityAnalysisgs7jtWhat stocks are you currently holding and whats the best stat that should make others analyze it toojoeblob15213http://www.reddit.com/r/SecurityAnalysis/comments/gs7jt/what_stocks_are_you_currently_holding_and_whats/I'm currently holding* JASO P/E of 4* Citigroup - Price/Book of 0.79and others but they're not so attractive anymore.Falset5_2s7v0TrueTruet3_gs7jthttp://www.reddit.com/r/SecurityAnalysis/comments/gs7jt/what_stocks_are_you_currently_holding_and_whats/
1375476084.016self.SecurityAnalysis1jl5myWhat are some of the online/apps calculation apps the you use to take the headache out of too many maths in analyzing a company?wobwagner19315http://www.reddit.com/r/SecurityAnalysis/comments/1jl5my/what_are_some_of_the_onlineapps_calculation_apps/An analysis is an analysis, though I feel bogged down by numbers. What tools/excel programs/webapps are the most useful in crunching numbers, for example, with DCF? Also, what is useful for comparing multiple companies?Falset5_2s7v0FalseTruet3_1jl5myhttp://www.reddit.com/r/SecurityAnalysis/comments/1jl5my/what_are_some_of_the_onlineapps_calculation_apps/
1375101110.016lareviewofbooks.org1j9te3Not stock-specific, but I found a REALLY useful article to aid understanding of where the world economy is, and how it got there.moc_tidder_www2046http://www.reddit.com/r/SecurityAnalysis/comments/1j9te3/not_stockspecific_but_i_found_a_really_useful/Falset5_2s7v0FalseFalset3_1j9te3http://lareviewofbooks.org/essay/post-scarcity-economics
1374864154.015scribd.com1j432gGreenlight Capital Q2 2013 shareholder letterinvesting1011610http://www.reddit.com/r/SecurityAnalysis/comments/1j432g/greenlight_capital_q2_2013_shareholder_letter/Falset5_2s7v0FalseFalset3_1j432ghttp://www.scribd.com/doc/156213558/Greenlight-Capital-Q2-2013-shareholder-letter
1372990034.014zerohedge.com1ho2of4 Lessons From A Life On Wall Streetassociatedor2060http://www.reddit.com/r/SecurityAnalysis/comments/1ho2of/4_lessons_from_a_life_on_wall_street/Falset5_2s7v0FalseFalset3_1ho2ofhttp://www.zerohedge.com/news/2013-07-04/4-lessons-life-wall-street
1372625630.015blogs.wsj.com1hdu5wThe Intelligent Investor: Saving Investors From Themselvescurrygoat2278http://www.reddit.com/r/SecurityAnalysis/comments/1hdu5w/the_intelligent_investor_saving_investors_from/Falset5_2s7v0FalseFalset3_1hdu5whttp://blogs.wsj.com/moneybeat/2013/06/28/the-intelligent-investor-saving-investors-from-themselves/
1367932973.014self.SecurityAnalysis1duypaSeth Klarman Q1investing1011400http://www.reddit.com/r/SecurityAnalysis/comments/1duypa/seth_klarman_q1/Here are all the links i have seen anyone else have anything?http://www.institutionalinvestorsalpha.com/Article/3201722/Seth-Klarmans-Baupost-May-Return-Some-Capital-to-Investors.htmlhttp://www.zerohedge.com/news/2013-05-05/seth-klarman-expains-when-investing-its-hardest-and-why-he-not-joining-momentum-tradhttp://www.valuewalk.com/2013/04/seth-klarman-false-calm/Falset5_2s7v0FalseTruet3_1duypahttp://www.reddit.com/r/SecurityAnalysis/comments/1duypa/seth_klarman_q1/
1365902850.015iheartwallstreet.com1cavt2Value Investing Is Not Deadinvesting1011503http://www.reddit.com/r/SecurityAnalysis/comments/1cavt2/value_investing_is_not_dead/Falset5_2s7v0FalseFalset3_1cavt2http://iheartwallstreet.com/2013/04/12/value-investing-is-not-dead/
1365364809.015reuters.com1bvbssReuters Interview With Bill Ackman [40min]Beren-1611http://www.reddit.com/r/SecurityAnalysis/comments/1bvbss/reuters_interview_with_bill_ackman_40min/Falset5_2s7v0FalseFalset3_1bvbsshttp://www.reuters.com/video/2013/04/06/reuters-tv-ackman-shorting-stocks-seen-as-un-americ?videoId=242092185&videoChannel=118066
1365220331.016oldschoolvalue.com1bs2cuThe Practical Guide to Finding Stock IdeasNathanB211930http://www.reddit.com/r/SecurityAnalysis/comments/1bs2cu/the_practical_guide_to_finding_stock_ideas/Falset5_2s7v0FalseFalset3_1bs2cuhttp://www.oldschoolvalue.com/blog/resources/practical-guide-finding-stock-ideas/
1364323465.014bloomberg.com1b22jyBuffett to Convert Goldman Sachs Warrants Into Common StockBeren-1402http://www.reddit.com/r/SecurityAnalysis/comments/1b22jy/buffett_to_convert_goldman_sachs_warrants_into/Falset5_2s7v0FalseFalset3_1b22jyhttp://www.bloomberg.com/news/2013-03-26/berkshire-to-get-goldman-stock-tied-to-warrants-from-2008-deal.html
1363709341.012greenbackd.com1alkp3Controlling For Quality in Value Portfolios: How to improve the performance of Magic Formula Alternative Quality and PriceGreenbackd1531http://www.reddit.com/r/SecurityAnalysis/comments/1alkp3/controlling_for_quality_in_value_portfolios_how/Falset5_2s7v0FalseFalset3_1alkp3http://greenbackd.com/2013/03/19/performance-of-the-decile-approach-to-magic-formula-alternative-quality-and-price/
1363286362.014factsaboutherbalife.com1aas8nBill Ackman - A Comparison of Fortune Hi-Tech Marketing and HerbalifeBeren-1400http://www.reddit.com/r/SecurityAnalysis/comments/1aas8n/bill_ackman_a_comparison_of_fortune_hitech/Falset5_2s7v0FalseFalset3_1aas8nhttp://factsaboutherbalife.com/wp-content/uploads/2013/03/Side-by-Side-A-Comparison-of-Fortune-Hi-Tech-Marketing-and-Herbalife-3.14.13.pdf
1359747309.015aswathdamodaran.blogspot.com17plp9Damodaran's Spring 2012 Corporate Finance and Valuation Classes are Startingcurrygoat1614http://www.reddit.com/r/SecurityAnalysis/comments/17plp9/damodarans_spring_2012_corporate_finance_and/Falset5_2s7v0FalseFalset3_17plp9http://aswathdamodaran.blogspot.com/2013/02/its-time-new-semester-begins-and-you.html
1359054906.016self.SecurityAnalysis177eeqRay Dalio Interview in Davos [24min]Beren-1710http://www.reddit.com/r/SecurityAnalysis/comments/177eeq/ray_dalio_interview_in_davos_24min/* [Part 1](http://video.cnbc.com/gallery/?video=3000142389&play=1)* [Part 2](http://video.cnbc.com/gallery/?video=3000143315&play=1)Falset5_2s7v0FalseTruet3_177eeqhttp://www.reddit.com/r/SecurityAnalysis/comments/177eeq/ray_dalio_interview_in_davos_24min/
1358183651.014m.youtube.com16k5fiCharlie Munger - The Psychology of Human Misjudgement Speech [76 mins]currygoat1513http://www.reddit.com/r/SecurityAnalysis/comments/16k5fi/charlie_munger_the_psychology_of_human/Falset5_2s7v0FalseFalset3_16k5fihttp://m.youtube.com/watch?v=pqzcCfUglws
1357155440.015bloomberg.com15ua8lBuffett Utility Buys $2.5 Billion SunPower Solar ProjectsBeren-1614http://www.reddit.com/r/SecurityAnalysis/comments/15ua8l/buffett_utility_buys_25_billion_sunpower_solar/Falset5_2s7v0FalseFalset3_15ua8lhttp://www.bloomberg.com/news/2013-01-02/buffett-utility-buys-sunpower-projects-for-2-billion.html
1354774195.013dl.dropbox.com14ddipWarren Buffett, Floats, & Moatscurrygoat1633http://www.reddit.com/r/SecurityAnalysis/comments/14ddip/warren_buffett_floats_moats/Falset5_2s7v0FalseFalset3_14ddiphttps://dl.dropbox.com/u/28494399/Blog%20Links/Floats_and_Moats.pdf
1352143628.015self.SecurityAnalysis12okmqDavid Einhorn Speech on Allied Capital [2002]Beren-1501http://www.reddit.com/r/SecurityAnalysis/comments/12okmq/david_einhorn_speech_on_allied_capital_2002/* [Part 1](http://www.youtube.com/watch?v=2tDgcmKSgTc)* [Part 2](http://www.youtube.com/watch?v=AimmjtAf504&feature=relmfu)* [Part 3](http://www.youtube.com/watch?v=p9WcTNFEBkQ&feature=relmfu)Falset5_2s7v0FalseTruet3_12okmqhttp://www.reddit.com/r/SecurityAnalysis/comments/12okmq/david_einhorn_speech_on_allied_capital_2002/
1350439734.013self.SecurityAnalysis11lui0Value Idea: (NASDAQ:QSII)1kGarand1524http://www.reddit.com/r/SecurityAnalysis/comments/11lui0/value_idea_nasdaqqsii/Basics: Quality Systems (QSII) is an electronic medical records software company, with ~3.9% dividend and P/E of ~15. It's been around for decades. It has fat margins on its products, and the overall market has been growing for more than 10 years.Except this company's stock price crashed around may.So what happened? The senior executives of NexGen, which is the most profitable and fastest growing division, left the company. One of the board members made a stink about it, and tried a proxy fight. In fact, he's tried several proxy fights over the years. Then he sold half of his stake in his company, which was more than 10% of the outstanding stock. He claims his broker did this without his knowledge. His opponents on the board says he had his shares in a margin account which forced a sale when the stock price declined. Whatever the reason, when someone holding 20% of the company sells half, stock prices usually go down.Why I think QSII has potential:Despite the board muckety muck, the business is still sound. Perhaps the executives who left were really talented and irreplaceable. But considering their competitors grew just as well tells me that management talent isn't the only (or primary) factor in their growth. Even without growth, their existing revenue stream will continue, because it's hard for hospitals to switch to a competitor's system. I think eventually QSII's stock price will recover. They are still growing, and generating a lot of cash. If they stop growing, then they become a very juicy buyout target, because of their low price (their competitors are trading like 30x earnings), and because of the existing customer base. Cheers.Falset5_2s7v0FalseTruet3_11lui0http://www.reddit.com/r/SecurityAnalysis/comments/11lui0/value_idea_nasdaqqsii/
1340908845.015nber.orgvr57rThe Asset Pricing Implications of Kahneman and Tversky's Prospect Theorycurrygoat1610http://www.reddit.com/r/SecurityAnalysis/comments/vr57r/the_asset_pricing_implications_of_kahneman_and/Falset5_2s7v0FalseFalset3_vr57rhttp://www.nber.org/papers/w12936.pdf?new_window=1
1340041870.014wallstreetpit.comv8ew5Damodaran on 'Contrarian Value Investing – Going Against the Flow….'CapitalCube1620http://www.reddit.com/r/SecurityAnalysis/comments/v8ew5/damodaran_on_contrarian_value_investing_going/Falset5_2s7v0FalseFalset3_v8ew5http://wallstreetpit.com/93078-contrarian-value-investing-going-against-the-flow
1339790628.015valuewalk.comv3xywDanny DeVito does company valuation!CapitalCube1720http://www.reddit.com/r/SecurityAnalysis/comments/v3xyw/danny_devito_does_company_valuation/Falset5_2s7v0FalseFalset3_v3xywhttp://www.valuewalk.com/2012/06/danny-devito-explains-value-investing-seriously-video/
1331834617.015bwater.comqy2z4Ray Dalio - A Template for Understanding… …How the Economic Machine Works and How it is Reflected NowBeren-1616http://www.reddit.com/r/SecurityAnalysis/comments/qy2z4/ray_dalio_a_template_for_understanding_how_the/Falset5_2s7v0FalseFalset3_qy2z4http://www.bwater.com/Uploads/FileManager/research/how-the-economic-machine-works/a-template-for-understanding--ray-dalio-bridgewater.pdf
1325136916.013scribd.comnul7116 Ways to Find Undervalued Stockscurrygoat1412http://www.reddit.com/r/SecurityAnalysis/comments/nul71/16_ways_to_find_undervalued_stocks/Falset5_2s7v0FalseFalset3_nul71http://www.scribd.com/doc/76697665/16-Ways-to-Find-Undervalued-Stocks
1371153641.012self.SecurityAnalysis1gag5lValue screening metricsCleverLongboat15317http://www.reddit.com/r/SecurityAnalysis/comments/1gag5l/value_screening_metrics/Fellow investors,thanks for all of the input on my last thread, it was really helpful. In this one, I would like your input on metrics for screening for good undervalued equities (that are, preferably also applicable to non-US markets). So far I have found that:# 1. EV / EBITDA. (EV=Market Cap - Cash - Marketable Securities + Interest paying debt)# 2. Price per Share / Book Value per Share# 3. EBIAT/(Market Value of Debt+Market Value of Equity-Cash & Cash Equivalents) [from Sonkin]Any input on whether these methods make sense to you, and of course any additional screening tests would be very much appreciated.Falset5_2s7v01371171973.0Truet3_1gag5lhttp://www.reddit.com/r/SecurityAnalysis/comments/1gag5l/value_screening_metrics/
1370316880.013business.outlookindia.com1fmo7zJoel Greenblatt Interview on Magic Formula and Special Situations Investingcurrygoat1410http://www.reddit.com/r/SecurityAnalysis/comments/1fmo7z/joel_greenblatt_interview_on_magic_formula_and/Falset5_2s7v0FalseFalset3_1fmo7zhttp://business.outlookindia.com/article.aspx?285694
1369341885.011blogs.cfainstitute.org1exdprDo Stock Screens Really Work?investing1011432http://www.reddit.com/r/SecurityAnalysis/comments/1exdpr/do_stock_screens_really_work/Falset5_2s7v0FalseFalset3_1exdprhttp://blogs.cfainstitute.org/insideinvesting/2013/05/23/do-stock-screens-really-work/
1368117823.012self.SecurityAnalysis1e0d8nPresentations From The 8th Value Investing CongressBeren-1535http://www.reddit.com/r/SecurityAnalysis/comments/1e0d8n/presentations_from_the_8th_value_investing/* [Vitaliy Katsenelson - I Like Big Dividends](http://www.scribd.com/doc/140250940/140185807-Value-Investor-Congress-Las-Vegas-2013-I-Like-Big-Dividends-and-I-Cannot-Lie-Vitaliy-Katsenelson)* [Isaac Schwartz - Margin of Safety Kazakh Style](http://www.scribd.com/doc/140148251/Kupperman-ValueInvestingCongress-050713)* [Harris Kupperman - Creating Ways to Invest in Unique Trends](http://www.scribd.com/doc/140147792/Kupperman-ValueInvestingCongress-050713)* [Ori Eyal - Value Investing in Israel](http://www.scribd.com/doc/140147772/Eyal-ValueInvestingCongress-050713)* [Chris Mittleman - Applying a Private Equity Mentality to Public Equity Investing](http://www.scribd.com/doc/140147755/Mittleman-ValueInvestingCongress-050713)* [David Hurwitz - Investing at the Extremes of Value](http://www.scribd.com/doc/140147735/Hurwitz-ValueInvestingCongress-050713)* [Zeke Ashton - Dumb and Dumber](http://www.scribd.com/doc/140147714/Ashton-ValueInvestingCongress-050713)* [Mark Boyar - How to Profit from Wall Street's Boom Bust Mentality](http://www.scribd.com/doc/140147696/Boyar-ValueInvestingCongress-050713)* [Guy Gottfried - Cheap Stocks in a Pricey Market](http://www.scribd.com/doc/140147658/Gottfried-ValueInvestingCongress-050713)* [Chris Mayer - Focusing on Owner Operations](http://www.scribd.com/doc/140147633/Mayer-ValueInvestingCongress-050613)* [Whitney Tilson - A Macro Overview](http://www.scribd.com/doc/140147602/Tilson-Macro-Slides-Not-Presented-050713)* [Chan Lee - Taking Advantage of Mispricing Opportunities in Korea](http://www.scribd.com/doc/140147582/Young-Lee-ValueInvestingCongress-050613)* [Phillip Goldstein - What Do You Do to Maximize Shareholder Value](http://www.scribd.com/doc/140147510/Goldstein-ValueInvestingCongress-050613)* [Amitabh Singhi - Investing in the Indian Markets](http://www.scribd.com/doc/140147494/Singhi-ValueInvestingCongress-050613)* [Zack Buckley - Follow The Bread Crumbs](http://www.scribd.com/doc/140147474/Buckley-ValueInvestingCongress-050613)* [Geoffrey Batt - Iraqis Take The Pepsi Challenge](http://www.scribd.com/doc/140147457/Batt-ValueInvestingCongress-050613)* [Marcelo Lima - No Lump in Your Stocking](http://www.scribd.com/doc/140147364/Lima-ValueInvestingCongress-050613)Falset5_2s7v0FalseTruet3_1e0d8nhttp://www.reddit.com/r/SecurityAnalysis/comments/1e0d8n/presentations_from_the_8th_value_investing/
1367850861.013gsb.columbia.edu1dskylSpring 2013 Graham & Doddsville Investment Newslettercurrygoat1410http://www.reddit.com/r/SecurityAnalysis/comments/1dskyl/spring_2013_graham_doddsville_investment/Falset5_2s7v0FalseFalset3_1dskylhttp://www4.gsb.columbia.edu/filemgr?&file_id=7222906
1366391528.014greenbackd.com1cooiuWarren Buffett, Jeremy Grantham, and John Hussman on Profit, GDP and CompetitionGreenbackd1400http://www.reddit.com/r/SecurityAnalysis/comments/1cooiu/warren_buffett_jeremy_grantham_and_john_hussman/Falset5_2s7v0FalseFalset3_1cooiuhttp://greenbackd.com/2013/04/19/jeremy-grantham-profit-margins-are-probably-the-most-mean-reverting-series-in-finance/
1366312032.013papers.ssrn.com1cmgywValue Investing: Investing for Grown Ups? by Aswath DamodaranFundamentalHedgie1301http://www.reddit.com/r/SecurityAnalysis/comments/1cmgyw/value_investing_investing_for_grown_ups_by_aswath/Falset5_2s7v0FalseFalset3_1cmgywhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=2042657
1365547858.012self.SecurityAnalysis1c0tqhWhere can I find an example of an in-depth company analysis?preo1314http://www.reddit.com/r/SecurityAnalysis/comments/1c0tqh/where_can_i_find_an_example_of_an_indepth_company/20-25 pages long Falset5_2s7v0FalseTruet3_1c0tqhhttp://www.reddit.com/r/SecurityAnalysis/comments/1c0tqh/where_can_i_find_an_example_of_an_indepth_company/
1364481657.012alephblog.com1b6fxeBuffett’s Career in Less Than 1000 Wordsinvesting1011421http://www.reddit.com/r/SecurityAnalysis/comments/1b6fxe/buffetts_career_in_less_than_1000_words/Falset5_2s7v0FalseFalset3_1b6fxehttp://alephblog.com/2013/03/27/buffetts-career-in-less-than-1000-words/
1363761835.012scribd.com1anf65Ben Graham 1963 Lecture - Securities in an Insecure Worldcurrygoat1310http://www.reddit.com/r/SecurityAnalysis/comments/1anf65/ben_graham_1963_lecture_securities_in_an_insecure/Falset5_2s7v0FalseFalset3_1anf65http://www.scribd.com/doc/131002265/Ben-Graham-1963-Lecture-Securities-in-an-Insecure-World
1363261068.013c7.valuewalk.com1aa1w9Howard Marks - The Outlook For Equitiescurrygoat1308http://www.reddit.com/r/SecurityAnalysis/comments/1aa1w9/howard_marks_the_outlook_for_equities/Falset5_2s7v0FalseFalset3_1aa1w9http://c7.valuewalk.com/wp-content/uploads/2013/03/130209986-Howard-Marks-The-Outlook-for-Equities.pdf
1362726171.012tech.fortune.cnn.com19wfc7The Rise and Fall of Andy Zakycurrygoat1531http://www.reddit.com/r/SecurityAnalysis/comments/19wfc7/the_rise_and_fall_of_andy_zaky/Falset5_2s7v0FalseFalset3_19wfc7http://tech.fortune.cnn.com/2013/03/04/apple-zaky-bullish-cross/
1362425320.013compoundingmyinterests.com19nkr6My Investment Checklistinvesting1011300http://www.reddit.com/r/SecurityAnalysis/comments/19nkr6/my_investment_checklist/Falset5_2s7v0FalseFalset3_19nkr6http://compoundingmyinterests.com/compounding-the-blog/2013/3/4/my-investment-checklist.html
1361951240.014csinvesting.org19bezvJoel Greenblatt's Columbia Business School Value & Special Situations Class Videos & Notescurrygoat1513http://www.reddit.com/r/SecurityAnalysis/comments/19bezv/joel_greenblatts_columbia_business_school_value/Falset5_2s7v0FalseFalset3_19bezvhttp://csinvesting.org/2013/02/26/value-vault-greenblatt-videos/
1360852165.012imgur.com18ijjnWhen my portfolio chart looks like this, I get nervous and dont want to buy things..Wrg260815313http://www.reddit.com/r/SecurityAnalysis/comments/18ijjn/when_my_portfolio_chart_looks_like_this_i_get/Falset5_2s7v0FalseFalset3_18ijjnhttp://imgur.com/8SoGB14
1360013862.012youtube.com17w1x6The Legacy of Benjamin GrahamBeren-1643http://www.reddit.com/r/SecurityAnalysis/comments/17w1x6/the_legacy_of_benjamin_graham/Falset5_2s7v0FalseFalset3_17w1x6http://www.youtube.com/watch?v=m1WLoNEqkV4
1359864936.013pmjar.com17shvrBuffett's 1977 'How Inflation Swindles the Equity Investor' - parallels to today's market enviornmentMultiStrat1520http://www.reddit.com/r/SecurityAnalysis/comments/17shvr/buffetts_1977_how_inflation_swindles_the_equity/Falset5_2s7v0FalseFalset3_17shvrhttp://www.pmjar.com/?p=1153
1359655087.011self.SecurityAnalysis17n295Updated Stock Exchange ListingsBeren-1320http://www.reddit.com/r/SecurityAnalysis/comments/17n295/updated_stock_exchange_listings/This will go on the sidebar in place of the old one and all lists should be up to date as of January 2013. There's still a few major one's missing and I'll add those over the course of the week.* [AMEX](http://www.mediafire.com/?fd4kudozse82xr6)* [Australian Securities Exchange](http://www.mediafire.com/?uvy3uh3k8u97qah)* [Bolsa de Madrid](http://www.mediafire.com/?kyk8xz7ohdj2308)* [Bolsa Mexicana](http://www.mediafire.com/?gp8glv55d07gv85)* [Borsa Italiana](http://www.mediafire.com/?1jzbitck5bn3p4h)* [Bursa Malaysia](http://www.mediafire.com/?ig1nhw3e7bsbmw1)* [Brazilian Bovespa](http://www.mediafire.com/?1w9yyy260urb35q)* [Euronext - Bonds](http://www.mediafire.com/?5f6okijq32qbaya)* [Euronext Amsterdam](http://www.mediafire.com/?1jo9438kvzxhewb)* [Euronext Brussels](http://www.mediafire.com/?2lh6n3g7edfdwjr)* [Euronext Lisbon](http://www.mediafire.com/?qtuwcc7v5mqfhf4)* [Euronext Paris](http://www.mediafire.com/?143d6ybx4prm51i)* [Hong Kong Stock Exchange](http://www.mediafire.com/?4hr7b7op9bae83z)* [Indonesian Stock Exchange](http://www.mediafire.com/?7d0wedj3b059tib)* [Istanbul Stock Exchange](http://www.mediafire.com/?fw5q16nvz6n1wke)* [Israeli Bursa](http://www.mediafire.com/?duy908cacmtc7jc)* [Johannesburg Stock Exchange](http://www.mediafire.com/?96h8w3j6q74d9wc)* [Korean Stock Exchange](http://www.mediafire.com/?1wo37crv9ad9v47)* [London Stock Exchange - Bonds](http://www.mediafire.com/?io4v8j46siht55j)* [London Stock Exchange - Equities](http://www.mediafire.com/?4dstdlbow41ua5j)* [Nasdaq](http://www.mediafire.com/?uaawbmeichqzdng)* [National Stock Exchange of India](http://www.mediafire.com/?r2e12u1yp4ey4ku)* [New York Stock Exchange - Bonds](http://www.mediafire.com/?4q36945w4q63o0v)* [New York Stock Exchange - Equities](http://www.mediafire.com/?u85z82oqbxn6gh1)* [OMX Baltic Exchange](http://www.mediafire.com/?ok2clqfjb40ede9)* [OMX Nordic Exchange](http://www.mediafire.com/?bvk5vke00v8z3jx)* [Oslo Bors](http://www.mediafire.com/?kc568udx5ziq35q)* [Shenzhen Stock Exchange](http://www.mediafire.com/?98qk0o799m5sb3a)* [Swiss Stock Exchange](http://www.mediafire.com/?2sji3mwsb03xg3c)* [Thailand Stock Exchange](http://www.mediafire.com/?sntxkdub1erqkup)* [Tokyo Stock Exchange](http://www.mediafire.com/?b2t1cagu0or8hca)* [Vienna Stock Exchange](http://www.mediafire.com/?q86gsoyoh2gnbuu)Falset5_2s7v01360008898.0Truet3_17n295http://www.reddit.com/r/SecurityAnalysis/comments/17n295/updated_stock_exchange_listings/
1359326333.014self.SecurityAnalysis17e43vLet's shatter some widely held notions in investing as it is normally taught.pro_skub21723http://www.reddit.com/r/SecurityAnalysis/comments/17e43v/lets_shatter_some_widely_held_notions_in/This is a bit of a philosophical post as I would like it to be based mainly on pure reflection and logical inference rather than statistics and data. Of course relying on statistics will improve your decisions, but by, firstly, applying some pure thought, we can greatly improve our results and ignore a good deal of pervasive nonsense. What I'd like to do here is to do away with commonly held notions that, unfortunately, to this day, are taught in business schools and widely spread in investing newspapers, blogs, analysis, etc.--------I think a very powerful idea in investing is the use of heuristics:By using certain heuristics you can completely wipe out entire categories of errors. As an example, let's say 'technical analysis' works in some instances. If we act *as if* technical analysis doesn't work at all, our overall results will be better over time simply by wiping out the multiple errors that we can make by using it.To start with, I want to tackle a concept that *almost* seems to make sense: the **target price**, defined as 'A projected price level as stated by an investment analyst or advisor'.If I were to model the price of a stock I think I couldn't even use a statistical variable following a probability distribution, much less a specific price, so why hold on to this concept?The way I value a stock is not by a specific number (although this is how it is trade in the stock market), and not even by a statistical distribution, but maybe by using a small set of rules. As an example, let's take business 'A'. Let's say that in 10 years from now the nature of the business will remain largely the same, it will retain pricing power, it won't need large amounts of capital expenditure, it can expand to such and such countries, it has this kind of economics, etc.. and it sells at 10 times earnings. Using a historical 15 times earnings in the US as a yardstick (admitedly belonging to a a bygone era of higher returns) this is probably a great investment. Thus we can decide to allocate a big portion of our portfolio on it. The key thing is to realise that this kind of situation not only happens frequently enough to guarantee a good investment record on the long run, but that you probably **can't** be any more accurate than this.As well as 'target price' another notion of very little usefulness is calculating the **DCF** value. Thus a very powerful heuristic in investing would be to altogether **avoid** attempting to calculate DFC valuation for a more robust track record over time.Simple enough, but maybe not easy. What are your thoughts / techniques on fighting our simplistic hunter-gatherer, jump-to-conclussions, brain?EDIT: in the interest of full disclosure.. I must admit I cheated a little. Although I had this kind of thoughts for a while I didn't become completely convinced until I could read the same from Charlie Munger, Joel Greenblatt or Warren Buffett among others. It's hard to believe that some vastly widespread ideas simply don't make sense. If someone is interested I can try to provide citations.Falset5_2s7v01359329791.0Truet3_17e43vhttp://www.reddit.com/r/SecurityAnalysis/comments/17e43v/lets_shatter_some_widely_held_notions_in/
1358979553.012c7.valuewalk.com175eqtGreenlight Capital Q4 LetterBeren-1424http://www.reddit.com/r/SecurityAnalysis/comments/175eqt/greenlight_capital_q4_letter/Falset5_2s7v0FalseFalset3_175eqthttp://c7.valuewalk.com/wp-content/uploads/2013/01/Qlet2012-04.pdf
1356398914.012ycombinator.com15efj3A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business by Charlie Mungerpro_skub1311http://www.reddit.com/r/SecurityAnalysis/comments/15efj3/a_lesson_on_elementary_worldly_wisdom_as_it/Falset5_2s7v0FalseFalset3_15efj3http://ycombinator.com/munger.html
1355946035.014seekingalpha.com154h6uSeagate And Western Digital: Tech's 'Ugly Sisters'currygoat1407http://www.reddit.com/r/SecurityAnalysis/comments/154h6u/seagate_and_western_digital_techs_ugly_sisters/Falset5_2s7v0FalseFalset3_154h6uhttp://seekingalpha.com/article/1069261-seagate-and-western-digital-tech-s-ugly-sisters
1354047839.013bloomberg.com13w37pAmazon Raises $3bn in Bond MarketBeren-1307http://www.reddit.com/r/SecurityAnalysis/comments/13w37p/amazon_raises_3bn_in_bond_market/Falset5_2s7v0FalseFalset3_13w37phttp://www.bloomberg.com/news/2012-11-27/amazon-fills-coffers-before-headquarters-deal-corporate-finance.html
1353333527.013nytimes.com13g7p6How Zara Grew Into the World’s Largest Fashion Retailercurrygoat1630http://www.reddit.com/r/SecurityAnalysis/comments/13g7p6/how_zara_grew_into_the_worlds_largest_fashion/Falset5_2s7v0FalseFalset3_13g7p6http://www.nytimes.com/2012/11/11/magazine/how-zara-grew-into-the-worlds-largest-fashion-retailer.html?_r=0
1351100960.013c7.valuewalk.com120m4sDavid Einhorn Q3 2012 LetterBeren-1522http://www.reddit.com/r/SecurityAnalysis/comments/120m4s/david_einhorn_q3_2012_letter/Falset5_2s7v0FalseFalset3_120m4shttp://c7.valuewalk.com/wp-content/uploads/2012/10/Qlet2012-03.unlocked.pdf
1350415453.013self.SecurityAnalysis11l2xiHere's my value based idea. Aircastle Ltd (AYR)MyBoyDoxey1416http://www.reddit.com/r/SecurityAnalysis/comments/11l2xi/heres_my_value_based_idea_aircastle_ltd_ayr/Aircastle acquires, leases and sell high-utility passenger and cargo jets. As of Dec 31, 2011, their portfolio consisted of 144 jets leased to 65 lessees. Aircastle, and its peers, have been beaten down since the financial crisis as the market has lumped them in with the broader set of financial stocks. Aircastle traded at 1.5 – 2.0x book value and 15 – 20x earnings pre-financial crisis. Currently, it trades at 0.7x book value and 7.5x earnings. Based on the stated financial statements, Aircastle has a tangible book value per share of ~$16.50. However, the replacement value of the aircraft fleet is actually above the book value. Better yet, management has shown they are willing to opportunistically divest these jets in order to create value (the gain on sale of these assets proves that replacement value is greater than book value). To remain extremely conservative (as promised), I assume they could divest their fleet at a 10% discount and still, tangible book value per share comes to $13.40. This gives a margin of safety of 15%. Earnings power for Aircastle is strong (and resilient) – liquidation value of the portfolio only provides a price floor. The market has (unfairly) beaten up aircraft leasing companies post-financial crisis, as these stocks have been lumped in with the broader set of financial companies. They are definitely out-of-favor, as demonstrated by the number of downgrades and sell ratings by sell-side analysts. Contrary to this sentiment, Aircastle has shown resilience during the economic down-turn. Since 2006,Aircastle has grown operating cash flow from $135m to $359m. Although one might argue that this is because management has expanded the balance sheet over this period (through debt financing), I will add that management has maintained an ROE of ~9% and grown ROIC from 5% to 9%. Earnings, adjusted for one-time items, have averaged ~$100m since 2006, including ~$200m of D&A expenses. Adjusting these earnings for D&A and subtracting a conservative maintenance capex of $100m (double the average maintenance capex as % of PPE since 2006) gives us levered free cash flow of $200m. This gives us an equity value per share of $17 – 27 per share, assuming a cost of equity of 10 – 16%. Earnings power of this company gives us a margin of safety of 50 – 140%, depending on the cost of equity assumptions (I’d like to make clear this assumes a conservative zero growth rate).These earnings have not been impaired and are unlikely to be in the future. Barriers to entry include several billion dollars of financing and a relationship with an aircraft manufacturer in order to assemble a fleet of jets. Although there is tough competition in this industry, Aircastle has been able to successfully compete against existing competition for several years, and threat of new competition is low.Catalyst: Aircastle can continue to grow its dividend which is yielding 5%. In the next 3 to 5 years, the aircraft leasing industry will continue to outperform analyst estimates and will return to favour. All the while, any improvements to the global economy will be positive for this stock. Finally, management could liquidate the portfolio and payout investors.Falset5_2s7v0FalseTruet3_11l2xihttp://www.reddit.com/r/SecurityAnalysis/comments/11l2xi/heres_my_value_based_idea_aircastle_ltd_ayr/
1348329297.012self.SecurityAnalysis10atyyBusiness Analysts: Come explain the source of a *durable* competitive advantage you've found. (GEICO explained)financiallyanal15310http://www.reddit.com/r/SecurityAnalysis/comments/10atyy/business_analysts_come_explain_the_source_of_a/I look for a great business first - ideally, a monopoly. I worry about purchasing an investment later, and only do it when it's obviously cheap, because I'm not smart enough to do a DCF or utilize common tools. I drop my IQ 20 points when investing.I'll explain GEICO. It is often said that GEICO is a low cost provider, which makes it a great insurer. This is true, but *no one* discusses *why* they are a low cost provider. As it turns out, about 20% of our insurance costs are used to pay for agent compensation. GEICO eliminated this 20% and passes the savings onto the consumer.**Why is this durable?** Because most other personal lines insurers were built around proprietary distribution, through exclusive/captive agents that can only primarily sell their own company's products, any competitive response was limited. Let's imagine an insurer who is bringing in $2B of premium every year from exclusive agents. If they want to launch a direct to consumer business, their exclusive agents will be angered and before the direct business can be launched, their agents will complain and threaten to stop bringing in premium. Because of this very reason, any change for the incumbents was very limited, and gives GEICO not only a competitive advantage, but a *durable* one that has last since 1937 and still allows them to pump out combined ratios as low as 88 just a few years ago on a simple product - standard auto.I want to hear what others have to say about an industry they follow. Specifically, I'd LOVE to hear someone explain the auto sales industry and why Carmax is putting out great margins. **I am not looking for valuations.. just sources of competitive advantage**Falset5_2s7v0FalseTruet3_10atyyhttp://www.reddit.com/r/SecurityAnalysis/comments/10atyy/business_analysts_come_explain_the_source_of_a/
1343079327.012mediafire.comx1d21Bridgewater Associates Q2 2012 LetterBeren-1310http://www.reddit.com/r/SecurityAnalysis/comments/x1d21/bridgewater_associates_q2_2012_letter/Falset5_2s7v0FalseFalset3_x1d21http://www.mediafire.com/view/?x959hbvf2yio5ce
1341864273.013fundooprofessor.wordpress.comwacu1How Floats Create Value For Berkshire Hathawaycurrygoat1522http://www.reddit.com/r/SecurityAnalysis/comments/wacu1/how_floats_create_value_for_berkshire_hathaway/Falset5_2s7v0FalseFalset3_wacu1http://fundooprofessor.wordpress.com/2012/07/09/flirting-with-floats-part-i/
1341171475.015gannonandhoangoninvesting.comvw1hrHow to Lose Money in Stocks: Look Where Everyone Else Lookscurrygoat1610http://www.reddit.com/r/SecurityAnalysis/comments/vw1hr/how_to_lose_money_in_stocks_look_where_everyone/Falset5_2s7v0FalseFalset3_vw1hrhttp://www.gannonandhoangoninvesting.com/blog/how-to-lose-money-in-stocks-look-where-everyone-else-looks-i.html
1338267695.011brontecapital.blogspot.comu9vnfFacebook (FB) and the Sad Case of Ethical Investment Bankerscurrygoat1321http://www.reddit.com/r/SecurityAnalysis/comments/u9vnf/facebook_fb_and_the_sad_case_of_ethical/Falset5_2s7v0FalseFalset3_u9vnfhttp://brontecapital.blogspot.com/2012/05/facebook-and-sad-case-of-ethical.html
1329439788.014aswathdamodaran.blogspot.compt58xDamodaran's Valuation of FacebookBeren-1402http://www.reddit.com/r/SecurityAnalysis/comments/pt58x/damodarans_valuation_of_facebook/Falset5_2s7v0FalseFalset3_pt58xhttp://aswathdamodaran.blogspot.com/2012/02/ipo-of-decade-my-valuation-of-facebook.html
1327604982.012disgu.stoxxvuSeth Klarman's Margin of SafetyRMFT891533http://www.reddit.com/r/SecurityAnalysis/comments/oxxvu/seth_klarmans_margin_of_safety/Falset5_2s7v0FalseFalset3_oxxvuhttp://disgu.st/~jon/books/seth_klarman-margin_of_safety.pdf
1327523807.013dev7.gsb.columbia.eduowipeColumbia Business School Lecture - Starting A Fund 101Beren-1630http://www.reddit.com/r/SecurityAnalysis/comments/owipe/columbia_business_school_lecture_starting_a_fund/Falset5_2s7v0FalseFalset3_owipehttp://dev7.gsb.columbia.edu/kaltura/node/1260/video
1323876718.014self.SecurityAnalysisncg8uThe /r/SecurityAnalysis 2015 Investment Simulationcurrygoat1516http://www.reddit.com/r/SecurityAnalysis/comments/ncg8u/the_rsecurityanalysis_2015_investment_simulation/Welcome to the /r/SecurityAnalysis 2015 Investment Simulation. In this competition, each competitor manages a $100,000 portfolio and their performance is judged after three years. I decided to host this competition after seeing many week, month, or quartely long stock pick and investment games on Reddit. That time period is much too short to get real insight into the strengths and weaknesses of your investment philosophy.Our game begins January 2nd, 2012 and ends January 2nd, 2015. This simulation is meant to be deliberate practice, so invest as you would in real life. Although simulations are imperfect and there is no substitute to investing with real money, this will be a starting point in investing for many and a growth point for others that want to try new techniques.To join the game you must [sign up for Investopedia](http://accounts.investopedia.com/signupmember.aspx?site=simulator&RegLink=Simulator_Header#axzz1gVrtke9C). Afterwards, you can [click this link to join the game](http://simulator.investopedia.com/Home.aspx#axzz1gVrqQBNt). The game can also be joined manually using the game name and password information below.Game Name: **SecurityAnalysis 2015**Password: **BerenWasFirst**I hope to see many of you join the competition. Good Luck Investing!currygoatFalset5_2s7v0FalseTruet3_ncg8uhttp://www.reddit.com/r/SecurityAnalysis/comments/ncg8u/the_rsecurityanalysis_2015_investment_simulation/
1318215678.012self.SecurityAnalysisl6n3sValue Investment FirmsBeren-1316http://www.reddit.com/r/SecurityAnalysis/comments/l6n3s/value_investment_firms/So I've been putting together a list of value firms along with their respective websites. These will be helpful if you want to go through their annual reports since many of them publish them freely, if you want to invest in some or to get in contact with them. I'll add this on the sidebar under useful links.**EDIT: I update the list every few weeks so every now and then there will be new firms added.**Falset5_2s7v0TrueTruet3_l6n3shttp://www.reddit.com/r/SecurityAnalysis/comments/l6n3s/value_investment_firms/
1311090152.015db.ttitw6jAs Requested from'Where would be a good place to start learning about value investing?': I uploaded my library with a lot of financial books on DropBox til Friday.phaselife18316http://www.reddit.com/r/SecurityAnalysis/comments/itw6j/as_requested_fromwhere_would_be_a_good_place_to/Falset5_2s7v0FalseFalset3_itw6jhttp://db.tt/Lkc8tau
1376595616.010self.SecurityAnalysis1kfszwM&A models?0314159261444http://www.reddit.com/r/SecurityAnalysis/comments/1kfszw/ma_models/Any M&A models out there? I need to get up to snuff for a job interview. Falset5_2s7v0FalseTruet3_1kfszwhttp://www.reddit.com/r/SecurityAnalysis/comments/1kfszw/ma_models/
1375309263.012aswathdamodaran.blogspot.com1jgawwMarket Mood Swings: Facebook Euphoriacurrygoat1313http://www.reddit.com/r/SecurityAnalysis/comments/1jgaww/market_mood_swings_facebook_euphoria/Falset5_2s7v0FalseFalset3_1jgawwhttp://aswathdamodaran.blogspot.com/2013/07/facebook-hits-ipo-price-mood-swings-in.html
1374170882.012video.cnbc.com1iko87Interview with John Paulson [20min]Beren-1200http://www.reddit.com/r/SecurityAnalysis/comments/1iko87/interview_with_john_paulson_20min/Falset5_2s7v0FalseFalset3_1iko87http://video.cnbc.com/gallery/?play=1&video=3000183690
1370352605.012bloomberg.com1fnesmBillabong Loses Half of Market Value as Takeover Talks Endcurrygoat1532http://www.reddit.com/r/SecurityAnalysis/comments/1fnesm/billabong_loses_half_of_market_value_as_takeover/Falset5_2s7v0FalseFalset3_1fnesmhttp://www.bloomberg.com/news/2013-06-04/billabong-takeover-talks-end-as-it-turns-to-refinancing-plans.html
1370085222.012youtu.be1fgk1zVictor Niederhoffer after he lost everything in the 1997 Asian Crisis (7 minute video)claphands221865http://www.reddit.com/r/SecurityAnalysis/comments/1fgk1z/victor_niederhoffer_after_he_lost_everything_in/Falset5_2s7v0FalseFalset3_1fgk1zhttp://youtu.be/860Rd2BD74U
1367876345.012scribd.com1dthnsUpdated: Berkshire Hathaway - A High Quality, Growing, 84-Cent Dollarcurrygoat1315http://www.reddit.com/r/SecurityAnalysis/comments/1dthns/updated_berkshire_hathaway_a_high_quality_growing/Falset5_2s7v0FalseFalset3_1dthnshttp://www.scribd.com/doc/139554679/Berkshire-Hathaway-Presentation-Tilson-Kase-Capital-5-4-13
1367726670.011cnbc.com1dpsmtWarren Buffett: 'Shot Heard Around the World' Cominginvesting1011433http://www.reddit.com/r/SecurityAnalysis/comments/1dpsmt/warren_buffett_shot_heard_around_the_world_coming/Falset5_2s7v0FalseFalset3_1dpsmthttp://www.cnbc.com/id/100707968
1367511392.011self.SecurityAnalysis1dk3ocShort Sellers - Does anyone have a good checklist??marr306012110http://www.reddit.com/r/SecurityAnalysis/comments/1dk3oc/short_sellers_does_anyone_have_a_good_checklist/Falset5_2s7v0FalseTruet3_1dk3ochttp://www.reddit.com/r/SecurityAnalysis/comments/1dk3oc/short_sellers_does_anyone_have_a_good_checklist/
1366592451.013forbesindia.com1cu1c9Billionaire Investor Carl Icahn's Tale of Aggressioncurrygoat1410http://www.reddit.com/r/SecurityAnalysis/comments/1cu1c9/billionaire_investor_carl_icahns_tale_of/Falset5_2s7v0FalseFalset3_1cu1c9http://forbesindia.com/article/cross-border/billionaire-investor-carl-icahns-tale-of-aggression/35055/0#ixzz2Qyv4f03v
1365252141.013dl.dropbox.com1bskmqLinn Energy (NSDQ:LINE) Short Pitchcurrygoat1303http://www.reddit.com/r/SecurityAnalysis/comments/1bskmq/linn_energy_nsdqline_short_pitch/Falset5_2s7v0FalseFalset3_1bskmqhttp://dl.dropbox.com/u/146867217/Linn%20Energy_2-14-13.pdf
1365094471.013greenbackd.com1bo5dl73-Year Chart Comparing Estimated Shiller PE Returns to Actual ReturnsGreenbackd1416http://www.reddit.com/r/SecurityAnalysis/comments/1bo5dl/73year_chart_comparing_estimated_shiller_pe/Falset5_2s7v0FalseFalset3_1bo5dlhttp://greenbackd.com/2013/04/04/73-year-chart-comparing-estimated-shiller-pe-returns-to-actual-returns/
1362607003.012bwater.com19svq7Ray Dalio of Bridgewater's Principles / ManifestoMultiStrat1310http://www.reddit.com/r/SecurityAnalysis/comments/19svq7/ray_dalio_of_bridgewaters_principles_manifesto/Falset5_2s7v0FalseFalset3_19svq7http://www.bwater.com/Uploads/FileManager/Principles/Bridgewater-Associates-Ray-Dalio-Principles.pdf
1361076936.012self.SecurityAnalysis18oerzWhat Happens When Warren Buffett Buys Your Company?investing1011313http://www.reddit.com/r/SecurityAnalysis/comments/18oerz/what_happens_when_warren_buffett_buys_your_company/Businessweek article [link](http://www.businessweek.com/articles/2013-02-15/what-happens-when-warren-buffett-buys-your-company#r=rss/) Falset5_2s7v0FalseTruet3_18oerzhttp://www.reddit.com/r/SecurityAnalysis/comments/18oerz/what_happens_when_warren_buffett_buys_your_company/
1361054701.011pmjar.com18nsbpMunger Notes from 2013 Daily Journal Meeting (different from set on Market Folly)MultiStrat1210http://www.reddit.com/r/SecurityAnalysis/comments/18nsbp/munger_notes_from_2013_daily_journal_meeting/Falset5_2s7v0FalseFalset3_18nsbphttp://www.pmjar.com/?p=1195
1360705963.010aswathdamodaran.blogspot.ca18ehv0Damodaran - Michael Dell's Conflicted BuyoutBeren-1220http://www.reddit.com/r/SecurityAnalysis/comments/18ehv0/damodaran_michael_dells_conflicted_buyout/Falset5_2s7v0FalseFalset3_18ehv0http://aswathdamodaran.blogspot.ca/2013/02/michael-dells-conflicted-buyout.html
1360196384.012gmo.com181715Jeremy Grantham 4Q 2012 Letter - Investing in a Low-Growth WorldBeren-1200http://www.reddit.com/r/SecurityAnalysis/comments/181715/jeremy_grantham_4q_2012_letter_investing_in_a/Falset5_2s7v0FalseFalset3_181715http://www.gmo.com/websitecontent/GMO_QtlyLetter_4Q2012.pdf
1359919483.013self.SecurityAnalysis17tiwfQuestion about DCF modelsthecollegeme14114http://www.reddit.com/r/SecurityAnalysis/comments/17tiwf/question_about_dcf_models/I have been reading up about DCF models and there is one thing that i dont understand. I have seen some DCF models that estimate future revenues for 5 to 8 years. I was wondering why that was necessary. I think it is easier to estimate future revenues for perhaps 1-2 years because of information available, but after that doesnt it seem like a guess? Wouldnt using a model that uses 1 or 2 years of future cash flows be more accurate than a model that has more than that for valuing a company? And then you just recalculate the value every year for the next two years? Falset5_2s7v0FalseTruet3_17tiwfhttp://www.reddit.com/r/SecurityAnalysis/comments/17tiwf/question_about_dcf_models/
1358259895.013sharesandstockmarkets.com16m9qzAn Hour with Mr. Graham - March 6, 1976Wrg26081304http://www.reddit.com/r/SecurityAnalysis/comments/16m9qz/an_hour_with_mr_graham_march_6_1976/Falset5_2s7v0FalseFalset3_16m9qzhttp://sharesandstockmarkets.com/wp-content/uploads/2012/12/An-Hour-With-Ben-Graham.pdf
1358204635.012self.SecurityAnalysis16kw2uTips on learning a sector?Maticus1314http://www.reddit.com/r/SecurityAnalysis/comments/16kw2u/tips_on_learning_a_sector/What are some ways some of you go about learning about a sector? I really want to learn more about processors. The fundamentals of Intel are in line, and Marvel was another company that I was looking into until their price ballooned. Anyways I understand that Intel has market share in servers and desktops, and in this market their biggest competitor is AMD. I also know that ARM is dominating the mobile phone market, but Intel is trying to get in the market. But I digress, is there any books that can tell me why Intel or ARC has a competitive advantage over one another in each part of the sector?ThanksFalset5_2s7v0FalseTruet3_16kw2uhttp://www.reddit.com/r/SecurityAnalysis/comments/16kw2u/tips_on_learning_a_sector/
1358095111.011pmjar.com16hv8sBuffett Partnership Letters: 1965 Part 1Wrg26081430http://www.reddit.com/r/SecurityAnalysis/comments/16hv8s/buffett_partnership_letters_1965_part_1/Falset5_2s7v0FalseFalset3_16hv8shttp://www.pmjar.com/?p=958
1357651786.014youtu.be166k6eWarren Buffett - My Biggest Mistake - YouTubeWrg26081621http://www.reddit.com/r/SecurityAnalysis/comments/166k6e/warren_buffett_my_biggest_mistake_youtube/Falset5_2s7v0FalseFalset3_166k6ehttp://youtu.be/P-GVuuK1-Io
1355965619.012sumzero.com15531zTV is the Next Industry to be Destroyed by Technology [49 pages]currygoat1319http://www.reddit.com/r/SecurityAnalysis/comments/15531z/tv_is_the_next_industry_to_be_destroyed_by/Falset5_2s7v0FalseFalset3_15531zhttp://sumzero.com/report_promo
1354660069.013oldschoolvalue.com14ab3pThe 10 Best Investment Books for Value Investors that No One Knows Aboutjjun03661743http://www.reddit.com/r/SecurityAnalysis/comments/14ab3p/the_10_best_investment_books_for_value_investors/Falset5_2s7v0FalseFalset3_14ab3phttp://www.oldschoolvalue.com/blog/value-investing-blog/best-investment-books-for-value-investing/
1353185023.011gurufocus.com13d712What's Your Research Process?currygoat1322http://www.reddit.com/r/SecurityAnalysis/comments/13d712/whats_your_research_process/Falset5_2s7v0FalseFalset3_13d712http://www.gurufocus.com/forum/read.php?1,197914,197914#msg-197914
1350409535.011self.SecurityAnalysis11kwf0why don't people submit value investing ideas here?MyBoyDoxey14319http://www.reddit.com/r/SecurityAnalysis/comments/11kwf0/why_dont_people_submit_value_investing_ideas_here/I have one or two ideas that I'd like people to comment on, criticize, etc. Why aren't there more of these? it's not like someone has enough capital to steal your idea and bid up the price haha.Falset5_2s7v0FalseTruet3_11kwf0http://www.reddit.com/r/SecurityAnalysis/comments/11kwf0/why_dont_people_submit_value_investing_ideas_here/
1348757026.014papers.ssrn.com10kc66Do Investors Learn From Their Mistakes?currygoat1624http://www.reddit.com/r/SecurityAnalysis/comments/10kc66/do_investors_learn_from_their_mistakes/Falset5_2s7v0FalseFalset3_10kc66http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2122652
1347236615.014vimeo.comzml5hA Conversation with Howard Marks on InvestingBeren-1513http://www.reddit.com/r/SecurityAnalysis/comments/zml5h/a_conversation_with_howard_marks_on_investing/Falset5_2s7v0FalseFalset3_zml5hhttp://vimeo.com/34548668
1346110837.012mediafire.comyxjfkUBS - The Great DeleveragingBeren-1310http://www.reddit.com/r/SecurityAnalysis/comments/yxjfk/ubs_the_great_deleveraging/Falset5_2s7v0FalseFalset3_yxjfkhttp://www.mediafire.com/view/?mvz55y5zagu0eq7
1345725190.013socialsciencespace.comyoxrkRobert Shiller on Behavioral Economicscurrygoat1631http://www.reddit.com/r/SecurityAnalysis/comments/yoxrk/robert_shiller_on_behavioral_economics/Falset5_2s7v0FalseFalset3_yoxrkhttp://www.socialsciencespace.com/2012/08/robert-shiller-on-behavioral-economics/
1345661906.012online.wsj.comynh4uTootsie Roll's Secret EmpireBeren-1420http://www.reddit.com/r/SecurityAnalysis/comments/ynh4u/tootsie_rolls_secret_empire/Falset5_2s7v0FalseFalset3_ynh4uhttp://online.wsj.com/article/SB10000872396390443713704577603662120397078.html?mod=WSJ_hps_LEFTTopStories
1337560306.011online.wsj.comtwq1dWhat Chinese Consumers WantBeren-1211http://www.reddit.com/r/SecurityAnalysis/comments/twq1d/what_chinese_consumers_want/Falset5_2s7v0FalseFalset3_twq1dhttp://online.wsj.com/article/SB10001424052702303360504577408493723814210.html
1334871668.013smartmoney.comsiiasStocks Are Cheap? Logic Says Otherwisewhacim1301http://www.reddit.com/r/SecurityAnalysis/comments/siias/stocks_are_cheap_logic_says_otherwise/Falset5_2s7v0FalseFalset3_siiashttp://www.smartmoney.com/invest/stocks/stocks-are-cheap-logic-says-otherwise-1334334932421/?link=SM_hp_ls4e
1332200398.013scorpioncapital.comr48f4Seth Klarman on the Painful Decision to Hold Cash Beren-1303http://www.reddit.com/r/SecurityAnalysis/comments/r48f4/seth_klarman_on_the_painful_decision_to_hold_cash/Falset5_2s7v0FalseFalset3_r48f4http://www.scorpioncapital.com/management/documents/Seth%20Klarman%20on%20Cash.pdf
1330456537.013self.SecurityAnalysisqa1seTranscripts From 3 hour Warren Buffett Interview [February 27]Beren-1302http://www.reddit.com/r/SecurityAnalysis/comments/qa1se/transcripts_from_3_hour_warren_buffett_interview/* [Part One](http://www.cnbc.com/id/46541258)* [Part Two](http://www.cnbc.com/id/46541556)* [Part Three](http://www.cnbc.com/id/46543484)* [Part Four](http://www.cnbc.com/id/46543864)* [Part Five](http://www.cnbc.com/id/46544371)* [Part Six](http://www.cnbc.com/id/46544809)* [Part Seven](http://www.cnbc.com/id/46546596)* [Part Eight](http://www.cnbc.com/id/46546992)Falset5_2s7v0FalseTruet3_qa1sehttp://www.reddit.com/r/SecurityAnalysis/comments/qa1se/transcripts_from_3_hour_warren_buffett_interview/
1329763411.011bloomberg.compy3ah'Superinvestor' Walter Schloss, one of Buffett's former colleagues at Graham-Newman, dies at 95saturnight1436http://www.reddit.com/r/SecurityAnalysis/comments/py3ah/superinvestor_walter_schloss_one_of_buffetts/Falset5_2s7v0FalseFalset3_py3ahhttp://www.bloomberg.com/news/2012-02-20/walter-schloss-superinvestor-who-earned-buffett-s-praise-dies-at-95.html
1328228656.013investeem.comp8ibdWarren Buffett vs Eugene Fama: Does price reflect value?Investeem1300http://www.reddit.com/r/SecurityAnalysis/comments/p8ibd/warren_buffett_vs_eugene_fama_does_price_reflect/Falset5_2s7v0FalseFalset3_p8ibdhttp://www.investeem.com/2012/01/does-price-reflect-value.html
1327938392.010self.SecurityAnalysisp333aEnergy Stock Manifestobigwoody12218http://www.reddit.com/r/SecurityAnalysis/comments/p333a/energy_stock_manifesto/This is my relatively quick take on the case for energy stocks bringing outsized gains over the next decade+. No charts because I'm on my phone, but I can follow up later if this sparks discussion.I believe one of the greatest problems the current generation will face is the rising demand for energy for the world's population. Not only is the world population growing exponentially, but energy demand per capita is growing exponentially. There is a lot of money to be made by servicing this demand worldwide.I also believe, but with less conviction, that we have passed peak oil. *Whichever of the oil companies and drillers that can maintain output with new, long lasting sources should provide outsized gains over the next 10-20 years.*Alternative energy will be the way this energy demand is fulfilled in the long term. The catch is, this is NOT because alternative energy is ready for the big show now, but because there is no way to meet future demand with declining fossil fuel finds. I personally believe Solar has the best chance of achieving the cost and efficiency structure to deliver on these needs. However, the current state of solar is bleak, and *the big winner will be the company that can deliver costs low enough to not require government subsidy, while improving efficiency such that the costs can compete with fossil fuel energy sources*. This will become easier over time as energy becomes more expensive for everyone.The way I am proposing to play this climate:Oil stocks are still cheap in a P/E sense. The winner in my mind will be the company with the most stable backlog of oil sources to drill, and with the most cost-effective supply chains to bring that oil to market. Especially to the oil-hungry BRICs. Can anyone make this case for an oil stock today?Solar stocks are all going at low valuations. The catch is, these crap valuations are deserved for most of the at best, all of them at worst. Can anyone make the 10+ year case for any solar stock?Programming Note: I'd love for this to produce a lively discussion, as this subreddit seems to have a lot of value investing minds, but not a lot of discussion. If this is successful, I'll work on more of these. Next in the proposed series: 'The Manifesto for Short GLD, and why a short bet belongs in a Value Investing subreddit.'Falset5_2s7v0FalseTruet3_p333ahttp://www.reddit.com/r/SecurityAnalysis/comments/p333a/energy_stock_manifesto/
1327616005.011siliconinvestor.comoy7ekMichael Burry's original message board postsRMFT891430http://www.reddit.com/r/SecurityAnalysis/comments/oy7ek/michael_burrys_original_message_board_posts/Falset5_2s7v0FalseFalset3_oy7ekhttp://www.siliconinvestor.com/profile.aspx?userid=690845
1317931582.010money.cnn.coml3ckaWarren Buffett Interview on CNN Money [31min]Beren-1330http://www.reddit.com/r/SecurityAnalysis/comments/l3cka/warren_buffett_interview_on_cnn_money_31min/Falset5_2s7v0FalseFalset3_l3ckahttp://money.cnn.com/video/news/2011/10/05/n_buffett_full.cnnmoney/
1316545863.012self.SecurityAnalysisklvfeProfessor Damodaran's Fall 2011 MBA Valuation Class Added to Sidebarcurrygoat1202http://www.reddit.com/r/SecurityAnalysis/comments/klvfe/professor_damodarans_fall_2011_mba_valuation/The link to Professor Damodaran's 2011 Valuation Class Page has been added to the sidebar. I've been following along with the lectures and they're great. You get much more from the lectures than notes alone. He is only four lectures into the semester so it is still easy to catch up. [The link to the 2nd edition of Professor Damodaran's book *Investment Valuation*](http://www.stern.nyu.edu/~adamodar/pdfiles/valn2ed/wholeenchilada.zip) was posted in his emails to the class. It is not listed on the linked page. Everyone looking to improve their valuation skills should definitely follow along.Falset5_2s7v0TrueTruet3_klvfehttp://www.reddit.com/r/SecurityAnalysis/comments/klvfe/professor_damodarans_fall_2011_mba_valuation/
1302749728.014self.SecurityAnalysisgplezOnline Stock BrokersBeren-15137http://www.reddit.com/r/SecurityAnalysis/comments/gplez/online_stock_brokers/Comprehensive list of various online stock brokers. I'll give each broker it's own post so that people can make comments on those that they particularly liked or had complaints about.Falset5_2s7v0FalseTruet3_gplezhttp://www.reddit.com/r/SecurityAnalysis/comments/gplez/online_stock_brokers/
1376321044.011hightail.com1k7loqSeth Klarman Remarks: Private Meeting of Business Leaders (June 2013)currygoat1321http://www.reddit.com/r/SecurityAnalysis/comments/1k7loq/seth_klarman_remarks_private_meeting_of_business/Falset5_2s7v0FalseFalset3_1k7loqhttps://www.hightail.com/directDownload?phi_action=app/directDownload&fl=SWhZekZuQVNVVGtFSy9keHJ3TU1Eak9yZWt5UmdteDRsUjJuWENHRzVZbz0&experience=bas
1375122185.010gurufocus.com1jaildHow to Read Closelycurrygoat1553http://www.reddit.com/r/SecurityAnalysis/comments/1jaild/how_to_read_closely/Falset5_2s7v0FalseFalset3_1jaildhttp://www.gurufocus.com/news/224722/how-to-read-closely
1375034035.09scribd.com1j842sCATastrophe: Why Catepillar is a Strong Sellcurrygoat1231http://www.reddit.com/r/SecurityAnalysis/comments/1j842s/catastrophe_why_catepillar_is_a_strong_sell/Falset5_2s7v0FalseFalset3_1j842shttp://www.scribd.com/doc/155472622/2013-07-23-CATastrophe-Why-Caterpillar-is-a-Strong-Sell
1374582276.09self.SecurityAnalysis1ivovuBuy the buybacksstockbroker1123http://www.reddit.com/r/SecurityAnalysis/comments/1ivovu/buy_the_buybacks/Good article on how the top 100 share repurchasers in the S&P 500 index beat the broader index two times over.http://seekingalpha.com/article/1560252-buying-buybacksFalset5_2s7v0FalseTruet3_1ivovuhttp://www.reddit.com/r/SecurityAnalysis/comments/1ivovu/buy_the_buybacks/
1371503173.012youtube.com1gjhhiKyle Bass - Presentation at the Strategic Investment Conference 2013Beren-1531http://www.reddit.com/r/SecurityAnalysis/comments/1gjhhi/kyle_bass_presentation_at_the_strategic/Falset5_2s7v0FalseFalset3_1gjhhihttp://www.youtube.com/watch?feature=player_embedded&v=gJfvLADP3HE
1371441084.010self.SecurityAnalysis1ghsgtWhat should we read?superquestionman12216http://www.reddit.com/r/SecurityAnalysis/comments/1ghsgt/what_should_we_read/>One of the students asked what he could do now to prepare for an investing career. Buffett thought for a few seconds and then reached for the stack of reports, trade publications and other papers he had brought with him. What do you think Buffett particularly mean by this? Also how do we find data like when Buffett says in *How inflation swindles the equity investor* '*Data for a larger universe, the Fortune 500 (whose history goes back only to the mid-1950s), indicate somewhat similar results*' ?In my opinion I think it goes beyond the level 1 reading of newspapers and annual reports. Perhaps there are other sources we aren't considering?Falset5_2s7v0FalseTruet3_1ghsgthttp://www.reddit.com/r/SecurityAnalysis/comments/1ghsgt/what_should_we_read/
1371377714.010thegrahamdisciple.com1gg59bA Framework To Analyse Utilitiesthomz851220http://www.reddit.com/r/SecurityAnalysis/comments/1gg59b/a_framework_to_analyse_utilities/Falset5_2s7v0FalseFalset3_1gg59bhttp://thegrahamdisciple.com/post/a-framework-to-analyse-utility-stocks
1371207094.011sumzero.com1gbxg0Merger Arbitrage Long Pitch on Dolecurrygoat1211http://www.reddit.com/r/SecurityAnalysis/comments/1gbxg0/merger_arbitrage_long_pitch_on_dole/Falset5_2s7v0FalseFalset3_1gbxg0http://sumzero.com/sp/dolespecialsituation
1370018927.012fool.com1fevbtWhy You Never Learn From Your Investment Mistakesinvesting10116411http://www.reddit.com/r/SecurityAnalysis/comments/1fevbt/why_you_never_learn_from_your_investment_mistakes/Falset5_2s7v0FalseFalset3_1fevbthttp://www.fool.com/investing/general/2013/05/30/why-you-never-learn-from-your-investment-mistakes.aspx
1369032646.011self.SecurityAnalysis1eoj68Does /r/SecurityAnalysis have any history book recommendations?PizzaOnTheMind1104http://www.reddit.com/r/SecurityAnalysis/comments/1eoj68/does_rsecurityanalysis_have_any_history_book/Charlie Munger's 'Multiple Mental Models' approach to analysis and assessment requests that we adopt 'the big ideas in the big disciplines and use them routinely--all of them, not just a few.' It should go unsaid that the adoption of these big ideas (namely the methods of problem solving attributable to the different disciplines) can help all of us become more dynamic thinkers--and by extension, investors. With that said, I've always loved reading history and this seems as good of a discipline as any to diversify our default Graham-derived reading list (and subsequently Graham-derived model of thinking) in the sidebar. I would love to know what history books you guys have on your bookshelves. It doesn't need to be obscure or unique, I think many of the best selling classics are popular for good reasons and would be more the worthwhile to mention here.My first recommendation is a book about an oft-forgotten war in American history: The War of 1812[ 1812: The War That Forged a Nation -Walter R. Borneman](http://www.amazon.com/1812-That-Forged-Nation-P-S/dp/0060531134)Falset5_2s7v0FalseTruet3_1eoj68http://www.reddit.com/r/SecurityAnalysis/comments/1eoj68/does_rsecurityanalysis_have_any_history_book/
1368898462.010basehitinvesting.com1el313The Two Ways To Outperform the Market & Walter Schloss 1973 Forbes Articlecurrygoat1220http://www.reddit.com/r/SecurityAnalysis/comments/1el313/the_two_ways_to_outperform_the_market_walter/Falset5_2s7v0FalseFalset3_1el313http://basehitinvesting.com/walter-schloss-1973-forbes-article-two-ways-to-outperform-the-market/
1368148885.012self.SecurityAnalysis1e1hbgHow relevant is a CFA for a value investing career?chiyeung12026http://www.reddit.com/r/SecurityAnalysis/comments/1e1hbg/how_relevant_is_a_cfa_for_a_value_investing_career/If one wishes to pursue a career in investing/portfolio management/ security analysis, would pursuing a CFA put one on the right path? I understand the CFA was something that Ben Graham ultimately influenced in its creation, would it be useful?Falset5_2s7v0FalseTruet3_1e1hbghttp://www.reddit.com/r/SecurityAnalysis/comments/1e1hbg/how_relevant_is_a_cfa_for_a_value_investing_career/
1367333215.013self.SecurityAnalysis1devjxThis Saturday's Woodstock for Capitalists: Berkshire's Annual MeetingBlackSheepBuzz1416http://www.reddit.com/r/SecurityAnalysis/comments/1devjx/this_saturdays_woodstock_for_capitalists/Not traveling to Omaha this weekend for the BRK annual meeting. Anyone have any idea as to what sites will be covering the meeting? Am interested in transcripts, tweets, etc. to Warren and Charlies's Q&AsFalset5_2s7v0FalseTruet3_1devjxhttp://www.reddit.com/r/SecurityAnalysis/comments/1devjx/this_saturdays_woodstock_for_capitalists/
1366223242.011bloomberg.com1cjrmwTesco to Exit U.S. and Take £2.4bn Global WritedownBeren-1103http://www.reddit.com/r/SecurityAnalysis/comments/1cjrmw/tesco_to_exit_us_and_take_24bn_global_writedown/Falset5_2s7v0FalseFalset3_1cjrmwhttp://www.bloomberg.com/news/2013-04-17/tesco-to-exit-u-s-unit-post-review-take-1-8-billion-charge.html
1366057142.010scribd.com1cetvhTranscripts of Three Warren Buffett Sessions at Notre Dame in 1991currygoat1113http://www.reddit.com/r/SecurityAnalysis/comments/1cetvh/transcripts_of_three_warren_buffett_sessions_at/Falset5_2s7v0FalseFalset3_1cetvhhttp://www.scribd.com/doc/135998519/Buffett-Transcripts-1991-Notre-Dame
1365250148.09salon.com1bsjhxJim Chanos Interview on Executives and Their Incentive to Cheatcurrygoat1121http://www.reddit.com/r/SecurityAnalysis/comments/1bsjhx/jim_chanos_interview_on_executives_and_their/Falset5_2s7v0FalseFalset3_1bsjhxhttp://www.salon.com/2013/04/03/wall_street_power_player_were_incentivized_to_cheat_partner/
1364839911.012greenbackd.com1bfq0cOn The Great Shiller PE Controversy: Are Cyclically-Adjusted Earnings Below The Long-Term Trend?Greenbackd1311http://www.reddit.com/r/SecurityAnalysis/comments/1bfq0c/on_the_great_shiller_pe_controversy_are/Falset5_2s7v0FalseFalset3_1bfq0chttp://greenbackd.com/2013/04/01/aqrs-cliff-asness-on-an-old-friend-the-shiller-pe/
1364822261.011businessweek.com1bf4nqHow Samsung Became the World's No. 1 Smartphone Makercurrygoat1100http://www.reddit.com/r/SecurityAnalysis/comments/1bf4nq/how_samsung_became_the_worlds_no_1_smartphone/Falset5_2s7v0FalseFalset3_1bf4nqhttp://www.businessweek.com/articles/2013-03-28/how-samsung-became-the-worlds-no-dot-1-smartphone-maker
1363111207.011charlierose.com1a5qzeCharlie Rose Interivew With Jeremy GranthamBeren-1321http://www.reddit.com/r/SecurityAnalysis/comments/1a5qze/charlie_rose_interivew_with_jeremy_grantham/Falset5_2s7v0FalseFalset3_1a5qzehttp://www.charlierose.com/view/interview/12812
1362171697.012berkshirehathaway.com19hgclBerkshire Hathaway 2012 Annual ReportBeren-1203http://www.reddit.com/r/SecurityAnalysis/comments/19hgcl/berkshire_hathaway_2012_annual_report/Falset5_2s7v0FalseFalset3_19hgclhttp://www.berkshirehathaway.com/letters/2012ltr.pdf
1362087608.011bloomberg.com19f5t1Groupon Removes Andrew Mason as CEOBeren-1101http://www.reddit.com/r/SecurityAnalysis/comments/19f5t1/groupon_removes_andrew_mason_as_ceo/Falset5_2s7v0FalseFalset3_19f5t1http://www.bloomberg.com/news/2013-02-28/groupon-removes-andrew-mason-as-ceo-appoints-lefkofsky-leonsis.html
1360253280.011plus.cnbc.com182ixqDavid Einhorn on CNBC Discussing His Apple Preferred Share Issuance Proposalcurrygoat1100http://www.reddit.com/r/SecurityAnalysis/comments/182ixq/david_einhorn_on_cnbc_discussing_his_apple/Falset5_2s7v0FalseFalset3_182ixqhttp://plus.cnbc.com/rssvideosearch/action/player/id/3000146479/code/cnbcplayershare
1359652991.012bloomberg.com17mzmzInBev Sued by U.S. to Block $20 Billion Grupo Modelo Dealcurrygoat1201http://www.reddit.com/r/SecurityAnalysis/comments/17mzmz/inbev_sued_by_us_to_block_20_billion_grupo_modelo/Falset5_2s7v0FalseFalset3_17mzmzhttp://www.bloomberg.com/news/2013-01-31/u-s-files-antitrust-suit-to-stop-inbev-purchase-of-grupo-modelo.html
1359338968.012self.SecurityAnalysis17eih4Reddit Activist Investing?Ucanecon213114http://www.reddit.com/r/SecurityAnalysis/comments/17eih4/reddit_activist_investing/Since we're in a smaller and more serious rubreddit than the rest of the financial subreddits, I want to pose this idea to all of you.Would it be possible for people in this subreddit to coordinate research and investments in stocks with activist intent? A large number of companies are small enough that $5-$10 Million invested could easily help sway management of a small company towards whatever goals are needed to increase shareholder value. This is just a small idea I've had for the past week, and I'd love to hear your input.Would there be legal issues with doing this? Cooperation and Trust issues? Needed verification systems? Not enough cash at our disposal? Too much work with not enough results?Falset5_2s7v0FalseTruet3_17eih4http://www.reddit.com/r/SecurityAnalysis/comments/17eih4/reddit_activist_investing/
1358932394.011npr.org1744wgNPR's Planet Money interview with Bill Ackman on HLF (audio)FinancialAnalrapist1325http://www.reddit.com/r/SecurityAnalysis/comments/1744wg/nprs_planet_money_interview_with_bill_ackman_on/Falset5_2s7v0FalseFalset3_1744wghttp://www.npr.org/blogs/money/2013/01/18/169719749/episode-431-a-billion-dollar-bet-against-weight-loss-shakes
1354155279.010self.SecurityAnalysis13yxmsAre intangible assets being over-valued, or am I just going crazy?sir_locus11111http://www.reddit.com/r/SecurityAnalysis/comments/13yxms/are_intangible_assets_being_overvalued_or_am_i/I just wanted the opinions of the people here, but it seems that fewer tangible asset based, consumer good companies are receiving initial investment capital. The long term ramifications of this are relevant to classical value investment since this is internally consistent with a market-wide shift to capital allocation in proprietary developments. I understand that one of the first assumptions of value investing contradicts large-scale market mechanics but: Specific technology (and biotechnology) companies are producing inherently 'valuable' services (genomics, personalized healthcare) that are based heavily in data analysis and algorithm development. I've been evaluating tech companies based on the profitability of their consumer service and the growth rate of the company (along with other basic Graham principles ie book value, dividend payout)..I'm reaching a conclusion that these companies are incredibly over-valued. Even mature companies. Ultimately, assessing the health of the companies' operational activities isn't enough--I have to dive into the core of the technology that they're developing and really beg for information that companies are not exactly willing to reveal. It makes screening for companies more difficult, but what is even more troublesome is that my technical approach in stock selection is changing and digressing from the standards of a defensive investor as outlined by Graham. Although, philosophically I'm operating by traditional, albeit abstracted principles--I'm railing against his quantitative tactics. Of course the observations I've made may be a result of confirmation bias, and/or selective evidence since my approach is inductive vs. empirical but I think I need some personal guidance/input to check myself. **TL;DR** My initial goal was to converge quantitative fundamental analysis principles with the biotech industry. Am I diverging instead?Falset5_2s7v0FalseTruet3_13yxmshttp://www.reddit.com/r/SecurityAnalysis/comments/13yxms/are_intangible_assets_being_overvalued_or_am_i/
1350502457.011scribd.com11n9i0Charlie Munger at Harvard-Westlake School [2010]Beren-1104http://www.reddit.com/r/SecurityAnalysis/comments/11n9i0/charlie_munger_at_harvardwestlake_school_2010/Falset5_2s7v0FalseFalset3_11n9i0http://www.scribd.com/doc/110302239/Munger-Talk-at-Harvard-Westlake
1348688972.010csinvesting.wordpress.com10iuerJoel Greenblatt's Value & Special Situation Investing Class Videos (Lectures 1 & 2)currygoat1116http://www.reddit.com/r/SecurityAnalysis/comments/10iuer/joel_greenblatts_value_special_situation/Falset5_2s7v0FalseFalset3_10iuerhttp://csinvesting.wordpress.com/2012/09/25/special-situation-video-lecture-1/
1347466629.09oaktreecapital.comzrsheHoward Marks - On Uncertain GroundBeren-1121http://www.reddit.com/r/SecurityAnalysis/comments/zrshe/howard_marks_on_uncertain_ground/Falset5_2s7v0FalseFalset3_zrshehttp://www.oaktreecapital.com/MemoTree/On%20Uncertain%20Ground%2009_11_12.pdf
1346350359.010manualofideas.comz37rcLegal Matters With Charlie MungerBeren-1221http://www.reddit.com/r/SecurityAnalysis/comments/z37rc/legal_matters_with_charlie_munger/Falset5_2s7v0FalseFalset3_z37rchttp://www.manualofideas.com/files/content/200905_munger.pdf
1344893652.012befi.allianzgi.comy5zpxAllianz - Behavioral Finance in ActionBeren-1201http://www.reddit.com/r/SecurityAnalysis/comments/y5zpx/allianz_behavioral_finance_in_action/Falset5_2s7v0FalseFalset3_y5zpxhttp://befi.allianzgi.com/en/Topics/Documents/behavioral-finance-in-action-white-paper.pdf
1344445509.09bloomberg.comxw0uiStarbucks Invests $25 Million In Square IncBeren-1230http://www.reddit.com/r/SecurityAnalysis/comments/xw0ui/starbucks_invests_25_million_in_square_inc/Falset5_2s7v0FalseFalset3_xw0uihttp://www.bloomberg.com/news/2012-08-08/starbucks-invests-25-million-in-mobile-payment-provider.html
1341878441.011bloomberg.comwas4bIntel Agrees To Buy 15% Of ASML In $4.1 Billion InvestmentBeren-1100http://www.reddit.com/r/SecurityAnalysis/comments/was4b/intel_agrees_to_buy_15_of_asml_in_41_billion/Falset5_2s7v0FalseFalset3_was4bhttp://www.bloomberg.com/news/2012-07-09/intel-agrees-to-buy-10-stake-in-asml-for-about-2-1-billion.html
1340402174.011self.SecurityAnalysisvgfj6How is it possible for a stock to have over 100% institutional sponsorship? what does that mean exactly?daydo1325http://www.reddit.com/r/SecurityAnalysis/comments/vgfj6/how_is_it_possible_for_a_stock_to_have_over_100/one such example is EDR (a REIT). is it REIT specific? or does it refer to something else?Falset5_2s7v0FalseTruet3_vgfj6http://www.reddit.com/r/SecurityAnalysis/comments/vgfj6/how_is_it_possible_for_a_stock_to_have_over_100/
1339782335.012dealbook.nytimes.comv3qikHong Kong Exchange to Buy London Metal Exchange for $2.1 BillionBeren-1200http://www.reddit.com/r/SecurityAnalysis/comments/v3qik/hong_kong_exchange_to_buy_london_metal_exchange/Falset5_2s7v0FalseFalset3_v3qikhttp://dealbook.nytimes.com/2012/06/15/hong-kong-exchange-to-buy-london-metal-exchange-for-2-1-billion/
1335307499.010bloomberg.comsqqepIBM Boosts Stock Buyback by $7 Billion, Raises DividendBeren-1111http://www.reddit.com/r/SecurityAnalysis/comments/sqqep/ibm_boosts_stock_buyback_by_7_billion_raises/Falset5_2s7v0FalseFalset3_sqqephttp://www.bloomberg.com/news/2012-04-24/ibm-boosts-stock-buyback-by-7-billion-raises-dividend.html
1334800602.013self.SecurityAnalysissh3wdI've been reading up on the Graham number. A lot of sources say it doesn't apply well to large cap firms. Why is that? (X-post from /r/investing)oakdog81636http://www.reddit.com/r/SecurityAnalysis/comments/sh3wd/ive_been_reading_up_on_the_graham_number_a_lot_of/Falset5_2s7v0FalseTruet3_sh3wdhttp://www.reddit.com/r/SecurityAnalysis/comments/sh3wd/ive_been_reading_up_on_the_graham_number_a_lot_of/
1333929631.012americanbanker.comrzyakU.S. Bank, Chase Pull Back from Student Lendingcurrygoat1203http://www.reddit.com/r/SecurityAnalysis/comments/rzyak/us_bank_chase_pull_back_from_student_lending/Falset5_2s7v0FalseFalset3_rzyakhttp://www.americanbanker.com/issues/177_63/us-bank-student-lending-cfpb-1048016-1.html
1333057020.011obermeyerasset.comrjvz0The Apple Conundrumwhacim1320http://www.reddit.com/r/SecurityAnalysis/comments/rjvz0/the_apple_conundrum/Falset5_2s7v0FalseFalset3_rjvz0http://www.obermeyerasset.com/images/uploads/2012_March_Commentary_1.pdf
1332285889.012oaktreecapital.comr5uy9The Key to Investment Success is Avoiding Strikeoutscurrygoat1312http://www.reddit.com/r/SecurityAnalysis/comments/r5uy9/the_key_to_investment_success_is_avoiding/Falset5_2s7v0FalseFalset3_r5uy9http://www.oaktreecapital.com/MemoTree/What's%20Your%20Game%20Plan%20(090503).pdf
1330094491.013scribd.comq42xkBaupost (Klarman) 2011 Shareholder LetterRMFT8913011http://www.reddit.com/r/SecurityAnalysis/comments/q42xk/baupost_klarman_2011_shareholder_letter/Falset5_2s7v0FalseFalset3_q42xkhttp://www.scribd.com/doc/82691653/Shareholder-Letter?secret_password=1q28trc8tng8la6msun2
1327695654.011valueinvesting.deozkcsWarren Buffett - How Inflation Swindles the Equity InvestorBeren-1215http://www.reddit.com/r/SecurityAnalysis/comments/ozkcs/warren_buffett_how_inflation_swindles_the_equity/Falset5_2s7v0FalseFalset3_ozkcshttp://www.valueinvesting.de/en/inflation-equity-investor-by-warren-buffett.htm
1320517401.010csinvesting.wordpress.comm1l4vAnalysis of Warren Buffett's Investment in the Mid-Continental Tab Card Companycurrygoat1110http://www.reddit.com/r/SecurityAnalysis/comments/m1l4v/analysis_of_warren_buffetts_investment_in_the/Falset5_2s7v0FalseFalset3_m1l4vhttp://csinvesting.wordpress.com/2011/11/04/answering-a-readers-question-on-buffetts-view-of-catastrophic-risk/
1317047439.011online.wsj.comkru9eBerkshire Hathaway to Buy Back an Indefinite Amount of Sharescurrygoat1321http://www.reddit.com/r/SecurityAnalysis/comments/kru9e/berkshire_hathaway_to_buy_back_an_indefinite/Falset5_2s7v0FalseFalset3_kru9ehttp://online.wsj.com/article/SB10001424052970204831304576594582853871222.html
1316655698.011scribd.comknew0A Study of Market History Through Graham, Babson, Buffett and Others (88 pages)currygoat1100http://www.reddit.com/r/SecurityAnalysis/comments/knew0/a_study_of_market_history_through_graham_babson/Falset5_2s7v0FalseFalset3_knew0http://www.scribd.com/doc/65814320/A-Study-of-Market-History-Through-Graham-Babson-Buffett-and-Others
1314280544.011mediaroom.bankofamerica.comju0j1Berkshire Hathaway Invests $5 Billion in Bank of Americacurrygoat1323http://www.reddit.com/r/SecurityAnalysis/comments/ju0j1/berkshire_hathaway_invests_5_billion_in_bank_of/Falset5_2s7v0FalseFalset3_ju0j1http://mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=irol-newsArticle&ID=1600360&highlight=
1306429747.012grahamanddoddsville.nethksbqWalter Schloss - Factors Needed To Make Money In The Stock Market [pdf]Beren-1200http://www.reddit.com/r/SecurityAnalysis/comments/hksbq/walter_schloss_factors_needed_to_make_money_in/Falset5_2s7v0FalseFalset3_hksbqhttp://www.grahamanddoddsville.net/wordpress/Files/Gurus/Walter%20Schloss/Factors%2520needed%2520to%2520make%2520money%2520in%2520stocks%2520-%2520Schloss.pdf
1306012593.011fool.comhgw9hCharlie Munger's ThoughtsBeren-1210http://www.reddit.com/r/SecurityAnalysis/comments/hgw9h/charlie_mungers_thoughts/Falset5_2s7v0FalseFalset3_hgw9hhttp://www.fool.com/investing/value/2010/05/07/charlie-mungers-thoughts-on-just-about-everything.aspx
1376636796.011manualofideas.com1kh4boManual of Ideas Sample Issue (January 2013)currygoat1100http://www.reddit.com/r/SecurityAnalysis/comments/1kh4bo/manual_of_ideas_sample_issue_january_2013/Falset5_2s7v0FalseFalset3_1kh4bohttp://www.manualofideas.com/wp-content/uploads/2013/08/moi201301_ideas.pdf
1376514741.09charlierose.com1kdiezBill Ackman discusses JC Penney and Herbalife on Charlie Rosecurrygoat11212http://www.reddit.com/r/SecurityAnalysis/comments/1kdiez/bill_ackman_discusses_jc_penney_and_herbalife_on/Falset5_2s7v0FalseFalset3_1kdiezhttp://charlierose.com/watch/60253405
1375669963.010fool.com1jps9hWho should try to beat the Market? (Morgan Housel)FinancialAnalrapist1334http://www.reddit.com/r/SecurityAnalysis/comments/1jps9h/who_should_try_to_beat_the_market_morgan_housel/Falset5_2s7v0FalseFalset3_1jps9hhttp://www.fool.com/investing/general/2013/08/02/who-should-try-to-beat-the-market.aspx
1375390780.09centman.com1jiqvbFinding Deep Value by Identifying Structural Industry ChangesBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/1jiqvb/finding_deep_value_by_identifying_structural/Falset5_2s7v0FalseFalset3_1jiqvbhttp://centman.com/files/JimBrilliantInterview.pdf
1375307393.011reuters.com1jg8dcAs Solar Panels Pile Up, China Taxes Axe to Polysilicon Producerscurrygoat1210http://www.reddit.com/r/SecurityAnalysis/comments/1jg8dc/as_solar_panels_pile_up_china_taxes_axe_to/Falset5_2s7v0FalseFalset3_1jg8dchttp://www.reuters.com/article/2013/07/31/china-solar-polysilicon-idUSL4N0G114920130731?feedType=RSS&feedName=bankruptcyNews
1374939800.012breakingcall.com1j5wwhSometime Analysts Are the Last to Know … but You Should Listen to Them Anywaywoc20081640http://www.reddit.com/r/SecurityAnalysis/comments/1j5wwh/sometime_analysts_are_the_last_to_know_but_you/Falset5_2s7v0FalseFalset3_1j5wwhhttp://www.breakingcall.com/index.php/blog/breakingcall-blog/78-blog/138-sometime-analysts-are-the-last-to-know-but-you-should-listen-to-them-anyway
1374081238.011valuewalk.com1ihwrwChanos short CATOWylde1210http://www.reddit.com/r/SecurityAnalysis/comments/1ihwrw/chanos_short_cat/Falset5_2s7v0FalseFalset3_1ihwrwhttp://www.valuewalk.com/2013/07/jim-chanos-short-caterpillar-video/
1373317431.011news.morningstar.com1hw127Intel's Moat Is Coming Into Play in the Mobile Processor OpportunityBeren-1211http://www.reddit.com/r/SecurityAnalysis/comments/1hw127/intels_moat_is_coming_into_play_in_the_mobile/Falset5_2s7v0FalseFalset3_1hw127http://news.morningstar.com/articlenet/article.aspx?id=601876
1372975356.010csinvesting.org1hnpc1Cache of Michael Burry Articles, Interviews, and Stock Pitchescurrygoat1223http://www.reddit.com/r/SecurityAnalysis/comments/1hnpc1/cache_of_michael_burry_articles_interviews_and/Falset5_2s7v0FalseFalset3_1hnpc1http://csinvesting.org/2013/07/03/michael-burry-case-studies/
1372441460.010business.financialpost.com1h9eduFairfax Financial is Making a Fortune Betting on Europe's Biggest LosersBeren-1220http://www.reddit.com/r/SecurityAnalysis/comments/1h9edu/fairfax_financial_is_making_a_fortune_betting_on/Falset5_2s7v0FalseFalset3_1h9eduhttp://business.financialpost.com/2013/06/21/fairfax-is-making-a-fortune-betting-on-europes-biggest-losers/
1371399726.010youtube.com1ggks5Intelligent investing with Steve Forbesjettekuk1000http://www.reddit.com/r/SecurityAnalysis/comments/1ggks5/intelligent_investing_with_steve_forbes/Falset5_2s7v0FalseFalset3_1ggks5http://www.youtube.com/watch?v=iwXRGfsbMOQ&list=PL96BEDB496B48BD06
1369940743.012cnbc.com1fcr6gBerkowitz Takes $500M Preferred Share Position in Fannie, Freddie; Calls For Restructuringcurrygoat1312http://www.reddit.com/r/SecurityAnalysis/comments/1fcr6g/berkowitz_takes_500m_preferred_share_position_in/Falset5_2s7v0FalseFalset3_1fcr6ghttp://www.cnbc.com/id/100773814
1369545882.010canadianvalueinvesting.blogspot.com1f2hw6Characteristics of Simple & Predicatble Businessescurrygoat1000http://www.reddit.com/r/SecurityAnalysis/comments/1f2hw6/characteristics_of_simple_predicatble_businesses/Falset5_2s7v0FalseFalset3_1f2hw6http://canadianvalueinvesting.blogspot.com/2013/05/simple-predictable-businesses.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CanadianValueInvesting+%28Canadian+Value+Investing%29
1369416104.011dealbook.nytimes.com1ezck6An Ackman Investment Scorecardinvesting1011107http://www.reddit.com/r/SecurityAnalysis/comments/1ezck6/an_ackman_investment_scorecard/Falset5_2s7v0FalseFalset3_1ezck6http://dealbook.nytimes.com/2013/05/24/an-ackman-investment-scorecard/
1369159588.010thirdave.com1es047The Impact of Higher Interest Rates On Real EstateBeren-1002http://www.reddit.com/r/SecurityAnalysis/comments/1es047/the_impact_of_higher_interest_rates_on_real_estate/Falset5_2s7v0FalseFalset3_1es047http://www.thirdave.com/ta/documents/reports/Interest%20Rates%20Insights.pdf
1368825488.010bloomberg.com1ejif8How Benjamin Graham Revolutionized Shareholder Activisminvesting1011110http://www.reddit.com/r/SecurityAnalysis/comments/1ejif8/how_benjamin_graham_revolutionized_shareholder/Falset5_2s7v0FalseFalset3_1ejif8http://www.bloomberg.com/news/2013-05-17/how-benjamin-graham-revolutionized-shareholder-activism.html
1368638873.011self.SecurityAnalysis1ee6vbLEAPs - Any good learning material?js_s1327http://www.reddit.com/r/SecurityAnalysis/comments/1ee6vb/leaps_any_good_learning_material/Hi -- Was wondering if there's any good websites or learning materials for getting more familiar with LEAPs?Falset5_2s7v0FalseTruet3_1ee6vbhttp://www.reddit.com/r/SecurityAnalysis/comments/1ee6vb/leaps_any_good_learning_material/
1368154022.08bloom.bg1e1nlrJoel Greenblatt Says Apple, Google Are ‘Bargains’: Videoinvesting1011134http://www.reddit.com/r/SecurityAnalysis/comments/1e1nlr/joel_greenblatt_says_apple_google_are_bargains/Falset5_2s7v0FalseFalset3_1e1nlrhttp://bloom.bg/12j4Pnx
1367852820.010self.SecurityAnalysis1dsn09What level of quantitative analysis do you use in your investing?lomzor1006http://www.reddit.com/r/SecurityAnalysis/comments/1dsn09/what_level_of_quantitative_analysis_do_you_use_in/Hi Guys,So over the past few months I've been teaching myself about value investing and trying to learn as much as possible. I had a question about what level of quantitative analysis you guys use in picking your investments. Do you guys mainly look at a company's financial statements and interpret its value by assessing assets, liabilities, expenses revenue etc to gain an insight into whether a company is undervalued and its likely future performance? (obviously coupled with other forms of qualitative fundamental analysis) Or do you take it further and actually develop a DCF model and actually determine a specific price for a company's stock? Falset5_2s7v0FalseTruet3_1dsn09http://www.reddit.com/r/SecurityAnalysis/comments/1dsn09/what_level_of_quantitative_analysis_do_you_use_in/
1367545365.010dealbook.nytimes.com1dlbo1Handpicked Skeptic to Pitch Hardball Questions at Warren Buffettinvesting1011111http://www.reddit.com/r/SecurityAnalysis/comments/1dlbo1/handpicked_skeptic_to_pitch_hardball_questions_at/Falset5_2s7v0FalseFalset3_1dlbo1http://dealbook.nytimes.com/2013/05/02/handpicked-skeptic-to-pitch-hardball-questions-at-warren-buffett/
1366912949.011bloomberg.com1d3i71Blackstone Buys Atlanta Homes in Largest Rental TradeBeren-1211http://www.reddit.com/r/SecurityAnalysis/comments/1d3i71/blackstone_buys_atlanta_homes_in_largest_rental/Falset5_2s7v0FalseFalset3_1d3i71http://www.bloomberg.com/news/2013-04-25/blacktone-buys-atlanta-homes-in-largest-bulk-rental-trade.html
1366820480.011greenbackd.com1d0mxqDoes Apple, Inc. (NASDAQ:AAPL) Show Statistical Evidence Of An Economic Moat? Our Quantitative Value Model AppliedGreenbackd1321http://www.reddit.com/r/SecurityAnalysis/comments/1d0mxq/does_apple_inc_nasdaqaapl_show_statistical/Falset5_2s7v0FalseFalset3_1d0mxqhttp://greenbackd.com/2013/04/24/does-apple-inc-nasdaqaapl-show-evidence-of-a-statistical-economic-moat-our-quantitative-value-model-applied-in-the-value-investing-letter/
1366379733.010brooklyninvestor.blogspot.com1cod27Newton's Apple: Is Apple Really Cheap?currygoat1446http://www.reddit.com/r/SecurityAnalysis/comments/1cod27/newtons_apple_is_apple_really_cheap/Falset5_2s7v0FalseFalset3_1cod27http://brooklyninvestor.blogspot.com/2013/04/newtons-apple.html?utm_source=feedly
1366317041.09uvm.edu1cmofrHarvard Business Review: The Making of an ExpertFundamentalHedgie1122http://www.reddit.com/r/SecurityAnalysis/comments/1cmofr/harvard_business_review_the_making_of_an_expert/Falset5_2s7v0FalseFalset3_1cmofrhttp://www.uvm.edu/~pdodds/files/papers/others/everything/ericsson2007a.pdf
1366035134.010dealbook.nytimes.com1ce16cDish Network Makes $25.5 Billion Bid for Sprint Nextelcurrygoat1000http://www.reddit.com/r/SecurityAnalysis/comments/1ce16c/dish_network_makes_255_billion_bid_for_sprint/Falset5_2s7v0FalseFalset3_1ce16chttp://dealbook.nytimes.com/2013/04/15/dish-network-makes-25-5-billion-bid-for-sprint-nextel/?utm_source=feedly
1365616282.010dealbook.nytimes.com1c2rhjA Solution for J.C. Penney May Be to Sell Itself, or Some of Its AssetsBeren-1000http://www.reddit.com/r/SecurityAnalysis/comments/1c2rhj/a_solution_for_jc_penney_may_be_to_sell_itself_or/Falset5_2s7v0FalseFalset3_1c2rhjhttp://dealbook.nytimes.com/2013/04/09/a-solution-for-penney-may-be-to-sell-itself-or-some-of-its-assets/
1364801922.010aswathdamodaran.blogspot.ca1besvqDamodaran - A Sweet Spot for US Equities: Opportunity and DangersBeren-1330http://www.reddit.com/r/SecurityAnalysis/comments/1besvq/damodaran_a_sweet_spot_for_us_equities/Falset5_2s7v0FalseFalset3_1besvqhttp://aswathdamodaran.blogspot.ca/2013/03/a-sweet-spot-for-us-equities.html
1363790904.012self.SecurityAnalysis1anxymNWLI Investment Thesis - I think a deep value stockrbco1313http://www.reddit.com/r/SecurityAnalysis/comments/1anxym/nwli_investment_thesis_i_think_a_deep_value_stock/Constructive discussion and criticism always appreciated. My apologies in advance if there are any errors, any of which would be consciously inadvertent.Best to read at site because of formatting and tables are not included in this post.http://rbcpa.com/companies/NWLI_Notes.pdfThis is not a solicitation of any sort. This is not a recommendation to buy, sell or hold NWLI. This post is intended merely as a sharing of information which I have collected.March 19, 2013 (187.00) Updated ThesisNational Western Life Insurance Company is a life insurance and annuity company. They sell their products both domestically and internationally. Most of their annuities are sold domestically, and are typically equity indexed based annuities. In 2012, 37% of their life insurance premiums were domestic, 23% in 2011 ( I previously reported this as 32%) and 19% in 2010. National Western Life Insurance Company has been around since 1956. Their investment portfolio is reported to be of primarily investment quality bonds and matched to their insurance and annuity policies future commitments. Robert Moody owns 34% of Class A, and nearly 100% of Class B. Price to Book Value as of March 19, 2013 (price of $187.00) is ~49%. The balance sheet as reported, remains strong and secure, as it has since 1956. AM Best has reaffirmed NWLI’s ‘A’ rating on May 26, 2011. I like the apparent conservatism of the company, and that is the primarily reason for our owning National Western Life.I think book value is the most important metric in valuing NWLI. Book Value at December 31, 2012 was reported at $382.88 per share, up from $351.27 at December 31, 2011. If NWLI was to trade at 70% of book value reported as of March 19, 2013, the price would be ~$268 per share. Book value has grown consistently since 1991. Book Value has grown in a fairly consistent manner, at an annualized rate of 9.61% since 1991. My preference is a strong balance sheet, even if the sacrifice is some ROIC.I think NWLI should trade at at least 55% of book value (probably closer to 65% or 70 %+). You can impute a growth rate of book value of say 5%. Currently book is $382.88. If one was to adjust to 55% of reported book value, the share price would become $210.58.I do not see great portfolio risk for the long term holder of NWLI. Yet, I could be wrong. When one is buying at less than 50% of book value I think they have a lot of cushion built in. This cushion leaves room for potential balance sheet impairment of certain assets. Yet, NWLI was trading at less than 40% of book value a year ago.Robert Moody (77) owns 34% of the company. As stated in the 2011 DEF 14A he is “Chairman of the Board & Chief Executive Officer from 1963-1968, 1971-1980, and 1981-Present; Chief Executive Officer of American National Insurance Company since 1991 and Chairman of the Board since 1982; Director of American National Insurance Company since 1960; Chairman of the Board, Chief Executive Officer, and Director of Moody National Bank (banking services); and Trustee of The Moody Foundation (charitable and educational foundation) since 1955. Mr. Moody’s tenure as Chief Executive Officer affords him extensive insight into the Company’s operations and qualifies him to serve as Chairman of our Board of Directors.”Ross Moody (50) is the son of Robert Moody. He has been President and COO since 1992.Management has depth in the industry and longevity with the company. I think the long term growth of the company both operationally; balance sheet, earnings quality, and earnings retention has been exceptional. Moody's appear to be focused on good business, strength of balance sheet, and perhaps not caring of the stock price. I am cool with that. I am patient, and don't mind waiting.I think Moody, father and son, major holders of NWLI, will continue to make sure the balance sheet remains strong. To me this is evident via AM Bests rating of the company, as well as an upgrade right after the credit crisis, during a time when most companies were being downgraded for risk. There is a small amount of Level 3 assets on their balance sheet. Hence, the presentation to the shareholder gives greater assurances that the balance sheet is liquid and stable. Total Investments on December 31, 2012 were $9,101,169. $5,962,120 of their total investments of $9,101,169 is reported at amortized cost. Likewise, $2,826,001 of their total investments is reported at fair value. If amortized assets were reported at fair value, total assets would increase by $284,018. This would add $78.13 to the book value of $382.88, totaling $461.01. To put this into perspective, the current market capitalization of the company is ~$680M. Hence, when adjusting book value to Net Fair Value, the price to Net Fair Value would be 40.56% ($187/$461.01).I have discussed our goal with management considering a stock buy back of some type. Management commented on this in the 2011 10-K and in their annual report. The following were our thoughts on management discussing in the 2011 Annual Report, there will be no impending buy back of common stock by the company. The 2012 Annual Report has not been issued as of this writing.“In regards to stock buy-back, I still can’t fathom how this can be ignored by the company. I realize they are mentioning it and pondering it, yet at 36 cents on the dollar, it seems as though NWLI has no reason not to announce a buyback, or tender shares, or allocate some type of resources to this cause. It almost seems ignoring it by the company is a lack of fiduciary responsibility to minority shareholders. Of course this is based on the premise that operationally and financially there are no issues or skeletons in the closet at National Western Life. I understand the history and the goal of the continuity of a fortress balance sheet, as well as continued positive ratings by AM Best and Standard and Poor’s. I can’t imagine that an announcement as to buy back shares continually for say less than 50 cents on the dollar would negatively affect the company’s ratings. I think if the company announced the purchase, offer or intent for say 300,000 shares, several things could happen. The company would be buying at a bargain, and at worst, they would be unsuccessful in shares purchased, as the share price might increase too much for the buyout to have occurred.” Ronald Redfield 5/25/12 'The Company relies on stockholders' equity for its capital resources as there is no long-term debt outstanding and the Company does not anticipate the need for any long-term debt in the near future. As of December 31, 2011 , the Company had no commitments beyond its normal operating and investment activities. The Company has declared and paid an annual dividend on its common shares since 2005 although its practice remains to substantially reinvest earnings internally to finance the development of new business. Despite the fact the Company's market price of its Class A common shares has been trading at a substantial discount to the book value for several years, there are no imminent plans for the Company to repurchase its shares as the Board of Directors has adopted a strategic policy of building a strong capital base to maintain high financial strength ratings and the ability to take competitive advantages as they arise. The capacity to pay dividends is limited by law in the state of Colorado to earned profits (statutory unassigned surplus). At December 31, 2011 , the maximum amount legally available for distribution without further regulatory approval is $91.9 million.' NWLI 2011, Form 10-KRisks: 1.Deferred Acquisition Costs (DAC) - are $858M, or 62% of Shareholder’s Equity. Management claims that DAC’s are being reported conservatively by the company. DAC as a % of Stockholder’s Equity has been consistent for many years. The current levels of DAC as a % of Stockholders Equity is near or at its lowest levels since 1992. I do not have data prior to that. 2.Fraud - I think this is a standard risk with any financial company. There are related party situations such as Moody National Bank and American National Insurance 3.Brazil - “On October 26, 2011 the Brazilian Superintendence of Private Insurance (“SUSEP”) attempted to serve the Company with a subpoena regarding an administrative proceeding initiated by SUSEP in which it alleged that the Company was operating as an insurance company in Brazil without due authorization. The Company has been informed that SUSEP is attempting to impose a penal fine of approximately $6 billion on the Company. SUSEP has unsuccessfully attempted to serve the Company with notice regarding this matter. The Company does not transact business in Brazil and has no officers, employees, property, or assets in Brazil. The Company and its legal advisors believe that SUSEP has no jurisdiction over the Company, that SUSEP's attempts at service of process have been invalid, and that any penal fine would be unenforceable. For the reasons described above, the Company does not believe that this matter meets the definition of a material pending legal proceeding as such term is defined in Item 103 of Regulation S-K but has included the foregoing description solely due to the purported amount of the fine sought. Although there can be no assurances, at the present time, the Company does not anticipate that the ultimate liability arising from such other potential, pending, or threatened legal actions will have a material adverse effect on the financial condition or operating results of the Company.Catalysts: 1.An activist investor in theory could start rattling the cage of the company. 2.An alleged goal of Robert Moody is that he would like NWLI to be as large as American National Insurance (Moody is Chairman and CEO). American National Insurance has Stockholder’s Equity of $3.7B as of December 31, 2011. 3.Greater understanding of the company by the investment community, could compress the discount to book value to a more normalized level for a company with the financial strength that National Western Life has. Some MetricsSee http://rbcpa.com/companies/NWLI_Notes.pdf Falset5_2s7v0FalseTruet3_1anxymhttp://www.reddit.com/r/SecurityAnalysis/comments/1anxym/nwli_investment_thesis_i_think_a_deep_value_stock/
1362276724.010blogs.wsj.com19jzslWarren Buffett Also Hunting for Someone Who Doesn’t Like Him investing1011113http://www.reddit.com/r/SecurityAnalysis/comments/19jzsl/warren_buffett_also_hunting_for_someone_who/Falset5_2s7v0FalseFalset3_19jzslhttp://blogs.wsj.com/deals/2013/03/01/warren-buffett-also-hunting-for-someone-who-doesnt-like-him/
1360410116.010businessinsider.com186t6zEinhorn and Blodget email exchange over AppleFinancialAnalrapist1220http://www.reddit.com/r/SecurityAnalysis/comments/186t6z/einhorn_and_blodget_email_exchange_over_apple/Falset5_2s7v0FalseFalset3_186t6zhttp://www.businessinsider.com/einhorn-on-apple-2013-2
1360302167.09compustat.com1847zeCompustat historical data.how does one get access to it? Are there datafeed sharers out there?delverine1010http://www.reddit.com/r/SecurityAnalysis/comments/1847ze/compustat_historical_datahow_does_one_get_access/Falset5_2s7v0FalseFalset3_1847zehttp://www.compustat.com/
1360272577.011factsaboutherbalife.com1837e2Bill Ackman - Questions For HerbalifeBeren-1102http://www.reddit.com/r/SecurityAnalysis/comments/1837e2/bill_ackman_questions_for_herbalife/Falset5_2s7v0FalseFalset3_1837e2http://factsaboutherbalife.com/wp-content/uploads/2013/02/Herbalife_Questions.pdf
1359501501.010bloomberg.com17ixvpChesapeake CEO Resigns After Scrutiny on Personal Loanscurrygoat1002http://www.reddit.com/r/SecurityAnalysis/comments/17ixvp/chesapeake_ceo_resigns_after_scrutiny_on_personal/Falset5_2s7v0FalseFalset3_17ixvphttp://www.bloomberg.com/news/2013-01-29/chesapeake-ceo-resigns-after-scrutiny-on-personal-loans.html
1358979318.010dealbook.nytimes.com175eftMicrosoft May Back Dell BuyoutBeren-1110http://www.reddit.com/r/SecurityAnalysis/comments/175eft/microsoft_may_back_dell_buyout/Falset5_2s7v0FalseFalset3_175efthttp://dealbook.nytimes.com/2013/01/22/microsoft-may-back-dell-buyout/
1357764226.010oaktreecapital.com169p77Howard Marks - DittoBeren-1001http://www.reddit.com/r/SecurityAnalysis/comments/169p77/howard_marks_ditto/Falset5_2s7v0FalseFalset3_169p77http://www.oaktreecapital.com/MemoTree/Ditto.pdf
1357481712.09self.SecurityAnalysis162759What type of value investor are you?Wrg260811210http://www.reddit.com/r/SecurityAnalysis/comments/162759/what_type_of_value_investor_are_you/I was interested in taking an informal poll of this sub to find out what kind of value investor the overall readership considers himself/herself. Using [Professor Damodaran's definitions](http://aswathdamodaran.blogspot.com/2012/06/value-investing-identity-crisis.html), would you consider yourself:a. [Passive value investor](http://aswathdamodaran.blogspot.com/2012/06/passive-value-investing-screening-for.html): The oldest strand of value investing traces its lineage back to Ben Graham and his use of screens to find cheap stocks. Reviewing those screens, which combine market and accounting data, from Graham's book on security analysis, you are looking at stocks that trade at low multiples of earnings, pay a high proportion of these earnings as dividends and have a high proportion of assets that can be liquidated for close to their book value. In the years since, investors have added other screens (good management, stable earnings, strong competitive advantages etc.) that are all designed to reduce the potential for downside on the investment.b. [Contrarian value investor](http://aswathdamodaran.blogspot.com/2012/06/contrarian-investing-going-against-flow.html): In contrarian value investing, you adopt a different tack. You look for companies whose stock prices have collapsed for one reason on another. In its least sophisticated variant, you just buy the biggest losers (at least in terms of stock price), on the assumption that markets generally over react and that the portfolio of these losers will bounce back over time. In its more refined forms, you add other criteria to the mix. Thus, you may buy stocks that have gone down but only if they have a strong brand name and/or little debt.c. [Activist value investor](http://aswathdamodaran.blogspot.com/2012/06/activist-value-investing-be-your-own.html): In activist value investing, you focus on poorly performing companies and look at the value of its assets in place, with better management in place. You then try to change the way the company is run by either acquiring control of the firm or putting pressure on existing management. Activist investing requires far more resources than either passive or contrarian value investing. Falset5_2s7v0FalseTruet3_162759http://www.reddit.com/r/SecurityAnalysis/comments/162759/what_type_of_value_investor_are_you/
1357228758.010vijourney.wordpress.com15w4yeFloats, Moats, My Plans For This Year, Starting An Investment Partnership, And Looking For Partnersjmriv19861220http://www.reddit.com/r/SecurityAnalysis/comments/15w4ye/floats_moats_my_plans_for_this_year_starting_an/Falset5_2s7v0FalseFalset3_15w4yehttp://vijourney.wordpress.com/2013/01/03/floats-moats-my-plans-for-this-year-starting-an-investment-partnership-and-looking-for-partners/
1356916281.010columbia.edu15p6joAnalysis and Valuation of Insurance Companies Beren-1001http://www.reddit.com/r/SecurityAnalysis/comments/15p6jo/analysis_and_valuation_of_insurance_companies/Falset5_2s7v0FalseFalset3_15p6johttp://www.columbia.edu/~dn75/Analysis%20and%20Valuation%20of%20Insurance%20Companies%20-%20Final.pdf
1355962556.010youtube.com154zy0Kyle Bass Keynote LectureBeren-1004http://www.reddit.com/r/SecurityAnalysis/comments/154zy0/kyle_bass_keynote_lecture/Falset5_2s7v0FalseFalset3_154zy0http://www.youtube.com/watch?v=JUc8-GUC1hY
1355343798.010livestream.com14qr9pDealbook 2012 Conference: Jamie DimonBeren-1000http://www.reddit.com/r/SecurityAnalysis/comments/14qr9p/dealbook_2012_conference_jamie_dimon/Falset5_2s7v0FalseFalset3_14qr9phttp://www.livestream.com/dealbook/video?clipId=pla_8653c200-bc98-4caa-bf45-6424957b4df7&utm_source=lslibrary&utm_medium=ui-thumb
1355239924.09dealbook.nytimes.com14o23eDelta Takes 49% Stake in Virgin Atlantic for $360 MillionBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/14o23e/delta_takes_49_stake_in_virgin_atlantic_for_360/Falset5_2s7v0FalseFalset3_14o23ehttp://dealbook.nytimes.com/2012/12/11/delta-takes-49-stake-in-virgin-atlantic-for-360-million/
1354774282.011gurufocus.com14ddktHow to Find Obscure Stockscurrygoat1102http://www.reddit.com/r/SecurityAnalysis/comments/14ddkt/how_to_find_obscure_stocks/Falset5_2s7v0FalseFalset3_14ddkthttp://www.gurufocus.com/forum/read.php?1,200297,200297#msg-200297
1354736623.09bloomberg.com14c743Freeport to Buy Plains, McMoRan for $9 BillionBeren-1123http://www.reddit.com/r/SecurityAnalysis/comments/14c743/freeport_to_buy_plains_mcmoran_for_9_billion/Falset5_2s7v0FalseFalset3_14c743http://www.bloomberg.com/news/2012-12-05/freeport-to-buy-plains-mcmoran-for-9-billion.html
1352059272.09mediafire.com12mjr0Bridgewater Observations - Formula For Economic SuccessBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/12mjr0/bridgewater_observations_formula_for_economic/Falset5_2s7v0FalseFalset3_12mjr0http://www.mediafire.com/view/?13wlnqgqb1g6vrp
1350964206.010csinvesting.org11xdwgThe 15% (Growth) Delusioncurrygoat1330http://www.reddit.com/r/SecurityAnalysis/comments/11xdwg/the_15_growth_delusion/Falset5_2s7v0FalseFalset3_11xdwghttp://csinvesting.org/2012/10/22/the-15-growth-delusion/
1350115199.012self.SecurityAnalysis11eopjMicroCap Idea: TCCOSacrificed1426http://www.reddit.com/r/SecurityAnalysis/comments/11eopj/microcap_idea_tcco/TCCO - Technical Communications CorporationTarget Price: $7.18Recent Price: $5.60Potential Gain: 28%TCC is a technology company that operates in the highly competitive market for communications security devices. Government contracts make up the majority of their revenue and with the Afghan war drawing down and defense spending cuts possibly around the corner, this revenue will be gone. Because of this, low trading volume, and their highly unpredictable earnings, the stock has been severely beaten down.The company currently has $4.83/sh in cash and marketable securities on their balance sheet with no debt. They also have $1.50/sh in inventory. When a 25% discount is assumed for writedowns, this comes out to $1.13/sh.Cash/Securities: $4.83Inventory (75%): $1.13Conservative Target: $5.96This is assuming future earnings are worth nothing and future losses won’t burn through cash. Over the past two years, the company has been increasing their spending on R&D, marketing, and sales. If the company can capture just a small piece of the growing market for communications security in both the corporate and government worlds, then the value of their future earnings will spike dramatically. Over the last 8 years, if their best year is removed, the company has averaged an eps of $0.47. If a 20% discount rate is applied, the value of this earning stream continuing is roughly $2.35.Cash/Securities: $4.83Discounted Earnings: $2.35Target Price: $7.18I feel there is a significant margin of safety to a buyer at any price below $5.80 with the possibility of asymmetric returns if the company can secure any meaningful future contracts. If the illiquidity of the stock hinders the realization of value, management has been proven to return value to shareholders in the form of dividends. Insiders own 21% of the company.Falset5_2s7v0FalseTruet3_11eopjhttp://www.reddit.com/r/SecurityAnalysis/comments/11eopj/microcap_idea_tcco/
1349714337.010brontecapital.blogspot.com1157b0Carlyle's China Problemcurrygoat1331http://www.reddit.com/r/SecurityAnalysis/comments/1157b0/carlyles_china_problem/Falset5_2s7v0FalseFalset3_1157b0http://brontecapital.blogspot.com/2012/10/carlyles-china-problem-some-questions.html
1349107415.010vijourney.wordpress.com10rkksJack In The Box Overvalued Despite The Recent Hypejmriv19861001http://www.reddit.com/r/SecurityAnalysis/comments/10rkks/jack_in_the_box_overvalued_despite_the_recent_hype/Falset5_2s7v0FalseFalset3_10rkkshttp://vijourney.wordpress.com/2012/10/01/jack-in-the-box-overvalued-despite-the-recent-hype/
1347913569.010vijourney.wordpress.com101gihPhilip Morris Brief Thoughts and Valuationsjmriv19861112http://www.reddit.com/r/SecurityAnalysis/comments/101gih/philip_morris_brief_thoughts_and_valuations/Falset5_2s7v0FalseFalset3_101gihhttp://vijourney.wordpress.com/2012/09/17/philip-morris-brief-thoughts-and-valuations/
1347132690.08aswathdamodaran.blogspot.comzkg9iAswath Damodaran Fall 2012 Valuation Class is Now Onlinecurrygoat1241http://www.reddit.com/r/SecurityAnalysis/comments/zkg9i/aswath_damodaran_fall_2012_valuation_class_is_now/Falset5_2s7v0FalseFalset3_zkg9ihttp://aswathdamodaran.blogspot.com/2012/09/a-new-semester-begins-valuation-class.html
1346809266.010self.SecurityAnalysiszdb25What are some key metrics you look for in a solid value investment? oneluckyduck1116http://www.reddit.com/r/SecurityAnalysis/comments/zdb25/what_are_some_key_metrics_you_look_for_in_a_solid/My criteria: Return on Equity > 20%, Gross Margin > 30%, Payout Ratio < 15%, Div > 3%, high barriers to entry (the Warren Buffett moat).Falset5_2s7v0FalseTruet3_zdb25http://www.reddit.com/r/SecurityAnalysis/comments/zdb25/what_are_some_key_metrics_you_look_for_in_a_solid/
1344131891.09myinvestingnotebook.blogspot.caxp36uCharlie Munger’s Wesco Financial Letters (1983 – 2009)currygoat1122http://www.reddit.com/r/SecurityAnalysis/comments/xp36u/charlie_mungers_wesco_financial_letters_1983_2009/Falset5_2s7v0FalseFalset3_xp36uhttp://myinvestingnotebook.blogspot.ca/2012/08/charlie-mungers-wesco-letters-1983-2009.html
1342726954.09bloomberg.comwu0ifLloyd Blankfein Interview on US Economy, Regulation, LiborBeren-1015http://www.reddit.com/r/SecurityAnalysis/comments/wu0if/lloyd_blankfein_interview_on_us_economy/Falset5_2s7v0FalseFalset3_wu0ifhttp://www.bloomberg.com/video/lloyd-blankfein-on-u-s-economy-regulation-libor-y2uG66yeRh6eZWpxcKsJ~Q.html
1342484066.010bloomberg.comwo8y4Yahoo Names Google’s Marissa Mayer As CEOBeren-1440http://www.reddit.com/r/SecurityAnalysis/comments/wo8y4/yahoo_names_googles_marissa_mayer_as_ceo/Falset5_2s7v0FalseFalset3_wo8y4http://www.bloomberg.com/news/2012-07-16/yahoo-says-google-s-marissa-mayer-to-be-chief-executive-officer.html
1342110256.010self.SecurityAnalysiswg4nhWarren Buffett Interview At Sun Valley ConferenceBeren-1000http://www.reddit.com/r/SecurityAnalysis/comments/wg4nh/warren_buffett_interview_at_sun_valley_conference/* [On Residential Housing](http://video.cnbc.com/gallery/?video=3000101445&play=1)* [On Europe](http://video.cnbc.com/gallery/?video=3000102436&play=1)Falset5_2s7v0FalseTruet3_wg4nhhttp://www.reddit.com/r/SecurityAnalysis/comments/wg4nh/warren_buffett_interview_at_sun_valley_conference/
1340648781.09self.SecurityAnalysisvl0shPresentations From The Morgan Stanley Financials Conference June 2012Beren-1012http://www.reddit.com/r/SecurityAnalysis/comments/vl0sh/presentations_from_the_morgan_stanley_financials/* [AIG](http://www.mediafire.com/view/?5c1zzbapifij2hp)* [Ares Capital Corporation](http://www.mediafire.com/view/?81y0r0vjo7ub4e2)* [Bank of America](http://www.mediafire.com/view/?63s3dd422s6u2lc)* [Capital One](http://www.mediafire.com/view/?e7xea23vcu5rlau)* [Carlyle Group](http://www.mediafire.com/view/?6w71q3dmim4dj8v)* [CIBC](http://www.mediafire.com/view/?lh833qlwf8yc5lc)* [CNO Financial Corporation](http://www.mediafire.com/view/?ujrtm3sfyy3jrs9)* [Horizon Technology Finance](http://www.mediafire.com/view/?mhwysmrcnpoochs)* [Huntington Bank](http://www.mediafire.com/view/?g2bchh8poac64lb)* [Key Bank](http://www.mediafire.com/view/?7wwosn5pxognc85)* [Legg Mason](http://www.mediafire.com/view/?el5e1wgu523ganc)* [LPL Financial](http://www.mediafire.com/view/?d66ld3nthx83zhl)* [Morgan Stanley](http://www.mediafire.com/view/?44zpfarg4g9593s)* [NYSE Euronext](http://www.mediafire.com/view/?n1u0mejd06dn409)* [PRIMERICA](http://www.mediafire.com/view/?yhhkzmnh4wmtp31)* [Regions Financial Corporation](http://www.mediafire.com/view/?laq3i1d3o9kinxu)* [Unum Group](http://www.mediafire.com/view/?phex4ric5mv22gg)* [US Bancorp](http://www.mediafire.com/view/?0k2b31yld5jv74w)* [Walker & Dunlop](http://www.mediafire.com/view/?y3f1x53a15ukuxr)* [Webster Financial Corporation](http://www.mediafire.com/view/?mtpo7kl9bv2r8s7)* [Wells Fargo Corporation](http://www.mediafire.com/view/?943znlgs3p2e3a2)Falset5_2s7v0FalseTruet3_vl0shhttp://www.reddit.com/r/SecurityAnalysis/comments/vl0sh/presentations_from_the_morgan_stanley_financials/
1340635220.010cfawebcasts.orgvkn74Bad models, bad policies, bad incentives, and bad behaviour - James Montier video on modern economics (an art, not a science).moc_tidder_www1007http://www.reddit.com/r/SecurityAnalysis/comments/vkn74/bad_models_bad_policies_bad_incentives_and_bad/Falset5_2s7v0FalseFalset3_vkn74http://www.cfawebcasts.org/modules/MediaLibrary/MediaLibraryLinks.aspx?LinkPageID=2453
1338158908.09manualofideas.comu7ul1David Einhorn On Capital Intensive and Non Capital Intensive BusinessesBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/u7ul1/david_einhorn_on_capital_intensive_and_non/Falset5_2s7v0FalseFalset3_u7ul1http://www.manualofideas.com/files/blog/einhornspeech200611.pdf
1336166978.010video.cnbc.comt7h1aNew Interview With Charlie Munger [40min]Beren-1111http://www.reddit.com/r/SecurityAnalysis/comments/t7h1a/new_interview_with_charlie_munger_40min/Falset5_2s7v0FalseFalset3_t7h1ahttp://video.cnbc.com/gallery/?video=3000088395&play=1
1335576496.08self.SecurityAnalysissw7fk1000 BooksWorldWar5013513http://www.reddit.com/r/SecurityAnalysis/comments/sw7fk/1000_books/http://www.reddit.com/r/SecurityAnalysis/comments/itw6j/as_requested_fromwhere_would_be_a_good_place_to/So I scoured some of the past posts and according to the link above, at some point 1000 books on value investing were distributed. I was wondering if anyone has downloaded those books would be so kind as to let me download them too!Falset5_2s7v0FalseTruet3_sw7fkhttp://www.reddit.com/r/SecurityAnalysis/comments/sw7fk/1000_books/
1334614438.010businessweek.comsd4eeIrving Kahn - How To Play The MarketBeren-1112http://www.reddit.com/r/SecurityAnalysis/comments/sd4ee/irving_kahn_how_to_play_the_market/Falset5_2s7v0FalseFalset3_sd4eehttp://www.businessweek.com/articles/2012-04-12/how-to-play-the-market-irving-kahn
1334343206.010seekingalpha.coms8c8kfacebook will eventually crush LinkedInGodspiral1446http://www.reddit.com/r/SecurityAnalysis/comments/s8c8k/facebook_will_eventually_crush_linkedin/Falset5_2s7v0FalseFalset3_s8c8khttp://seekingalpha.com/article/494791-facebook-will-eventually-crush-linkedin-why-this-is-just-the-beginning
1333908652.09aswathdamodaran.blogspot.carzhbwDamodaran - Emotions, Intrinsic value and Dividend Clienteles: The Apple Trade PostscriptBeren-1120http://www.reddit.com/r/SecurityAnalysis/comments/rzhbw/damodaran_emotions_intrinsic_value_and_dividend/Falset5_2s7v0FalseFalset3_rzhbwhttp://aswathdamodaran.blogspot.ca/2012/04/emotions-intrinsic-value-and-dividend.html
1333508995.010aswathdamodaran.blogspot.carsakpDamodaran - Apple: Know When To Hold Them, Know When To Fold ThemBeren-1114http://www.reddit.com/r/SecurityAnalysis/comments/rsakp/damodaran_apple_know_when_to_hold_them_know_when/Falset5_2s7v0FalseFalset3_rsakphttp://aswathdamodaran.blogspot.ca/2012/04/apple-holding-versus-folding.html
1333390502.010online.barrons.comrptwmA Financial Sleuth Finds a World of AbusesBeren-1003http://www.reddit.com/r/SecurityAnalysis/comments/rptwm/a_financial_sleuth_finds_a_world_of_abuses/Falset5_2s7v0FalseFalset3_rptwmhttp://online.barrons.com/article_email/SB50001424053111904646704577295943317169860-lMyQjA1MTAyMDMwMTEzNDEyWj.html?mod=barrons_share_email#articleTabs_article%3D1
1332628643.011valueinstitute.orgrbxtkThe Problem with P/Ecurrygoat1100http://www.reddit.com/r/SecurityAnalysis/comments/rbxtk/the_problem_with_pe/Falset5_2s7v0FalseFalset3_rbxtkhttp://www.valueinstitute.org/imgdir/docs/58096_The_trouble_with_PE.pdf
1331425262.09bwater.comqqwe5Ray Dalio - An In-Depth Look at Deleveragingscurrygoat1011http://www.reddit.com/r/SecurityAnalysis/comments/qqwe5/ray_dalio_an_indepth_look_at_deleveragings/Falset5_2s7v0FalseFalset3_qqwe5http://www.bwater.com/Uploads/FileManager/research/deleveraging/an-in-depth-look-at-deleveragings--ray-dalio-bridgewater.pdf
1330298224.09gmo.comq79o3Jeremy Grantham's 4Q 2011 LetterBeren-1120http://www.reddit.com/r/SecurityAnalysis/comments/q79o3/jeremy_granthams_4q_2011_letter/Falset5_2s7v0FalseFalset3_q79o3http://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdf
1330194129.09berkshirehathaway.comq5nugBerkshire Hathaway 2011 Letter to Shareholderscurrygoat1341http://www.reddit.com/r/SecurityAnalysis/comments/q5nug/berkshire_hathaway_2011_letter_to_shareholders/Falset5_2s7v0FalseFalset3_q5nughttp://www.berkshirehathaway.com/letters/2011ltr.pdf
1323525243.010csinvesting.wordpress.comn7ei9Five Archived Videos of Bruce Greenwald's Intro to Value Investing Classcurrygoat1000http://www.reddit.com/r/SecurityAnalysis/comments/n7ei9/five_archived_videos_of_bruce_greenwalds_intro_to/Falset5_2s7v0FalseFalset3_n7ei9http://csinvesting.wordpress.com/2011/12/09/more-value-investing-class-videos-links/
1320314308.011self.SecurityAnalysislytrjGraham and Dodd, security analysis: question from the book. Can anybody please clear this up? thxSamGill1212http://www.reddit.com/r/SecurityAnalysis/comments/lytrj/graham_and_dodd_security_analysis_question_from/Graham and Dodd's nomenclature, to my mind at least can be somewhat confusing. the pertinent passage in security analysis, 6th edition, bottom of pg 63 and going on to pg 64 is as below:'A third kind of analytical conclusion may be illustrated by a comparison of Interborough Rapid Transit Company First and Refunding 5s with the same company’s Collateral 7% Notes, when both issues were selling at the same price (say 62) in 1933. The 7% notes were clearly worth considerably more than the 5s. Each $1,000 note was secured by deposit of $1,736 face amount of 5s; the principal of the notes had matured; they were entitled either to be paid off in full or to a sale of the collateral for their benefit. The annual interest received on the collateral was equal to about $87 on each 7% note (which amount was actually being distributed to the note holders), so that the current income on the 7s was considerably greater than that on the 5s. Whatever technicalities might be invoked to prevent the note holders from asserting their contractual rights promptly and completely, it was difficult to imagine conditions under which the 7s would not be intrinsically worth considerablymore than the 5s.In short I don't understand the passage.What does this mean:* 'Each $1,000 note was secured by deposit of $1,736 face amount of 5s' (does it mean that the collateral for each note was the face value of the 5 s??? i.e. if there was a default on the note, the noteholders would receive the 5s face value immediately??)* 'the principal of the notes had matured; they were entitled either to be paid off in full or to a sale of the collateral for their benefit' (ok so the note holders have a choice: either get the $1000 that they put down initially, or they can elect to receive the collateral instead? or rather, do they receive the money from the sale of the collateral?)* if the collateral were sold, they would receive the present value of the 5s, which is the present value of $1,736??* what does '5 s' mean?Am I understanding this correctly? thx for your help.SamFalset5_2s7v0FalseTruet3_lytrjhttp://www.reddit.com/r/SecurityAnalysis/comments/lytrj/graham_and_dodd_security_analysis_question_from/
1315607544.09video.cnbc.comkajn5Warren Buffett and Bill Gates at Columbia Business School [1hr4min]Beren-1013http://www.reddit.com/r/SecurityAnalysis/comments/kajn5/warren_buffett_and_bill_gates_at_columbia/Falset5_2s7v0FalseFalset3_kajn5http://video.cnbc.com/gallery/?video=1329393420
1315422594.09aswathdamodaran.blogspot.comk7w3dTake Aswath Damodoran's Valuation Class along with Stern MBAs this Fallcurrygoat1125http://www.reddit.com/r/SecurityAnalysis/comments/k7w3d/take_aswath_damodorans_valuation_class_along_with/Falset5_2s7v0FalseFalset3_k7w3dhttp://aswathdamodaran.blogspot.com/2011/09/class-is-in-session.html
1313944926.09thedailybeast.comjpq6jAdvice From a 105-Year-Old BankerBeren-1121http://www.reddit.com/r/SecurityAnalysis/comments/jpq6j/advice_from_a_105yearold_banker/Falset5_2s7v0FalseFalset3_jpq6jhttp://www.thedailybeast.com/articles/2011/08/15/irving-kahn-105-perhaps-world-s-oldest-investment-banker-says-economy-in-downturn-just-a-blip.html
1313345840.08self.SecurityAnalysisjilosGraham's criteria 1 & 6 provided a return of 38% vs. S&P 500's 14% from 1974-1981 in an Empirical Studysir_locus1024http://www.reddit.com/r/SecurityAnalysis/comments/jilos/grahams_criteria_1_6_provided_a_return_of_38_vs/This information was from one of the sources I cited in a paper:Excerpt:'In an empirical study of Graham-styled defensive investor portfolios, Dr. Henry R. Oppenheimer of Purdue University simulated the purchase-sell activities of a defensive investor over the period of 20 years. He created and maintained four distinct portfolios of 60 securities each in an identical manner. The relevant financial figures were compared annually until 60 securities were selected that met all of Graham’s criteria. In comparison with performance against corporate investors, and typical investors, the aggregate results of his study indicated that in the 20 year period, significant excess returns were available to the Graham investor. The average yearly return was 13.6%, less than 17% of the securities had an average annual return that was negative, and over 31% of the securities at least doubled in value during their holding period. He concluded that “during the 1954-1976 period Graham’s advice to the defensive investor was clearly useful from a profitability perspective”.[Here's a link to Oppenheimer's publication on my Google Docs](https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0B_TIE18SejF4ZGQxYmFkOGQtMTAwZi00NjEwLWE1NjQtNmYzZDc5MjQzMWMx&hl=en_US).Excellent information. The best part is that the experimental procedure--the buy/sell activity of a 'Graham Investor'--was described very precisely, so it's easy to emulate.Falset5_2s7v0TrueTruet3_jiloshttp://www.reddit.com/r/SecurityAnalysis/comments/jilos/grahams_criteria_1_6_provided_a_return_of_38_vs/
1312606049.011online.wsj.comjajnzS&P Strips U.S. of Top Credit RatingBeren-1210http://www.reddit.com/r/SecurityAnalysis/comments/jajnz/sp_strips_us_of_top_credit_rating/Falset5_2s7v0FalseFalset3_jajnzhttp://online.wsj.com/article/SB10001424053111903366504576490841235575386.html?mod=WSJ_Home_largeHeadline
1311821172.011self.SecurityAnalysisj1serInvesting Advice ? [NASDAQ:INTC]Havage1216http://www.reddit.com/r/SecurityAnalysis/comments/j1ser/investing_advice_nasdaqintc/Hi all,I'm new to Value Investing and I'm looking to purchase INTC and would like to hear someone else's opinion. [Here](http://i.imgur.com/WHzCE.png) is the historical EPS/PE/Dividends information for the last ~16 years with estimates for the next few years from Value Line. From '03 to '09 their PE was on average 20 and right now it's closer to 10.5. [Here](http://i.imgur.com/8BG4X.png) is the daily technical analysis, it shows that we're right in the middle of the Bollinger band and the force index & RSI look even, meaning it's not over/under it's EMA by much.[Here](http://i.imgur.com/xKWZp.png) are my calculations on EPS growth as a function of time and expected return for each case assuming a future PE value of 12 (the picture is much better obviously if you believe that it'll get back to the ~20 that it's been for the last 6-7 years.)So, judging by the low PE, good EPS growth, strong financials, and good outlook for them for the next 2-3 years I think it's a good investment. So, what does someone else think?Thanks!Havage Falset5_2s7v0FalseTruet3_j1serhttp://www.reddit.com/r/SecurityAnalysis/comments/j1ser/investing_advice_nasdaqintc/
1310185221.011bloomberg.comiknutBuffett Says ADM, GD, EXC are the ‘Kind of Company We Look at’ for DealsKonaCoffeeCo1100http://www.reddit.com/r/SecurityAnalysis/comments/iknut/buffett_says_adm_gd_exc_are_the_kind_of_company/Falset5_2s7v0FalseFalset3_iknuthttp://www.bloomberg.com/news/2011-07-08/buffett-says-adm-is-kind-of-company-we-look-at-as-he-evaluates-takeovers.html
1309886040.010fullerthaler.comihb78Behavioral Finance and the Sources of Alphacurrygoat1110http://www.reddit.com/r/SecurityAnalysis/comments/ihb78/behavioral_finance_and_the_sources_of_alpha/Falset5_2s7v0FalseFalset3_ihb78http://www.fullerthaler.com/downloads/bfsoa.pdf
1305944312.010self.SecurityAnalysishgdzjIs anyone up for a reddit meetup?freeandhappy10010http://www.reddit.com/r/SecurityAnalysis/comments/hgdzj/is_anyone_up_for_a_reddit_meetup/Recently I have been seeing a lot of reddit groups arranging meetups. So was wondering if anyone would be up for local reddit meetups. Online meetups work fine too, I guess. It would be great to meet and chat with fellow value investors. I live around Los Angeles if anyone is interested.Edit: Just learned that the Global Reddit meetup day is June 25th.Falset5_2s7v0TrueTruet3_hgdzjhttp://www.reddit.com/r/SecurityAnalysis/comments/hgdzj/is_anyone_up_for_a_reddit_meetup/
1305744325.010gurufocus.comheel1Tenets Of Value Investing: Evaluating ManagementBeren-1330http://www.reddit.com/r/SecurityAnalysis/comments/heel1/tenets_of_value_investing_evaluating_management/Falset5_2s7v0FalseFalset3_heel1http://www.gurufocus.com/news/127813/tenets-of-value-investing-evaluating-management
1376074260.09bloomberg.com1k1jehAckman Calls for Ouster of J.C. Penney ChairmanBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/1k1jeh/ackman_calls_for_ouster_of_jc_penney_chairman/Falset5_2s7v0FalseFalset3_1k1jehhttp://www.bloomberg.com/news/2013-08-08/ackman-ratchets-up-pressure-on-j-c-penney-to-find-new-ceo.html
1376059503.011self.SecurityAnalysis1k10dmWhere to start learning about a new country/industry?fratbrobutnotreally1218http://www.reddit.com/r/SecurityAnalysis/comments/1k10dm/where_to_start_learning_about_a_new/I don't know the best place to start -- let's say I want to learn about the shipping industry in Greece, what would be some good places to start learning about the important factors for specific countries, specific industries, etc.?Falset5_2s7v0FalseTruet3_1k10dmhttp://www.reddit.com/r/SecurityAnalysis/comments/1k10dm/where_to_start_learning_about_a_new/
1376026215.08oddballstocks.com1k0cxeSomething's Rotten at Fortune Industriescurrygoat1020http://www.reddit.com/r/SecurityAnalysis/comments/1k0cxe/somethings_rotten_at_fortune_industries/Falset5_2s7v0FalseFalset3_1k0cxehttp://www.oddballstocks.com/2013/08/somethings-rotten-at-fortune-industries.html
1375623976.09bloomberg.com1jogtiCash Is Trash? Not To These Value Fund Managersinvesting1011121http://www.reddit.com/r/SecurityAnalysis/comments/1jogti/cash_is_trash_not_to_these_value_fund_managers/Falset5_2s7v0FalseFalset3_1jogtihttp://www.bloomberg.com/news/2013-07-26/cash-is-trash-not-to-these-value-fund-managers.html?goback=.gde_2217082_member_261652736
1375294704.010bloomberg.com1jfq7oAckman Acquires 9.8% Stake in Air ProductsBeren-1220http://www.reddit.com/r/SecurityAnalysis/comments/1jfq7o/ackman_acquires_98_stake_in_air_products/Falset5_2s7v0FalseFalset3_1jfq7ohttp://www.bloomberg.com/news/2013-07-31/ackman-says-pershing-square-takes-9-8-stake-in-air-products.html
1374629352.011youtu.be1ixckbHoward Marks on the importance of realistic investor expectationsFinancialAnalrapist1211http://www.reddit.com/r/SecurityAnalysis/comments/1ixckb/howard_marks_on_the_importance_of_realistic/Falset5_2s7v0FalseFalset3_1ixckbhttp://youtu.be/NKWkH-kDMmA
1374172517.010video.cnbc.com1ikqksInterview with Carl Icahn [27min]Beren-1110http://www.reddit.com/r/SecurityAnalysis/comments/1ikqks/interview_with_carl_icahn_27min/Falset5_2s7v0FalseFalset3_1ikqkshttp://video.cnbc.com/gallery/?play=1&video=3000183755
1373658534.09blogs.reuters.com1i6ad8Information Wants To Be Expensivewoc2008900http://www.reddit.com/r/SecurityAnalysis/comments/1i6ad8/information_wants_to_be_expensive/Falset5_2s7v0FalseFalset3_1i6ad8http://blogs.reuters.com/felix-salmon/2013/07/12/information-wants-to-be-expensive/
1373574784.09vanityfair.com1i3tjhMr. Warren’s Confessionthomz851232http://www.reddit.com/r/SecurityAnalysis/comments/1i3tjh/mr_warrens_confession/Falset5_2s7v0FalseFalset3_1i3tjhhttp://www.vanityfair.com/business/features/2011/02/warren-buffett-201102
1373573679.010forbes.com1i3ry9Seth Klarman's Baupost Hedge Fund Loses More Than $150 Million On Gold Minerscurrygoat1110http://www.reddit.com/r/SecurityAnalysis/comments/1i3ry9/seth_klarmans_baupost_hedge_fund_loses_more_than/Falset5_2s7v0FalseFalset3_1i3ry9http://www.forbes.com/sites/nathanvardi/2013/07/10/seth-klarmans-baupost-hedge-fund-loses-more-than-150-million-on-gold-miners/
1373316680.09scia-capital.com1hw00mInterview with Pat Dorsey on MoatsBeren-1120http://www.reddit.com/r/SecurityAnalysis/comments/1hw00m/interview_with_pat_dorsey_on_moats/Falset5_2s7v0FalseFalset3_1hw00mhttp://www.scia-capital.com/docs/Dorsey_Manual_ideas_moat.pdf
1372472731.08youtube.com1hafbjRobert Hagstrom: Why Rationality Is Essential to Successful Investingcurrygoat1132http://www.reddit.com/r/SecurityAnalysis/comments/1hafbj/robert_hagstrom_why_rationality_is_essential_to/Falset5_2s7v0FalseFalset3_1hafbjhttp://www.youtube.com/watch?feature=player_embedded&v=m9lWqDE-WKA
1372263052.011greenbackd.com1h45t1Value Badly Lagging Glamour: The Value Premium Is Now A DiscountGreenbackd1211http://www.reddit.com/r/SecurityAnalysis/comments/1h45t1/value_badly_lagging_glamour_the_value_premium_is/Falset5_2s7v0FalseFalset3_1h45t1http://greenbackd.com/2013/06/26/value-is-badly-lagging-glamour-the-value-premium-is-now-a-discount/
1372248416.08reminiscencesofastockblogger.com1h3pugTaking Advantage of the REIT Sell-Offcurrygoat1131http://www.reddit.com/r/SecurityAnalysis/comments/1h3pug/taking_advantage_of_the_reit_selloff/Falset5_2s7v0FalseFalset3_1h3pughttp://reminiscencesofastockblogger.com/2013/06/26/taking-advantage-of-the-reit-sell-off/
1372074964.07pmjar.com1gypd6Interview With Howard Marks - The Intertwining Debate of Diversification and ConcentrationWrg26081141http://www.reddit.com/r/SecurityAnalysis/comments/1gypd6/interview_with_howard_marks_the_intertwining/Falset5_2s7v0FalseFalset3_1gypd6http://www.pmjar.com/?p=1554
1371850651.09vijourney.wordpress.com1gtk2nExcerpt From My Upcoming Book About The Proposed Going Private Transaction At Dole and Dole Shareholders Fighting Back.jmriv1986900http://www.reddit.com/r/SecurityAnalysis/comments/1gtk2n/excerpt_from_my_upcoming_book_about_the_proposed/Falset5_2s7v0FalseFalset3_1gtk2nhttp://vijourney.wordpress.com/2013/06/21/excerpt-from-my-book-about-the-proposed-going-private-transaction-at-dole-and-dole-shareholders-fighting-back/
1371094839.011self.SecurityAnalysis1g8umcAnyone with a good LBO model template?0314159261105http://www.reddit.com/r/SecurityAnalysis/comments/1g8umc/anyone_with_a_good_lbo_model_template/Or at least where I can go to learn the basic structure? I am used to doing standard valuations, but not well versed in LBOs. If you have a template or know of a place I can just go to learn about it, I'd be grateful. Falset5_2s7v0FalseTruet3_1g8umchttp://www.reddit.com/r/SecurityAnalysis/comments/1g8umc/anyone_with_a_good_lbo_model_template/
1370384290.09self.SecurityAnalysis1fojnnStarted Internship with Value Investing Firm - Followup and QuestionsCleverLongboat10117http://www.reddit.com/r/SecurityAnalysis/comments/1fojnn/started_internship_with_value_investing_firm/Hello ValueInvesting,just wanted to post a quick followup. I had earlier asked advice on learning more about value investing, and Reddit didn't fail to deliver and gave me some great recommendations (http://www.reddit.com/r/SecurityAnalysis/comments/1dmyz1/preparation_for_internship_in_value_investing/) (different username at that point in time).In the end, I ended up working through Damodaran's Valuation course in the 2 weeks leading up to my internship, which has proven to be extremely useful. Thanks again for all the advice, I can actually follow what my supervisor is saying thanks to Reddit, though a lot of the concepts will still require some time to fully sink in.As a quick followup: I am currently valuing a firm in order to possibly later merge it with another firm. For this kind of M&A valuation, would you typically use FCFE, FCFF or just FCF in a DCF?Falset5_2s7v0FalseTruet3_1fojnnhttp://www.reddit.com/r/SecurityAnalysis/comments/1fojnn/started_internship_with_value_investing_firm/
1370293558.09business.outlookindia.com1flue9Charles Brandes - The Market Has Taught Me To Ignore The Market Most Of The TimeBeren-1011http://www.reddit.com/r/SecurityAnalysis/comments/1flue9/charles_brandes_the_market_has_taught_me_to/Falset5_2s7v0FalseFalset3_1flue9http://business.outlookindia.com/article.aspx?285687
1370273020.08blogs.barrons.com1fl2gvBerkowitz’s Fairholme Details $2.4B Fannie, Freddie Preferred Stakes; ‘Ready to Help With a Restructuring’investing1011023http://www.reddit.com/r/SecurityAnalysis/comments/1fl2gv/berkowitzs_fairholme_details_24b_fannie_freddie/Falset5_2s7v0FalseFalset3_1fl2gvhttp://blogs.barrons.com/focusonfunds/2013/06/03/berkowitzs-fairholme-details-2-4b-fannie-freddie-preferred-stakes-ready-to-help-with-a-restructuring/
1369936479.08self.SecurityAnalysis1fclglTalks From the D11 Technology ConferenceBeren-1020http://www.reddit.com/r/SecurityAnalysis/comments/1fclgl/talks_from_the_d11_technology_conference/* [Tim Cook](http://allthingsd.com/video/?video_id=0A0DDC54-6929-43AA-818E-3058B33077B7)* [Jeffrey Immelt](http://allthingsd.com/video/?video_id=B2FC4B15-AC5C-4EE0-9209-146D8327478D)* [Elon Musk](http://allthingsd.com/video/elon-musk-at-d11-full-session/)* [Sheryl Sandberg](http://allthingsd.com/video/?video_id=911A4F62-FEDE-408D-9120-9DE3705D59A7)* [John Chambers & Aaron Levie](http://allthingsd.com/video/?video_id=4D923B4D-9407-41F5-A582-E685EE8886BD)* [Barry Diller & Jeff Zucker](http://allthingsd.com/video/?video_id=78C9DCA2-DCB2-4717-937E-396CB3F690FA)* [Mary Meeker](http://allthingsd.com/video/?video_id=A3D1BE2C-9BAA-411D-9D1F-2CDDDAFBD3DA)* [Dick Costolo](http://allthingsd.com/video/?video_id=5481FF59-97AB-4211-8E43-210B1D063C0E)Falset5_2s7v01369938300.0Truet3_1fclglhttp://www.reddit.com/r/SecurityAnalysis/comments/1fclgl/talks_from_the_d11_technology_conference/
1369909492.08youtu.be1fbugnHow to Beat Warren Buffett? (Quest Management, manager Doug Barnett 38 minute video -- I like his idea process)claphands221027http://www.reddit.com/r/SecurityAnalysis/comments/1fbugn/how_to_beat_warren_buffett_quest_management/Falset5_2s7v0FalseFalset3_1fbugnhttp://youtu.be/86TDce8wVAI
1369595680.09fool.com1f3exwThe Desperate, Deceptive Measures Penny Stock Scammers Use to Dupe Investorsinvesting1011120http://www.reddit.com/r/SecurityAnalysis/comments/1f3exw/the_desperate_deceptive_measures_penny_stock/Falset5_2s7v0FalseFalset3_1f3exwhttp://www.fool.com/investing/general/2013/05/15/the-desperate-deceptive-measures-penny-stock-scamm.aspx
1368498810.09video.cnbc.com1eafc6Interview with Howard MarksBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/1eafc6/interview_with_howard_marks/Falset5_2s7v0FalseFalset3_1eafc6http://video.cnbc.com/gallery/?video=3000168001&play=1
1368455526.09economist.com1e8unjCME Group: The Futures of Capitalismcurrygoat900http://www.reddit.com/r/SecurityAnalysis/comments/1e8unj/cme_group_the_futures_of_capitalism/Falset5_2s7v0FalseFalset3_1e8unjhttp://www.economist.com/news/finance-and-economics/21577387-biggest-financial-exchange-you-have-never-heard-futures-capitalism
1368378324.010stockspinoffs.com1e6vn2Starwood Property Trust CEO Says Company May Spin Off Residential REITcurrygoat1000http://www.reddit.com/r/SecurityAnalysis/comments/1e6vn2/starwood_property_trust_ceo_says_company_may_spin/Falset5_2s7v0FalseFalset3_1e6vn2http://www.stockspinoffs.com/2013/05/09/starwood-property-trust-ceo-barry-sternlicht-says-company-may-spin-off-residential-reit/
1368378231.09finance.yahoo.com1e6vjfCanadian Tire Reveals Plan to Launch $3.5B REIT in 2013currygoat904http://www.reddit.com/r/SecurityAnalysis/comments/1e6vjf/canadian_tire_reveals_plan_to_launch_35b_reit_in/Falset5_2s7v0FalseFalset3_1e6vjfhttp://finance.yahoo.com/news/canadian-tire-corporation-offence-113900360.html
1367784519.010blogs.wsj.com1dqxqiA Lesson From Buffett: Doubt Yourselfinvesting1011112http://www.reddit.com/r/SecurityAnalysis/comments/1dqxqi/a_lesson_from_buffett_doubt_yourself/Falset5_2s7v0FalseFalset3_1dqxqihttp://blogs.wsj.com/moneybeat/2013/05/05/a-lesson-from-buffett-doubt-yourself/?mod=WSJBlog
1367733207.09vanityfair.com1dpxsqThe Hunt For Steve Cohencurrygoat900http://www.reddit.com/r/SecurityAnalysis/comments/1dpxsq/the_hunt_for_steve_cohen/Falset5_2s7v0FalseFalset3_1dpxsqhttp://www.vanityfair.com/business/2013/06/steve-cohen-insider-trading-case
1367283567.010self.SecurityAnalysis1ddnfpr/SecurityAnalysis Crowd-Sourced ValuationArtigianoDelCorpo12211http://www.reddit.com/r/SecurityAnalysis/comments/1ddnfp/rsecurityanalysis_crowdsourced_valuation/Is anyone interested in practicing their investment process, corporate finance, and valuation skills?I got the idea after reading [FundamentalHedgie's](http://www.reddit.com/r/SecurityAnalysis/comments/1cmofr/harvard_business_review_the_making_of_an_expert/) article on the making of an expert and criticizing the [Hertz](http://sumzero.com/sp/htz-psquare) valuation.I'm particularly interested in the modeling and though it would be fun to make it difficult. Something along the lines of finding a non-developed market company which could be a potential M&A target and finding an acquirer from another county. That way there'd be a mix of corporate finance and valuation.I'm not set on this scenario though. So, any ideas for an interesting case?***So far:* LLEN was suggested by u/voodoodudu. It's interesting because there may be fraud.Falset5_2s7v01367291205.0Truet3_1ddnfphttp://www.reddit.com/r/SecurityAnalysis/comments/1ddnfp/rsecurityanalysis_crowdsourced_valuation/
1366896678.09reuters.com1d2xi4Verizon eyes $100 billion bid for Vodafone's Wireless stakecurrygoat1010http://www.reddit.com/r/SecurityAnalysis/comments/1d2xi4/verizon_eyes_100_billion_bid_for_vodafones/Falset5_2s7v0FalseFalset3_1d2xi4http://www.reuters.com/article/2013/04/25/us-verizonwireless-verizon-idUSBRE93O02C20130425
1366738962.010scribd.com1cy5xcSeth Klarman Interview Transcript - TIFF Education Foundation (2009)FundamentalHedgie1110http://www.reddit.com/r/SecurityAnalysis/comments/1cy5xc/seth_klarman_interview_transcript_tiff_education/Falset5_2s7v0FalseFalset3_1cy5xchttp://www.scribd.com/doc/133373927/Klarman-2009-Interview
1366219637.09youtube.com1cjmgjSteven Romick's Investment Philosophy (Forbes Interview)investing101900http://www.reddit.com/r/SecurityAnalysis/comments/1cjmgj/steven_romicks_investment_philosophy_forbes/Falset5_2s7v0FalseFalset3_1cjmgjhttps://www.youtube.com/watch?feature=player_embedded&v=zbf62fkgaJ4
1366130033.09ft.com1cgwskFinancial Times - Report on the Gas IndustryBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/1cgwsk/financial_times_report_on_the_gas_industry/Falset5_2s7v0FalseFalset3_1cgwskhttp://www.ft.com/intl/cms/79de3a20-a56e-11e2-a94c-00144feabdc0.pdf
1365870849.08beyondproxy.com1c9wijHoward Marks: The Wisdom of a Value Superinvestorcurrygoat1130http://www.reddit.com/r/SecurityAnalysis/comments/1c9wij/howard_marks_the_wisdom_of_a_value_superinvestor/Falset5_2s7v0FalseFalset3_1c9wijhttp://www.beyondproxy.com/howard-marks-oaktree-capital-management/
1365610210.08greenbackd.com1c2j6rFat Tails: How The Equity Q Ratio Anticipates Stock Market CrashesGreenbackd1134http://www.reddit.com/r/SecurityAnalysis/comments/1c2j6r/fat_tails_how_the_equity_q_ratio_anticipates/Falset5_2s7v0FalseFalset3_1c2j6rhttp://greenbackd.com/2013/04/10/fat-tails-how-the-equity-q-ratio-predicts-stock-market-crashes/
1365518836.08cbs360.gsb.columbia.edu1bzp9hMohnish Pabrai Spring 2013 Lecture at Columbia Business Schoolcurrygoat911http://www.reddit.com/r/SecurityAnalysis/comments/1bzp9h/mohnish_pabrai_spring_2013_lecture_at_columbia/Falset5_2s7v0FalseFalset3_1bzp9hhttp://cbs360.gsb.columbia.edu:8080/ess/echo/presentation/670921b2-4bad-4843-8dc5-4026360f1369
1364822458.08businessweek.com1bf4vzWalmart Faces the Cost of Cost-Cutting: Empty Shelvescurrygoat910http://www.reddit.com/r/SecurityAnalysis/comments/1bf4vz/walmart_faces_the_cost_of_costcutting_empty/Falset5_2s7v0FalseFalset3_1bf4vzhttp://www.businessweek.com/articles/2013-03-28/walmart-faces-the-cost-of-cost-cutting-empty-shelves#r=rss
1364510112.08greenbackd.com1b7f13FRED on Buffett's favored market measure: Total Market Value-to-GNPGreenbackd917http://www.reddit.com/r/SecurityAnalysis/comments/1b7f13/fred_on_buffetts_favored_market_measure_total/Falset5_2s7v0FalseFalset3_1b7f13http://greenbackd.com/2013/03/28/fred-on-buffetts-favored-market-measure-total-market-value-to-gnp/
1363896332.010oddballstocks.com1ar45iFirst Aviation, A Catalyst Wrapped in a Mysterycurrygoat1001http://www.reddit.com/r/SecurityAnalysis/comments/1ar45i/first_aviation_a_catalyst_wrapped_in_a_mystery/Falset5_2s7v0FalseFalset3_1ar45ihttp://www.oddballstocks.com/2013/03/first-aviation-catalyst-wrapped-in.html
1363305958.09self.SecurityAnalysis1abhkwAsk Reddit: Should I buy a company whose products I would never buy?kxt1128http://www.reddit.com/r/SecurityAnalysis/comments/1abhkw/ask_reddit_should_i_buy_a_company_whose_products/While screening stocks, a dirt-cheap company caught my eyes. While operating at a loss, it's revenues are growing steadily, has a managable amout of debt and a P/S ratio of 0.1.So I decided to do some due diligence and check out what it's up to. It's a medical company, with distributors in many countries. Main source of revenue is it's dietary supplements. I have no medical or biological expertise whatsoever, but I do have a sizable amout of general scepticism. And as I was reading the product descriptions featuring intelligent molecules that apply natural intelligence, my alarms went off. It sounds pretty bad, but I write it off as marketing BS, and start to look up some published papers on the active ingredients. It seems their medical applications are not well researched, but I did find a few independent studies claiming health benefits (in pigs). Also found non-medical papers investigating chemical properties. I can imagine someone heavily dosed with psychedelics could translate these properties into a blurb about the natural intelligence of molecules.So, as it stands, I do think their claims of benefits may have some basis, but I did not find enough research on health effects to regard it as confirmed. Also, the papers I read did not cover side effects. Unlike some forums i found, where consumers complained about them. They also complained about water fluoridation, chemtrails and vaccinations, so there's that.Conclusion:Company sells some dubious products. Main target demographic are the crazy people around the world. I personally would advise anyone to stay away from the products until further research. But as there is a healthy supply of people who are suspicious of the drinking water but would take double doses of some pills with magical molecules, revenues soar. Still, it feels wrong. Maybe similar to investing in tobacco companies, just worse, as I believe tobacco consumers are aware of the effects of smoking, and they choose to indulge in their habit. I would have no qualms about investing in a tobacco company.My dilemma is: I wish noone would buy anything from this company. I also understand that there are people aching for products like these. Would you consider buying in such a situation? Falset5_2s7v0FalseTruet3_1abhkwhttp://www.reddit.com/r/SecurityAnalysis/comments/1abhkw/ask_reddit_should_i_buy_a_company_whose_products/
1363132789.09smartmoney.com1a6kdgSmartMoney Article About Tweedy, Browne's Low Turnover ApproachFundamentalHedgie900http://www.reddit.com/r/SecurityAnalysis/comments/1a6kdg/smartmoney_article_about_tweedy_brownes_low/Falset5_2s7v0FalseFalset3_1a6kdghttp://www.smartmoney.com/invest/funds/three-mutual-funds-that-take-their-time-1312403518973/#tabs
1363034469.010fairfax.ca1a3p51Fairfax Financial 2012 Annual LetterBeren-1000http://www.reddit.com/r/SecurityAnalysis/comments/1a3p51/fairfax_financial_2012_annual_letter/Falset5_2s7v0FalseFalset3_1a3p51http://www.fairfax.ca/files/Letter%20to%20Shareholders%20from%20Annual%20Report%202012%20FINAL_v001_o7033s.pdf
1362686225.09nytimes.com19v3uaNYTimes INVESTING WITH: Tweedy, Browne & Co.FundamentalHedgie1121http://www.reddit.com/r/SecurityAnalysis/comments/19v3ua/nytimes_investing_with_tweedy_browne_co/Falset5_2s7v0FalseFalset3_19v3uahttp://www.nytimes.com/1998/12/20/business/investing-with-tweedy-browne-co.html
1362682327.09valueinvestorinsight.com19uymtValue Investor Insight Sample Issue (February 2013)currygoat900http://www.reddit.com/r/SecurityAnalysis/comments/19uymt/value_investor_insight_sample_issue_february_2013/Falset5_2s7v0FalseFalset3_19uymthttp://www.valueinvestorinsight.com/pdfs/IssueTrialFE2013VII.PDF
1362521533.09thirdavenuefunds.com19qfz4Third Avenue 1Q2013 Shareholder LetterFundamentalHedgie1120http://www.reddit.com/r/SecurityAnalysis/comments/19qfz4/third_avenue_1q2013_shareholder_letter/Falset5_2s7v0FalseFalset3_19qfz4http://www.thirdavenuefunds.com/ta/documents/sl/TAF%201Q%20Report%20and%20Shareholder%20Letters.pdf
1361492878.010privco.com18zmfsLivingSocial Employees' and Founder's Stock Now Worthless After Recieving Distressed Financingcurrygoat1114http://www.reddit.com/r/SecurityAnalysis/comments/18zmfs/livingsocial_employees_and_founders_stock_now/Falset5_2s7v0FalseFalset3_18zmfshttp://www.privco.com/livingsocial-receives-emergency-110m-cash-infusion-from-existing-investors-to-avoid-bankruptcy
1361383036.08naturalfinance.net18wbl7Linkedin valuation seemingly impossibileGodspiral910http://www.reddit.com/r/SecurityAnalysis/comments/18wbl7/linkedin_valuation_seemingly_impossibile/Falset5_2s7v0FalseFalset3_18wbl7http://www.naturalfinance.net/2013/02/linkedin-valuation-issues.html
1361223504.09valuewalk.com18rwx8Why Seth Klarman and Daniel Loeb Like OPAPcurrygoat1120http://www.reddit.com/r/SecurityAnalysis/comments/18rwx8/why_seth_klarman_and_daniel_loeb_like_opap/Falset5_2s7v0FalseFalset3_18rwx8http://www.valuewalk.com/2013/02/opap-why-klarman-and-loeb-like-this-greek-company/
1360086377.09dealbook.nytimes.com17xyauSeeking Herbalife's Elusive Sales DataBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/17xyau/seeking_herbalifes_elusive_sales_data/Falset5_2s7v0FalseFalset3_17xyauhttp://dealbook.nytimes.com/2013/02/04/seeking-a-companys-elusive-sales-data/
1360005693.09bloomberg.com17vr68Bloomberg Interview With Bruce Berkowitz [10min]Beren-901http://www.reddit.com/r/SecurityAnalysis/comments/17vr68/bloomberg_interview_with_bruce_berkowitz_10min/Falset5_2s7v0FalseFalset3_17vr68http://www.bloomberg.com/video/berkowitz-says-investors-should-stay-the-course-xQ4cMqpsRcuLhgIWZVMIfQ.html
1359403674.09brooklyninvestor.blogspot.com17g417Why Buffett Continues to Buy Wells Fargocurrygoat902http://www.reddit.com/r/SecurityAnalysis/comments/17g417/why_buffett_continues_to_buy_wells_fargo/Falset5_2s7v0FalseFalset3_17g417http://brooklyninvestor.blogspot.com/2013/01/wells-fargo-is-cheap.html
1358871303.09self.SecurityAnalysis1726jsBerkshire Annual MeetingWrg26081018http://www.reddit.com/r/SecurityAnalysis/comments/1726js/berkshire_annual_meeting/Have you ever been? What was it like? Are you going this year?Falset5_2s7v0FalseTruet3_1726jshttp://www.reddit.com/r/SecurityAnalysis/comments/1726js/berkshire_annual_meeting/
1358667953.08zenway.com16x6daAll Strategy is Localcurrygoat911http://www.reddit.com/r/SecurityAnalysis/comments/16x6da/all_strategy_is_local/Falset5_2s7v0FalseFalset3_16x6dahttp://zenway.com/d/sites/default/files/All_Strategy_Is_Local.pdf
1358456003.010dealbook.nytimes.com16rtzsRio Tinto to Book $14 Billion Charge; C.E.O. Steps DownBeren-1220http://www.reddit.com/r/SecurityAnalysis/comments/16rtzs/rio_tinto_to_book_14_billion_charge_ceo_steps_down/Falset5_2s7v0FalseFalset3_16rtzshttp://dealbook.nytimes.com/2013/01/17/ceo-replaced-as-rio-tinto-to-book-14-billion-write-down/
1357336026.011bloomberg.com15z0iuShip Rates Seen Rising Most Since 2009 as Owners Anchorcurrygoat1103http://www.reddit.com/r/SecurityAnalysis/comments/15z0iu/ship_rates_seen_rising_most_since_2009_as_owners/Falset5_2s7v0FalseFalset3_15z0iuhttp://www.bloomberg.com/news/2012-04-09/ship-rates-seen-rising-most-since-09-as-owners-anchor-freight.html
1355773555.011self.SecurityAnalysis150bb4Interview With David Tepper [40min]Beren-1214http://www.reddit.com/r/SecurityAnalysis/comments/150bb4/interview_with_david_tepper_40min/* [Part I](http://video.cnbc.com/gallery/?video=3000134410&play=1)* [Part II](http://video.cnbc.com/gallery/?video=3000135847&play=1)* [Part III](http://video.cnbc.com/gallery/?video=3000135863&play=1)Falset5_2s7v0FalseTruet3_150bb4http://www.reddit.com/r/SecurityAnalysis/comments/150bb4/interview_with_david_tepper_40min/
1355772943.09dealbook.nytimes.com150amwSprint Reaches Deal to Buy Out ClearwireBeren-1121http://www.reddit.com/r/SecurityAnalysis/comments/150amw/sprint_reaches_deal_to_buy_out_clearwire/Falset5_2s7v0FalseFalset3_150amwhttp://dealbook.nytimes.com/2012/12/17/sprint-reaches-deal-to-buy-out-clearwire/
1355637612.010gurufocus.com14xj6tWhat is the Best Way to Learn Accounting?currygoat1003http://www.reddit.com/r/SecurityAnalysis/comments/14xj6t/what_is_the_best_way_to_learn_accounting/Falset5_2s7v0FalseFalset3_14xj6thttp://www.gurufocus.com/news/201254/what-is-the-best-way-to-learn-accounting
1355474509.09self.SecurityAnalysis14u2w9I don't get it.sid181346http://www.reddit.com/r/SecurityAnalysis/comments/14u2w9/i_dont_get_it/I don't get it. **People always run towards what's hot or what they think will be hot**:>Did you short FB? >Why isn't AAPL worth $1 trillion?>Did anyone catch the bottom for NFLX? But what I don't understand is how can one hope to succeed, time-after-time, when there are bigger, better, smarter, more experienced participants competing with you for the same piece of the pie.I'm referring to ***ALL*** large cap stocks and most mid cap stocks. It's important to realize that your stock is being scrutinized, covered, analyzed, thought upon and dissected around the clock - by hedge-funds, mutual funds, pension funds and foreign investors - who are likely to be more informed than you. **The notion that an individual investor can inject himself inside of an often crowded frenzy and still hope to come out unharmed, and even expect generating alpha just boggles my mind.**To someone with even the most basic tenets of common sense, it should be obvious that in order to improve your chances of winning, you have to take a road that few are willing to take. You have to play where few others want to play. I'm referring to micro-caps and small-caps. Most retail individual investors I see don't have millions to play with, or are stuck with large-caps. Yet they are dying to invest (and by invest, I mean compete) in the facebook or apple that are worth billions.By focusing your attention on micro caps and small caps, you are *de facto* eliminating the most aggressive competitors there are in this market. You know - the ones that have been successfully playing in the market for a long time, have research teams, insider information, millions to play with, etc and that are avoiding small caps purposely because they have a much bigger fish to fry than compete for a stock that's too small to be worth their time.An important principle of attempting to participate in any competitive endeavor is to, first and foremost, understand your competition.To quote Charlie Munger - 'Take the high road. It's far less crowded'Falset5_2s7v0FalseTruet3_14u2w9http://www.reddit.com/r/SecurityAnalysis/comments/14u2w9/i_dont_get_it/
1355352060.09livestream.com14r124Dealbook 2012 Discussion Panel: Ray Dalio, David Rubenstein & Stephen SchwarzmanBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/14r124/dealbook_2012_discussion_panel_ray_dalio_david/Falset5_2s7v0FalseFalset3_14r124http://www.livestream.com/dealbook/video?clipId=pla_e5b533db-8859-4de5-bdbb-a4bb95d3f715&utm_source=lslibrary&utm_medium=ui-thumb
1355352015.09youtube.com14r10eRichard Koo and Bruce Greenwald Discuss The RecessionBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/14r10e/richard_koo_and_bruce_greenwald_discuss_the/Falset5_2s7v0FalseFalset3_14r10ehttp://www.youtube.com/watch?v=M3quayhKZ0M
1353778689.08stableboyselections.com13pxqvInnovators, Immitators, and Idiotscurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/13pxqv/innovators_immitators_and_idiots/Falset5_2s7v0FalseFalset3_13pxqvhttp://stableboyselections.com/2012/11/24/some-things-ive-been-thinking-about-after-reading-storage-and-stability-and-listening-to-george-soros-speak/
1353437508.07dealbook.nytimes.com13is8aH.P. Takes $8.8bn Charge on ‘Accounting Improprieties’ at AutonomyBeren-1030http://www.reddit.com/r/SecurityAnalysis/comments/13is8a/hp_takes_88bn_charge_on_accounting_improprieties/Falset5_2s7v0FalseFalset3_13is8ahttp://dealbook.nytimes.com/2012/11/20/h-p-takes-big-hit-on-accounting-improprieties-at-autonomy/
1352425409.010bloomberg.com12w2bbPriceline.com to Buy Kayak for $1.8 BillionBeren-1330http://www.reddit.com/r/SecurityAnalysis/comments/12w2bb/pricelinecom_to_buy_kayak_for_18_billion/Falset5_2s7v0FalseFalset3_12w2bbhttp://www.bloomberg.com/news/2012-11-08/priceline-buys-kayak-for-1-8-billion-expanding-in-travel.html
1351794689.08bloomberg.com12gxhqPfizer Plans $10bn Share BuybackBeren-1020http://www.reddit.com/r/SecurityAnalysis/comments/12gxhq/pfizer_plans_10bn_share_buyback/Falset5_2s7v0FalseFalset3_12gxhqhttp://www.bloomberg.com/news/2012-11-01/pfizer-profit-matches-analyst-estimates-as-it-narrows-forecast.html
1351638733.09businessweek.com12d7hmCharlie Rose Interview with Jeremy GranthamBeren-1011http://www.reddit.com/r/SecurityAnalysis/comments/12d7hm/charlie_rose_interview_with_jeremy_grantham/Falset5_2s7v0FalseFalset3_12d7hmhttp://www.businessweek.com/articles/2012-10-25/charlie-rose-talks-to-jeremy-grantham
1351260975.08i.imgur.com124gztMostly out of curiosity, make of it whatever you like: Magic Investing Formula Europe performance over the last 1.235 yearspro_skub1026http://www.reddit.com/r/SecurityAnalysis/comments/124gzt/mostly_out_of_curiosity_make_of_it_whatever_you/Falset5_2s7v0FalseFalset3_124gzthttp://i.imgur.com/6luPg.png
1349713857.09csinvesting.wordpress.com1156t8Bruce Greenwald's Introduction to Value Investing Class Videos (Lectures 11-15)currygoat9013http://www.reddit.com/r/SecurityAnalysis/comments/1156t8/bruce_greenwalds_introduction_to_value_investing/Falset5_2s7v0FalseFalset3_1156t8http://csinvesting.wordpress.com/2012/10/07/greenwald-videos-11-15/
1348594276.08fairholmefunds.com10gk14Fairholme Funds - MBIA Investment Case StudyBeren-913http://www.reddit.com/r/SecurityAnalysis/comments/10gk14/fairholme_funds_mbia_investment_case_study/Falset5_2s7v0FalseFalset3_10gk14http://www.fairholmefunds.com/sites/default/files/120827%20Case%20Study%20IV%20%20MBIA%20v7.0_0.pdf
1348421295.09youtube.com10cjwyRay Dalio on the Global EconomyBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/10cjwy/ray_dalio_on_the_global_economy/Falset5_2s7v0FalseFalset3_10cjwyhttp://www.youtube.com/watch?v=Pux0ye8egPQ
1348176911.07bloomberg.com107q49Nike to Spend $8 Billion Buying Back Shares Over 4 YearsBeren-929http://www.reddit.com/r/SecurityAnalysis/comments/107q49/nike_to_spend_8_billion_buying_back_shares_over_4/Falset5_2s7v0FalseFalset3_107q49http://www.bloomberg.com/news/2012-09-20/nike-announces-8-billion-plan-to-buy-back-class-b-shares.html
1347993166.010vijourney.wordpress.com103b6aIntel Brief Thoughts and Valuationsjmriv19861004http://www.reddit.com/r/SecurityAnalysis/comments/103b6a/intel_brief_thoughts_and_valuations/Falset5_2s7v0FalseFalset3_103b6ahttp://vijourney.wordpress.com/2012/09/18/intel-brief-thoughts-and-valuations/
1347858904.09idei.fr100cpsConfirmation Bias and its Effect on Financial Marketscurrygoat900http://www.reddit.com/r/SecurityAnalysis/comments/100cps/confirmation_bias_and_its_effect_on_financial/Falset5_2s7v0FalseFalset3_100cpshttp://idei.fr/doc/wp/2012/wp_idei_720.pdf
1347403115.08filedropper.comzqff3Investment Research Roundup 9/11/2012: Draghi, Commodities, FX, US Equities and EconomicsBenjammin8221240http://www.reddit.com/r/SecurityAnalysis/comments/zqff3/investment_research_roundup_9112012_draghi/Falset5_2s7v0FalseFalset3_zqff3http://www.filedropper.com/investmentresearch9-11-2012
1343719647.09farnamstreetblog.comxftcjWhat Is Deliberate Practice?currygoat1230http://www.reddit.com/r/SecurityAnalysis/comments/xftcj/what_is_deliberate_practice/Falset5_2s7v0FalseFalset3_xftcjhttp://www.farnamstreetblog.com/2012/07/what-is-deliberate-practice/
1343195530.010myinvestingnotebook.blogspot.cax49rqDavid Einhorn's Greenlight Capital Q2 2012 Partner Lettercurrygoat1000http://www.reddit.com/r/SecurityAnalysis/comments/x49rq/david_einhorns_greenlight_capital_q2_2012_partner/Falset5_2s7v0FalseFalset3_x49rqhttp://myinvestingnotebook.blogspot.ca/2012/07/greenlight-capital-david-einhorn-q2.html
1342356220.010whopperinvestments.comwlandDeliberate Practice: DQ Analysis Valuation Examplecurrygoat1000http://www.reddit.com/r/SecurityAnalysis/comments/wland/deliberate_practice_dq_analysis_valuation_example/Falset5_2s7v0FalseFalset3_wlandhttp://www.whopperinvestments.com/deliberate-practice-dq-analysis
1341924413.09scribd.comwbpl3Simple But Not Easy: The Case For Quantitative Value Investmentcurrygoat1230http://www.reddit.com/r/SecurityAnalysis/comments/wbpl3/simple_but_not_easy_the_case_for_quantitative/Falset5_2s7v0FalseFalset3_wbpl3http://www.scribd.com/fullscreen/97001708?access_key=key-277kw4gpzmb8o27srpuv
1341405995.010asymco.comw129aBuilding and Dismantling the Windows Advantagecurrygoat1330http://www.reddit.com/r/SecurityAnalysis/comments/w129a/building_and_dismantling_the_windows_advantage/Falset5_2s7v0FalseFalset3_w129ahttp://www.asymco.com/2012/07/04/the-building-and-dismantling-of-the-windows-advantage/
1340375893.09sumzero.comvfqgoGoldman Sachs (NYSE:GS) is Trading at its Cheapest Valuation in Historycurrygoat13417http://www.reddit.com/r/SecurityAnalysis/comments/vfqgo/goldman_sachs_nysegs_is_trading_at_its_cheapest/Falset5_2s7v0FalseFalset3_vfqgohttp://sumzero.com/news/75
1339621781.010aswathdamodaran.blogspot.cav0h7yDamodaran - Passive Value InvestingBeren-1000http://www.reddit.com/r/SecurityAnalysis/comments/v0h7y/damodaran_passive_value_investing/Falset5_2s7v0FalseFalset3_v0h7yhttp://aswathdamodaran.blogspot.ca/2012/06/passive-value-investing-screening-for.html
1338267504.08frankvoisin.comu9viiWarren Buffett’s Letter to Newly Acquired Publishers and Editors (MEG)currygoat1021http://www.reddit.com/r/SecurityAnalysis/comments/u9vii/warren_buffetts_letter_to_newly_acquired/Falset5_2s7v0FalseFalset3_u9viihttp://www.frankvoisin.com/2012/05/28/warren-buffetts-letter-to-newly-acquired-publishers-and-editors-meg/
1337632510.011self.SecurityAnalysisty1zcCritique my Valuation methodologyslackie91111023http://www.reddit.com/r/SecurityAnalysis/comments/ty1zc/critique_my_valuation_methodology/Hello good sirs of /r/Securityanalysis , I was wondering if you could poke holes in my valuation methodologyHere's is my theoretical reasoning behind my valuation model:1. Remove 'poor-quality' cash flows from Cash from operations. This includes things like: -increases in AP -decreases in AR -deferred taxes/tax benefits -asset sales not in the regular course of business -stock based comp -decrease in ADA (allowance for doubtful accts)-unexplained cash generated from changes in long-term assets Once these 'high-quality' Cash from operations are selected, remove taxes/interest payments for a final cash flow figure. Find the per-share value of this figure, and find its present value using a conservative (I use 2%) growth rate. Additionally, adjust the balance sheet by evaluating whether some portion of equity is really debt, whether assets are being valued fairly, and adding any off-balance sheet items. Finally, segregate the equity portion of this adjusted B/S and find the per-share value of equity. Then take the Present value of cash flows per share and add it to the adjusted equity value per share to come up with a Price per share. Does this sound reasonable? Please shoot as many holes in my methodology as possible! P.S. The hardest part I am finding is during the balance-sheet analysis, is how to properly value intangible assets. I usually wind up simply discounting the book value by 25-30% and calling it a day, but that seems unreasonable. Falset5_2s7v01337634352.0Truet3_ty1zchttp://www.reddit.com/r/SecurityAnalysis/comments/ty1zc/critique_my_valuation_methodology/
1336596232.010gurufocus.comtfa9jFree Cash Flow Isn't Everythingcurrygoat1225http://www.reddit.com/r/SecurityAnalysis/comments/tfa9j/free_cash_flow_isnt_everything/Falset5_2s7v0FalseFalset3_tfa9jhttp://www.gurufocus.com/forum/read.php?1,175393,175393#msg-175393
1336518532.010dealbook.nytimes.comtdq5bGreen Mountain Replaces Chairman After Margin CallBeren-1225http://www.reddit.com/r/SecurityAnalysis/comments/tdq5b/green_mountain_replaces_chairman_after_margin_call/Falset5_2s7v0FalseFalset3_tdq5bhttp://dealbook.nytimes.com/2012/05/08/green-mountain-replaces-chairman-after-margin-call/
1335903726.09forbes.comt217fInterview With CEO of SeagateBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/t217f/interview_with_ceo_of_seagate/Falset5_2s7v0FalseFalset3_t217fhttp://www.forbes.com/sites/ericsavitz/2012/04/12/seagate-ceo-luczo-on-drives-zettabytes-flash-and-his-tattoo/
1335232361.09bloomberg.comsp8dwNetflix (NFLX) Tumbles After Forecasting Slower Online Growthcurrygoat1120http://www.reddit.com/r/SecurityAnalysis/comments/sp8dw/netflix_nflx_tumbles_after_forecasting_slower/Falset5_2s7v0FalseFalset3_sp8dwhttp://www.bloomberg.com/news/2012-04-23/netflix-tumbles-after-forecasting-slower-online-growth.html
1334071509.010corning.coms2mvaCorning to Buy Becton Dickinson Life Sciences Unit for $730mBeren-1110http://www.reddit.com/r/SecurityAnalysis/comments/s2mva/corning_to_buy_becton_dickinson_life_sciences/Falset5_2s7v0FalseFalset3_s2mvahttp://www.corning.com/news_center/news_releases/2012/2012041001.aspx
1333571180.08youtube.comrtglmWarren Buffett Q&A with Indian MBA Students [61min]currygoat1134http://www.reddit.com/r/SecurityAnalysis/comments/rtglm/warren_buffett_qa_with_indian_mba_students_61min/Falset5_2s7v0FalseFalset3_rtglmhttp://www.youtube.com/watch?v=4xinbuOPt7c&feature=related
1333161757.09dealbook.nytimes.comrlw7lGroupon (NSDQ:GRPN) Restates Earnings and Discloses Accounting Issuescurrygoat901http://www.reddit.com/r/SecurityAnalysis/comments/rlw7l/groupon_nsdqgrpn_restates_earnings_and_discloses/Falset5_2s7v0FalseFalset3_rlw7lhttp://dealbook.nytimes.com/2012/03/30/restating-earnings-groupon-discloses-accounting-issues/
1332270532.09self.SecurityAnalysisr5h5uA Lesson LearnedColdheat1128http://www.reddit.com/r/SecurityAnalysis/comments/r5h5u/a_lesson_learned/Earlier this week I made an obviously (now) idiotic post in regards to what I(noob investor) did with a position I held. It was full of terrible logic on my part as I was falling into that speculation trap that Value Investing (and I) view as so detrimental. With help from some of you I now realize that, despite my best attempt at making the reason I 'sold early' a good decision, it was ultimately based in the emotions value investors strive to eliminate. It is a decision that has already shown in my return (I missed out on 12% worth of gains), and by re-entering at a higher price (my fair value is still much higher than what it is currently at) I have limited my upside (re-entering with original capital + gains allowed me fewer shares than originally invested) It also decreased my margin of safety by a substantial amount. While I hold that the initial pick has been/will be a good pick on my part, what I did with it after that was completely counter-productive. A good lesson to learn early on and in the grand scheme of things, for not too much money.I just want to thank those who posted to help me see the wrong in my decision. TL;DR I was dumb and SA subscribers showed me why.Falset5_2s7v0FalseTruet3_r5h5uhttp://www.reddit.com/r/SecurityAnalysis/comments/r5h5u/a_lesson_learned/
1331615764.09buttonwood.economist.comqu51rRay Dalio - Interview with The EconomistBeren-1122http://www.reddit.com/r/SecurityAnalysis/comments/qu51r/ray_dalio_interview_with_the_economist/Falset5_2s7v0FalseFalset3_qu51rhttp://buttonwood.economist.com/post/18847460014/leading-indicator
1329978989.09self.SecurityAnalysisq26tcAn investing newb has questions on Value Investing... Coldheat9010http://www.reddit.com/r/SecurityAnalysis/comments/q26tc/an_investing_newb_has_questions_on_value_investing/I am an investing newb (have never even held an account with a brokerage) and have been attempting to learn about investing. The concept of 'Value investing' struck a chord with me immediately when I first learned what the concept actually MEANT (which was by stumbling upon this subreddit). Upon this 'revelation' I shifted my focus from trying to learn about the options market and other speculative trading, to focus solely on the value investing strategy. I have no finance background, but have been trying to learn basics from sites like khanacademy.org (Finance and Valuation & Investing Topics are amazing, as are all of his videos). I have copies of 'Security Analysis' (2nd Edition), as well as 'The Intelligent Investor', and Klarman's 'Margin of Safety'. I have started reading The Intelligent Investor as it is my assuption that it is more of the Layman's overvue of Value Investing, whereas Security Analysis will get into the nuts and bolts behind the strategy (?). I plan to follow that with 'Margin of Safety'. *I apologize for the long setup* Here are my questions.1. Is this an appropriate path to learning the actual means and methods of value investing?2. What changes if any would you make to my informal studying path?3. If no changes, where would I go from there?I am really interested in actively evaluating companies in my spare time, and I understand that it will include the unsexy work of digging through mounds of financials trying to find that dollar bill that I can buy for 40 cents.Thanks for any and all constructive comments, and again I apologize for the meandering ramblings in this post. Falset5_2s7v0FalseTruet3_q26tchttp://www.reddit.com/r/SecurityAnalysis/comments/q26tc/an_investing_newb_has_questions_on_value_investing/
1324069941.010bloomberg.comnflklBerkshire Hathaway Makes Another Solar Investment: 49% Stake in NRG Solar PlantBeren-1110http://www.reddit.com/r/SecurityAnalysis/comments/nflkl/berkshire_hathaway_makes_another_solar_investment/Falset5_2s7v0FalseFalset3_nflklhttp://www.bloomberg.com/news/2011-12-16/berkshire-invests-in-1-8-billion-nrg-project-as-buffett-adds-to-solar-bet.html
1320078929.010psyfitec.comlvb35A Big List of Behavioral Biasescurrygoat1110http://www.reddit.com/r/SecurityAnalysis/comments/lvb35/a_big_list_of_behavioral_biases/Falset5_2s7v0FalseFalset3_lvb35http://www.psyfitec.com/2011/10/one-long-argument-big-list-of.html
1317618314.010charlierose.comkz2h9Warren Buffett on Charlie Rose [36min]Beren-1000http://www.reddit.com/r/SecurityAnalysis/comments/kz2h9/warren_buffett_on_charlie_rose_36min/Falset5_2s7v0FalseFalset3_kz2h9http://www.charlierose.com/view/interview/11919
1315496454.08postcards.blogs.fortune.cnn.comk8wqpEx-Yahoo CEO is Unhappydiscontinuity910http://www.reddit.com/r/SecurityAnalysis/comments/k8wqp/exyahoo_ceo_is_unhappy/Falset5_2s7v0FalseFalset3_k8wqphttp://postcards.blogs.fortune.cnn.com/2011/09/08/carol-bartz-fired-yahoo/
1312867588.09divestor.comjd6yyThe Anatomy of a Margin Callcurrygoat1010http://www.reddit.com/r/SecurityAnalysis/comments/jd6yy/the_anatomy_of_a_margin_call/Falset5_2s7v0FalseFalset3_jd6yyhttp://divestor.com/2011/08/08/payment-for-liquidity-anatomy-of-a-margin-call/
1312252137.010blog.empiricalfinancellc.comj6akbHow to use the Fama French Modelcurrygoat1000http://www.reddit.com/r/SecurityAnalysis/comments/j6akb/how_to_use_the_fama_french_model/Falset5_2s7v0FalseFalset3_j6akbhttp://blog.empiricalfinancellc.com/2011/08/how-to-use-the-fama-french-model/
1311266444.08ibtimes.comivydzApple's $76 Billion Cash HoardBeren-1024http://www.reddit.com/r/SecurityAnalysis/comments/ivydz/apples_76_billion_cash_hoard/Falset5_2s7v0FalseFalset3_ivydzhttp://www.ibtimes.com/articles/184403/20110721/apple-apple-s-cash-hoard-earnings-steve-jobs-acquisition.htm
1310586837.010blogs.forbes.comioqhyInterview with Joel Greenblatt [30min]Beren-1000http://www.reddit.com/r/SecurityAnalysis/comments/ioqhy/interview_with_joel_greenblatt_30min/Falset5_2s7v0FalseFalset3_ioqhyhttp://blogs.forbes.com/steveforbes/2011/07/05/joel-greenblatt-interview-transcript/
1309739892.09gurufocus.comifzxpBanco Santander: The Good, The Bad And The UglyBeren-1121http://www.reddit.com/r/SecurityAnalysis/comments/ifzxp/banco_santander_the_good_the_bad_and_the_ugly/Falset5_2s7v0FalseFalset3_ifzxphttp://www.gurufocus.com/news/137701/banco-santander-the-good-the-bad-and-the-ugly
1305578504.09seekingalpha.comhctgxUnderstanding Compounding: Berkshire's Not-So-Hidden Dividend Contrarian SecretBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/hctgx/understanding_compounding_berkshires_notsohidden/Falset5_2s7v0FalseFalset3_hctgxhttp://seekingalpha.com/article/270070-understanding-compounding-berkshire-s-not-so-hidden-dividend-contrarian-secret
1305578386.09businessweek.comhcteoWarren Buffett's Ride on the Rails Is Paying OffBeren-1121http://www.reddit.com/r/SecurityAnalysis/comments/hcteo/warren_buffetts_ride_on_the_rails_is_paying_off/Falset5_2s7v0FalseFalset3_hcteohttp://www.businessweek.com/magazine/content/11_21/b4229019767635.htm
1304282483.010blogs.wsj.comh1kyoBuffett on the Dollar, Gold and OilBeren-1000http://www.reddit.com/r/SecurityAnalysis/comments/h1kyo/buffett_on_the_dollar_gold_and_oil/Falset5_2s7v0FalseFalset3_h1kyohttp://blogs.wsj.com/deals/2011/04/30/buffett-on-the-dollar-gold-and-oil/?mod=google_news_blog
1303841050.09seekingalpha.comgxxu9While Netflix made a record but modest $60M in profits, its entire cashflow is made up of accounts payable increases, and it added nearly $1B in future content commitments last year.Godspiral1013http://www.reddit.com/r/SecurityAnalysis/comments/gxxu9/while_netflix_made_a_record_but_modest_60m_in/Falset5_2s7v0FalseFalset3_gxxu9http://seekingalpha.com/article/265394-netflix-q1-earnings-beginning-of-the-end
1376330256.08dealbook.nytimes.com1k7xpgBlackBerry to Explore Its Strategic Alternatives, Including a SaleBeren-913http://www.reddit.com/r/SecurityAnalysis/comments/1k7xpg/blackberry_to_explore_its_strategic_alternatives/Falset5_2s7v0FalseFalset3_1k7xpghttp://dealbook.nytimes.com/2013/08/12/blackberry-to-explore-strategic-alternatives-including-a-sale-again/
1375984885.07valueinvestingjourney.com1jyxhjPotential Corporate Governance Issue; Seeking Assistancejmriv19861032http://www.reddit.com/r/SecurityAnalysis/comments/1jyxhj/potential_corporate_governance_issue_seeking/Falset5_2s7v0FalseFalset3_1jyxhjhttp://valueinvestingjourney.com/2013/08/08/corporate-governance-issue-asking-for-help/
1375321992.010self.SecurityAnalysis1jgqnvJust learning to analyze securities so I was wondering if I could get some feedback on my thoughts on ALSomeguyinLA1115http://www.reddit.com/r/SecurityAnalysis/comments/1jgqnv/just_learning_to_analyze_securities_so_i_was/Okay,So Air Lease Corporation is a company that buys commercial aircraft and then leases them to companies around the globe. They went IPO in 2010 and have had positive and quickly growing earnings in 2011 and 2012. Additionally, they just started paying a small dividend.Right now they are currently priced at about 20 P/E. Their EPS growth rate has been very good with their most recent quarter growing at 46% YoY. The top line has grown fairly quickly as well and they have been able to maintain their margins while at it. I think a P/E of 20 is undervalued at the rate they are growing and would be comfortable paying that multiple for only about a 20% YoY growth. Additionally, their founder and CEO is one of the pioneers of the airline leasing industry and they poached much of the executive talent from AIG's wing of airline leasing when they started AL. I have also noticed them placing quite a few aircraft in the 2nd and now start of the 3rd quarter.I've read their most recent 10-K and it appears their management is doing a good job balancing expansion while not getting overleveraged. What other things should I look at before I take a position in this stock? Any other advice would be appreciated.Falset5_2s7v0FalseTruet3_1jgqnvhttp://www.reddit.com/r/SecurityAnalysis/comments/1jgqnv/just_learning_to_analyze_securities_so_i_was/
1374774122.07roumellasset.com1j1gqxRoumell Asset Management Q2 2013 Commentarycurrygoat1140http://www.reddit.com/r/SecurityAnalysis/comments/1j1gqx/roumell_asset_management_q2_2013_commentary/Falset5_2s7v0FalseFalset3_1j1gqxhttp://www.roumellasset.com/pdf/update_2Q2013.pdf
1374698945.08csinvesting.org1izc3vMeasuring the Moat: Assessing the Magnitude and Sustainability of Value Creation by Michael J. Mauboussininvesting1011134http://www.reddit.com/r/SecurityAnalysis/comments/1izc3v/measuring_the_moat_assessing_the_magnitude_and/Falset5_2s7v0FalseFalset3_1izc3vhttp://csinvesting.org/wp-content/uploads/2013/07/Measuring_the_Moat_July2013.pdf
1374531829.09gmo.com1iudzlGMO: 2Q 2013 LetterBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/1iudzl/gmo_2q_2013_letter/Falset5_2s7v0FalseFalset3_1iudzlhttp://www.gmo.com/websitecontent/GMO_QtlyLetter_ALL_2Q2013.pdf
1374522547.06bloomberg.com1iu0gwLoeb’s Third Point Has $655 Million Profit on Yahoo StakeBeren-820http://www.reddit.com/r/SecurityAnalysis/comments/1iu0gw/loebs_third_point_has_655_million_profit_on_yahoo/Falset5_2s7v0FalseFalset3_1iu0gwhttp://www.bloomberg.com/news/2013-07-22/loeb-s-third-point-has-655-million-profit-on-yahoo-stake.html
1374170331.08trianwhitepapers.com1ikngmTrian Partners - Analysis of PepsiCoBeren-802http://www.reddit.com/r/SecurityAnalysis/comments/1ikngm/trian_partners_analysis_of_pepsico/Falset5_2s7v0FalseFalset3_1ikngmhttp://trianwhitepapers.com/wp-content/uploads/2013/07/TRIAN-White-Paper-PepsiCo.pdf
1373651051.06businessweek.com1i5zu9At Sears, Eddie Lampert's Warring Divisions Model Adds to the Troublescurrygoat930http://www.reddit.com/r/SecurityAnalysis/comments/1i5zu9/at_sears_eddie_lamperts_warring_divisions_model/Falset5_2s7v0FalseFalset3_1i5zu9http://www.businessweek.com/articles/2013-07-11/at-sears-eddie-lamperts-warring-divisions-model-adds-to-the-troubles
1373480831.08bloomberg.com1i0v3bMortgage REITs Deepening Bond Losses as Leverage Forces Salescurrygoat1025http://www.reddit.com/r/SecurityAnalysis/comments/1i0v3b/mortgage_reits_deepening_bond_losses_as_leverage/Falset5_2s7v0FalseFalset3_1i0v3bhttp://www.bloomberg.com/news/2013-07-10/reits-deepening-bond-losses-as-leverage-forces-sales.html
1373465767.07bloomberg.com1i0ar5Intuitive Surgical Declines 16% on Falling da Vinci Robot Salescurrygoat8112http://www.reddit.com/r/SecurityAnalysis/comments/1i0ar5/intuitive_surgical_declines_16_on_falling_da/Falset5_2s7v0FalseFalset3_1i0ar5http://www.bloomberg.com/news/2013-07-09/intuitive-surgical-declines-on-falling-da-vinci-sales.html
1372138823.07self.SecurityAnalysis1h0sh0Any book recommendations on Bond and Distressed Equity investing with a value perspective?chiyeung922http://www.reddit.com/r/SecurityAnalysis/comments/1h0sh0/any_book_recommendations_on_bond_and_distressed/Hi, I understand there is a reading list with various books on bond investing and distressed debt investing. However, I was wondering what the community's views were on the best books to get started on these areas, and if any of them follow a value perspective? Falset5_2s7v0FalseTruet3_1h0sh0http://www.reddit.com/r/SecurityAnalysis/comments/1h0sh0/any_book_recommendations_on_bond_and_distressed/
1371206148.08oddballstocks.com1gbwxgPurchasing Bexil at a discount through Winmillcurrygoat913http://www.reddit.com/r/SecurityAnalysis/comments/1gbwxg/purchasing_bexil_at_a_discount_through_winmill/Falset5_2s7v0FalseFalset3_1gbwxghttp://www.oddballstocks.com/2013/06/purchasing-bexil-at-discount-through.html?utm_source=feedly&utm_medium=feed&utm_campaign=Feed%3A+OddballStocks+%28Oddball+Stocks%29
1370378583.08dealbook.nytimes.com1foc1oI.B.M. Buys Cloud Computing Firm in Deal Said to Be Worth $2 BillionBeren-910http://www.reddit.com/r/SecurityAnalysis/comments/1foc1o/ibm_buys_cloud_computing_firm_in_deal_said_to_be/Falset5_2s7v0FalseFalset3_1foc1ohttp://dealbook.nytimes.com/2013/06/04/i-b-m-buys-cloud-computing-firm-in-deal-said-to-be-worth-2-billion/
1370018976.08tweedy.com1fevekTweedy, Browne 2012 Annual ReportFundamentalHedgie910http://www.reddit.com/r/SecurityAnalysis/comments/1fevek/tweedy_browne_2012_annual_report/Falset5_2s7v0FalseFalset3_1fevekhttp://www.tweedy.com/resources/library_docs/reports/TBFundsAnnualReportMarch2013.pdf
1369936914.09bloomberg.com1fcm0dShuanghui $4.7 Billion Bid for Smithfield May Face RivalsBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/1fcm0d/shuanghui_47_billion_bid_for_smithfield_may_face/Falset5_2s7v0FalseFalset3_1fcm0dhttp://www.bloomberg.com/news/2013-05-29/cp-foods-jbs-said-to-have-courted-smithfield-before-sale.html
1369700839.010scribd.com1f636cNotes From The 2013 Ira Sohn ConferenceBeren-1000http://www.reddit.com/r/SecurityAnalysis/comments/1f636c/notes_from_the_2013_ira_sohn_conference/Falset5_2s7v0FalseFalset3_1f636chttp://www.scribd.com/doc/143449375/Ira-Sohn-Conference
1369174541.08economist.com1eskz5The Art of the Spin-Offcurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/1eskz5/the_art_of_the_spinoff/Falset5_2s7v0FalseFalset3_1eskz5http://www.economist.com/news/business/21577034-tips-creating-new-companies-out-old-ones-art-spin
1369159196.06bloomberg.com1erzl4Yahoo Buys Tumblr for 1.1bnBeren-10410http://www.reddit.com/r/SecurityAnalysis/comments/1erzl4/yahoo_buys_tumblr_for_11bn/Falset5_2s7v0FalseFalset3_1erzl4http://www.bloomberg.com/news/2013-05-20/yahoo-s-mayer-to-buy-tumblr-for-1-1-billion-in-biggest-deal-yet.html
1368802362.07zenhabits.net1eiqcl5 Lessons in Contentment from Billionaires Warren Buffett & Charlie Mungerinvesting101810http://www.reddit.com/r/SecurityAnalysis/comments/1eiqcl/5_lessons_in_contentment_from_billionaires_warren/Falset5_2s7v0FalseFalset3_1eiqclhttp://zenhabits.net/buffett/
1368725436.08bloomberg.com1egn7wFrom Brooklyn to California, Housing Bubble Threat Growscurrygoat1020http://www.reddit.com/r/SecurityAnalysis/comments/1egn7w/from_brooklyn_to_california_housing_bubble_threat/Falset5_2s7v0FalseFalset3_1egn7whttp://www.bloomberg.com/news/2013-05-16/brooklyn-to-california-bubble-threat-grows-in-housing.html
1368566217.06self.SecurityAnalysis1ec95lInterview with David TepperBeren-1040http://www.reddit.com/r/SecurityAnalysis/comments/1ec95l/interview_with_david_tepper/* [Part 1 - 13min](http://video.cnbc.com/gallery/?video=3000168067&play=1)* [Part 2 - 22min](http://video.cnbc.com/gallery/?video=3000168302&play=1)Falset5_2s7v0FalseTruet3_1ec95lhttp://www.reddit.com/r/SecurityAnalysis/comments/1ec95l/interview_with_david_tepper/
1368240219.08scribd.com1e3xfuBill Ackman - Ira Sohn Conference PresentationBeren-1021http://www.reddit.com/r/SecurityAnalysis/comments/1e3xfu/bill_ackman_ira_sohn_conference_presentation/Falset5_2s7v0FalseFalset3_1e3xfuhttp://www.scribd.com/doc/140603970/A-Rising-Tide-is-a-Good-Gamble-Ira-Sohn-Conference-2013-Bill-Ackman
1368042172.09cnbc.com1dy9blTranscript of Bill Gates and Warren Buffett on CNBC from May 6, 1013.rbco1123http://www.reddit.com/r/SecurityAnalysis/comments/1dy9bl/transcript_of_bill_gates_and_warren_buffett_on/Falset5_2s7v0FalseFalset3_1dy9blhttp://www.cnbc.com/id/100716784
1367496491.08self.SecurityAnalysis1djo3pWhy some companies with high ROE doesn't transfer to higher share price?bsong97807http://www.reddit.com/r/SecurityAnalysis/comments/1djo3p/why_some_companies_with_high_roe_doesnt_transfer/For example IBM, Heinz and Accenture and their stagnant share price has persisted for many years.Falset5_2s7v0FalseTruet3_1djo3phttp://www.reddit.com/r/SecurityAnalysis/comments/1djo3p/why_some_companies_with_high_roe_doesnt_transfer/
1366921625.06valuewalk.com1d3u5rJ.C. Penney’s Stock Soars as George Soros Reports 8% Stakeinvesting101820http://www.reddit.com/r/SecurityAnalysis/comments/1d3u5r/jc_penneys_stock_soars_as_george_soros_reports_8/Falset5_2s7v0FalseFalset3_1d3u5rhttp://www.valuewalk.com/2013/04/j-c-penneys-stock-soars-as-george-soros-reports-8-stake/
1366824675.07search.cnbc.com1d0spwJim Chanos CNBC Interviewinvesting101810http://www.reddit.com/r/SecurityAnalysis/comments/1d0spw/jim_chanos_cnbc_interview/Falset5_2s7v0FalseFalset3_1d0spwhttp://search.cnbc.com/main.do?partnerId=2000&keywords=chanos&sort=date&minimumrelevance=0.2&type=video&pubtime=30&pubfreq=d&categories=exclude
1366675072.09scribd.com1cwehbFrancis Chou - Bonds vs. Stocks in a Value Portfolio - Ben Graham Centre 2013 Value Investing Conferencecurrygoat903http://www.reddit.com/r/SecurityAnalysis/comments/1cwehb/francis_chou_bonds_vs_stocks_in_a_value_portfolio/Falset5_2s7v0FalseFalset3_1cwehbhttp://www.scribd.com/doc/137429941/Francis-Chou-Presentation-From-Ben-Graham-Centre-2013-Value-Investing-Conference
1366379882.08sitkapacific.com1cod6bJim Chanos - China: The Edifice Complexcurrygoat918http://www.reddit.com/r/SecurityAnalysis/comments/1cod6b/jim_chanos_china_the_edifice_complex/Falset5_2s7v0FalseFalset3_1cod6bhttp://www.sitkapacific.com/files/Chanos%20CHINA%20PRES%20for%20Wine%20Country%20Conference%205%20April%202013.pdf?utm_source=Sinocism+Newsletter&utm_campaign=bc37fc1fb4-Sinocism04_19_13&utm_medium=email
1366130153.07dealbook.nytimes.com1cgwy0J.C. Penney Has Some Persuading to DoBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/1cgwy0/jc_penney_has_some_persuading_to_do/Falset5_2s7v0FalseFalset3_1cgwy0http://dealbook.nytimes.com/2013/04/15/pre-emptive-moves-should-help-j-c-penney-shore-up-cash-position/
1365012693.06youtube.com1blosaWealth Track Interview with Robert ShillerBeren-820http://www.reddit.com/r/SecurityAnalysis/comments/1blosa/wealth_track_interview_with_robert_shiller/Falset5_2s7v0FalseFalset3_1blosahttp://www.youtube.com/watch?v=xIndgdxJRZ8&
1364920117.08self.SecurityAnalysis1biuhwWhy would HD issue bonds to buy back shares?SmellyWetDawg8015http://www.reddit.com/r/SecurityAnalysis/comments/1biuhw/why_would_hd_issue_bonds_to_buy_back_shares/I thought the only reason to buy back shares is if the company has extra cash not needed to run the company and the stock is undervalued. Selling bonds to repurchase shares seems counterintuitive to me.[Link](http://www.bloomberg.com/news/2013-04-02/home-depot-planning-two-part-bond-offering-to-buy-back-shares.html?cmpid=yhoo)EDIT: forgot linkFalset5_2s7v0FalseTruet3_1biuhwhttp://www.reddit.com/r/SecurityAnalysis/comments/1biuhw/why_would_hd_issue_bonds_to_buy_back_shares/
1364825230.09scribd.com1bf7psChou Funds 2012 Annual Reportcurrygoat1010http://www.reddit.com/r/SecurityAnalysis/comments/1bf7ps/chou_funds_2012_annual_report/Falset5_2s7v0FalseFalset3_1bf7pshttp://www.scribd.com/doc/132801050/Chou-Funds-Annual-Report-2012
1364820154.09csinvesting.org1bf2qpThe Blueprint for Breaking Up Time Warnercurrygoat900http://www.reddit.com/r/SecurityAnalysis/comments/1bf2qp/the_blueprint_for_breaking_up_time_warner/Falset5_2s7v0FalseFalset3_1bf2qphttp://csinvesting.org/wp-content/uploads/2013/03/lazard_twx.pdf
1364394553.010oddballstocks.com1b409hBonal: A Failed Merger and Unbelievable Marginscurrygoat1005http://www.reddit.com/r/SecurityAnalysis/comments/1b409h/bonal_a_failed_merger_and_unbelievable_margins/Falset5_2s7v0FalseFalset3_1b409hhttp://www.oddballstocks.com/2013/03/bonal-failed-merger-and-unbelievable.html
1364179678.08dealbook.nytimes.com1ay9g52 Rivals Complicate Deal for DellBeren-911http://www.reddit.com/r/SecurityAnalysis/comments/1ay9g5/2_rivals_complicate_deal_for_dell/Falset5_2s7v0FalseFalset3_1ay9g5http://dealbook.nytimes.com/2013/03/24/2-rivals-complicate-deal-for-dell/
1363868322.08sirf-online.org1aq7x2The Paper World of Brookfield Asset Managementcurrygoat801http://www.reddit.com/r/SecurityAnalysis/comments/1aq7x2/the_paper_world_of_brookfield_asset_management/Falset5_2s7v0FalseFalset3_1aq7x2http://sirf-online.org/2013/03/11/paper-world-of-brookfield-asset-management/
1363716822.07dealbook.nytimes.com1alusvLiberty Media to Buy 27% Stake in Charter for $2.6 BillionBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/1alusv/liberty_media_to_buy_27_stake_in_charter_for_26/Falset5_2s7v0FalseFalset3_1alusvhttp://dealbook.nytimes.com/2013/03/19/liberty-to-buy-27-stake-in-charter-for-2-6-billion/
1363302098.08greenbackd.com1abcthNew industry research on returns to activist filings: 16% outperformance over subsequent 15 monthsGreenbackd911http://www.reddit.com/r/SecurityAnalysis/comments/1abcth/new_industry_research_on_returns_to_activist/Falset5_2s7v0FalseFalset3_1abcthhttp://greenbackd.com/2013/03/14/new-industry-research-on-returns-to-activist-filings-average-return-18-7-versus-12-7-for-the-market/
1363109482.07greenbackd.com1a5oqvHow to beat The Little Book That Beats The Market: Magic Formula vs 'Quality and Price'Greenbackd1141http://www.reddit.com/r/SecurityAnalysis/comments/1a5oqv/how_to_beat_the_little_book_that_beats_the_market/Falset5_2s7v0FalseFalset3_1a5oqvhttp://greenbackd.com/2013/03/12/how-to-beat-the-little-book-that-beats-the-market-redux-part-3/
1362999528.08bloomberg.com1a2qugNuclear Industry Withers in U.S. as Wind Pummels Pricescurrygoat911http://www.reddit.com/r/SecurityAnalysis/comments/1a2qug/nuclear_industry_withers_in_us_as_wind_pummels/Falset5_2s7v0FalseFalset3_1a2qughttp://www.bloomberg.com/news/2013-03-11/nuclear-industry-withers-in-u-s-as-wind-pummels-prices-energy.html
1362675791.08greenbackd.com19uqcb'Do you think you might be trying too hard?'Greenbackd910http://www.reddit.com/r/SecurityAnalysis/comments/19uqcb/do_you_think_you_might_be_trying_too_hard/Falset5_2s7v0FalseFalset3_19uqcbhttp://greenbackd.com/2013/03/07/do-you-think-you-might-be-trying-too-hard/
1362659733.08oddballstocks.com19ubgaThere are Two Types of Net-Netscurrygoat802http://www.reddit.com/r/SecurityAnalysis/comments/19ubga/there_are_two_types_of_netnets/Falset5_2s7v0FalseFalset3_19ubgahttp://www.oddballstocks.com/2013/03/there-are-two-types-of-net-nets.html
1362488414.08theglobeandmail.com19pd0eGreater Vancouver Housing Sales Plunge 29%currygoat806http://www.reddit.com/r/SecurityAnalysis/comments/19pd0e/greater_vancouver_housing_sales_plunge_29/Falset5_2s7v0FalseFalset3_19pd0ehttp://www.theglobeandmail.com/report-on-business/greater-vancouver-housing-sales-plunge-29/article9261759/
1362445170.07rbcpa.com19ob8qCharlie Munger section of our websiterbco811http://www.reddit.com/r/SecurityAnalysis/comments/19ob8q/charlie_munger_section_of_our_website/Falset5_2s7v0FalseFalset3_19ob8qhttp://rbcpa.com/Munger.html
1362394386.09scribd.com19ms9tSequoia Fund 2012 Annual Lettercurrygoat905http://www.reddit.com/r/SecurityAnalysis/comments/19ms9t/sequoia_fund_2012_annual_letter/Falset5_2s7v0FalseFalset3_19ms9thttp://www.scribd.com/doc/128291482/2012-Sequoia-Fund-Annual-Letter
1362339314.07bengrahaminvesting.ca19l9cgBen Graham Centre for Value Investing Video Interview LibraryFundamentalHedgie922http://www.reddit.com/r/SecurityAnalysis/comments/19l9cg/ben_graham_centre_for_value_investing_video/Falset5_2s7v0FalseFalset3_19l9cghttp://www.bengrahaminvesting.ca/Resources/videos.htm
1362254124.08oaktreecapital.com19jc63Howard Marks' Memo to Clients on RiskFundamentalHedgie801http://www.reddit.com/r/SecurityAnalysis/comments/19jc63/howard_marks_memo_to_clients_on_risk/Falset5_2s7v0FalseFalset3_19jc63http://www.oaktreecapital.com/MemoTree/Risk%2001_19_06.pdf
1362057465.07online.barrons.com19e6xaBarrons - Stocks That Warren Buffett Might Invest In (paywall. search for title on google news)Wrg2608920http://www.reddit.com/r/SecurityAnalysis/comments/19e6xa/barrons_stocks_that_warren_buffett_might_invest/Falset5_2s7v0FalseFalset3_19e6xahttp://online.barrons.com/article/SB50001424052748704356104578330142341749554.html?mod=BOL_da_aftc#articleTabs_article%3D1
1361995231.08csinvesting.org19chmiVALUE VAULT GREENWALD Videosinvesting101800http://www.reddit.com/r/SecurityAnalysis/comments/19chmi/value_vault_greenwald_videos/Falset5_2s7v0FalseFalset3_19chmihttp://csinvesting.org/2013/02/26/value-vault-greenwald-videos/
1361809756.07self.SecurityAnalysis19751tWhat is the best forum for value investors?alector8117http://www.reddit.com/r/SecurityAnalysis/comments/19751t/what_is_the_best_forum_for_value_investors/Inspired by Toby's post here, where he names /r/SecurityAnalysis: http://greenbackd.com/2013/02/23/what-is-the-best-forum-for-value-investors/Falset5_2s7v0FalseTruet3_19751thttp://www.reddit.com/r/SecurityAnalysis/comments/19751t/what_is_the_best_forum_for_value_investors/
1361743748.09dealbook.nytimes.com195jtdJudge Sides With Einhorn and Halts an Apple Shareholder VoteBeren-1016http://www.reddit.com/r/SecurityAnalysis/comments/195jtd/judge_sides_with_einhorn_and_halts_an_apple/Falset5_2s7v0FalseFalset3_195jtdhttp://dealbook.nytimes.com/2013/02/22/judge-sides-with-einhorn-and-halts-shareholder-vote-on-apple-initiative/
1361676580.08raybonneau.com19459h$INFU InfuSystem Holdings – Interesting Micro Cap Opportunityrjb0467911http://www.reddit.com/r/SecurityAnalysis/comments/19459h/infu_infusystem_holdings_interesting_micro_cap/Falset5_2s7v0FalseFalset3_19459hhttp://raybonneau.com/stock-analysis/infu-infusystem-holdings/infu-infusystem-holdings-interesting-micro-cap-opportunity.html
1361467516.08investingdaily.com18ypbkValue Investing and Value Traps: Separating Winners From Loserscurrygoat1130http://www.reddit.com/r/SecurityAnalysis/comments/18ypbk/value_investing_and_value_traps_separating/Falset5_2s7v0FalseFalset3_18ypbkhttp://www.investingdaily.com/16238/value-investing-and-value-traps-separating-winners-from-losers
1360871822.08dealbook.nytimes.com18j8aiAmerican and US Airways Announce Deal for $11 Billion MergerBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/18j8ai/american_and_us_airways_announce_deal_for_11/Falset5_2s7v0FalseFalset3_18j8aihttp://dealbook.nytimes.com/2013/02/13/american-and-us-airways-said-to-vote-for-merger/
1360508690.08self.SecurityAnalysis188xt8Buffett’s Son Says He’s Prepared Whole Life for Berkshire Roleinvesting101803http://www.reddit.com/r/SecurityAnalysis/comments/188xt8/buffetts_son_says_hes_prepared_whole_life_for/Best person to run Berkshire? I assume this is not investment role but still? Bloomberg [Details here](http://www.bloomberg.com/news/2013-02-08/buffett-s-son-says-he-s-prepared-whole-life-for-berkshire-role.html/)Falset5_2s7v0FalseTruet3_188xt8http://www.reddit.com/r/SecurityAnalysis/comments/188xt8/buffetts_son_says_hes_prepared_whole_life_for/
1360350925.07aswathdamodaran.blogspot.ca185b1qDamodaran - David Einhorn’s 'value' play for AppleBeren-922http://www.reddit.com/r/SecurityAnalysis/comments/185b1q/damodaran_david_einhorns_value_play_for_apple/Falset5_2s7v0FalseFalset3_185b1qhttp://aswathdamodaran.blogspot.ca/2013/02/financial-alchemy-david-einhorns-value.html
1360283412.08reuters.com183le1Einhorn sues Apple, marks biggest investor challenge in yearsinfinittiii806http://www.reddit.com/r/SecurityAnalysis/comments/183le1/einhorn_sues_apple_marks_biggest_investor/Falset5_2s7v0FalseFalset3_183le1http://www.reuters.com/article/2013/02/07/us-apple-greenlight-idUSBRE9160MI20130207
1360272021.08bloomberg.com1836n9Bloomberg Interview With David Einhorn [19min]Beren-1020http://www.reddit.com/r/SecurityAnalysis/comments/1836n9/bloomberg_interview_with_david_einhorn_19min/Falset5_2s7v0FalseFalset3_1836n9http://www.bloomberg.com/video/einhorn-urges-investors-to-send-message-to-apple-5p8zH57HT8SO63ufjW1InA.html
1359143262.08video.cnbc.com179tkoCarl Icahn and Bill Ackman on CNBCBeren-914http://www.reddit.com/r/SecurityAnalysis/comments/179tko/carl_icahn_and_bill_ackman_on_cnbc/Falset5_2s7v0FalseFalset3_179tkohttp://video.cnbc.com/gallery/?video=3000143591
1358577676.06scribd.com16v69zVitaliy Katsenelson - Tactics to Improve Your Investment Process and Workflow (23 Pages)currygoat827http://www.reddit.com/r/SecurityAnalysis/comments/16v69z/vitaliy_katsenelson_tactics_to_improve_your/Falset5_2s7v0FalseFalset3_16v69zhttp://www.scribd.com/doc/98207906/ValueXVail-2012-Alex-Rubalcava
1358104464.010pmjar.com16i4znBuffett Partnership Letters: 1965 Part 2Wrg26081000http://www.reddit.com/r/SecurityAnalysis/comments/16i4zn/buffett_partnership_letters_1965_part_2/Falset5_2s7v0FalseFalset3_16i4znhttp://www.pmjar.com/?p=974
1357865659.08bloomberg.com16cl10Buffett Says Banks Free of Excess Pose No U.S. Threat currygoat911http://www.reddit.com/r/SecurityAnalysis/comments/16cl10/buffett_says_banks_free_of_excess_pose_no_us/Falset5_2s7v0FalseFalset3_16cl10http://www.bloomberg.com/news/2013-01-10/buffett-says-banks-cleared-of-excess-risk-pose-no-threat-to-u-s-.html
1357774822.08morningstar.com16a2m1Morningstar Interview with National Oilwell Varco CEOBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/16a2m1/morningstar_interview_with_national_oilwell_varco/Falset5_2s7v0FalseFalset3_16a2m1http://www.morningstar.com/cover/videocenter.aspx?id=580263
1357241748.09pimco.com15wj78Bill Gross - Money for Nothin’ Writing Checks for FreeBeren-1012http://www.reddit.com/r/SecurityAnalysis/comments/15wj78/bill_gross_money_for_nothin_writing_checks_for/Falset5_2s7v0FalseFalset3_15wj78http://www.pimco.com/EN/Insights/Pages/Money-for-Nothin-Writing-Checks-for-Free.aspx
1356970298.07farnamstreetblog.com15q7d7A Primer on Strategycurrygoat920http://www.reddit.com/r/SecurityAnalysis/comments/15q7d7/a_primer_on_strategy/Falset5_2s7v0FalseFalset3_15q7d7http://www.farnamstreetblog.com/2012/04/a-primer-on-strategy/
1356124879.09factsaboutherbalife.com158x8iBill Ackman's Pershing Square Herbalife presentation (his short idea)donramses902http://www.reddit.com/r/SecurityAnalysis/comments/158x8i/bill_ackmans_pershing_square_herbalife/Falset5_2s7v0FalseFalset3_158x8ihttp://factsaboutherbalife.com/wp-content/uploads/2012/12/Who-wants-to-be-a-Millionaire.pdf
1355860090.07bloomberg.com152er2GE Said to Beat Safran for $4 Billion Avio AcquisitionBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/152er2/ge_said_to_beat_safran_for_4_billion_avio/Falset5_2s7v0FalseFalset3_152er2http://www.bloomberg.com/news/2012-12-18/ge-may-reach-deal-to-buy-italian-defense-company-avio-this-week.html
1354911310.08dealbook.nytimes.com14glwnDoing the Shareholder SidestepBeren-911http://www.reddit.com/r/SecurityAnalysis/comments/14glwn/doing_the_shareholder_sidestep/Falset5_2s7v0FalseFalset3_14glwnhttp://dealbook.nytimes.com/2012/12/06/doing-the-shareholder-sidestep/
1354677197.06dealbook.nytimes.com14av4rFor Buffett, the Long Run Still Trumps the Quick ReturnFinancialAnalrapist820http://www.reddit.com/r/SecurityAnalysis/comments/14av4r/for_buffett_the_long_run_still_trumps_the_quick/Falset5_2s7v0FalseFalset3_14av4rhttp://dealbook.nytimes.com/2012/12/03/for-buffett-the-long-run-still-trumps-the-quick-return/
1354057540.08d.muddywatersresearch.com13werzMuddy Waters Research on Olam InternationalBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/13werz/muddy_waters_research_on_olam_international/Falset5_2s7v0FalseFalset3_13werzhttp://d.muddywatersresearch.com/wp-content/uploads/2012/11/MW_OLAM_11272012.pdf
1353985094.08aswathdamodaran.blogspot.ca13unu0Damodaran - HP's Deal from HellBeren-913http://www.reddit.com/r/SecurityAnalysis/comments/13unu0/damodaran_hps_deal_from_hell/Falset5_2s7v0FalseFalset3_13unu0http://aswathdamodaran.blogspot.ca/2012/11/hps-deal-from-hell-mark-it-up-and-write.html
1353448021.07charlierose.com13j4f2Charlie Rose Interview with Jeff Bezos Beren-810http://www.reddit.com/r/SecurityAnalysis/comments/13j4f2/charlie_rose_interview_with_jeff_bezos/Falset5_2s7v0FalseFalset3_13j4f2http://www.charlierose.com/view/interview/12656
1353359349.07mediafire.com13gxa4Greenlight Re - Rethinking ReinsuranceBeren-811http://www.reddit.com/r/SecurityAnalysis/comments/13gxa4/greenlight_re_rethinking_reinsurance/Falset5_2s7v0FalseFalset3_13gxa4http://www.mediafire.com/view/?w7pdw67v1nd4w0x
1352830363.09video.cnbc.com134snnInterview With Bill Ackman on JC PenneyBeren-909http://www.reddit.com/r/SecurityAnalysis/comments/134snn/interview_with_bill_ackman_on_jc_penney/Falset5_2s7v0FalseFalset3_134snnhttp://video.cnbc.com/gallery/?video=3000129020&play=1
1351713824.09ft.com12f075Financial Times - Report on Investing in PolandBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/12f075/financial_times_report_on_investing_in_poland/Falset5_2s7v0FalseFalset3_12f075http://www.ft.com/intl/cms/63faac4e-223c-11e2-9ffd-00144feabdc0.pdf
1351475776.06youtube.com1292ffDavid Einhorn at The Buttonwood ConferenceBeren-931http://www.reddit.com/r/SecurityAnalysis/comments/1292ff/david_einhorn_at_the_buttonwood_conference/Falset5_2s7v0FalseFalset3_1292ffhttp://www.youtube.com/watch?v=PcfgfjwwaPM
1350269654.09youtube.com11hrlfWealth Track Interview With Bruce BerkowitzBeren-1011http://www.reddit.com/r/SecurityAnalysis/comments/11hrlf/wealth_track_interview_with_bruce_berkowitz/Falset5_2s7v0FalseFalset3_11hrlfhttp://www.youtube.com/watch?v=4vRgaDXxdP0&list=UUW9B1PJwennxYi5Fk_94Lew&index=1&feature=plcp
1349817731.08bloomberg.com117rxzUnitedHealth to Buy Brazil Insurer Amil for $4.9 BillionBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/117rxz/unitedhealth_to_buy_brazil_insurer_amil_for_49/Falset5_2s7v0FalseFalset3_117rxzhttp://www.bloomberg.com/news/2012-10-08/unitedhealth-will-buy-brazilian-insurer-amil-for-4-9-billion.html
1349624867.08fundooprofessor.wordpress.com1139mjBoiling Frog Syndromecurrygoat1023http://www.reddit.com/r/SecurityAnalysis/comments/1139mj/boiling_frog_syndrome/Falset5_2s7v0FalseFalset3_1139mjhttp://fundooprofessor.wordpress.com/2012/10/07/how-to-boil-a-frog/
1349474430.09self.SecurityAnalysis110jgvIn search of industry reports on Retail: Apparelnobeardnoeconomist900http://www.reddit.com/r/SecurityAnalysis/comments/110jgv/in_search_of_industry_reports_on_retail_apparel/I'm currently using S&P Net Advantage (Capital IQ) for industry reports here on campus but I'd love to dig in else where to compare notes.Any one know of a good online resource for students? Thank you!Falset5_2s7v0FalseTruet3_110jgvhttp://www.reddit.com/r/SecurityAnalysis/comments/110jgv/in_search_of_industry_reports_on_retail_apparel/
1349303032.09mediafire.com10wfkhThe Best of Charlie Munger 1994 - 2011Beren-1123http://www.reddit.com/r/SecurityAnalysis/comments/10wfkh/the_best_of_charlie_munger_1994_2011/Falset5_2s7v0FalseFalset3_10wfkhhttp://www.mediafire.com/view/?ewj0v6l2u49de2s
1349195436.07dealbook.nytimes.com10tmvbEinhorn Bets Against Chipotle (NYSE:CMG)currygoat923http://www.reddit.com/r/SecurityAnalysis/comments/10tmvb/einhorn_bets_against_chipotle_nysecmg/Falset5_2s7v0FalseFalset3_10tmvbhttp://dealbook.nytimes.com/2012/10/02/einhorn-bets-against-chipotle/
1349063815.07csinvesting.wordpress.com10qu4kJoel Greenblatt's Value & Special Situations Class Video (Lecture 3)currygoat813http://www.reddit.com/r/SecurityAnalysis/comments/10qu4k/joel_greenblatts_value_special_situations_class/Falset5_2s7v0FalseFalset3_10qu4khttp://csinvesting.wordpress.com/2012/09/30/more-greenblatt-video-lecture-3/
1348607490.06csinvesting.wordpress.com10gyrsBooks on Analyzing Bankscurrygoat820http://www.reddit.com/r/SecurityAnalysis/comments/10gyrs/books_on_analyzing_banks/Falset5_2s7v0FalseFalset3_10gyrshttp://csinvesting.wordpress.com/2012/09/25/books-on-analyzing-banks/
1347508467.08youtube.comzt0f0A Conversation with Ray Dalio [September 12 2012]Beren-802http://www.reddit.com/r/SecurityAnalysis/comments/zt0f0/a_conversation_with_ray_dalio_september_12_2012/Falset5_2s7v0FalseFalset3_zt0f0http://www.youtube.com/watch?v=SFaRazMpxcM&feature=player_embedded
1347466415.08scribd.comzrs8sValue Investing Challenge: Long Fiat SpA (BIT:F) by Steven Wood of Greenwood Investorscurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/zrs8s/value_investing_challenge_long_fiat_spa_bitf_by/Falset5_2s7v0FalseFalset3_zrs8shttp://www.scribd.com/doc/105720545/VIChallenge-FMI-StevenWood#fullscreen
1346866250.08forbesindia.comzehpg200 Best Companies with Under A Billion Revenuecurrygoat1133http://www.reddit.com/r/SecurityAnalysis/comments/zehpg/200_best_companies_with_under_a_billion_revenue/Falset5_2s7v0FalseFalset3_zehpghttp://forbesindia.com/article/best-under-a-billion/200-best-companies-with-under-a-billion-revenue/33516/0
1346775737.08scribd.comzcb2wCharlie Munger - Practical Thought About Practical ThoughtBeren-1350http://www.reddit.com/r/SecurityAnalysis/comments/zcb2w/charlie_munger_practical_thought_about_practical/Falset5_2s7v0FalseFalset3_zcb2whttp://www.scribd.com/doc/76174254/Munger-s-Analysis-to-Build-a-Trillion-Dollar-Business-From-Scratch
1345865819.06aswathdamodaran.blogspot.cayshofGroupon Gloom: Deal of the day or Death Spiral?chief3rd934http://www.reddit.com/r/SecurityAnalysis/comments/yshof/groupon_gloom_deal_of_the_day_or_death_spiral/Falset5_2s7v0FalseFalset3_yshofhttp://aswathdamodaran.blogspot.ca/2012/08/groupon-gloom-deal-of-day-or-death.html
1345119612.07news.morningstar.comybey2Berkshire New Hires Continue to Put Money to Workcurrygoat1030http://www.reddit.com/r/SecurityAnalysis/comments/ybey2/berkshire_new_hires_continue_to_put_money_to_work/Falset5_2s7v0FalseFalset3_ybey2http://news.morningstar.com/articlenet/article.aspx?id=564786
1344362172.010vijourney.wordpress.comxu14jWhy I am holding my Altria shares for now, but would not buy at current price. Value Investing Journeyjmriv19861000http://www.reddit.com/r/SecurityAnalysis/comments/xu14j/why_i_am_holding_my_altria_shares_for_now_but/Falset5_2s7v0FalseFalset3_xu14jhttp://vijourney.wordpress.com/2012/07/29/why-i-am-holding-my-altria-shares-for-now-but-would-not-buy-at-current-price/
1343071172.08dealbook.nytimes.comx1453Cnooc to Acquire Nexen for $15 BillionBeren-1023http://www.reddit.com/r/SecurityAnalysis/comments/x1453/cnooc_to_acquire_nexen_for_15_billion/Falset5_2s7v0FalseFalset3_x1453http://dealbook.nytimes.com/2012/07/23/cnooc-to-buy-nexen-for-15-billion/?ref=business
1342996856.08pbs.orgwzhllInside the Investigation Into Sheldon Adelson’s Empire (NYSE:LVS)currygoat800http://www.reddit.com/r/SecurityAnalysis/comments/wzhll/inside_the_investigation_into_sheldon_adelsons/Falset5_2s7v0FalseFalset3_wzhllhttp://www.pbs.org/wgbh/pages/frontline/criminal-justice/his-man-in-macau-inside-the-investigation-into-sheldon-adelsons-empire/
1342560947.09ft.comwq2ehFinancial Times Report on CommoditiesBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/wq2eh/financial_times_report_on_commodities/Falset5_2s7v0FalseFalset3_wq2ehhttp://www.ft.com/intl/cms/1bb892dc-cd6b-11e1-b78b-00144feabdc0.pdf
1341944204.06morningstar.comwc86iInvesting in Places the Market HatesBeren-1150http://www.reddit.com/r/SecurityAnalysis/comments/wc86i/investing_in_places_the_market_hates/Falset5_2s7v0FalseFalset3_wc86ihttp://www.morningstar.com/cover/videocenter.aspx?id=557815
1341339421.08dealbook.nytimes.comvznehMicrosoft Takes $6.2B Write Down Tied to aQuantive Acquisitioncurrygoat1240http://www.reddit.com/r/SecurityAnalysis/comments/vzneh/microsoft_takes_62b_write_down_tied_to_aquantive/Falset5_2s7v0FalseFalset3_vznehhttp://dealbook.nytimes.com/2012/07/02/microsoft-to-take-6-2-billion-charge-tied-largely-to-deal/?src=dlbksb
1340913710.09bloomberg.comvrai3Petronas to Buy Canada's Progress Energy for $5.35 BillionBeren-1011http://www.reddit.com/r/SecurityAnalysis/comments/vrai3/petronas_to_buy_canadas_progress_energy_for_535/Falset5_2s7v0FalseFalset3_vrai3http://www.bloomberg.com/news/2012-06-28/petronas-agrees-to-buy-canada-s-progress-energy-for-4-7-billion.html
1340841101.09self.SecurityAnalysisvpo2wPresentations From The Vail ValueX Conference June 2012Beren-901http://www.reddit.com/r/SecurityAnalysis/comments/vpo2w/presentations_from_the_vail_valuex_conference/* [A European Perspective](http://www.mediafire.com/view/?q1b2e243ffep526)* [A Search For Global Value Traps](http://www.mediafire.com/view/?ynud0oddyy5fg0i) * [Amazon](http://www.mediafire.com/view/?qbrhf8kcq0cb4l4)* [Bank of America](http://www.mediafire.com/view/?4re8dfpbbuoieoe) * [Exporting North American Natural Gas](http://www.mediafire.com/view/?61vtc24qi3567m3)* [Liberty Interactive](http://www.mediafire.com/view/?qhjj0f7vgbew2ee)* [Pacific Sunwear](http://www.mediafire.com/view/?rh5kggtsa2gh2ar)* [Sell Short Conway](http://www.mediafire.com/view/?d30b19m8c1bky0t) * [Staples](http://www.mediafire.com/view/?x8af69m76axq60y)* [The ABC of Spinoffs](http://www.mediafire.com/view/?arbrq0cezs3707e)* [Value Investing From The Top Down](http://www.mediafire.com/view/?0p4gw90x705al3s)* [Work Flow Management For Investors](http://www.mediafire.com/view/?77s6vqym6mx8p7p) Falset5_2s7v0FalseTruet3_vpo2whttp://www.reddit.com/r/SecurityAnalysis/comments/vpo2w/presentations_from_the_vail_valuex_conference/
1340781990.07theodortonca.comvobqa6 Japanese Companies Trading Below Net Cashcurrygoat813http://www.reddit.com/r/SecurityAnalysis/comments/vobqa/6_japanese_companies_trading_below_net_cash/Falset5_2s7v0FalseFalset3_vobqahttp://theodortonca.com/2012/06/23/below-cash-basket-japanese-edition/
1339435111.07kaltura.comuwefuVideos from the 5th Annual Pershing Square Challengecurrygoat923http://www.reddit.com/r/SecurityAnalysis/comments/uwefu/videos_from_the_5th_annual_pershing_square/Falset5_2s7v0FalseFalset3_uwefuhttp://www.kaltura.com/index.php/kwidget/wid/0_o4ytikhk/uiconf_id/4010561
1339379206.08scorpioncapital.comuvg3iThe Evolution of Value Investing From Benjamin Graham to Warren BuffettBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/uvg3i/the_evolution_of_value_investing_from_benjamin/Falset5_2s7v0FalseFalset3_uvg3ihttp://www.scorpioncapital.com/management/documents/Evolution%20of%20Value%20Investing.pdf
1338412464.09aswathdamodaran.blogspot.caucpxvDamodaran - How Much Is Growth Worth?Beren-900http://www.reddit.com/r/SecurityAnalysis/comments/ucpxv/damodaran_how_much_is_growth_worth/Falset5_2s7v0FalseFalset3_ucpxvhttp://aswathdamodaran.blogspot.ca/2012/05/how-much-is-growth-worth.html
1337708500.010scribd.comtzjqyBill Ackman Presentation on JC PenneyBeren-1004http://www.reddit.com/r/SecurityAnalysis/comments/tzjqy/bill_ackman_presentation_on_jc_penney/Falset5_2s7v0FalseFalset3_tzjqyhttp://www.scribd.com/doc/94429025/AckmanJCP
1337552409.09online.barrons.comtwjxqBarron's Interview With Ray DalioBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/twjxq/barrons_interview_with_ray_dalio/Falset5_2s7v0FalseFalset3_twjxqhttp://online.barrons.com/article/SB50001424053111904370004577390023566415282.html?mod=BOL_hpp_highlight_top#articleTabs_article%3D0
1337294973.08ft.comtsdtfFinancial Times - Report on Investing in BrazilBeren-802http://www.reddit.com/r/SecurityAnalysis/comments/tsdtf/financial_times_report_on_investing_in_brazil/Falset5_2s7v0FalseFalset3_tsdtfhttp://www.ft.com/intl/cms/8813e63a-9e3a-11e1-8c3c-00144feabdc0.pdf
1337209713.07chovanec.wordpress.comtqq9wChina Real Estate UnravelsBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/tqq9w/china_real_estate_unravels/Falset5_2s7v0FalseFalset3_tqq9whttp://chovanec.wordpress.com/2012/05/16/china-real-estate-unravels/
1336950474.07self.SecurityAnalysistllatJP Morganslackie9111146http://www.reddit.com/r/SecurityAnalysis/comments/tllat/jp_morgan/Hi all. I'm sure you've heard of JP Morgan's statement about $2 billion in losses the past few weeks. Their stock price subsequently dropped 10%. I'm curious if anyone is knowledgeable in JP Morgan to invest. My reasoning is that this type of event is what value investors look for - a large price drop for a temporary reason. However I am nowhere confident enough about what JPM really *does* to invest in that business. What do the kind folks here think of this event? Buying opportunity or a reason to stay away?Falset5_2s7v0TrueTruet3_tllathttp://www.reddit.com/r/SecurityAnalysis/comments/tllat/jp_morgan/
1336248837.09gurufocus.comt8r8pYale SOM Netflix (NFLX) Short Thesiscurrygoat1012http://www.reddit.com/r/SecurityAnalysis/comments/t8r8p/yale_som_netflix_nflx_short_thesis/Falset5_2s7v0FalseFalset3_t8r8phttp://www.gurufocus.com/news/173800/yale-netflix-short-thesis
1335737318.08arxiv.orgsyq8bA very creative way to value facebook.13511http://www.reddit.com/r/SecurityAnalysis/comments/syq8b/a_very_creative_way_to_value_facebook/Falset5_2s7v0FalseFalset3_syq8bhttp://arxiv.org/pdf/1110.1319v2.pdf
1335110223.06self.SecurityAnalysissmpwfCan anyone recommend a source of Financial Information (tabular quarterly report data going back 5 years+)MASSPro10417http://www.reddit.com/r/SecurityAnalysis/comments/smpwf/can_anyone_recommend_a_source_of_financial/I have been investing for some time now with a style that follows Buffet / Munger. It has served me well.However, it disappoints me to no end that there are no tools (that I can find) that serve fundamental inclined investors. Everything I discovered seems to be focused on 'trading' with every 'technical' tool in the book.So I have decided to write my own analysis software (I'm a retired developer) for my own use, however not necessarily exclusively.The problem I am having is that I would like to see listed companies financials (quarterly preferably; also dividends, dates etc would be nice as well) but am having trouble locating a suitable data source. Surely this must exist somewhere.What irks me is that it is available via the publicly filed documents - I just can't find a nice machine readable data structure anywhere.Any thoughts?Falset5_2s7v0FalseTruet3_smpwfhttp://www.reddit.com/r/SecurityAnalysis/comments/smpwf/can_anyone_recommend_a_source_of_financial/
1334431525.08aswathdamodaran.blogspot.cas9ticDamodaran - Thoughts on Google Stock SplitBeren-911http://www.reddit.com/r/SecurityAnalysis/comments/s9tic/damodaran_thoughts_on_google_stock_split/Falset5_2s7v0FalseFalset3_s9tichttp://aswathdamodaran.blogspot.ca/2012/04/google-splits-its-stock-and-spits-on.html
1333389989.08online.wsj.comrpthfKeynes: One Mean Money ManagerBeren-1026http://www.reddit.com/r/SecurityAnalysis/comments/rpthf/keynes_one_mean_money_manager/Falset5_2s7v0FalseFalset3_rpthfhttp://online.wsj.com/article/SB10001424052702304177104577313810084976558.html
1332883211.08aswathdamodaran.blogspot.cargg86Damodaran - Equity Risk Premiums 2012Beren-910http://www.reddit.com/r/SecurityAnalysis/comments/rgg86/damodaran_equity_risk_premiums_2012/Falset5_2s7v0FalseFalset3_rgg86http://aswathdamodaran.blogspot.ca/2012/03/equity-risk-premiums-2012-edition.html
1332726678.09gurufocus.comrdj4gHow Geoff Gannon Developed His Investing Stylecurrygoat902http://www.reddit.com/r/SecurityAnalysis/comments/rdj4g/how_geoff_gannon_developed_his_investing_style/Falset5_2s7v0FalseFalset3_rdj4ghttp://www.gurufocus.com/forum/read.php?1,169703,169703#msg-169703
1332200656.06dealbook.nytimes.comr48n6Amazon.com Buys Kiva Systems for $775 MillionBeren-930http://www.reddit.com/r/SecurityAnalysis/comments/r48n6/amazoncom_buys_kiva_systems_for_775_million/Falset5_2s7v0FalseFalset3_r48n6http://dealbook.nytimes.com/2012/03/19/amazon-com-buys-kiva-systems-for-775-million/
1330976061.010csinvesting.wordpress.comqiydfSuggestions on How to Learn to Investcurrygoat1001http://www.reddit.com/r/SecurityAnalysis/comments/qiydf/suggestions_on_how_to_learn_to_invest/Falset5_2s7v0FalseFalset3_qiydfhttp://csinvesting.wordpress.com/2012/03/05/another-readers-question-any-suggestions-on-how-to-learn-how-to-invest/
1330374233.09gurufocus.comq8ju1What Would Value Investing 101 Look Like?currygoat1122http://www.reddit.com/r/SecurityAnalysis/comments/q8ju1/what_would_value_investing_101_look_like/Falset5_2s7v0FalseFalset3_q8ju1http://www.gurufocus.com/forum/read.php?1,164328,164328#msg-164328
1323324715.08can-turtles-fly.blogspot.comn4iksWarren Buffett's Evolution and his Three Investment Stylescurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/n4iks/warren_buffetts_evolution_and_his_three/Falset5_2s7v0FalseFalset3_n4ikshttp://can-turtles-fly.blogspot.com/2011/12/warren-buffetts-evolution-and-his-three.html
1322726617.08scribd.commvx7xKyle Bass's Hayman Capital Q3 Shareholder Lettercurrygoat1020http://www.reddit.com/r/SecurityAnalysis/comments/mvx7x/kyle_basss_hayman_capital_q3_shareholder_letter/Falset5_2s7v0FalseFalset3_mvx7xhttp://www.scribd.com/doc/74335711/Hayman-Nov2011
1320954079.09bloomberg.comm7roiSolar Glut to Worsen After Prices Plunge 93% on Rising SupplyBeren-1124http://www.reddit.com/r/SecurityAnalysis/comments/m7roi/solar_glut_to_worsen_after_prices_plunge_93_on/Falset5_2s7v0FalseFalset3_m7roihttp://www.bloomberg.com/news/2011-11-10/solar-glut-to-worsen-after-prices-plunge-93-on-rising-supply-commodities.html
1320789780.08self.SecurityAnalysism5avkWebsites that does fundamental analysis for you?WorldWar501029http://www.reddit.com/r/SecurityAnalysis/comments/m5avk/websites_that_does_fundamental_analysis_for_you/What website do you guys use that just does fundamental analysis on stocks for you and tells you whether or not a stock is undervalued? It'd be great if that website can give a score or a rating but also explain why it gives it that rating. I do fundamental Analysis on my own, but It'd be good to have these websites just as a check to see if what I was doing was right. It's not unlike looking at other analysts reports to see whether or not they knew something that you didn't know.I've been introduced to two: Forcastix VuruIt'd be good to get a good list of websites for all of us to use.Falset5_2s7v0FalseTruet3_m5avkhttp://www.reddit.com/r/SecurityAnalysis/comments/m5avk/websites_that_does_fundamental_analysis_for_you/
1319319813.08corning.comlldz2Corning Announces Increased Dividend and $1.5 Billion Stock BuybackBeren-1020http://www.reddit.com/r/SecurityAnalysis/comments/lldz2/corning_announces_increased_dividend_and_15/Falset5_2s7v0FalseFalset3_lldz2http://www.corning.com/news_center/news_releases/2011/2011100501.aspx
1319315825.07cbs360.gsb.columbia.edullbtnGlenn Greenberg Lecture on Value Investing At Columbia Business School [2010]Beren-921http://www.reddit.com/r/SecurityAnalysis/comments/llbtn/glenn_greenberg_lecture_on_value_investing_at/Falset5_2s7v0FalseFalset3_llbtnhttp://cbs360.gsb.columbia.edu:8080/ess/echo/presentation/d6646498-516e-497d-b243-50014ab51288
1319035032.08dealbook.nytimes.comlhianAbbott Laboratories (NYSE:ABT) to Split Into Two Companiescurrygoat916http://www.reddit.com/r/SecurityAnalysis/comments/lhian/abbott_laboratories_nyseabt_to_split_into_two/Falset5_2s7v0FalseFalset3_lhianhttp://dealbook.nytimes.com/2011/10/19/abbott-to-split-into-two/
1318966549.06dealbook.nytimes.comlgm2dThe Missed Red Flags on GrouponBeren-820http://www.reddit.com/r/SecurityAnalysis/comments/lgm2d/the_missed_red_flags_on_groupon/Falset5_2s7v0FalseFalset3_lgm2dhttp://dealbook.nytimes.com/2011/10/17/the-missed-red-flags-on-groupon/?src=dlbksb
1318543262.07mediadecoder.blogs.nytimes.comlbbqiNetflix Signs 4 Year $1Billion Deal With Warner BrothersBeren-920http://www.reddit.com/r/SecurityAnalysis/comments/lbbqi/netflix_signs_4_year_1billion_deal_with_warner/Falset5_2s7v0FalseFalset3_lbbqihttp://mediadecoder.blogs.nytimes.com/2011/10/13/deal-with-time-warner-brings-the-cw-to-netflix/
1316454355.08online.wsj.comkkoacDaily Deal Sites are Dying Fastcurrygoat804http://www.reddit.com/r/SecurityAnalysis/comments/kkoac/daily_deal_sites_are_dying_fast/Falset5_2s7v0FalseFalset3_kkoachttp://online.wsj.com/article/SB10001424053111904491704576575233025971542.html?
1314235893.010self.SecurityAnalysisjtje0AAPL Gets New CEOBeren-1000http://www.reddit.com/r/SecurityAnalysis/comments/jtje0/aapl_gets_new_ceo/Seems like a lot of threads about this are being downvoted all over reddit, here are some links to various news sources:* [WSJ](http://blogs.wsj.com/deals/2011/08/24/steve-jobs-resigns-as-apple-ceo/)* [Reuters](http://www.reuters.com/article/2011/08/25/us-apple-idUSTRE77N82K20110825)* [Bloomberg](http://www.bloomberg.com/news/2011-08-24/apple-ceo-steve-jobs-resigns.html)Falset5_2s7v0FalseTruet3_jtje0http://www.reddit.com/r/SecurityAnalysis/comments/jtje0/aapl_gets_new_ceo/
1311879461.07gurufocus.comj2fpcInvest Like You Are Buying A BusinessBeren-920http://www.reddit.com/r/SecurityAnalysis/comments/j2fpc/invest_like_you_are_buying_a_business/Falset5_2s7v0FalseFalset3_j2fpchttp://www.gurufocus.com/news/139374/invest-like-you-are-buying-a-business--kovitz-investment-group
1376396877.08bloomberg.com1k9v8jAckman Leaves J.C. Penney Board as Soros Backs Ullmancurrygoat910http://www.reddit.com/r/SecurityAnalysis/comments/1k9v8j/ackman_leaves_jc_penney_board_as_soros_backs/Falset5_2s7v0FalseFalset3_1k9v8jhttp://www.bloomberg.com/news/2013-08-13/j-c-penney-says-ackman-resigned-from-company-s-board.html
1375814174.09self.SecurityAnalysis1jtt9iMy Questions on Investment Analysis.(Would love to get feedback)tallsuperman906http://www.reddit.com/r/SecurityAnalysis/comments/1jtt9i/my_questions_on_investment_analysiswould_love_to/Hi All,I've been delving deeper into value investing and after reading Margin of Safety by Seth Klarman, I'm seeing that it takes quite a bit of analysis on my part. This has led to me doing some comprehensive calculations but I've got no clue if these are even accurate in the slightest. I'm hoping some more knowledgeable people in here can shed some light or offer input. **Liquidation Analysis*** For this valuation, which is mentioned in Klarman's book, I take the total assets and subtract intangible assets and goodwill to arrive at a liquidation value. I then divide by the number of shares outstanding.* Does anyone else use a different variation?**NPV*** I use a series of cash flows and a discount rate. However, what do people use as cash flows? * I currently use FCFE or FCFF depending on the company and then I use a growth rate specific to whether its FCFF or FCFE for each subsequent cash flow period. I found this all on [Damodaran's pages](http://pages.stern.nyu.edu/~adamodar/). The discount rate I simply put multiple percentages from 10-15%.* Are there other ways to arrive at cash flows? Should I be using WACC for the discount rate? What do you do?**DCF*** I have seen so many ways of arriving at a DCF valuation that I haven't even began trying to use DCF analysis yet. 2-stage, 3-stage, FCFE, FCFF, etc. I'm not entirely sure how this is different from NPV so maybe someone can clear that up for me.* I suppose the DCF analysis could help me arrive at a somewhat reliable present value?* I have a hard time finding the cost of debt and market value of debt for the WACC so I'm twiddling my thumbs in uncertainty.If anyone has experience with this type of thing, I'd love to hear your input, I'm working on my own spreadsheet for all these calculations and perhaps if I can get it to a point where it's reliable and useful, I'll share it with others.Cheers!Falset5_2s7v0FalseTruet3_1jtt9ihttp://www.reddit.com/r/SecurityAnalysis/comments/1jtt9i/my_questions_on_investment_analysiswould_love_to/
1375728130.07fool.com1jr8gzDeep value bank stock worthy of more investigation - I'll reply later in comments with my DD.stockbroker704http://www.reddit.com/r/SecurityAnalysis/comments/1jr8gz/deep_value_bank_stock_worthy_of_more/Falset5_2s7v0FalseFalset3_1jr8gzhttp://www.fool.com/investing/general/2013/08/05/im-buying-more-of-this-cheap-bank.aspx
1375470074.07dealbook.nytimes.com1jkxovDell and Buyers Reach Compromise on Takeover BidBeren-920http://www.reddit.com/r/SecurityAnalysis/comments/1jkxov/dell_and_buyers_reach_compromise_on_takeover_bid/Falset5_2s7v0FalseFalset3_1jkxovhttp://dealbook.nytimes.com/2013/08/02/dell-and-buyers-said-to-be-near-compromise-on-takeover-bid/
1375208218.05reuters.com1jd499Potash Sector Rocked as Urakali Quits Cartel; 25% Price Cuts Expectedcurrygoat942http://www.reddit.com/r/SecurityAnalysis/comments/1jd499/potash_sector_rocked_as_urakali_quits_cartel_25/Falset5_2s7v0FalseFalset3_1jd499http://www.reuters.com/article/2013/07/30/us-russia-uralkali-idUSBRE96T0S220130730
1375207760.06dealbook.nytimes.com1jd3kqWith Fewer Barbarians at the Gate, Companies Face a New PressureBeren-930http://www.reddit.com/r/SecurityAnalysis/comments/1jd3kq/with_fewer_barbarians_at_the_gate_companies_face/Falset5_2s7v0FalseFalset3_1jd3kqhttp://dealbook.nytimes.com/2013/07/30/with-fewer-barbarians-at-the-gate-companies-face-new-pressure/?_r=0
1375126873.07bloomberg.com1japdeHudson’s Bay to Buy Luxury Retailer Saks for $2.4 BillionBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/1japde/hudsons_bay_to_buy_luxury_retailer_saks_for_24/Falset5_2s7v0FalseFalset3_1japdehttp://www.bloomberg.com/news/2013-07-29/hudson-s-bay-to-acquire-saks-for-2-9-billion-including-debt.html
1374786530.06valueinvestingworld.com1j1y22Boyles Asset Management Q2 2013 Letter Excerptcurrygoat820http://www.reddit.com/r/SecurityAnalysis/comments/1j1y22/boyles_asset_management_q2_2013_letter_excerpt/Falset5_2s7v0FalseFalset3_1j1y22http://www.valueinvestingworld.com/2013/07/boyles-asset-management-q2-2013-letter.html
1374773972.05stableboyselections.com1j1gjcLong Thesis on GMO Internetcurrygoat830http://www.reddit.com/r/SecurityAnalysis/comments/1j1gjc/long_thesis_on_gmo_internet/Falset5_2s7v0FalseFalset3_1j1gjchttp://stableboyselections.com/2013/07/24/gmo-internet-all-your-base-are-belong-to-us/
1374688945.06morningstar.com1iyxxwHoward Marks Takes the Market's Temperature [10min]Beren-820http://www.reddit.com/r/SecurityAnalysis/comments/1iyxxw/howard_marks_takes_the_markets_temperature_10min/Falset5_2s7v0FalseFalset3_1iyxxwhttp://www.morningstar.com/cover/videocenter.aspx?id=603377
1374687305.05bloomberg.com1iyvk0Munger Triples Publisher’s Value With Panic-Era Stock BetBeren-720http://www.reddit.com/r/SecurityAnalysis/comments/1iyvk0/munger_triples_publishers_value_with_panicera/Falset5_2s7v0FalseFalset3_1iyvk0http://www.bloomberg.com/news/2013-07-24/munger-triples-publisher-s-value-with-panic-era-wager-on-stocks.html
1374680298.08fool.com1iym27Keep Investing Simple?moc_tidder_www1133http://www.reddit.com/r/SecurityAnalysis/comments/1iym27/keep_investing_simple/Falset5_2s7v0FalseFalset3_1iym27http://www.fool.com/investing/general/2013/07/22/keep-investing-as-simple-as-possible.aspx
1374524690.07youtube.com1iu3s7Roundtable Discussion on Chinese Investments with Charlie MungerBeren-701http://www.reddit.com/r/SecurityAnalysis/comments/1iu3s7/roundtable_discussion_on_chinese_investments_with/Falset5_2s7v0FalseFalset3_1iu3s7http://www.youtube.com/watch?v=cDDPtJzGyEg
1374444141.08blogs.wsj.com1irtzjCharles de Vaulx has an investment idea: cash.investing1011241http://www.reddit.com/r/SecurityAnalysis/comments/1irtzj/charles_de_vaulx_has_an_investment_idea_cash/Falset5_2s7v0FalseFalset3_1irtzjhttp://blogs.wsj.com/moneybeat/2013/07/21/investors-struggle-with-cash-conundrum/?mod=WSJBlog
1373882679.07thegrahamdisciple.com1ibxpaRazors, lighters, and pens.thomz851033http://www.reddit.com/r/SecurityAnalysis/comments/1ibxpa/razors_lighters_and_pens/Falset5_2s7v0FalseFalset3_1ibxpahttp://thegrahamdisciple.com/post/55501243813/societe-bic-investment-thesis-or-growth-at-a-fair-price
1373594253.07blogs.reuters.com1i4irmWhen Hedge Funds Go Onlinewoc2008810http://www.reddit.com/r/SecurityAnalysis/comments/1i4irm/when_hedge_funds_go_online/Falset5_2s7v0FalseFalset3_1i4irmhttp://blogs.reuters.com/felix-salmon/2013/07/11/when-hedge-funds-go-online/
1373593769.08scribd.com1i4i5hFairholme Funds Sues US for Fannie Mae Profit Court Filinginvesting101910http://www.reddit.com/r/SecurityAnalysis/comments/1i4i5h/fairholme_funds_sues_us_for_fannie_mae_profit/Falset5_2s7v0FalseFalset3_1i4i5hhttp://www.scribd.com/doc/153291114/Fairholme-Fund-Fannie-Mae-Complaint
1373355508.08economist.com1hx88pWorld Overcapacity in Steelmaking is Getting Worsecurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/1hx88p/world_overcapacity_in_steelmaking_is_getting_worse/Falset5_2s7v0FalseFalset3_1hx88phttp://www.economist.com/news/business/21580458-worlds-overcapacity-steelmaking-getting-worse-and-profits-are-evaporating-inferno
1372788700.06thirdave.com1hiff5Third Avenue Funds: 2013 Semi-annual reportBeren-930http://www.reddit.com/r/SecurityAnalysis/comments/1hiff5/third_avenue_funds_2013_semiannual_report/Falset5_2s7v0FalseFalset3_1hiff5http://www.thirdave.com/ta/documents/sl/Third%20Avenue%202013%20Semi-Annual%20Report.pdf
1372349535.09greenbackd.com1h6oypValue Premium Calculated Using EBIT / EV 1999 to PresentGreenbackd1120http://www.reddit.com/r/SecurityAnalysis/comments/1h6oyp/value_premium_calculated_using_ebit_ev_1999_to/Falset5_2s7v0FalseFalset3_1h6oyphttp://greenbackd.com/2013/06/27/value-premium-calculated-using-ebit-ev/
1372267668.07dealbook.nytimes.com1h4c3qThe Intricate Endgame for DellBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/1h4c3q/the_intricate_endgame_for_dell/Falset5_2s7v0FalseFalset3_1h4c3qhttp://dealbook.nytimes.com/2013/06/25/the-complicated-endgame-for-dell/
1372204866.06materials.proxyvote.com1h2nywLeucadia 2012 - Final Shareholder Letter (PDF)arbitragr936http://www.reddit.com/r/SecurityAnalysis/comments/1h2nyw/leucadia_2012_final_shareholder_letter_pdf/Falset5_2s7v0FalseFalset3_1h2nywhttps://materials.proxyvote.com/Approved/527288/20130605/AR_173639.PDF
1371996678.07alephblog.com1gwq69Advice for Researching Industriescurrygoat1140http://www.reddit.com/r/SecurityAnalysis/comments/1gwq69/advice_for_researching_industries/Falset5_2s7v0FalseFalset3_1gwq69http://alephblog.com/2013/06/22/on-researching-industries/
1371587541.07advisorperspectives.com1glwudJames Montier on Why to Hold CashBeren-1252http://www.reddit.com/r/SecurityAnalysis/comments/1glwud/james_montier_on_why_to_hold_cash/Falset5_2s7v0FalseFalset3_1glwudhttp://advisorperspectives.com/newsletters13/pdfs/GMOs_Montier_on_Why_to_Hold_Cash.pdf
1371570711.06bloomberg.com1gl9etThird Point Boosts Sony Stake as Daniel Loeb Seeks TalksBeren-821http://www.reddit.com/r/SecurityAnalysis/comments/1gl9et/third_point_boosts_sony_stake_as_daniel_loeb/Falset5_2s7v0FalseFalset3_1gl9ethttp://www.bloomberg.com/news/2013-06-18/third-point-funds-boost-stake-in-sony-as-daniel-loeb-seeks-talks.html
1371502994.07youtube.com1gjh7lMichael Price - Presentation at the London Value Investor Conference 2013Beren-920http://www.reddit.com/r/SecurityAnalysis/comments/1gjh7l/michael_price_presentation_at_the_london_value/Falset5_2s7v0FalseFalset3_1gjh7lhttp://www.youtube.com/watch?feature=player_embedded&v=Nph-sDz1EtA
1371152528.05self.SecurityAnalysis1gaeikBen Graham 'Security Analysis' interpretation questionSirEdwinDrake723http://www.reddit.com/r/SecurityAnalysis/comments/1gaeik/ben_graham_security_analysis_interpretation/I've been studying Benjamin Graham's 'Security Analysis' and I am currently reading through the section about Nonrecurrent items on the income statement. As a rule for determining whether the effort should be expended to remove an item he states,'Small items should be accepted as reported. For convenience we may define 'small' as affecting the net result by less than 10% in aggregate'I assume he means that the analyst should only remove an item and restate income if the result of doing so changes income by more than 10% in relation to the original figure. That seems to make sense, but what does he mean by 'in aggregate'? What is aggregated? The nonrecurrent items? Or is it the aggregate of all expenses and revenue streams?If someone has the time to do an example that would be super helpful.Falset5_2s7v0FalseTruet3_1gaeikhttp://www.reddit.com/r/SecurityAnalysis/comments/1gaeik/ben_graham_security_analysis_interpretation/
1370952584.06dealbook.nytimes.com1g46ggDole Food Receives Unsolicited Takeover Offer From C.E.O.currygoat820http://www.reddit.com/r/SecurityAnalysis/comments/1g46gg/dole_food_receives_unsolicited_takeover_offer/Falset5_2s7v0FalseFalset3_1g46gghttp://dealbook.nytimes.com/2013/06/11/dole-food-gets-unsolicited-takeover-offer-from-c-e-o/
1370831924.0824sevenfinance.wordpress.com1g0qnwWarren Buffet Wisdom: Flash Back to the 80sinvesting101910http://www.reddit.com/r/SecurityAnalysis/comments/1g0qnw/warren_buffet_wisdom_flash_back_to_the_80s/Falset5_2s7v0FalseFalset3_1g0qnwhttp://24sevenfinance.wordpress.com/2013/06/09/warren-buffet-wisdom-flash-back-to-the-80s/
1370622306.05bloomberg.com1fvbo7Wal-Mart Approves New $15 Billion Share-Buyback ProgramBeren-940http://www.reddit.com/r/SecurityAnalysis/comments/1fvbo7/walmart_approves_new_15_billion_sharebuyback/Falset5_2s7v0FalseFalset3_1fvbo7http://www.bloomberg.com/news/2013-06-07/wal-mart-approves-new-15-billion-share-buyback-program.html
1370442308.08marketfolly.com1fq09eNotes From Virginia Investment Symposium 2013: Julian Robertson, Paul Tudor Jones & John Griffininvesting101910http://www.reddit.com/r/SecurityAnalysis/comments/1fq09e/notes_from_virginia_investment_symposium_2013/Falset5_2s7v0FalseFalset3_1fq09ehttp://www.marketfolly.com/2013/06/notes-from-virginia-investment.html
1369890682.07kaltura.com1fbiq2Video from the 6th Annual Pershing Square Challengecurrygoat812http://www.reddit.com/r/SecurityAnalysis/comments/1fbiq2/video_from_the_6th_annual_pershing_square/Falset5_2s7v0FalseFalset3_1fbiq2http://www.kaltura.com/index.php/kwidget/wid/1_r8bvtbyb/uiconf_id/12817141
1369855501.09contrarianedge.com1fac59Are We There Yet?investing1011010http://www.reddit.com/r/SecurityAnalysis/comments/1fac59/are_we_there_yet/Falset5_2s7v0FalseFalset3_1fac59http://contrarianedge.com/2013/05/29/are-we-there-yet/
1369004873.07aswathdamodaran.blogspot.com1enqg5Equity Risk Premiums (ERP) and Stocks: Bullish or Bearish Indicatorinvesting101701http://www.reddit.com/r/SecurityAnalysis/comments/1enqg5/equity_risk_premiums_erp_and_stocks_bullish_or/Falset5_2s7v0FalseFalset3_1enqg5http://aswathdamodaran.blogspot.com/2013/05/equity-risk-premiums-erp-and-stocks.html
1368739484.06youtube.com1eh5soInterview with Jeffrey GundlachBeren-821http://www.reddit.com/r/SecurityAnalysis/comments/1eh5so/interview_with_jeffrey_gundlach/Falset5_2s7v0FalseFalset3_1eh5sohttp://www.youtube.com/watch?v=_iNgHOhhzug&feature=player_embedded
1368641508.07ft.com1eeadhFinancial Times - Report on Energy in the AmericasBeren-1030http://www.reddit.com/r/SecurityAnalysis/comments/1eeadh/financial_times_report_on_energy_in_the_americas/Falset5_2s7v0FalseFalset3_1eeadhhttp://www.ft.com/intl/cms/27bf977a-bb71-11e2-b289-00144feab7de.pdf
1368499397.06csinvesting.org1eag49Henry Singleton - A Case Study of a Great Capital AllocatorBeren-822http://www.reddit.com/r/SecurityAnalysis/comments/1eag49/henry_singleton_a_case_study_of_a_great_capital/Falset5_2s7v0FalseFalset3_1eag49http://csinvesting.org/wp-content/uploads/2013/02/Teledyne-and-Henry-Singleton-a-CS-of-a-Great-Capital-Allocator.pdf
1368380570.08businessweek.com1e6xzzDespite Wear, True Religion Finds a Buyer for $835 Millioncurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/1e6xzz/despite_wear_true_religion_finds_a_buyer_for_835/Falset5_2s7v0FalseFalset3_1e6xzzhttp://www.businessweek.com/articles/2013-05-10/despite-wear-true-religion-finds-a-buyer-for-835-million#r=rss?utm_source=feedly
1368379365.06gurufocus.com1e6wqoDavid Einhorn's Greenlight Capital Q1 2013 Letter to Investorscurrygoat820http://www.reddit.com/r/SecurityAnalysis/comments/1e6wqo/david_einhorns_greenlight_capital_q1_2013_letter/Falset5_2s7v0FalseFalset3_1e6wqohttp://www.gurufocus.com/news/218761/greenlight-capital-david-einhorns-first-quarter-letter-to-investors
1368377343.07tocqueville.com1e6ujbThe Importance of Being Differentcurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/1e6ujb/the_importance_of_being_different/Falset5_2s7v0FalseFalset3_1e6ujbhttp://www.tocqueville.com/insights/importance-being-different
1368116213.07blogs.cfainstitute.org1e0b5nWhat is the “Warren Buffett of Europe” Up To?investing101812http://www.reddit.com/r/SecurityAnalysis/comments/1e0b5n/what_is_the_warren_buffett_of_europe_up_to/Falset5_2s7v0FalseFalset3_1e0b5nhttp://blogs.cfainstitute.org/insideinvesting/2013/05/09/what-is-the-warren-buffett-of-europe-up-to/
1367610160.05self.SecurityAnalysis1dmyz1Preparation for Internship in Value InvestingMotherShipIt7215http://www.reddit.com/r/SecurityAnalysis/comments/1dmyz1/preparation_for_internship_in_value_investing/Received an internship offer at a fund that practices value investing. I have some background in finance and accounting, but never had the time to study up much on value investing. I will be mostly doing analyst type work on small and medium sized businesses internationally.I would love to read all the books and articles and news sources recommended here on this subreddit, but due to time constraints (~3 weeks), I would like to go for the most efficient approach. Any tips for good learning material, what books, skills, training material to focus on would be very much appreciated :)Thank you for the comments so far. Quick addendum: I am looking for resources with as little fluff, and as much 'job applicability' as possible.Falset5_2s7v01367614265.0Truet3_1dmyz1http://www.reddit.com/r/SecurityAnalysis/comments/1dmyz1/preparation_for_internship_in_value_investing/
1367541670.09self.SecurityAnalysis1dl7ccValue Investing Contestsjckund1010http://www.reddit.com/r/SecurityAnalysis/comments/1dl7cc/value_investing_contests/Are there any additional value investing contests that offer recognition/presentation opportunities?I know of Ira Sohn and Value Investing Congress. Any others?Falset5_2s7v0FalseTruet3_1dl7cchttp://www.reddit.com/r/SecurityAnalysis/comments/1dl7cc/value_investing_contests/
1367209595.07scribd.com1dbh7gStock Pitch: Short Lululemon Athleticacurrygoat923http://www.reddit.com/r/SecurityAnalysis/comments/1dbh7g/stock_pitch_short_lululemon_athletica/Falset5_2s7v0FalseFalset3_1dbh7ghttp://www.scribd.com/doc/130563184/Lulu-Writeup
1366823687.07dealbook.nytimes.com1d0ramFlawed Bidding Process Leaves Dell at a LossBeren-920http://www.reddit.com/r/SecurityAnalysis/comments/1d0ram/flawed_bidding_process_leaves_dell_at_a_loss/Falset5_2s7v0FalseFalset3_1d0ramhttp://dealbook.nytimes.com/2013/04/23/a-flawed-bidding-process-leaves-dell-at-a-loss/
1366675580.07scribd.com1cwf5fRobert Robotti - Has Contrarian Investing Become Conventional? - Ben Graham Centre 2013 Value Investing Conferencecurrygoat701http://www.reddit.com/r/SecurityAnalysis/comments/1cwf5f/robert_robotti_has_contrarian_investing_become/Falset5_2s7v0FalseFalset3_1cwf5fhttp://www.scribd.com/doc/137430757/Robert-Robotti-Presentation-2013-Ben-Graham-Centre-Value-Investing-Conference
1366647128.07greenbackd.com1cvc0kWhat does a comprehensive analysis of 1,700 widely followed stocks tell us about the general level of the market?Greenbackd1141http://www.reddit.com/r/SecurityAnalysis/comments/1cvc0k/what_does_a_comprehensive_analysis_of_1700_widely/Falset5_2s7v0FalseFalset3_1cvc0khttp://greenbackd.com/2013/04/22/what-does-a-comprehensive-valuation-of-1700-widely-followed-stocks-tell-us-about-the-markets-valuation/
1366042111.07greenbackd.com1ce96cThe Physics Of Investing In Expensive Markets: How to Apply Simple Statistical ModelsGreenbackd810http://www.reddit.com/r/SecurityAnalysis/comments/1ce96c/the_physics_of_investing_in_expensive_markets_how/Falset5_2s7v0FalseFalset3_1ce96chttp://greenbackd.com/2013/04/15/the-physics-of-investing-in-expensive-markets-how-to-apply-simple-statistical-models/
1365872898.05go2cio.com1c9yovChecklist to Detect Premature or Fictitious Revenuecurrygoat720http://www.reddit.com/r/SecurityAnalysis/comments/1c9yov/checklist_to_detect_premature_or_fictitious/Falset5_2s7v0FalseFalset3_1c9yovhttp://www.go2cio.com/articles/index.php?id=4270
1365465728.07self.SecurityAnalysis1byczdReading club?cpt_kief10330http://www.reddit.com/r/SecurityAnalysis/comments/1byczd/reading_club/I'm 23 and a couple of months ago invested about 5k into equities (using all of the stupid methods of selecting stocks). Looking at the value of that investment today hurts. So, here I am in this subreddit. I'm going to start knocking off the books on the reading list. Was wondering if anyone wanted to read also/discuss the book(s)..Falset5_2s7v0FalseTruet3_1byczdhttp://www.reddit.com/r/SecurityAnalysis/comments/1byczd/reading_club/
1365451222.07roycefunds.com1bxsvtOpportunities Amidst Extreme ValuationsBeren-811http://www.reddit.com/r/SecurityAnalysis/comments/1bxsvt/opportunities_amidst_extreme_valuations/Falset5_2s7v0FalseFalset3_1bxsvthttp://www.roycefunds.com/news/commentary/2013/0408-whitney-q1-interview-opportunities-amidst-extreme-valuations.asp
1365006249.07greenbackd.com1blg5fHow accurate is the Shiller PE as a forecasting tool? What backtested returns does the current PE forecast?Greenbackd920http://www.reddit.com/r/SecurityAnalysis/comments/1blg5f/how_accurate_is_the_shiller_pe_as_a_forecasting/Falset5_2s7v0FalseFalset3_1blg5fhttp://greenbackd.com/2013/04/03/how-accurate-is-the-shiller-pe-as-a-forecasting-tool/
1364238160.08self.SecurityAnalysis1azmwfHelp me make sense of this annual reportflyingorange1138http://www.reddit.com/r/SecurityAnalysis/comments/1azmwf/help_me_make_sense_of_this_annual_report/The annual report for OHB (published today) can be [downloaded from here](http://www.ohb.de/tl_files/ohb/pdf/finanzberichte_hauptversammlung/2012/OHB_GB12_E.pdf), but here are the numbers from page 67 for the lazy: in EUR 000s :----------- ------------: 5. Total revenues 632,729 **10. Operating profit (EBIT)** **31,013** **16. Net financial income/expense** **–7,018** 17. Earnings before taxes 23,995 19. Consolidated net income for the year 15,704 21. Consolidated net income for the year after minority interests 14,826 **22. Consolidated profit carried forward** **66,886** 23. Additions to share premium 0 **24. Consolidated profit** **81,712** 25. Number of shares 17,387,600 26. Earnings per share (basic, EUR) 0.85 So here's what I don't understand:1. If the profit before taxes [10] is 31K and the net income [16] is -7000, then does that mean that the profit after taxes is -7000?2. What is 'consolidated profit carried forward' [22]?3. If the consolidated profit [24] is 81K, and there are 17 million shares, then 81712/17387600 = 0.0047. Where did they get 0.85 earnings per share? If I do 0.85 * 17387600 = 14,779,460, which is close to [21], but I'm guessing that [19] is what they count as earnings. 4. Is this company profitable or is it making losses? It has a positive cash flow of 42.4 million euros so I'm guessing that it's profitable..Falset5_2s7v0FalseTruet3_1azmwfhttp://www.reddit.com/r/SecurityAnalysis/comments/1azmwf/help_me_make_sense_of_this_annual_report/
1364218882.05csinvesting.org1az07nSecurity_Analysis_2nd_Edition_Notes investing101723http://www.reddit.com/r/SecurityAnalysis/comments/1az07n/security_analysis_2nd_edition_notes/Falset5_2s7v0FalseFalset3_1az07nhttp://csinvesting.org/wp-content/uploads/2013/03/Security_Analysis_2nd_Edition_Notes.pdf
1363636747.05dealbook.nytimes.com1ajkygThe Hurdles to a Higher Offer for DellBeren-720http://www.reddit.com/r/SecurityAnalysis/comments/1ajkyg/the_hurdles_to_a_higher_offer_for_dell/Falset5_2s7v0FalseFalset3_1ajkyghttp://dealbook.nytimes.com/2013/03/18/the-hurdles-to-a-higher-offer-for-dell/
1363372467.06sec.gov1ad46nSAC Capital Agrees to Pay More than $600 Million in Largest-Ever Settlement for Insider Trading Caseinvesting101717http://www.reddit.com/r/SecurityAnalysis/comments/1ad46n/sac_capital_agrees_to_pay_more_than_600_million/Falset5_2s7v0FalseFalset3_1ad46nhttp://www.sec.gov/news/press/2013/2013-41.htm
1363286175.06roycefunds.com1aarzlRoyce Funds - CAPEX RevivalBeren-820http://www.reddit.com/r/SecurityAnalysis/comments/1aarzl/royce_funds_capex_revival/Falset5_2s7v0FalseFalset3_1aarzlhttp://www.roycefunds.com/news/gannonreport/2013/0307-capex-revival.asp
1363274842.07reuters.com1aae36Greece's top bank sees interest from 'Canada's Warren Buffett'investing101703http://www.reddit.com/r/SecurityAnalysis/comments/1aae36/greeces_top_bank_sees_interest_from_canadas/Falset5_2s7v0FalseFalset3_1aae36http://www.reuters.com/article/2013/03/13/nbg-fairfax-recapitalisation-idUSL6N0C5F0M20130313?feedType=RSS&feedName=marketsNews&rpc=43
1362864537.07gurufocus.com19zmpdAm I A Value Investor?currygoat706http://www.reddit.com/r/SecurityAnalysis/comments/19zmpd/am_i_a_value_investor/Falset5_2s7v0FalseFalset3_19zmpdhttp://www.gurufocus.com/forum/read.php?1,211687,211687#msg-211687
1362693575.08rbcpa.com19vdxfA Graham Dodd P/E Matrixrbco801http://www.reddit.com/r/SecurityAnalysis/comments/19vdxf/a_graham_dodd_pe_matrix/Falset5_2s7v0FalseFalset3_19vdxfhttp://www.rbcpa.com/GrahamandDoddPEMatrix.html
1362419057.08bloomberg.com19ncufHess to Shed Businesses After Elliott Management Demandscurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/19ncuf/hess_to_shed_businesses_after_elliott_management/Falset5_2s7v0FalseFalset3_19ncufhttp://www.bloomberg.com/news/2013-03-04/hess-to-shed-businesses-after-shareholder-elliott-s-demands.html
1362169277.07blogs.wsj.com19hdbgAre You an Investor or a Speculator? (Part Two)investing101811http://www.reddit.com/r/SecurityAnalysis/comments/19hdbg/are_you_an_investor_or_a_speculator_part_two/Falset5_2s7v0FalseFalset3_19hdbghttp://blogs.wsj.com/totalreturn/2013/02/28/are-you-an-investor-or-a-speculator-part-two/
1362169233.06blogs.wsj.com19hd9kAre You an Investor or a Speculator? (Part One)investing101930http://www.reddit.com/r/SecurityAnalysis/comments/19hd9k/are_you_an_investor_or_a_speculator_part_one/Falset5_2s7v0FalseFalset3_19hd9khttp://blogs.wsj.com/totalreturn/2013/02/28/are-you-an-investor-or-a-speculator-part-one/
1362062700.07bloomberg.com19eaybJim Chanos, Roach Debate China Economic Futureinvesting101700http://www.reddit.com/r/SecurityAnalysis/comments/19eayb/jim_chanos_roach_debate_china_economic_future/Falset5_2s7v0FalseFalset3_19eaybhttp://www.bloomberg.com/video/chanos-roach-debate-china-economic-future-T72hK0gUTXi4KGrohCLysQ.html
1361898833.08self.SecurityAnalysis199ngtMy notes and quotes from the hardcover 3rd edition, commonly known as “The Classic 1951 Edition.”rbco1022http://www.reddit.com/r/SecurityAnalysis/comments/199ngt/my_notes_and_quotes_from_the_hardcover_3rd/The following are notes and quotes from the hardcover 3rd edition, commonly known as “The Classic 1951 Edition.”Page 1.“The objectives of security analysis are twofold. First, it seeks to present the important facts regarding a stock or bond issue, in a manner most informing and useful to an actual or potential owner. Second it seeks to reach dependable conclusions, based upon the facts and applicable standards, as to the safety and attractiveness of a given security at the current or assumed price.”Graham goes on to explain that the analyst must understand security forms, accounting, basic elements that account for success or failure of businesses, the general workings of the economy and securities markets. “He must be able to dig for facts, to evaluate them critically, and to apply his conclusions with good judgment and a fair amount of imagination. He must be able to resist human nature itself sufficiently to mistrust his own feelings when they are part of mass psychology. He must have courage commensurate with his competence.”Graham presents 4 charts on pages 4 – 7.A. Stocks Versus Bonds for Maintaining Real Income.B. Financial Data (including Income, Debt and Corporate Tax)C. Physical DataD. Price and Wage Data, Common Stock Prices and Bond Yields.On Page 13 Graham reminds us that the serious obstacle is that analysis is not an exact science. He also mentioned, “An exception may be seen in the new-era markets of 1927-1933. Both the advance and the decline in stock prices were so extreme during this period that the conclusions suggested by informed and conservative security analysis were found to have little practical utility. This was truer because the business depression of the early 1930’s was so unexpectedly severe as to vitiate many conclusions regarding safety and value that had been reasonable in the light of past experience.On page 17 he writes, “A valuation may be very skillfully done in the light of all the pertinent data and the soundest judgment of future probabilities; yet the market price may delay adjusting itself to the indicated value for so long a period that new conditions may supervene and bring with them a new value.”On page 21 he writes, “It is a matter of great moment to the analyst that the facts be fairly presented, and this means that he must be highly critical of accounting methods.”On page 23 he writes, “We do not believe that short-run price movements – the day-to-day or month-to-month variations – are a valid or profitable concern of the security analyst.On page 27 he writes, “Practically all common stocks are subject to recurrent wide changes in market price. It was formerly an accepted tenet that investment grade common stocks could be purchased at all times without regard to the market level.” The crash of 1929 – 1932 showed us that even the highest-grade stocks could be dangerously overpriced in the upper reaches of a bull market. The analyst must stay unemotional and “resist the persuasive optimism and pessimism of alternating market swings.”On page 28 he writes one of his more famous quotes, “In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.”“Beware of “bargains” when most stocks seem very high.”On page 59 he writes, “However, for most investors, we think, the real implication of dollar averaging is that they should be wary of putting more money in stocks at higher prices than they did at lower prices – which is a common failing – and that they should never let a lower price level scare them away from buying.”On page 65 he writes, “ The security analyst uses a vast amount of economic statistics. “ He cites the importance of Government statistics and use of trade journals. On pages 70 and 71 he writes, “There is a strong tendency in the stock market to value the management factor twice in its calculations. Stock prices reflect the large earningswhich the good management has produced, plus a substantial increment for “good management” considered separately. This amounts to “counting the same trick twice,” and it proves a frequent cause of overvaluation.”“Now let us consider a similar judgment based primarily upon the trend. In 1929 nearly all public-utility systems showed a continued growth of earnings, but the fixed charges of many were so heavy—by reason of pyramidal capital structures—that they consumed nearly all the net income. Investors bought bonds of these systems freely on the theorythat the small margin of safety was no drawback, since earnings were certain to continue to increase. They were thus making a clear-cut prediction as to the future, upon the correctness of which depended the justification of their investment. If their prediction were wrong—as proved to be the case—they were bound to suffer serious loss.”Page 307 has an interesting sentence. “It would appear to be sound theory to require regularly some protective provisions on the score of working capital in the case of industrial bonds. We suggest that a ratio of 100% in net current assets to funded debt be considered as one of the specific criteria in the selection of fixed-income industrial bonds.”On page 322, Graham tells us to use “The Poorest-Year test” in determining the minimum interest coverage needed for a company to survive an economic downturn. It is acceptable for the company to come reasonably close, since the poorest year will be less than average for a longer period.On page 334, in regards to Industrial Bonds, “The best criterion that we are able to offer for this purpose is the ratio of the market value of the capital stock to the total funded debt.” This can be performed with a look at stockholders equity compared to debt as well. Graham would use both, and felt that market value was a proper tool for determining safety of bonds. He used an example of requiring enterprise value to be at least twice the amount of the debt. He discusses how market prices are always fluctuating, and that one should allow considerable leeway for the vagaries of Wall Street. He goes onto discuss that operating rentals should be capitalized at an appropriate rate. From that rate one can estimate a fair value for debt. This has always been a confusing task for me, yet I write it here, as one day I may start using it. Page 388, “The boom of the 1920’s operated in the field of corporation finance largely by two distinctive manifestations: the public utility holding company and the investment trust. Nearly all of the holding company structures had at their base a group of sound and growing operating utilities. But above them were reared fantastic pyramids, comprising as many as six successive layers of holding companies – each with its own complicated capitalization. These never ending corporate developments added continuous fuel to the speculation of Wall Street. They also created huge amounts of inadequately secured bond and preferred stock issues, together with a sad record of financial exploitation and malpractice.”Page 407, “Thus the best industries for valuation are those which do not show large losses in severe depression. Such industries would include, in addition to public utilities, the insurance companies, chain stores, chemical and pharmaceutical companies, cigarette makers, can manufacturers and perhaps others.”Page 408, “Diversification is almost a necessary adjunct of the margin-of-safety idea. A single issue bought for less than it is fairly worth may still “go sour” for some special reason and produce a loss. A group of twenty or more issues will average out the individual favorable and unfavorable developments. Thus if a margin of safety is soundly calculated it should have full opportunity to create a profit in the aggregate result.”Page 459, “A frequent procedure of the security analyst is to form a favorable opinion of the long-term prospects of a certain industry, because of his general knowledge and judgment, and then make an intensive study of the available materials to find confirmation of his views. The figures will generally prove quite encouraging – since he was attracted to the industry in the first place by some optimistic indications.”“So, too, on industry prospects the analyst must beware of worshipping what may prove to be, in Lord Bacon’s phrase, the “idols of the market place.” The payment of an exceedingly liberal price for expected future improvement – in the form of a very high multiplier of past earnings – is hardly a businesslike procedure.” Graham goes onto discuss how this type of investment has “served at times to turn some of our best and strongest common stocks into speculative and risky vehicles.”Page 476, “In the large sector of financial companies the asset value remains a prominent element in the valuation of a common-stock issue. In fact the appraisal process is likely to start with the asset value as a point of departure and to add a premium or subtract a discount there from to reflect the many other elements of the valuation. This statement applies fairly generally to banks, insurance companies, and investment funds, but only slightly, if at all, to finance or credit companies.”Chapter 39, page 492 is titled, “The Valuation of Public-Utility Common Stocks.”I have indicated this as a reference tool for the future.Page 493, Graham emphasizes that projections of earnings are “subject to a considerable margin of possible error and that the best the analyst can do is to try to make his assumptions as reasonable as possible in the light of all the facts at hand.” He informs us that we should arrive at a level of earnings, within a margin of error on the low and high side and base some valuations on that. He indicates that as time goes on, circumstances change and that we must adjust our analysis.On page 502 he writes, “This suggests that a favorable time to buy electric-utility common stocks is when the earned return is low in relation to the property-value base apt to be used by the regulatory commission in setting rates.” Page 504, “Except during periods of temporary stress, therefore, the earnings figure for the analyst to keep in mind is what we would describe as the estimated earnings potential. This expression is one we use to indicate the maximum per-share earnings reasonably expectable under the regulatory policies of the state in which the company operates. It represents the earnings resulting from a “full,” or over-all return, after deducting the annual service requirements on all senior securities outstanding.”Chapter 40 discusses an appropriate capitalization rate for expectable earnings. This is called the “Earnings-Capitalization Rate.”He indicates that this rate fluctuates widely over time. Also mentions that electric utility companies have a tendency to have somewhat predictable historical averages. You can see a table that Graham devised here.Factors Affecting the Capitalization Rate1. Prospective Growth of the enterprise.2. Known or expected stability of the business.3. Dividend pay-out ratio.The following are notes I found in a note book. I believe they refer to 3rd edition, but need to verify:Page 327 – Charles Tatham Jr. had 2 useful ratios for use in Public Utility Bond Analysis.Jay Sawell had a “Charges to Property Ratio.” ‘Debt Service Requirements or Fixed Charges’ / Minimum Value of Property for Rate Making.’ If debt service ratio is 1% or 2%, all is cool. If 45 or 5%, bond holder is weakened.Falset5_2s7v0FalseTruet3_199ngthttp://www.reddit.com/r/SecurityAnalysis/comments/199ngt/my_notes_and_quotes_from_the_hardcover_3rd/
1361894402.07scribd.com199idnBruce Berkowitz Interview Transcript Full Feb 2013 Bloomberg TV Interviewinvesting101700http://www.reddit.com/r/SecurityAnalysis/comments/199idn/bruce_berkowitz_interview_transcript_full_feb/Falset5_2s7v0FalseFalset3_199idnhttp://www.scribd.com/doc/127377730/Bruce-Berkowitz-Interview-Transcript-Full-Feb-2013-Bloomberg-TV-Interview
1361377115.07bloomberg.com18w4dwMuddy Waters Secret China Weapon Is on SEC Websitecurrygoat703http://www.reddit.com/r/SecurityAnalysis/comments/18w4dw/muddy_waters_secret_china_weapon_is_on_sec_website/Falset5_2s7v0FalseFalset3_18w4dwhttp://www.bloomberg.com/news/2013-02-19/muddy-waters-secret-china-weapon-is-on-sec-website.html
1361300975.05dealbook.nytimes.com18u0kaOffice Depot and OfficeMax Are Said to Be Discussing a MergerBeren-723http://www.reddit.com/r/SecurityAnalysis/comments/18u0ka/office_depot_and_officemax_are_said_to_be/Falset5_2s7v0FalseFalset3_18u0kahttp://dealbook.nytimes.com/2013/02/18/office-depot-and-officemax-said-in-talks-to-merge/
1361220052.07business.outlookindia.com18rsadInterview with Mohnish Pabraicurrygoat702http://www.reddit.com/r/SecurityAnalysis/comments/18rsad/interview_with_mohnish_pabrai/Falset5_2s7v0FalseFalset3_18rsadhttp://business.outlookindia.com/article.aspx?283880
1361216458.09business.outlookindia.com18rnn2Interview With Howard MarksBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/18rnn2/interview_with_howard_marks/Falset5_2s7v0FalseFalset3_18rnn2http://business.outlookindia.com/article.aspx?283882
1360848393.07businessinsider.com18igc2WARNING: ELEPHANT GUN ACTIVE - Buffett to buy HeinzWrg2608811http://www.reddit.com/r/SecurityAnalysis/comments/18igc2/warning_elephant_gun_active_buffett_to_buy_heinz/Falset5_2s7v0FalseFalset3_18igc2http://www.businessinsider.com/warren-buffetts-berkshire-hathaway-buys-heinz-2013-2
1360701384.08youtube.com18ebpgJames Montier: Applying the Seven Immutable Laws of Investing to the EurocrisisBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/18ebpg/james_montier_applying_the_seven_immutable_laws/Falset5_2s7v0FalseFalset3_18ebpghttp://www.youtube.com/watch?feature=player_embedded&v=xYV7-VGoqFM
1360546575.07cfapubs.org18a3zvRobert Hagstrom - Investing in Worldly WisdomBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/18a3zv/robert_hagstrom_investing_in_worldly_wisdom/Falset5_2s7v0FalseFalset3_18a3zvhttp://www.cfapubs.org/doi/pdf/10.2469/cfm.v24.n1.4
1360406374.06reuters.com186rp6Baupost Group Builds 5.2% Stake in Greek Gambling Monopoly OPAPcurrygoat710http://www.reddit.com/r/SecurityAnalysis/comments/186rp6/baupost_group_builds_52_stake_in_greek_gambling/Falset5_2s7v0FalseFalset3_186rp6http://www.reuters.com/article/2013/01/29/us-greece-opap-hedgefund-idUSBRE90S0N620130129
1360103764.07gsb.columbia.edu17yl55Winter 2013 Graham & Doddsvile Investment Newslettercurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/17yl55/winter_2013_graham_doddsvile_investment_newsletter/Falset5_2s7v0FalseFalset3_17yl55http://www4.gsb.columbia.edu/filemgr?&file_id=7222572
1359743620.08businessweek.com17ph3cPaulson ‘Exploring' AngloGold Splitcurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/17ph3c/paulson_exploring_anglogold_split/Falset5_2s7v0FalseFalset3_17ph3chttp://www.businessweek.com/videos/2013-02-01/paulson-exploring-anglogold-split
1359240737.07youtube.com17c6rcMohnish Pabrai: Lessons From Lunches With Buffett and Mungercurrygoat813http://www.reddit.com/r/SecurityAnalysis/comments/17c6rc/mohnish_pabrai_lessons_from_lunches_with_buffett/Falset5_2s7v0FalseFalset3_17c6rchttp://www.youtube.com/watch?feature=player_embedded&v=YmmIbrKDYbw
1359055198.06pzena.com177erwPzena Management Q4 CommentaryBeren-710http://www.reddit.com/r/SecurityAnalysis/comments/177erw/pzena_management_q4_commentary/Falset5_2s7v0FalseFalset3_177erwhttp://www.pzena.com/uploads/documents/Commentary%204Q12.pdf
1358966883.06self.SecurityAnalysis174wz9Opinion on Tesco and online shopping?pro_skub714http://www.reddit.com/r/SecurityAnalysis/comments/174wz9/opinion_on_tesco_and_online_shopping/Tesco has over 30% market share in the UK, almost twice the next two competitors'. At the same time, online shopping is on the rise. With a tighter network of stores it seems they will be able to service online shoppers more effectively than their competitors. You can already see the effect of their dominance on higher returns than their peers for what now is mainly traditional shopping. I believe it will have an even bigger effect with online shopping.So, do you think this shift in shopping habits could be a big tailwind for Tesco, strenghtening even more its position? Thoughts?Falset5_2s7v0FalseTruet3_174wz9http://www.reddit.com/r/SecurityAnalysis/comments/174wz9/opinion_on_tesco_and_online_shopping/
1358906728.08nypost.com173gmyLoeb long on Herbalife but short on Nu SkinFinancialAnalrapist801http://www.reddit.com/r/SecurityAnalysis/comments/173gmy/loeb_long_on_herbalife_but_short_on_nu_skin/Falset5_2s7v0FalseFalset3_173gmyhttp://www.nypost.com/p/news/business/loeb_shorts_nu_skin_lE7a68MClVuUKmel5jnclO
1358462367.07files.shareholder.com16s2ajJPMorgan Chase Report Regarding 2012 CIO LossesBeren-922http://www.reddit.com/r/SecurityAnalysis/comments/16s2aj/jpmorgan_chase_report_regarding_2012_cio_losses/Falset5_2s7v0FalseFalset3_16s2ajhttp://files.shareholder.com/downloads/ONE/2272926236x0x628656/4cb574a0-0bf5-4728-9582-625e4519b5ab/Task_Force_Report.pdf
1357155417.06dealbook.nytimes.com15ua7jArcelorMittal to Sell Stake in Iron Ore Unit for $1.1 BillionBeren-710http://www.reddit.com/r/SecurityAnalysis/comments/15ua7j/arcelormittal_to_sell_stake_in_iron_ore_unit_for/Falset5_2s7v0FalseFalset3_15ua7jhttp://dealbook.nytimes.com/2013/01/02/arcelormittal-to-sell-stake-in-iron-ore-unit-for-1-1-billion/
1355943185.06bloomberg.com154dlyMarkel to Buy Alterra Capital for $3.1bnBeren-710http://www.reddit.com/r/SecurityAnalysis/comments/154dly/markel_to_buy_alterra_capital_for_31bn/Falset5_2s7v0FalseFalset3_154dlyhttp://www.bloomberg.com/news/2012-12-19/markel-to-buy-alterra-for-3-1-billion-to-add-reinsurance-1-.html
1355859915.08bloomberg.com152ek8Jeffrey Gundlach on Investment Strategy [22min] Beren-800http://www.reddit.com/r/SecurityAnalysis/comments/152ek8/jeffrey_gundlach_on_investment_strategy_22min/Falset5_2s7v0FalseFalset3_152ek8http://www.bloomberg.com/video/doubleline-s-gundlach-on-investment-strategy-1HWcUuw0Tmyo3jg7DXS70w.html
1355442687.07slideshare.net14tapwSwatch Share Class Arbcurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/14tapw/swatch_share_class_arb/Falset5_2s7v0FalseFalset3_14tapwhttp://www.slideshare.net/jmiller13346/swatch-share-class-arb
1355370216.08businessinsider.com14rlbeJeff Gundlach: 'To Catch A Thief' - Business Insiderdonramses912http://www.reddit.com/r/SecurityAnalysis/comments/14rlbe/jeff_gundlach_to_catch_a_thief_business_insider/Falset5_2s7v0FalseFalset3_14rlbehttp://www.businessinsider.com/jeff-gundlach-to-catch-a-thief-2012-12?op=1
1355343857.06livestream.com14qrcaDealbook 2012 Conference: Lloyd BlankfeinBeren-710http://www.reddit.com/r/SecurityAnalysis/comments/14qrca/dealbook_2012_conference_lloyd_blankfein/Falset5_2s7v0FalseFalset3_14qrcahttp://www.livestream.com/dealbook/video?clipId=pla_853761fa-8bc5-4e9d-aa55-bef9fd45a81e&utm_source=lslibrary&utm_medium=ui-thumb
1355174317.05ft.com14mig2Financial Times - Report on the Year in FinanceBeren-720http://www.reddit.com/r/SecurityAnalysis/comments/14mig2/financial_times_report_on_the_year_in_finance/Falset5_2s7v0FalseFalset3_14mig2http://www.ft.com/intl/cms/76f88aec-4266-11e2-979e-00144feabdc0.pdf
1355171164.07oddballstocks.com14mep1Thinking Like a Bond Investorcurrygoat1035http://www.reddit.com/r/SecurityAnalysis/comments/14mep1/thinking_like_a_bond_investor/Falset5_2s7v0FalseFalset3_14mep1http://www.oddballstocks.com/2012/12/thinking-like-bond-investor.html
1355027734.09pandodaily.com14j7uwSolar City, Tesla, and Elon Musk's Vertical Integration Playcurrygoat900http://www.reddit.com/r/SecurityAnalysis/comments/14j7uw/solar_city_tesla_and_elon_musks_vertical/Falset5_2s7v0FalseFalset3_14j7uwhttp://pandodaily.com/2012/12/02/why-tesla-is-like-amazon-and-elon-musk-like-jeff-bezos/
1354694680.07bloomberg.com14bb2fIntel Raises $6 Billion in Bond Sale to Buy Back StockBeren-815http://www.reddit.com/r/SecurityAnalysis/comments/14bb2f/intel_raises_6_billion_in_bond_sale_to_buy_back/Falset5_2s7v0FalseFalset3_14bb2fhttp://www.bloomberg.com/news/2012-12-04/intel-plans-three-part-bond-offering-to-repurchase-common-stock.html
1354173971.09youtube.com13zffxInterview with Bruce BerkowitzBeren-903http://www.reddit.com/r/SecurityAnalysis/comments/13zffx/interview_with_bruce_berkowitz/Falset5_2s7v0FalseFalset3_13zffxhttp://www.youtube.com/watch?feature=player_embedded&v=eERodWmXKrM
1353961017.06dealbook.nytimes.com13tvc9McGraw-Hill to Sell Education Unit to Apollo for $2.5 BillionBeren-934http://www.reddit.com/r/SecurityAnalysis/comments/13tvc9/mcgrawhill_to_sell_education_unit_to_apollo_for/Falset5_2s7v0FalseFalset3_13tvc9http://dealbook.nytimes.com/2012/11/26/mcgraw-hill-to-sell-education-unit-to-apollo-for-2-5-billion/
1353778793.06businessweek.com13pxtlFund Managers are Warming to Japanese Stockscurrygoat820http://www.reddit.com/r/SecurityAnalysis/comments/13pxtl/fund_managers_are_warming_to_japanese_stocks/Falset5_2s7v0FalseFalset3_13pxtlhttp://www.businessweek.com/articles/2012-11-23/japanese-stocks-yes-they-really-think-so
1353698058.06grantspub.com13ofiiGMO Presentation on Domestic Timber InvestmentsBeren-820http://www.reddit.com/r/SecurityAnalysis/comments/13ofii/gmo_presentation_on_domestic_timber_investments/Falset5_2s7v0FalseFalset3_13ofiihttp://www.grantspub.com/files/presentations/Bob%20Saul%20Fall%202012.pdf
1353446189.08dealbook.nytimes.com13j28yTiger Global Takes 9.9% Stake in Grouponcurrygoat910http://www.reddit.com/r/SecurityAnalysis/comments/13j28y/tiger_global_takes_99_stake_in_groupon/Falset5_2s7v0FalseFalset3_13j28yhttp://dealbook.nytimes.com/2012/11/19/tiger-global-takes-9-9-stake-in-groupon/
1353357699.07vijourney.wordpress.com13gvaoDole Is Still Undervalued: Updated Valuation And Analysis Article After Sale To Itochujmriv1986700http://www.reddit.com/r/SecurityAnalysis/comments/13gvao/dole_is_still_undervalued_updated_valuation_and/Falset5_2s7v0FalseFalset3_13gvaohttp://vijourney.wordpress.com/2012/11/19/dole-is-still-undervalued-updated-valuation-and-analysis-article-after-sale-to-itochu/
1352939804.07dealbook.nytimes.com137mx5Starbucks to Buy Teavana for $620 MillionBeren-1032http://www.reddit.com/r/SecurityAnalysis/comments/137mx5/starbucks_to_buy_teavana_for_620_million/Falset5_2s7v0FalseFalset3_137mx5http://dealbook.nytimes.com/2012/11/14/starbucks-to-buy-teavana-for-620-million/
1351883899.06dealbook.nytimes.com12j17dBerkshire to Buy Oriental Trading CompanyBeren-930http://www.reddit.com/r/SecurityAnalysis/comments/12j17d/berkshire_to_buy_oriental_trading_company/Falset5_2s7v0FalseFalset3_12j17dhttp://dealbook.nytimes.com/2012/11/02/berkshire-to-buy-oriental-trading-company/
1351794656.07dealbook.nytimes.com12gxgoWhat Next for Netflix?Beren-920http://www.reddit.com/r/SecurityAnalysis/comments/12gxgo/what_next_for_netflix/Falset5_2s7v0FalseFalset3_12gxgohttp://dealbook.nytimes.com/2012/11/01/what-next-for-netflix/
1349984437.07dealbook.nytimes.com11bq6sSprint Says It Is in Negotiations With Softbank of JapanBeren-701http://www.reddit.com/r/SecurityAnalysis/comments/11bq6s/sprint_says_it_is_in_negotiations_with_softbank/Falset5_2s7v0FalseFalset3_11bq6shttp://dealbook.nytimes.com/2012/10/11/softbank-of-japan-said-to-near-a-deal-for-control-of-sprint/
1349984008.07bloomberg.com11bpolIcahn Makes Offer to Acquire Oshkosh in $3 Billion DealBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/11bpol/icahn_makes_offer_to_acquire_oshkosh_in_3_billion/Falset5_2s7v0FalseFalset3_11bpolhttp://www.bloomberg.com/news/2012-10-11/icahn-makes-offer-to-acquire-oshkosh-in-3-billion-deal.html
1349980066.07schroders.com11bl6eCompany Analysts Have a Tendency to be Overoptimistic in Their Forecastscurrygoat701http://www.reddit.com/r/SecurityAnalysis/comments/11bl6e/company_analysts_have_a_tendency_to_be/Falset5_2s7v0FalseFalset3_11bl6ehttp://www.schroders.com/tvp/archive?id=Company%20analysts%20have%20a%20tendency%20to%20be%20overoptimistic%20in%20their%20forecasts
1348316287.08online.barrons.com10ambiBarron's Values Facebook at $15whacim1020http://www.reddit.com/r/SecurityAnalysis/comments/10ambi/barrons_values_facebook_at_15/Falset5_2s7v0FalseFalset3_10ambihttp://online.barrons.com/article/SB50001424053111904706204578002652028814658.html?mod=bol_share_tweet#articleTabs_article%3D1
1348019736.07dealbook.nytimes.com104427In Buyback Deal, Alibaba Gets Half of Yahoo’s StakeBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/104427/in_buyback_deal_alibaba_gets_half_of_yahoos_stake/Falset5_2s7v0FalseFalset3_104427http://dealbook.nytimes.com/2012/09/18/alibaba-closes-deal-to-buy-back-shares-from-yahoo/
1347899932.07cnbc.com1011wq5 High-Flyers At Risk of Falling: GreenbergCapitalCube700http://www.reddit.com/r/SecurityAnalysis/comments/1011wq/5_highflyers_at_risk_of_falling_greenberg/Falset5_2s7v0FalseFalset3_1011wqhttp://www.cnbc.com/id/49061347
1347847848.07economist.com1002pxInvestment Banking: Dream Turns To Nightmarecurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/1002px/investment_banking_dream_turns_to_nightmare/Falset5_2s7v0FalseFalset3_1002pxhttp://www.economist.com/node/21562925
1347824486.06self.SecurityAnalysiszzftnWhy due diligence is necessary10414http://www.reddit.com/r/SecurityAnalysis/comments/zzftn/why_due_diligence_is_necessary/I have been fixing a spreadsheet used to analyze stocks that depends on the Microsoft MSN Money site for its data.Today, I downloaded data for GE and was puzzled because it showed zero current liabilities and current assets. Went to the GE quote and turns out that the site has zeros in those fields in the balance sheet, both for annual records and quarterly statements.Fixed the problem in my spreadsheet but never hurts to double check.Link to the balance sheet for whoever is downvoting me - http://investing.money.msn.com/investments/stock-balance-sheet/?stmtView=Qtr&symbol=GECheck the entries under 'Total Current Assets' and 'Total Current Liabilities'Falset5_2s7v01347851721.0Truet3_zzftnhttp://www.reddit.com/r/SecurityAnalysis/comments/zzftn/why_due_diligence_is_necessary/
1347656227.05self.SecurityAnalysiszw91uDiscussion Panels From Bloomberg Markets 50 Summit 2012Beren-940http://www.reddit.com/r/SecurityAnalysis/comments/zw91u/discussion_panels_from_bloomberg_markets_50/* [Cohen, Einhorn, Eveillard, Levkovich on Fed](http://www.bloomberg.com/video/cohen-einhorn-eveillard-levkovich-on-fed-kZqTe4v3SxqjOWofYnnyAQ.html)* [Reinhart, Johnson, Callow on Euro's Future, ECB](http://www.bloomberg.com/video/reinhart-johnson-callow-on-euro-s-future-ecb-5nLAYTt0QXu5veCyZYeKyQ.html)* [Kashkari, Ross, Stern on U.S. Economy, Fiscal Cliff](http://www.bloomberg.com/video/kashkari-ross-stern-on-u-s-economy-fiscal-cliff-8CvRwm4mTMq85C3ruQz1AQ.html)* [Bove, Breeden, Dorgan, Krawcheck on Bank Industry](http://www.bloomberg.com/video/bove-breeden-dorgan-krawcheck-on-bank-industry-pHc6X8UiRqWnigfF7~4yJw.html)* [McCaughey, Oudea, Parr on Outlook for Global Banks](http://www.bloomberg.com/video/mccaughey-oudea-parr-on-outlook-for-global-banks-d~ujxQBuRBmVwjm6fas7IA.html)* [Holland, Moyo, Walter Discuss China's Economy](http://www.bloomberg.com/video/holland-moyo-walter-discuss-china-s-economy-sMYDVCgITkimR21lbjp4_Q.html)* [Honeywell's Cote on Fiscal Cliff, Global Economy](http://www.bloomberg.com/video/honeywell-s-cote-on-fiscal-cliff-global-economy-ZNtoa_4QRmy4tnNEAfa9PA.html)* [Al Zain, Brownstein, Chriss on Fed, Alternatives](http://www.bloomberg.com/video/al-zain-brownstein-chriss-on-fed-alternatives-0SJrwk3XTB6hCCEB3r3c~Q.html)* [Blinder, Meltzer, Taylor, Warsh on Fed Policy](http://www.bloomberg.com/video/blinder-meltzer-taylor-warsh-on-fed-policy-l~QXBthcTAGVHbmUpLFYQQ.html)* [Chao, Diamond, Harris on U.S. Jobs Market, Tax Code](http://www.bloomberg.com/video/chao-diamond-harris-on-u-s-jobs-market-tax-code-spGnqGz6QMOlRMRsmihvYA.html)* [M&A May Recover After Election, JPMorgan’s Lee Says](http://www.bloomberg.com/video/m-a-may-recover-after-election-jpmorgan-s-lee-says-ZVxsP_T9Qym8rlkM52XQOQ.html)* [AQR's Asness Discusses Hedge Fund Performance, Fees](http://www.bloomberg.com/video/aqr-s-asness-dicusses-hedge-fund-performance-fees-drnu4_xdRaaJANeg1wKY8w.html)* [Morgan Stanley's Porat on Regulation, Fed](http://www.bloomberg.com/video/morgan-stanley-s-porat-on-regulation-fed-IxsfqQJ9RASJEJDhS6_5SA.html)* [U.S. Attorney Preet Bharara on Insider Trading](http://www.bloomberg.com/video/u-s-attorney-preet-bharara-on-insider-trading-f5ABilvdRIqWRo1AlCXl4g.html)* [Stocks Won't Repeat Lost Decade, Gundlach Says](http://www.bloomberg.com/video/stocks-won-t-repeat-lost-decade-gundlach-says-pxrMcT_MRQegqF50opJ3eQ.html)Falset5_2s7v0FalseTruet3_zw91uhttp://www.reddit.com/r/SecurityAnalysis/comments/zw91u/discussion_panels_from_bloomberg_markets_50/
1347599542.07self.SecurityAnalysiszv3daRequest for a book818http://www.reddit.com/r/SecurityAnalysis/comments/zv3da/request_for_a_book/Hello,Can you recommend a book that explains the various types of securitization - bonds, preferreds, common, debentures, warrants and so on. It would be even better if the book can explain the variety of derivatives.Falset5_2s7v0FalseTruet3_zv3dahttp://www.reddit.com/r/SecurityAnalysis/comments/zv3da/request_for_a_book/
1347555877.06dealbook.nytimes.comztwf8Taking the Preferences Out of Preferred StockBeren-821http://www.reddit.com/r/SecurityAnalysis/comments/ztwf8/taking_the_preferences_out_of_preferred_stock/Falset5_2s7v0FalseFalset3_ztwf8http://dealbook.nytimes.com/2012/09/13/taking-the-preferences-out-of-preferred-stock/
1347466517.05scribd.comzrsctValue Investing Challenge: Long Jack in the Box (NSDQ:JACK) by Ryan Fusaro of LionEye Capital Managementcurrygoat721http://www.reddit.com/r/SecurityAnalysis/comments/zrsct/value_investing_challenge_long_jack_in_the_box/Falset5_2s7v0FalseFalset3_zrscthttp://www.scribd.com/doc/105720573/VIChallenge-JACK-RyanFusaro#fullscreen
1347304451.06dealbook.nytimes.comzo0ciTreasury to Cut A.I.G. Stake Below 50%Beren-1040http://www.reddit.com/r/SecurityAnalysis/comments/zo0ci/treasury_to_cut_aig_stake_below_50/Falset5_2s7v0FalseFalset3_zo0cihttp://dealbook.nytimes.com/2012/09/09/treasury-to-sell-18-billion-worth-of-additional-a-i-g-shares/?src=dlbksb
1346972270.06self.SecurityAnalysiszh3oyComparing a portfolio to an index712http://www.reddit.com/r/SecurityAnalysis/comments/zh3oy/comparing_a_portfolio_to_an_index/Hi,Is there a user friendly public website that can be used to compare returns on a portfolio with returns on an index, like the S&P 500?Falset5_2s7v0FalseTruet3_zh3oyhttp://www.reddit.com/r/SecurityAnalysis/comments/zh3oy/comparing_a_portfolio_to_an_index/
1346951017.08dealbook.nytimes.comzggx3A.I.G. to Sell $2 Billion Stake in Asia Unit for Share BuybackBeren-805http://www.reddit.com/r/SecurityAnalysis/comments/zggx3/aig_to_sell_2_billion_stake_in_asia_unit_for/Falset5_2s7v0FalseFalset3_zggx3http://dealbook.nytimes.com/2012/09/06/a-i-g-to-raise-2-billion-for-share-buyback/
1346704476.09bloomberg.comzaq01Investing In The Era Of The Constrained ConsumerBeren-1011http://www.reddit.com/r/SecurityAnalysis/comments/zaq01/investing_in_the_era_of_the_constrained_consumer/Falset5_2s7v0FalseFalset3_zaq01http://www.bloomberg.com/news/2012-08-30/chuck-akre-investing-in-the-era-of-the-constrained-consumer.html
1346350823.06grahamanddoddsville.netz38b0Seth Klarman on Risk & Productive WorryingBeren-930http://www.reddit.com/r/SecurityAnalysis/comments/z38b0/seth_klarman_on_risk_productive_worrying/Falset5_2s7v0FalseFalset3_z38b0http://www.grahamanddoddsville.net/wordpress/Files/Gurus/Seth%20Klarman/klarman%20productive%20worrying.pdf
1346138097.06lmcm.comyy8tzMauboussin: The Importance of Expectationscurrygoat821http://www.reddit.com/r/SecurityAnalysis/comments/yy8tz/mauboussin_the_importance_of_expectations/Falset5_2s7v0FalseFalset3_yy8tzhttp://www.lmcm.com/909953.pdf
1345247699.09mediafire.comyekbpAs per request, here's a roundup of Investment Research from BB Research Units from the past week or two. Mostly Macro research with some equity strategy.Benjammin8221231http://www.reddit.com/r/SecurityAnalysis/comments/yekbp/as_per_request_heres_a_roundup_of_investment/Falset5_2s7v0FalseFalset3_yekbphttp://www.mediafire.com/?0dpzq49ipz3acaw
1345019739.05distressed-debt-investing.comy94kzPortfolio Management: Convex vs. Concave Strategiescurrygoat942http://www.reddit.com/r/SecurityAnalysis/comments/y94kz/portfolio_management_convex_vs_concave_strategies/Falset5_2s7v0FalseFalset3_y94kzhttp://www.distressed-debt-investing.com/2012/08/portfolio-management-convex-versus.html
1344604701.06oddballstocks.comxztkpKreisler Manufacturing Could FlyGutsAndGlory2710http://www.reddit.com/r/SecurityAnalysis/comments/xztkp/kreisler_manufacturing_could_fly/Falset5_2s7v0FalseFalset3_xztkphttp://www.oddballstocks.com/2012/08/a-catalyst-that-could-make-this-company.html
1343718996.05self.SecurityAnalysisxfsy3As Requested By WorldWar50 (3 Months Ago): 250+ Business, Investing, and Industry Bookscurrygoat831http://www.reddit.com/r/SecurityAnalysis/comments/xfsy3/as_requested_by_worldwar50_3_months_ago_250/WorldWar50 requested books about three months ago in [this thread](http://www.reddit.com/r/SecurityAnalysis/comments/sw7fk/1000_books/). I was supposed to get back to yall in a couple days but I'm a little late. I have uploaded 250+ books to my Google Drive. It contains most of the books in the reading list and other books suggested in other reading lists. If you want access shoot me a PM with your email and I'll give you access and send you the link.If I don't get back to you soon, that means I'm at work, or asleep, or both. Happy Reading!currygoatFalset5_2s7v0FalseTruet3_xfsy3http://www.reddit.com/r/SecurityAnalysis/comments/xfsy3/as_requested_by_worldwar50_3_months_ago_250/
1342560484.08news.morningstar.comwq1w9Bill Gross - What's In A NameBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/wq1w9/bill_gross_whats_in_a_name/Falset5_2s7v0FalseFalset3_wq1w9http://news.morningstar.com/articlenet/SubmissionsArticle.aspx?submissionid=149323.xml
1342405416.07whopperinvestments.comwmerdDeliberate Practice: Coke (KO) 1988currygoat810http://www.reddit.com/r/SecurityAnalysis/comments/wmerd/deliberate_practice_coke_ko_1988/Falset5_2s7v0FalseFalset3_wmerdhttp://www.whopperinvestments.com/deliberate-practice-coke-ko-1988
1342199757.05bloomberg.comwiaaqBloomberg Interview With Warren Buffett At The Sun Valley Conference [44min]Beren-722http://www.reddit.com/r/SecurityAnalysis/comments/wiaaq/bloomberg_interview_with_warren_buffett_at_the/Falset5_2s7v0FalseFalset3_wiaaqhttp://www.bloomberg.com/video/jpmorgan-s-reputation-intact-for-him-buffett-says-Fuvdy1F5SoSqYINXCOMk3A.html
1341899368.08distressed-debt-investing.comwbclfPatriot Coal (NYSE:PCX) Files for Bankruptcycurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/wbclf/patriot_coal_nysepcx_files_for_bankruptcy/Falset5_2s7v0FalseFalset3_wbclfhttp://www.distressed-debt-investing.com/2012/07/patriot-coal-pcx-files-for-bankruptcy.html
1341873237.07ft.comwampjFinancial Times Report on Aerospace IndustryBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/wampj/financial_times_report_on_aerospace_industry/Falset5_2s7v0FalseFalset3_wampjhttp://www.ft.com/intl/cms/ffe167f8-c74f-11e1-8865-00144feabdc0.pdf
1341769662.06whopperinvestments.comw8807Deliberate Practice: Dairy Queen 1997beta_writer822http://www.reddit.com/r/SecurityAnalysis/comments/w8807/deliberate_practice_dairy_queen_1997/Falset5_2s7v0FalseFalset3_w8807http://www.whopperinvestments.com/deliberate-practice-dairy-queen-1997
1341608975.07cc.talkpoint.comw5c9yHoward Marks Presentation at Morgan Stanley Financials Conference [Audio]Beren-700http://www.reddit.com/r/SecurityAnalysis/comments/w5c9y/howard_marks_presentation_at_morgan_stanley/Falset5_2s7v0FalseFalset3_w5c9yhttp://cc.talkpoint.com/morg007/061212a_mc/?entity=35_RSQCUQ0
1341588748.07economist.comw4rwxSeth Klarman: The Oracle of Bostoncurrygoat920http://www.reddit.com/r/SecurityAnalysis/comments/w4rwx/seth_klarman_the_oracle_of_boston/Falset5_2s7v0FalseFalset3_w4rwxhttp://www.economist.com/node/21558274
1341340887.07self.SecurityAnalysisvzoz3Morning Star Interview With Howard MarksBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/vzoz3/morning_star_interview_with_howard_marks/* [On Moving Forward With Caution](http://www.morningstar.com/Cover/videoCenter.aspx?id=557470)* [On Europe](http://www.morningstar.com/Cover/videoCenter.aspx?id=557472)* [On Understanding Risk](http://www.morningstar.com/Cover/videoCenter.aspx?id=557469)Falset5_2s7v0FalseTruet3_vzoz3http://www.reddit.com/r/SecurityAnalysis/comments/vzoz3/morning_star_interview_with_howard_marks/
1341238642.08jalexanders.comvxa8pJ. Alexander's (NSDQ:JAX) to be Acquired by Fidelity National Financial Subsidiarycurrygoat801http://www.reddit.com/r/SecurityAnalysis/comments/vxa8p/j_alexanders_nsdqjax_to_be_acquired_by_fidelity/Falset5_2s7v0FalseFalset3_vxa8phttp://www.jalexanders.com/pdfs/newsrelease_20120625.pdf
1341171376.07fundooprofessor.wordpress.comvw1faWhen a Dollar May Not be a Dollar: The Value of Surplus Cashcurrygoat810http://www.reddit.com/r/SecurityAnalysis/comments/vw1fa/when_a_dollar_may_not_be_a_dollar_the_value_of/Falset5_2s7v0FalseFalset3_vw1fahttp://fundooprofessor.wordpress.com/2012/07/01/when-a-dollar-may-not-be-a-dollar/
1341019052.07bloomberg.comvtnvgEuropean Stocks Near Cheapest Ever as Invesco Buys Repsolcurrygoat704http://www.reddit.com/r/SecurityAnalysis/comments/vtnvg/european_stocks_near_cheapest_ever_as_invesco/Falset5_2s7v0FalseFalset3_vtnvghttp://www.bloomberg.com/news/2012-06-28/european-stocks-near-cheapest-ever-as-invesco-buys-repsol.html
1341011119.07youtube.comvthlsWealth Track Interview With Robert KleinschmidtBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/vthls/wealth_track_interview_with_robert_kleinschmidt/Falset5_2s7v0FalseFalset3_vthlshttp://www.youtube.com/watch?v=zb-6vj9yhcY&feature=plcp
1340984785.07bloomberg.comvss3pPaulson Forgoes Prognostication as Greatest Trade Sequel Flopscurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/vss3p/paulson_forgoes_prognostication_as_greatest_trade/Falset5_2s7v0FalseFalset3_vss3phttp://www.bloomberg.com/news/2012-06-28/paulson-forgoes-prognostication-as-greatest-trade-sequel-flops.html
1340658322.08bloomberg.comvlbr3Bloomberg Interview - George Soros On The European Sovereign Debt CrisisBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/vlbr3/bloomberg_interview_george_soros_on_the_european/Falset5_2s7v0FalseFalset3_vlbr3http://www.bloomberg.com/video/soros-calls-on-eu-to-start-joint-debt-fund-xSYKX9RWTyWTfWGlyF91TQ.html
1340565323.08gannonandhoangoninvesting.comvj965How My Understanding of Margin of Safety Evolvedcurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/vj965/how_my_understanding_of_margin_of_safety_evolved/Falset5_2s7v0FalseFalset3_vj965http://www.gannonandhoangoninvesting.com/blog/how-my-understanding-of-margin-of-safety-evolved.html
1340492949.06gannonandhoangoninvesting.comvi2gwGeoff Gannon - Blind Stock Valuation #3currygoat710http://www.reddit.com/r/SecurityAnalysis/comments/vi2gw/geoff_gannon_blind_stock_valuation_3/Falset5_2s7v0FalseFalset3_vi2gwhttp://www.gannonandhoangoninvesting.com/blog/blind-stock-valuation-3.html
1339782689.09online.wsj.comv3qt6Carrefour Pulls Out of Greece And Sells Assets at a LossBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/v3qt6/carrefour_pulls_out_of_greece_and_sells_assets_at/Falset5_2s7v0FalseFalset3_v3qt6http://online.wsj.com/article/SB10001424052702303822204577467833359744926.html?mod=googlenews_wsj
1339763414.07reuters.comv3brhTransocean (NYSE:RIG) May Raise $1B From Rig Salecurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/v3brh/transocean_nyserig_may_raise_1b_from_rig_sale/Falset5_2s7v0FalseFalset3_v3brhhttp://www.reuters.com/article/2012/06/14/transocean-gulf-sale-idUSL5E8HE9MY20120614?feedType=RSS&feedName=mergersNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FmergersNews+%28Reuters+Mergers+News%29
1339593043.07bloomberg.comuzr46Philip Morris Plans $18 Billion Buyback Over Three Yearscurrygoat920http://www.reddit.com/r/SecurityAnalysis/comments/uzr46/philip_morris_plans_18_billion_buyback_over_three/Falset5_2s7v0FalseFalset3_uzr46http://www.bloomberg.com/news/2012-06-13/philip-morris-plans-18-billion-buyback-over-three-years.html
1339538006.07scribd.comuyohfPershing Square Q1 2012 LetterBeren-920http://www.reddit.com/r/SecurityAnalysis/comments/uyohf/pershing_square_q1_2012_letter/Falset5_2s7v0FalseFalset3_uyohfhttp://www.scribd.com/doc/96873706/Pershing-Square-Q1-12
1339523756.05bloomberg.comuya81NetJets to Add 425 Aircraft in $9.6B DealBeren-720http://www.reddit.com/r/SecurityAnalysis/comments/uya81/netjets_to_add_425_aircraft_in_96b_deal/Falset5_2s7v0FalseFalset3_uya81http://www.bloomberg.com/news/2012-06-11/buffett-adds-cessna-bombardier-planes-in-9-6-billion-deal-1-.html
1339520252.07csinvesting.files.wordpress.comuy6nySpin-Off Research Volume 6 (June 2012)currygoat1033http://www.reddit.com/r/SecurityAnalysis/comments/uy6ny/spinoff_research_volume_6_june_2012/Falset5_2s7v0FalseFalset3_uy6nyhttp://csinvesting.files.wordpress.com/2012/06/spin-off_research_2012-06.pdf
1339509647.08cbsnews.comuxxf9Starbucks' Schultz on more jobs for USA on Charlie Rose.CapitalCube910http://www.reddit.com/r/SecurityAnalysis/comments/uxxf9/starbucks_schultz_on_more_jobs_for_usa_on_charlie/Falset5_2s7v0FalseFalset3_uxxf9http://www.cbsnews.com/video/watch/?id=7411356n&tag=mncol;lst;1
1339450590.07video.forbes.comuwt46Chuck Royce: Master of Small Caps [23min]currygoat700http://www.reddit.com/r/SecurityAnalysis/comments/uwt46/chuck_royce_master_of_small_caps_23min/Falset5_2s7v0FalseFalset3_uwt46http://video.forbes.com/fvn/inidaily/chuck-royce-steve-forbes-small-caps-royce-funds
1339223441.06aswathdamodaran.blogspot.comusvhh(Musings on Markets) Value Investing: An Identity Crisis?beta_writer710http://www.reddit.com/r/SecurityAnalysis/comments/usvhh/musings_on_markets_value_investing_an_identity/Falset5_2s7v0FalseFalset3_usvhhhttp://aswathdamodaran.blogspot.com/2012/06/value-investing-identity-crisis.html
1339098707.09dealbook.nytimes.comuqalgChinese Companies on an Overseas Shopping SpreeBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/uqalg/chinese_companies_on_an_overseas_shopping_spree/Falset5_2s7v0FalseFalset3_uqalghttp://dealbook.nytimes.com/2012/06/07/chinese-firms-on-an-overseas-shopping-spree/
1338464425.07self.SecurityAnalysisudpxxr/SecurityAnalysis Investment Simulation Updatecurrygoat702http://www.reddit.com/r/SecurityAnalysis/comments/udpxx/rsecurityanalysis_investment_simulation_update/I wanted to provide a quick update on the /r/SecurityAnalysis 2015 Investment Simulation that started on January 2nd, 2012. As a refresher, each competitor manages a $100,000 portfolio and their performance is judged after three years. This simulation is meant to be deliberate practice, so invest as you would in real life. Although simulations are imperfect and there is no substitute to investing with real money, this will be a starting point in investing for many and a growth point for others that want to try new techniques.35 people have registered for this competition, but only 16 people made trades. The current leader is itsmedog with a 27.2% gain since January. Most of his profits have come from positions in AAPL, AAPL call options, OCLR, PRXI, and BREW. I am almost in last place. I pursued a very concentrated strategy for the simulation and SVU is currently down 24%. Only 4 of 35 people (itsmedog, nmelluzzo, Drited, and BusyBeingBorn) are currently beating the S&P500's return YTD of 4.43%. I expect this trend to continue as most active managers don't beat broad based indexes.For those interested in joining this simulation, you can sign up for the competition [using this link](http://simulator.investopedia.com/Portfolio/?gameid=169711#axzz1hfgDlF7U) after you sign up for Investopedia. Game Name: **SecurityAnalysis 2015** Password: **BerenWasFirst**Remember, this simulation is a marathon that ends January 2015. Good luck investing!currygoatFalset5_2s7v0FalseTruet3_udpxxhttp://www.reddit.com/r/SecurityAnalysis/comments/udpxx/rsecurityanalysis_investment_simulation_update/
1338322527.07gmo.comuaussJames Montier - The Seven Immutable Laws of InvestingBeren-921http://www.reddit.com/r/SecurityAnalysis/comments/uauss/james_montier_the_seven_immutable_laws_of/Falset5_2s7v0FalseFalset3_uausshttps://www.gmo.com/America/CMSAttachmentDownload.aspx?target=JUBRxi51IIDXQOKC%2bS4j0GSbBOTlmPaBq077Mz3ys9YPrV5AqoF%2bc5B4tXwvdcZNA7AKhLYcP8PVaZ2n4vsX6U1LALOAfBh5cgq3Q8EYyYeirezEiOl1tODvs33Qo8K%2f
1338167605.06self.SecurityAnalysisu80p5BAC Warrantsslackie911712http://www.reddit.com/r/SecurityAnalysis/comments/u80p5/bac_warrants/Here is an interesting write-up of BAC's warrants, specifically the anti-dilutive measures within the warrants: http://variantperceptions.wordpress.com/2012/04/01/tarp-warrants-let-every-eye-negotiate-for-itself/ There is also a long thread on the same over here: http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/bac-wt-bank-of-america-warrants/ The BAC/A warrants currently sell for about $3.30, giving the option to buy BAC at $13.30 anytime before Jan16, 2019, equating to a a breakeven of $16.60. Over 6.5 years, including the anti-dilutive aspect, this IMHO merits further investigation.Falset5_2s7v0FalseTruet3_u80p5http://www.reddit.com/r/SecurityAnalysis/comments/u80p5/bac_warrants/
1337272185.07dealbook.nytimes.comtru67Sears Plans to Spin Off Part of Canadian UnitBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/tru67/sears_plans_to_spin_off_part_of_canadian_unit/Falset5_2s7v0FalseFalset3_tru67http://dealbook.nytimes.com/2012/05/17/sears-plans-to-spin-off-part-of-canadian-unit/
1337097960.08tech.fortune.cnn.comtoczxOn how yahoo can get its mojo backCapitalCube800http://www.reddit.com/r/SecurityAnalysis/comments/toczx/on_how_yahoo_can_get_its_mojo_back/Falset5_2s7v0FalseFalset3_toczxhttp://tech.fortune.cnn.com/2012/05/15/yahoo/?iid=HP_LN
1336514693.08technologyreview.comtdmr3What Happened to First Solar?Beren-801http://www.reddit.com/r/SecurityAnalysis/comments/tdmr3/what_happened_to_first_solar/Falset5_2s7v0FalseFalset3_tdmr3http://www.technologyreview.com/energy/40373/?p1=A1
1336250778.09bloomberg.comt8soyCentaurus Hedge Fund Closes as Natural Gas Hovers Near Lowscurrygoat1011http://www.reddit.com/r/SecurityAnalysis/comments/t8soy/centaurus_hedge_fund_closes_as_natural_gas_hovers/Falset5_2s7v0FalseFalset3_t8soyhttp://www.bloomberg.com/news/2012-05-02/john-arnold-closes-centaurus-hedge-fund-after-10-years.html
1336046881.06self.SecurityAnalysist4yuaValue Investing Bachelor ThesisMubar1046http://www.reddit.com/r/SecurityAnalysis/comments/t4yua/value_investing_bachelor_thesis/I want to write my Bachelor Thesis about Value Investing and I am searching for a good topic. Does somebody have any suggestions? I was thinking about backtesting some companies with Value criterions and then look how they performed.Falset5_2s7v0FalseTruet3_t4yuahttp://www.reddit.com/r/SecurityAnalysis/comments/t4yua/value_investing_bachelor_thesis/
1335820295.07dealbook.nytimes.comt0dcgEnergy Transfer to Buy Sunoco for $5.3 BillionBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/t0dcg/energy_transfer_to_buy_sunoco_for_53_billion/Falset5_2s7v0FalseFalset3_t0dcghttp://dealbook.nytimes.com/2012/04/30/energy-transfer-to-buy-sunoco-for-5-3-billion/
1335467162.07bloomberg.comstzfzBofA Offers to Repurchase $1.75 Billion of Its Own DebtBeren-921http://www.reddit.com/r/SecurityAnalysis/comments/stzfz/bofa_offers_to_repurchase_175_billion_of_its_own/Falset5_2s7v0FalseFalset3_stzfzhttp://www.bloomberg.com/news/2012-04-25/bofa-offers-to-repurchase-1-75-billion-of-its-own-debt-1-.html
1334518522.06video.cnbc.comsb5vhChanos on Shorting Dell and Coinstar [5min]currygoat710http://www.reddit.com/r/SecurityAnalysis/comments/sb5vh/chanos_on_shorting_dell_and_coinstar_5min/Falset5_2s7v0FalseFalset3_sb5vhhttp://video.cnbc.com/gallery/?video=3000083735&play=1
1334187166.08businessweek.coms5840Oaktree Capital Said to Raise $387 Million in IPOBeren-803http://www.reddit.com/r/SecurityAnalysis/comments/s5840/oaktree_capital_said_to_raise_387_million_in_ipo/Falset5_2s7v0FalseFalset3_s5840http://www.businessweek.com/news/2012-04-11/oaktree-said-to-raise-387-million-in-ipo-at-bottom-end-of-range
1333738799.08justiceholdingsltd.comrwor0Bill Ackman's Presentation on Burger Kingcurrygoat910http://www.reddit.com/r/SecurityAnalysis/comments/rwor0/bill_ackmans_presentation_on_burger_king/Falset5_2s7v0FalseFalset3_rwor0http://justiceholdingsltd.com/wp-content/uploads/2012/04/Justice-Is-Best-Served-Flame-Broiled.pdf
1333643037.06fundooprofessor.wordpress.comrut0nReturns Per Unit of Stresscurrygoat821http://www.reddit.com/r/SecurityAnalysis/comments/rut0n/returns_per_unit_of_stress/Falset5_2s7v0FalseFalset3_rut0nhttp://fundooprofessor.wordpress.com/2012/04/05/returns-per-unit-of-stress/
1333554448.08dealbook.nytimes.comrt0kzBurger King to Return to Public MarketsBeren-801http://www.reddit.com/r/SecurityAnalysis/comments/rt0kz/burger_king_to_return_to_public_markets/Falset5_2s7v0FalseFalset3_rt0kzhttp://dealbook.nytimes.com/2012/04/03/burger-king-to-go-public-again/
1333321993.08valuewalk.comronljFive European Countries Have Single Digit PE Ratioscurrygoat1027http://www.reddit.com/r/SecurityAnalysis/comments/ronlj/five_european_countries_have_single_digit_pe/Falset5_2s7v0FalseFalset3_ronljhttp://www.valuewalk.com/2012/04/five-european-countries-have-price-earnings-ratio-in-single-digits/
1333261893.08gsb.columbia.edurnkiiWinter 2012 Graham & Doddsville Investment Newslettercurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/rnkii/winter_2012_graham_doddsville_investment/Falset5_2s7v0FalseFalset3_rnkiihttp://www4.gsb.columbia.edu/null/download?&exclusive=filemgr.download&file_id=7220372
1332878644.08fairholmefunds.comrgc85Fairholme Funds - AIG Investment Case StudyBeren-910http://www.reddit.com/r/SecurityAnalysis/comments/rgc85/fairholme_funds_aig_investment_case_study/Falset5_2s7v0FalseFalset3_rgc85http://www.fairholmefunds.com/pdf/CaseStudyII.pdf
1332285690.09oddballstocks.comr5ursThinking About Businesses Beyond Financial Statementscurrygoat1120http://www.reddit.com/r/SecurityAnalysis/comments/r5urs/thinking_about_businesses_beyond_financial/Falset5_2s7v0FalseFalset3_r5urshttp://www.oddballstocks.com/2012/03/stock-is-business.html
1331929914.07self.SecurityAnalysisqzvn6Questions on shorter term trades inside of a long term strategy from a 'value investing' standpoint.Coldheat9217http://www.reddit.com/r/SecurityAnalysis/comments/qzvn6/questions_on_shorter_term_trades_inside_of_a_long/Hypothetical:I have purchased stock in an undervalued company. I have a fair value price target of 5$ per share. The stock is currently trading at 2$ per share. As is the case with an undervalued company, and especially small/mid cap companies, there can be increased volatility. From a VALUE INVESTING standpoint, is it taboo to attempt to buy and sell during LOCAL minima and maxima, along the way to the expected fair value of 5$ a share? Is this practice considered too much speculation on the part of a value investor? I'm aware of the risks from all possibly scenarios, I would just like to get an opinion from those more knowledgable. I realize this practice becomes much more risky the closer one would get to a perceived 'fair value' due to increased downside, but is it taboo altogether? Or is it increasingly more taboo as the risk involved is increased. I'm not looking for a general investing answer because I realize that there are a million investing/trading strategies out there, as I am looking to become an unemotional, disciplined value investor I'm essentially asking if this practice is bad with that goal in mind, and if so..how bad?As always thanks for the help and comments.Falset5_2s7v0FalseTruet3_qzvn6http://www.reddit.com/r/SecurityAnalysis/comments/qzvn6/questions_on_shorter_term_trades_inside_of_a_long/
1331714856.06firstadopter.comqvy4rAmazon.com (AMZN) is the Secular Short of 2012currygoat822http://www.reddit.com/r/SecurityAnalysis/comments/qvy4r/amazoncom_amzn_is_the_secular_short_of_2012/Falset5_2s7v0FalseFalset3_qvy4rhttp://www.firstadopter.com/2012/03/amazon-com-amzn-is-the-secular-short-of-2012/
1331616538.07distressed-debt-investing.comqu5jcA Value Investor's Take on ShortingBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/qu5jc/a_value_investors_take_on_shorting/Falset5_2s7v0FalseFalset3_qu5jchttp://www.distressed-debt-investing.com/2012/03/value-investors-take-on-shorting.html
1331345899.06theglobeandmail.comqps1rWhere Asia’s Richest Man is Putting His MoneyBeren-712http://www.reddit.com/r/SecurityAnalysis/comments/qps1r/where_asias_richest_man_is_putting_his_money/Falset5_2s7v0FalseFalset3_qps1rhttp://www.theglobeandmail.com/globe-investor/investment-ideas/where-asias-richest-man-is-putting-his-money-now/article2361681/page1/
1331239588.07gurufocus.comqntcaWhy Warren Buffett Bought Coca-Cola (KO)currygoat702http://www.reddit.com/r/SecurityAnalysis/comments/qntca/why_warren_buffett_bought_cocacola_ko/Falset5_2s7v0FalseFalset3_qntcahttp://www.gurufocus.com/forum/read.php?1,166918,166918#msg-166918
1330627165.09scribd.comqd8foDeutsche Bank - Understanding Banks and Bank Stocks [110 Pages]currygoat901http://www.reddit.com/r/SecurityAnalysis/comments/qd8fo/deutsche_bank_understanding_banks_and_bank_stocks/Falset5_2s7v0FalseFalset3_qd8fohttp://www.scribd.com/doc/83007803/Banking-101-for-Large-Cap-Banks-May-2011
1330023337.07gurufocus.comq2umnWhich Metrics Should You Use to Value a Company?currygoat920http://www.reddit.com/r/SecurityAnalysis/comments/q2umn/which_metrics_should_you_use_to_value_a_company/Falset5_2s7v0FalseFalset3_q2umnhttp://www.gurufocus.com/news/163225/which-price-ratio-is-the-right-ratio
1329169271.06gurufocus.compo1beFree Cash Flow: Adjusting For Acquisitions, Capital Allocation And Corporate CharacterBeren-1040http://www.reddit.com/r/SecurityAnalysis/comments/po1be/free_cash_flow_adjusting_for_acquisitions_capital/Falset5_2s7v0FalseFalset3_po1behttp://www.gurufocus.com/news/161328/free-cash-flow-adjusting-for-acquisitions-capital-allocation-and-corporate-character
1328292727.08csinvesting.wordpress.comp9iwwAdvice on Getting a Hedge Fund Analyst Job from CSInvestingcurrygoat910http://www.reddit.com/r/SecurityAnalysis/comments/p9iww/advice_on_getting_a_hedge_fund_analyst_job_from/Falset5_2s7v0FalseFalset3_p9iwwhttp://csinvesting.wordpress.com/2012/02/03/our-job-search-continues-advice-from-readers-and-sleuth-investing/
1328149521.08fairholmefunds.comp72wlBruce Berkowitz's Fairholme Funds 2011 Annual Reportcurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/p72wl/bruce_berkowitzs_fairholme_funds_2011_annual/Falset5_2s7v0FalseFalset3_p72wlhttp://www.fairholmefunds.com/pdf/PortfolioMangersReportand2011AnnualReport.pdf
1327179968.07myinvestingnotebook.blogspot.comoqm6gDavid Einhorn's Greenlight Capital Q4 2011 Lettercurrygoat702http://www.reddit.com/r/SecurityAnalysis/comments/oqm6g/david_einhorns_greenlight_capital_q4_2011_letter/Falset5_2s7v0FalseFalset3_oqm6ghttp://myinvestingnotebook.blogspot.com/2012/01/greenlight-capital-2011-letter.html
1326407128.06scribd.comoejfmBaupost Fund Letters 1995-2001currygoat713http://www.reddit.com/r/SecurityAnalysis/comments/oejfm/baupost_fund_letters_19952001/Falset5_2s7v0FalseFalset3_oejfmhttp://www.scribd.com/doc/14576127/Baupost-Fund-Letters
1324514500.06greenbackd.comnlyfwA Bad Year for Fundamental Value Strategiescurrygoat710http://www.reddit.com/r/SecurityAnalysis/comments/nlyfw/a_bad_year_for_fundamental_value_strategies/Falset5_2s7v0FalseFalset3_nlyfwhttp://greenbackd.com/2011/12/21/annus-horribilis-for-fundamental-value/
1324413091.08dealbook.nytimes.comnkaiqAT&T Ends $39 Billion Bid for T-MobileBeren-910http://www.reddit.com/r/SecurityAnalysis/comments/nkaiq/att_ends_39_billion_bid_for_tmobile/Falset5_2s7v0FalseFalset3_nkaiqhttp://dealbook.nytimes.com/2011/12/19/att-withdraws-39-bid-for-t-mobile/
1323307340.08bloomberg.comn44vdBerkshire Buys $2 Billion Power ProjectBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/n44vd/berkshire_buys_2_billion_power_project/Falset5_2s7v0FalseFalset3_n44vdhttp://www.bloomberg.com/news/2011-12-07/berkshire-s-midamerican-energy-to-buy-topaz-solar-farm.html
1322641828.08scribd.commujcnJohn Paulson's Q3 2011 Investor Letttercurrygoat910http://www.reddit.com/r/SecurityAnalysis/comments/mujcn/john_paulsons_q3_2011_investor_lettter/Falset5_2s7v0FalseFalset3_mujcnhttp://www.scribd.com/doc/74201573/Paulson-q3-11-Report-Downloads-Disabled-for-legal-reasons
1322150598.08self.SecurityAnalysismnyqlHow does one begin value investing?Irie2679112http://www.reddit.com/r/SecurityAnalysis/comments/mnyql/how_does_one_begin_value_investing/I am curious. I own 'Security Analysis' and 'Margin of Safety'. What other books/education resources can one use in order to learn how to seek and obtain value? Thanks in advance.Falset5_2s7v0FalseTruet3_mnyqlhttp://www.reddit.com/r/SecurityAnalysis/comments/mnyql/how_does_one_begin_value_investing/
1321664537.07bloomberg.commhl0nChina Home Prices Fall In 33 of 70 Monitored Citiescurrygoat920http://www.reddit.com/r/SecurityAnalysis/comments/mhl0n/china_home_prices_fall_in_33_of_70_monitored/Falset5_2s7v0FalseFalset3_mhl0nhttp://www.bloomberg.com/news/2011-11-18/china-home-prices-fall-in-33-of-70-cities-in-worst-performance-this-year.html
1320826789.07reuters.comm5wt3Global Shipping Downturn Worse Than 2008currygoat700http://www.reddit.com/r/SecurityAnalysis/comments/m5wt3/global_shipping_downturn_worse_than_2008/Falset5_2s7v0FalseFalset3_m5wt3http://www.reuters.com/article/2011/11/03/china-shipping-idUSL4E7M308I20111103
1320686876.06features.blogs.fortune.cnn.comm3ouaRailroads: Cartel or Free Market Success Story?currygoat821http://www.reddit.com/r/SecurityAnalysis/comments/m3oua/railroads_cartel_or_free_market_success_story/Falset5_2s7v0FalseFalset3_m3ouahttp://features.blogs.fortune.cnn.com/2011/09/13/showdown-on-the-railroad/
1320448095.08businessweek.comm0uwoApple's Supply Chain Secretscurrygoat910http://www.reddit.com/r/SecurityAnalysis/comments/m0uwo/apples_supply_chain_secrets/Falset5_2s7v0FalseFalset3_m0uwohttp://www.businessweek.com/magazine/apples-supplychain-secret-hoard-lasers-11032011_page_2.html
1319576435.07nytimes.comlov0gI.B.M. Names Virginia Rometty as New CEOBeren-920http://www.reddit.com/r/SecurityAnalysis/comments/lov0g/ibm_names_virginia_rometty_as_new_ceo/Falset5_2s7v0FalseFalset3_lov0ghttp://www.nytimes.com/2011/10/26/technology/ibm-names-a-new-chief.html?_r=1&ref=business
1318812266.06cbs360.gsb.columbia.edulekugAndrew Weiss Lecture on Value Investing at Columbia Business SchoolBeren-711http://www.reddit.com/r/SecurityAnalysis/comments/lekug/andrew_weiss_lecture_on_value_investing_at/Falset5_2s7v0FalseFalset3_lekughttp://cbs360.gsb.columbia.edu:8080/ess/echo/presentation/2227c77e-6bca-4754-94c6-40dcc6960853
1316897451.08online.wsj.comkqay7Groupon Restates Revenues, COO ExitsBeren-913http://www.reddit.com/r/SecurityAnalysis/comments/kqay7/groupon_restates_revenues_coo_exits/Falset5_2s7v0FalseFalset3_kqay7http://online.wsj.com/article/SB10001424053111903791504576589211214409214.html?mod=WSJ_hp_mostpop_read
1316734490.06nytimes.comkogniMeg Whitman Is Named Hewlett-Packard ChiefBeren-932http://www.reddit.com/r/SecurityAnalysis/comments/kogni/meg_whitman_is_named_hewlettpackard_chief/Falset5_2s7v0FalseFalset3_kognihttp://www.nytimes.com/2011/09/23/technology/whitman-expected-to-be-named-at-hp.html?_r=1&hp
1316654072.06hedgefundletters.comkndyoRay Dalio - A Template for Understanding What's Going Oncurrygoat710http://www.reddit.com/r/SecurityAnalysis/comments/kndyo/ray_dalio_a_template_for_understanding_whats/Falset5_2s7v0FalseFalset3_kndyohttp://www.hedgefundletters.com/wp-content/uploads/2011/03/a-template-for-understanding.pdf
1316326889.07stableboyselections.comkjc31Pandora (NYSE:P) is Worth $0 Per Sharecurrygoat817http://www.reddit.com/r/SecurityAnalysis/comments/kjc31/pandora_nysep_is_worth_0_per_share/Falset5_2s7v0FalseFalset3_kjc31http://stableboyselections.com/2011/09/17/pandora-is-worth-0-per-share-apple-is-going-to-make-cloud-computing-mainstream-because-everyone-else-is-too-damn-stupid/
1315334113.05credittrends.comk6nzcAdjusting Free Cash Flow Statement Line Items For Accuracycurrygoat723http://www.reddit.com/r/SecurityAnalysis/comments/k6nzc/adjusting_free_cash_flow_statement_line_items_for/Falset5_2s7v0FalseFalset3_k6nzchttp://www.credittrends.com/blog/2011/02/07/for-an-accurate-presentation-of-free-cash-flow-correct-classification-of-statement-items-required/
1315081391.06self.SecurityAnalysisk3rs4X Post How do you calculate the Required Rate of Return from the buy side for stocks? WarnerWeiLin713http://www.reddit.com/r/SecurityAnalysis/comments/k3rs4/x_post_how_do_you_calculate_the_required_rate_of/I know several ways to calculate the required rate of return. Off the top of my head, there's the CAPM Model and WACC. But as I will explain, I don't think WACC would be appropriate to use on the buy side. I was wondering if there were other ways to calculate the required Return?I know that WACC is used in corporate finance to determine whether a firm should take on certain tasks. So it seems like this is something that someone within the firm can calculate as they have information from the firm that the public does not have. If this is incorrect and it IS possible to calculate the required return and use it in valuation models, then can you show me how?Also, how do you use CAPM now that the US Government got downgraded? The Rate of Return for Long Term Government bonds were always used as the Risk Free Rate of Return in the model. But because of the downgrade, Long Term Government bonds aren't considered risk free anymore. What exactly do we do now?Falset5_2s7v0FalseTruet3_k3rs4http://www.reddit.com/r/SecurityAnalysis/comments/k3rs4/x_post_how_do_you_calculate_the_required_rate_of/
1314671549.08reuters.comjymilBank of America to sell China bank stake for $8.3BBeren-801http://www.reddit.com/r/SecurityAnalysis/comments/jymil/bank_of_america_to_sell_china_bank_stake_for_83b/Falset5_2s7v0FalseFalset3_jymilhttp://www.reuters.com/article/2011/08/29/us-bankofamerica-ccb-idUSTRE77S2MO20110829
1314450915.07ritholtz.comjw32zJames Montier's Suggested Reading Listcurrygoat810http://www.reddit.com/r/SecurityAnalysis/comments/jw32z/james_montiers_suggested_reading_list/Falset5_2s7v0FalseFalset3_jw32zhttp://www.ritholtz.com/blog/2011/08/james-montier-suggested-reading-list/
1313771065.06reuters.comjnzkvHP down 23% to 6 year lowBeren-935http://www.reddit.com/r/SecurityAnalysis/comments/jnzkv/hp_down_23_to_6_year_low/Falset5_2s7v0FalseFalset3_jnzkvhttp://www.reuters.com/article/2011/08/19/us-hewlettpackard-shares-idUSTRE77I27N20110819
1311800227.09gurufocus.comj1ijgBruce Berkowitz Presentation - Details On His Investing Thesis In BAC [pdf]Beren-1014http://www.reddit.com/r/SecurityAnalysis/comments/j1ijg/bruce_berkowitz_presentation_details_on_his/Falset5_2s7v0FalseFalset3_j1ijghttp://www.gurufocus.com/news/139711/bruce-berkowitz-details-his-thesis-on-bac
1311744079.07zerohedge.comj0vyyMorgan Stanley's Q3 2011 Global Metals Outlookcurrygoat920http://www.reddit.com/r/SecurityAnalysis/comments/j0vyy/morgan_stanleys_q3_2011_global_metals_outlook/Falset5_2s7v0FalseFalset3_j0vyyhttp://www.zerohedge.com/news/morgan-stanleys-q3-outlook-gold-silver-rare-earths-and-every-other-metal-under-sun
1311374592.08self.SecurityAnalysisix7wsBusiness/Finance books are 30% off at the Borders liquidation salecurrygoat914http://www.reddit.com/r/SecurityAnalysis/comments/ix7ws/businessfinance_books_are_30_off_at_the_borders/I didn't find anything I wanted but I'm putting the word out. Falset5_2s7v0FalseTruet3_ix7wshttp://www.reddit.com/r/SecurityAnalysis/comments/ix7ws/businessfinance_books_are_30_off_at_the_borders/
1311348491.06bloomberg.comiwvhjSchlumberger Profit Rises 64% on U.S. Oil BoomBeren-820http://www.reddit.com/r/SecurityAnalysis/comments/iwvhj/schlumberger_profit_rises_64_on_us_oil_boom/Falset5_2s7v0FalseFalset3_iwvhjhttp://www.bloomberg.com/news/2011-07-22/schlumberger-second-quarter-net-rises-as-u-s-onshore-oil-drilling-booms.html
1311266656.07gurufocus.comivyhyHow Warren Buffett Defines Pricing PowerBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/ivyhy/how_warren_buffett_defines_pricing_power/Falset5_2s7v0FalseFalset3_ivyhyhttp://www.gurufocus.com/news/139064/how-warren-buffett-defines-pricing-power
1311024476.09self.SecurityAnalysisit6r6Where would be a good place to start learning about value investing?kurrmurrpurr9011http://www.reddit.com/r/SecurityAnalysis/comments/it6r6/where_would_be_a_good_place_to_start_learning/Any links, books, etc that would be a good introduction to value investing. I've only taken financial accounting, and I really want to start learning how to value stocks.Falset5_2s7v0FalseTruet3_it6r6http://www.reddit.com/r/SecurityAnalysis/comments/it6r6/where_would_be_a_good_place_to_start_learning/
1310743702.07valuewalk.comiqh92Does Google Deserve A High Multiple?Beren-811http://www.reddit.com/r/SecurityAnalysis/comments/iqh92/does_google_deserve_a_high_multiple/Falset5_2s7v0FalseFalset3_iqh92http://www.valuewalk.com/tech/google-deserve-high-multiple/
1309878656.07gurufocus.comih7s9Wisdom Of Warren Buffett: Tricks Of Mergers And AcquisitionsBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/ih7s9/wisdom_of_warren_buffett_tricks_of_mergers_and/Falset5_2s7v0FalseFalset3_ih7s9http://www.gurufocus.com/news/137848/wisdom-of-warren-buffett-tricks-of-mergers-and-acquisitions
1309458408.09dealbook.nytimes.comidh3nLondon and Toronto Exchanges Call Off MergerBeren-900http://www.reddit.com/r/SecurityAnalysis/comments/idh3n/london_and_toronto_exchanges_call_off_merger/Falset5_2s7v0FalseFalset3_idh3nhttp://dealbook.nytimes.com/2011/06/29/london-and-toronto-exchanges-call-off-merger/
1309396952.07gmo.comictosJames Montier on Tail Risk Protectioncurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/ictos/james_montier_on_tail_risk_protection/Falset5_2s7v0FalseFalset3_ictoshttps://www.gmo.com/America/CMSAttachmentDownload.aspx?target=JUBRxi51IIAy54%2bxjio5TYrN6nQ7FDTzPaJIQ1YYpPH7CGVhi7pVUVa0PN3stynNfnxiYtE9qZbENwn%2f7IvTX%2fVqimcQS1oZcxUsLkhPNBA%3d
1309080795.07brontecapital.blogspot.comi9gt9Lessons from the Paulson Sino-Forest Losscurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/i9gt9/lessons_from_the_paulson_sinoforest_loss/Falset5_2s7v0FalseFalset3_i9gt9http://brontecapital.blogspot.com/2011/06/paulson-sino-forest-loss.html
1307994185.05docs.google.comhyrouHey r/SA, attached you will find a 5 page Microsoft high-value stock of the day research report my bosses are letting me give awaythefinanceman1055http://www.reddit.com/r/SecurityAnalysis/comments/hyrou/hey_rsa_attached_you_will_find_a_5_page_microsoft/Falset5_2s7v0FalseFalset3_hyrouhttps://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0B0F0a8Pj63cUNzBkOGI1MmUtNmQ3Ni00Y2FmLTg5YWMtNTE5ZDYyOTZmN2M2&hl=en_US
1307733967.06dept.sfcollege.eduhwm9zFinancial Accounting 101 - Entire Video Lecture Series Online [Crosspost from /r/accounting]Beren-710http://www.reddit.com/r/SecurityAnalysis/comments/hwm9z/financial_accounting_101_entire_video_lecture/Falset5_2s7v0FalseFalset3_hwm9zhttp://dept.sfcollege.edu/business/susan.crosson/Fall%202007/Flip%20Videos%20Fall%202007/FA%20Videos.htm
1306011682.07seekingalpha.comhgvyxNetflix: Setting Up for DisasterBeren-920http://www.reddit.com/r/SecurityAnalysis/comments/hgvyx/netflix_setting_up_for_disaster/Falset5_2s7v0FalseFalset3_hgvyxhttp://seekingalpha.com/article/270618-netflix-setting-up-for-disaster
1305498650.07gurufocus.comhc3izInsights From A Meeting With Joel GreenblattBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/hc3iz/insights_from_a_meeting_with_joel_greenblatt/Falset5_2s7v0FalseFalset3_hc3izhttp://www.gurufocus.com/news/1024/insights-from-a-meeting-with-mr-greenblatt
1305251557.07self.SecurityAnalysisha8h2Why is consolidated earnings from operations is different from segment by segment earnings from operations, summed?ashlu818http://www.reddit.com/r/SecurityAnalysis/comments/ha8h2/why_is_consolidated_earnings_from_operations_is/I'm trying to analyze HPQ now, and was wondering why consolidated and segment earnings don't jive. Consolidated for 2010, as reported in the Statement of Earnings, is 11479, whereas the summed total of the segments, from note 19, is 15495, or 15627 if you include corporate investments. Why? and what's the deal with corporate investments anyways? Thanks.Falset5_2s7v0FalseTruet3_ha8h2http://www.reddit.com/r/SecurityAnalysis/comments/ha8h2/why_is_consolidated_earnings_from_operations_is/
1304909241.07inoculatedinvestor.blogspot.comh717b70 Pages of Notes on the 2011 Value Investing Congresscurrygoat810http://www.reddit.com/r/SecurityAnalysis/comments/h717b/70_pages_of_notes_on_the_2011_value_investing/Falset5_2s7v0FalseFalset3_h717bhttp://inoculatedinvestor.blogspot.com/2011/05/detailed-notes-from-2011-value.html
1303334015.06self.SecurityAnalysisgusqrDoes anyone have ideas for macro-themed ideas?freeandhappy823http://www.reddit.com/r/SecurityAnalysis/comments/gusqr/does_anyone_have_ideas_for_macrothemed_ideas/I am mostly a bottom-up value investor but cannot stop wondering about the macro-economic factors which may cause serious damage to anyone's portfolio. Is anyone thinking about any macro-themed hedges. Some are ( most of them are correlated)1. Rising Inflation2. Rising Interest rates3. Dollar DevaluationI am mostly worried about the dollar getting de-valued. Is anyone buying Gold/ foreign currencies as a dollar hedge? I have never been fond of Gold ( especially when it's hitting all-time highs) but the growing deficit/debt, the constant money-printing and the [BRICS taking the first steps to move away from the Dollar](http://www.reuters.com/article/2011/04/14/brics-credit-idUSL3E7FE0AV20110414) is disconcerting. I typically look for special situations opportunities and/or buy OOM puts on the SPY as market hedge. But, at this point I am a little torn between whether to keep putting more money in international securites/currencies or gold?Edit: Sorry for the typo in the title of the post. I am not sure how to edit it though.Falset5_2s7v0TrueTruet3_gusqrhttp://www.reddit.com/r/SecurityAnalysis/comments/gusqr/does_anyone_have_ideas_for_macrothemed_ideas/
1303263833.09tilsonfunds.comgu2vkWarren Buffett - Notes from a lecture at Vanderbilt [pdf]Beren-1012http://www.reddit.com/r/SecurityAnalysis/comments/gu2vk/warren_buffett_notes_from_a_lecture_at_vanderbilt/Falset5_2s7v0FalseFalset3_gu2vkhttp://www.tilsonfunds.com/BuffettVanderbiltnotes.pdf
1303158398.09ndtv.comgt0w7Warren Buffett and Ajit Jain - Q & A with studentsBeren-1010http://www.reddit.com/r/SecurityAnalysis/comments/gt0w7/warren_buffett_and_ajit_jain_q_a_with_students/Falset5_2s7v0FalseFalset3_gt0w7http://www.ndtv.com/video/player/ndtv-special-ndtv-24x7/warren-buffett-ajit-jain-answer-students/194516
1302819419.08self.SecurityAnalysisgq9obMy plan, after reading The Intelligent Investorbarnwecp9110http://www.reddit.com/r/SecurityAnalysis/comments/gq9ob/my_plan_after_reading_the_intelligent_investor/I put $300 each month into a Roth. I'm in a low tax bracket now, but will be getting more and more income as the years go forward. I feel this is the best plan to avoid as much tax as possible. I simply purchase a total stock market index fund, for $300, each month. No commissions (it's a fund run by my broker) and no (actually just very small - less than .1%) fees. Thoughts?Falset5_2s7v0FalseTruet3_gq9obhttp://www.reddit.com/r/SecurityAnalysis/comments/gq9ob/my_plan_after_reading_the_intelligent_investor/
1302733213.07self.SecurityAnalysisgpf44Blogs on Value InvestingBeren-9215http://www.reddit.com/r/SecurityAnalysis/comments/gpf44/blogs_on_value_investing/An ever growing list of various blogs on value investing, some you may find helpful others you may not care for. Feel free to add any more that you know about.Falset5_2s7v0TrueTruet3_gpf44http://www.reddit.com/r/SecurityAnalysis/comments/gpf44/blogs_on_value_investing/
1376614711.06self.SecurityAnalysis1kghm2Can anyone recommend the new Manual of Ideas book?alector607http://www.reddit.com/r/SecurityAnalysis/comments/1kghm2/can_anyone_recommend_the_new_manual_of_ideas_book/Just released, curious if anyone here has it and would recommend it. The table of contents looks good. I saw Guy Spier posted a vimeo review of it but that now appears to be private.http://www.amazon.com/The-Manual-Ideas-Framework-Investments/dp/1118083652/Falset5_2s7v0FalseTruet3_1kghm2http://www.reddit.com/r/SecurityAnalysis/comments/1kghm2/can_anyone_recommend_the_new_manual_of_ideas_book/
1376598697.06self.SecurityAnalysis1kfxcs2013 Great Investors' Best Ideas Conferencesava_texas820http://www.reddit.com/r/SecurityAnalysis/comments/1kfxcs/2013_great_investors_best_ideas_conference/Hey guys, I just wanted to throw it out to this community that the Great Investors' Best Ideas (GIBI) Foundation is having their annual conference October 29th. All proceeds go to support The Michael J. Fox Foundation for Parkinson's Research and the Vickery Meadow Youth Development Foundation (a local Dallas charity). Michael Price, Mario Gabelli, Tom Gayner, and others will be speaking. There are always some great value picks - like Gabelli on Madison Square Garden a couple years ago. I am working on the event and guarantee that any of the presentations that speakers are okay releasing find their way to this subreddit. If you can afford and can come you should, it will be a great time. PM me for more details or if you want to know about where to stay in Dallas. =)Website here: gibidallas.comFacebook page here: facebook.com/gibidallasFalset5_2s7v0FalseTruet3_1kfxcshttp://www.reddit.com/r/SecurityAnalysis/comments/1kfxcs/2013_great_investors_best_ideas_conference/
1375849448.06businessweek.com1jv2fnSAP Invades Silicon Valley via Acquisitionscurrygoat931http://www.reddit.com/r/SecurityAnalysis/comments/1jv2fn/sap_invades_silicon_valley_via_acquisitions/Falset5_2s7v0FalseFalset3_1jv2fnhttp://www.businessweek.com/articles/2013-08-01/sap-invades-silicon-valley-via-acquisitions#r=rss
1375745455.07youtube.com1jrwecKyle Bass on why Kyle Bass is short Japanfratbrobutnotreally1035http://www.reddit.com/r/SecurityAnalysis/comments/1jrwec/kyle_bass_on_why_kyle_bass_is_short_japan/Falset5_2s7v0FalseFalset3_1jrwechttp://www.youtube.com/watch?v=gJfvLADP3HE
1375739107.06washingtonpost.com1jro4mWashington Post to be Sold to Jeff Bezos for $250Mcurrygoat1260http://www.reddit.com/r/SecurityAnalysis/comments/1jro4m/washington_post_to_be_sold_to_jeff_bezos_for_250m/Falset5_2s7v0FalseFalset3_1jro4mhttp://www.washingtonpost.com/national/washington-post-to-be-sold-to-jeff-bezos/2013/08/05/ca537c9e-fe0c-11e2-9711-3708310f6f4d_story.html
1375710669.07valuewalk.com1jqmi1Joel Greenblatt on Special Situations: In-Depth Class NotesDrShakoor810http://www.reddit.com/r/SecurityAnalysis/comments/1jqmi1/joel_greenblatt_on_special_situations_indepth/Falset5_2s7v0FalseFalset3_1jqmi1http://www.valuewalk.com/2013/08/joel-greenblatt-special-situations/
1375706100.07youtube.com1jqiliJames East of Mercertus Capital on His Investment Approachcurrygoat810http://www.reddit.com/r/SecurityAnalysis/comments/1jqili/james_east_of_mercertus_capital_on_his_investment/Falset5_2s7v0FalseFalset3_1jqilihttp://www.youtube.com/watch?feature=player_embedded&v=Ap1dXMoVZP8
1375470204.08jefferies.com1jkxv5Same-Day Internet FulfillmentBeren-910http://www.reddit.com/r/SecurityAnalysis/comments/1jkxv5/sameday_internet_fulfillment/Falset5_2s7v0FalseFalset3_1jkxv5http://www.jefferies.com/CMSFiles/Jefferies.com/files/Insights/Internet.pdf
1375396282.06self.SecurityAnalysis1jiy25Has anyone ever subscribed to Valueforum.com?warwick11931http://www.reddit.com/r/SecurityAnalysis/comments/1jiy25/has_anyone_ever_subscribed_to_valueforumcom/I've heard good things, but I'm not sure if it's worth $300/year. It seems like most of the free forums don't get much activity, and the little activity they get is usually spam.Falset5_2s7v0FalseTruet3_1jiy25http://www.reddit.com/r/SecurityAnalysis/comments/1jiy25/has_anyone_ever_subscribed_to_valueforumcom/
1375127006.08dealbook.nytimes.com1japjxPerrigo to Buy Irish Drug Maker Elan for $6.7 BillionBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/1japjx/perrigo_to_buy_irish_drug_maker_elan_for_67/Falset5_2s7v0FalseFalset3_1japjxhttp://dealbook.nytimes.com/2013/07/29/perrigo-to-buy-irish-drug-maker-for-6-7-billion/
1374778313.04self.SecurityAnalysis1j1mn3Ensco (ESV) competitive thoughts?031415926843http://www.reddit.com/r/SecurityAnalysis/comments/1j1mn3/ensco_esv_competitive_thoughts/ESV is an offshore oil driller with rigs around the world. Returns on capital over the last 10 years have averaged 13.1% with the most recent 3 year period averaging 7.5%.My question is the following: If ESV (or any other driller) has a rig in spot X and is getting say 20% roic in that spot, what prevents another driller from putting a rig in spot X plus 100 feet and drilling the same basin? I am attempting to understand what prevents someone from coming in and knocking their returns down.General comments are also welcome.Falset5_2s7v0FalseTruet3_1j1mn3http://www.reddit.com/r/SecurityAnalysis/comments/1j1mn3/ensco_esv_competitive_thoughts/
1374773177.06seekingalpha.com1j1feeGreat Canadian Gaming: Wide Moat, Cheap Pricecurrygoat822http://www.reddit.com/r/SecurityAnalysis/comments/1j1fee/great_canadian_gaming_wide_moat_cheap_price/Falset5_2s7v0FalseFalset3_1j1feehttp://seekingalpha.com/article/1566682-great-canadian-gaming-wide-moat-cheap-price
1374603531.04pzena.com1iwduvPzena Investment Management Q2 2013 Commentarycurrygoat730http://www.reddit.com/r/SecurityAnalysis/comments/1iwduv/pzena_investment_management_q2_2013_commentary/Falset5_2s7v0FalseFalset3_1iwduvhttp://www.pzena.com/uploads/documents/Commentary%202Q13.pdf
1374369578.04eastcoastasset.com1iq5z3East Coast Asset Management's Q2 2013 Letter: Yielding to the Still PointFundamentalHedgie622http://www.reddit.com/r/SecurityAnalysis/comments/1iq5z3/east_coast_asset_managements_q2_2013_letter/Falset5_2s7v0FalseFalset3_1iq5z3http://www.eastcoastasset.com/wp-content/uploads/ecam_2013_2q_newsletter.pdf
1374143901.05mrmarketblog.com1ijunmThe Anatomy of a Special Situation - Cellteckcurrygoat724http://www.reddit.com/r/SecurityAnalysis/comments/1ijunm/the_anatomy_of_a_special_situation_cellteck/Falset5_2s7v0FalseFalset3_1ijunmhttp://www.mrmarketblog.com/the-anatomy-of-a-special-situation/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MrMarketBlog+%28Mr.Market+Blog%29
1374089382.06gurufocus.com1ii8prReflections from 20 Years of Investing (2001-2008) Part 3currygoat600http://www.reddit.com/r/SecurityAnalysis/comments/1ii8pr/reflections_from_20_years_of_investing_20012008/Falset5_2s7v0FalseFalset3_1ii8prhttp://www.gurufocus.com/news/223869/reflections-from-20-years-of-investing-20012008-part-3
1374079038.06greenbackd.com1ihtorReturns to Negative Enterprise Value StocksGreenbackd934http://www.reddit.com/r/SecurityAnalysis/comments/1ihtor/returns_to_negative_enterprise_value_stocks/Falset5_2s7v0FalseFalset3_1ihtorhttp://greenbackd.com/2013/07/15/returns-to-negative-enterprise-value-stocks/
1373574938.07aswathdamodaran.blogspot.ca1i3tr2Damodaran - Enterprise value, Firm Value and Market CapBeren-811http://www.reddit.com/r/SecurityAnalysis/comments/1i3tr2/damodaran_enterprise_value_firm_value_and_market/Falset5_2s7v0FalseFalset3_1i3tr2http://aswathdamodaran.blogspot.ca/2013/06/a-tangled-web-of-values-enterprise.html
1373477876.07bloomberg.com1i0qtuTribune to Spin Off Newspaper Businesscurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/1i0qtu/tribune_to_spin_off_newspaper_business/Falset5_2s7v0FalseFalset3_1i0qtuhttp://www.bloomberg.com/news/2013-07-10/tribune-plans-to-spin-off-its-publishing-business.html
1373470788.07businessweek.com1i0h3yDish's Intriguing Consolation Prizescurrygoat701http://www.reddit.com/r/SecurityAnalysis/comments/1i0h3y/dishs_intriguing_consolation_prizes/Falset5_2s7v0FalseFalset3_1i0h3yhttp://www.businessweek.com/articles/2013-07-09/dishs-intriguing-consolation-prizes#r=rss
1373423288.06self.SecurityAnalysis1hzaxlLBO/Private Equity models and deal types031415926605http://www.reddit.com/r/SecurityAnalysis/comments/1hzaxl/lboprivate_equity_models_and_deal_types/I recently interviewed at a private equity firm and am feeling good about how it went. But so I can hit the ground running, I'd like to get down as many approaches as I can. My question is as follows: Does anyone have a few different LBO models? Additionally, can I be directed to a description of deal types and a mental model for how to think about these situations? (Apologies for being vague, but its done to get a good breadth of knowledge). Falset5_2s7v0FalseTruet3_1hzaxlhttp://www.reddit.com/r/SecurityAnalysis/comments/1hzaxl/lboprivate_equity_models_and_deal_types/
1373412727.07bloomberg.com1hyxnaBarnes & Noble Gets Closer to Breakup as CEO ResignsBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/1hyxna/barnes_noble_gets_closer_to_breakup_as_ceo_resigns/Falset5_2s7v0FalseFalset3_1hyxnahttp://www.bloomberg.com/news/2013-07-08/barnes-noble-ceo-lynch-resigns-after-sales-declines.html
1373315617.08bloomberg.com1hvyn3LVMH Buys Loro Piana for $2.6 BillionBeren-800http://www.reddit.com/r/SecurityAnalysis/comments/1hvyn3/lvmh_buys_loro_piana_for_26_billion/Falset5_2s7v0FalseFalset3_1hvyn3http://www.bloomberg.com/news/2013-07-08/lvmh-buys-italian-cashmere-clothier-loro-piana-for-2-6-billion.html
1373211375.07integrity-research.com1hszwaIncreased Analyst Coverage Is A Bad Thingwoc20081034http://www.reddit.com/r/SecurityAnalysis/comments/1hszwa/increased_analyst_coverage_is_a_bad_thing/Falset5_2s7v0FalseFalset3_1hszwahttp://www.integrity-research.com/cms/2013/07/01/increased-analyst-coverage-is-a-bad-thing/
1373060715.06scribd.com1hpqg8Hayman Capital - Abenomics: Lost in Translation?Beren-933http://www.reddit.com/r/SecurityAnalysis/comments/1hpqg8/hayman_capital_abenomics_lost_in_translation/Falset5_2s7v0FalseFalset3_1hpqg8http://www.scribd.com/doc/151533387/Hayman-Japan-Update-June-2013-FINAL-Kyle-Bass-China
1372647655.08clatl.com1heiptThe Future of Big Chicken: A Profile of Players across the Chicken Production Value Chaincurrygoat1021http://www.reddit.com/r/SecurityAnalysis/comments/1heipt/the_future_of_big_chicken_a_profile_of_players/Falset5_2s7v0FalseFalset3_1heipthttp://clatl.com/atlanta/the-future-of-big-chicken/Content?oid=8528249&showFullText=true
1372442027.06bloomberg.com1h9f6mBlackBerry Shares Plunge After Surprise Loss and Weak SalesBeren-717http://www.reddit.com/r/SecurityAnalysis/comments/1h9f6m/blackberry_shares_plunge_after_surprise_loss_and/Falset5_2s7v0FalseFalset3_1h9f6mhttp://www.bloomberg.com/news/2013-06-28/blackberry-plunges-after-smartphone-maker-reports-surprise-loss.html
1372183157.06aswathdamodaran.blogspot.ca1h1uv0Damodaran - The Fed and Interest RatesBeren-930http://www.reddit.com/r/SecurityAnalysis/comments/1h1uv0/damodaran_the_fed_and_interest_rates/Falset5_2s7v0FalseFalset3_1h1uv0http://aswathdamodaran.blogspot.ca/2013/06/the-fed-and-interest-rates-lessons-from.html
1372074843.06bloomberg.com1gypa3U.S. Weighs Doubling Leverage Standard for Biggest BanksWrg2608821http://www.reddit.com/r/SecurityAnalysis/comments/1gypa3/us_weighs_doubling_leverage_standard_for_biggest/Falset5_2s7v0FalseFalset3_1gypa3http://www.bloomberg.com/news/2013-06-21/u-s-weighs-doubling-leverage-standard-for-biggest-banks.html
1371764233.04bloomberg.com1gr68iInterview with Leon CoopermanBeren-842http://www.reddit.com/r/SecurityAnalysis/comments/1gr68i/interview_with_leon_cooperman/Falset5_2s7v0FalseFalset3_1gr68ihttp://www.bloomberg.com/video/leon-cooperman-on-u-s-stocks-tetragon-sprint-FDlCiXBsSIGDGGHI1OYraA.html
1371490271.06self.SecurityAnalysis1gizgtWould anyone be willing to teach me valuation?Serang9315http://www.reddit.com/r/SecurityAnalysis/comments/1gizgt/would_anyone_be_willing_to_teach_me_valuation/I know its a large favor to ask. Pointing me in the direction of some helpful books would be great as well. I understand the majority of terms used in valuation like ebitda, ev , cash flow etc but my finance course didnt actually go over some commonly accepted practices or models of valuation. Any help would be greatly appreciated thanksFalset5_2s7v0FalseTruet3_1gizgthttp://www.reddit.com/r/SecurityAnalysis/comments/1gizgt/would_anyone_be_willing_to_teach_me_valuation/
1371332943.06finance.fortune.cnn.com1gf5l7Bruce Berkowitz's Bailout Payoff Bet on Fannie Mae and Freddie Maccurrygoat710http://www.reddit.com/r/SecurityAnalysis/comments/1gf5l7/bruce_berkowitzs_bailout_payoff_bet_on_fannie_mae/Falset5_2s7v0FalseFalset3_1gf5l7http://finance.fortune.cnn.com/2013/06/13/bruce-berkowitz-fannie-and-freddie/
1371149012.08dealbook.nytimes.com1ga9k8Safeway to Sell Its Operations in CanadaBeren-911http://www.reddit.com/r/SecurityAnalysis/comments/1ga9k8/safeway_to_sell_its_operations_in_canada/Falset5_2s7v0FalseFalset3_1ga9k8http://dealbook.nytimes.com/2013/06/12/safeway-to-sell-its-operations-in-canada/
1371060463.05bloomberg.com1g7kzsIndia’s Apollo Tyres to Buy Cooper Tire for $2.5 BillionBeren-720http://www.reddit.com/r/SecurityAnalysis/comments/1g7kzs/indias_apollo_tyres_to_buy_cooper_tire_for_25/Falset5_2s7v0FalseFalset3_1g7kzshttp://www.bloomberg.com/news/2013-06-12/apollo-tyres-to-purchase-cooper-tire-rubber-for-2-5-billion.html
1370967812.05self.SecurityAnalysis1g4nycPrivate Company Valuation HelpCleverLongboat7223http://www.reddit.com/r/SecurityAnalysis/comments/1g4nyc/private_company_valuation_help/Hello Reddit,I am currently doing a private company valuation. And had a question about a detail that seemed odd. This company has:Assets: 442mLiabilities: 434mEquity: 8mIt has had negative equity historically. When calculating the cost of capital, does this mean that cost of equity becomes nearly irrelevant? Are these levels of debt normal for private companies (first time seeing one with these levels of debt)?The company is danish (~Tax rates of 50%). So all this debt has a positive effect on taxable income, but still Assets nearly equaling Liabilities is something I haven't seen very often yet.Thanks again for any input.Falset5_2s7v01370969694.0Truet3_1g4nychttp://www.reddit.com/r/SecurityAnalysis/comments/1g4nyc/private_company_valuation_help/
1370890898.07reuters.com1g29hvCoppersmith Capital Pushes Alere to Divest Businessescurrygoat810http://www.reddit.com/r/SecurityAnalysis/comments/1g29hv/coppersmith_capital_pushes_alere_to_divest/Falset5_2s7v0FalseFalset3_1g29hvhttp://www.reuters.com/article/2013/05/21/alere-investor-idUSL2N0E20R820130521
1370656055.05businessweek.com1fwij8How the Robots Lost: High-Frequency Trading's Rise and Fallcurrygoat1163http://www.reddit.com/r/SecurityAnalysis/comments/1fwij8/how_the_robots_lost_highfrequency_tradings_rise/Falset5_2s7v0FalseFalset3_1fwij8http://www.businessweek.com/articles/2013-06-06/how-the-robots-lost-high-frequency-tradings-rise-and-fall#p4
1370323912.06bloomberg.com1fmvaxZynga Cuts 520 Jobs, Closes Offices as Games Underperformcurrygoat710http://www.reddit.com/r/SecurityAnalysis/comments/1fmvax/zynga_cuts_520_jobs_closes_offices_as_games/Falset5_2s7v0FalseFalset3_1fmvaxhttp://www.bloomberg.com/news/2013-06-03/zynga-to-cut-520-workers-close-offices-as-games-underperform.html
1370088361.05slate.com1fgljyHoodoos, Hedge Funds, and Alibis: Victor Niederhoffer on Being Wrongcurrygoat720http://www.reddit.com/r/SecurityAnalysis/comments/1fgljy/hoodoos_hedge_funds_and_alibis_victor/Falset5_2s7v0FalseFalset3_1fgljyhttp://www.slate.com/blogs/thewrongstuff/2010/06/21/hoodoos_hedge_funds_and_alibis_victor_niederhoffer_on_being_wrong.html
1370025704.07afr.com1ff3sqKerrisdale’s Sahm Adrangi makes a killing by raiding the dodgy dealersinvesting101700http://www.reddit.com/r/SecurityAnalysis/comments/1ff3sq/kerrisdales_sahm_adrangi_makes_a_killing_by/Falset5_2s7v0FalseFalset3_1ff3sqhttp://www.afr.com/p/business/companies/kerrisdale_sahm_adrangi_makes_killing_mle7hfRkMC9PkYBgTOtqyI
1370025528.07businessweek.com1ff3kaOnStar: GM's Not-So-Secret Weaponcurrygoat811http://www.reddit.com/r/SecurityAnalysis/comments/1ff3ka/onstar_gms_notsosecret_weapon/Falset5_2s7v0FalseFalset3_1ff3kahttp://www.businessweek.com/articles/2013-05-30/onstar-gms-surprisingly-strong-toehold-in-the-tech-world#r=rss?utm_source=feedly
1369919294.06self.SecurityAnalysis1fc12fAdvice on aspects to consider when compiling a company recommendationJsuse609http://www.reddit.com/r/SecurityAnalysis/comments/1fc12f/advice_on_aspects_to_consider_when_compiling_a/I have to write a two page analysis on a low-mid cap company listed on the JSE and recommend a position. Any advice on which aspects or points I should emphasize or reports I can look at for general guidance on how to structure it. Thanks in advance Falset5_2s7v0FalseTruet3_1fc12fhttp://www.reddit.com/r/SecurityAnalysis/comments/1fc12f/advice_on_aspects_to_consider_when_compiling_a/
1369852173.07scribd.com1fa7oeHugh Hendry's Eclectica Asset Management's April 2013 Investor Lettercurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/1fa7oe/hugh_hendrys_eclectica_asset_managements_april/Falset5_2s7v0FalseFalset3_1fa7oehttp://www.scribd.com/doc/144177106/Hugh-Hendry-April-hedge-fund-letter
1369852080.06webcache.googleusercontent.com1fa7kbFlippers Ride Housing Wave..Againcurrygoat600http://www.reddit.com/r/SecurityAnalysis/comments/1fa7kb/flippers_ride_housing_waveagain/Falset5_2s7v0FalseFalset3_1fa7kbhttp://webcache.googleusercontent.com/search?q=cache:http://online.wsj.com/article/SB10001424127887323463704578497143338013974.html
1369826511.06news.morningstar.com1f9gdvWhile the link between profits and stock returns should be clear, historically investors have not fully appreciated the long-term persistence of profits.investing101600http://www.reddit.com/r/SecurityAnalysis/comments/1f9gdv/while_the_link_between_profits_and_stock_returns/Falset5_2s7v0FalseFalset3_1f9gdvhttp://news.morningstar.com/articlenet/article.aspx?id=598294
1369417390.06beyondproxy.com1eze94Wisdom How Simplifying Your Investment Process Can Make You a Better Investorinvesting101820http://www.reddit.com/r/SecurityAnalysis/comments/1eze94/wisdom_how_simplifying_your_investment_process/Falset5_2s7v0FalseFalset3_1eze94http://www.beyondproxy.com/investment-process/
1369408794.06peridotcapitalist.com1ez3inSears: The Break-Up Plan Continues Without Any Payoff For Equity Holderscurrygoat820http://www.reddit.com/r/SecurityAnalysis/comments/1ez3in/sears_the_breakup_plan_continues_without_any/Falset5_2s7v0FalseFalset3_1ez3inhttp://www.peridotcapitalist.com/2013/05/sears-the-break-up-plan-continues-without-any-payoff-for-equity-holders.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+PeridotCapitalist+%28peridotcapitalist+dot+com%29
1369246770.06bloomberg.com1eukmuSony Board Discussing Loeb’s Entertainment IPO ProposalBeren-710http://www.reddit.com/r/SecurityAnalysis/comments/1eukmu/sony_board_discussing_loebs_entertainment_ipo/Falset5_2s7v0FalseFalset3_1eukmuhttp://www.bloomberg.com/news/2013-05-21/sony-jumps-on-report-company-weighs-entertainment-spinoff.html
1369236315.07bloomberg.com1eu709Intuitive Robotic Surgery Case Goes to Seattle-Area Jurycurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/1eu709/intuitive_robotic_surgery_case_goes_to/Falset5_2s7v0FalseFalset3_1eu709http://www.bloomberg.com/news/2013-05-22/intuitive-robotic-surgery-case-goes-to-seattle-area-jury.html
1369161533.07www-personal.umich.edu1es2tnAnomalies: Violations of the Law of One Price in Financial Marketscurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/1es2tn/anomalies_violations_of_the_law_of_one_price_in/Falset5_2s7v0FalseFalset3_1es2tnhttp://www-personal.umich.edu/~kathrynd/JEP.Anomalies_LOP.pdf
1369058958.04oldschoolvalue.com1eozvzDoes the Magic Formula Really Work?investing10110611http://www.reddit.com/r/SecurityAnalysis/comments/1eozvz/does_the_magic_formula_really_work/Falset5_2s7v0FalseFalset3_1eozvzhttp://www.oldschoolvalue.com/blog/investing-strategy/the-magic-formula-investing/
1368768206.05self.SecurityAnalysis1ei2rcBiography on Teledyne and Henry Singletonletopeto610http://www.reddit.com/r/SecurityAnalysis/comments/1ei2rc/biography_on_teledyne_and_henry_singleton/Hey guys,I attended the BRK meeting this year and the short seller asked about Henry Singleton and Teledyne..found out that Charlie and Warren are huge fans of them. Unfortunately modern teledyne is very different and I tried to get the old annual reports but couldn't find them anywhere---Just found this.http://www.amazon.com/Distant-Force-Teledyne-Corporation-Created/dp/097913630X/ref=sr_1_1?ie=UTF8&qid=1368768064&sr=8-1&keywords=distant+forceBiography was REALLY interesting (first half is kind of boring, talks about engineering/background etc) the second half was the most valuable for me. Talked about Singleton's capital allocation principles.Also included are all the henry singleton shareholder letters and annual reports. Absolute gold.Anyways just thought I'd post in case anyone else is trying to read up on amazing companies. (just learned about value investing but I love it already!)EDIT: No I don't make any money from referral link through amazon. Feel free to just search 'distant force,' the title of the book.Also another book I highly recommend is Damn Right! the biography on Munger. Very insightful!Falset5_2s7v0FalseTruet3_1ei2rchttp://www.reddit.com/r/SecurityAnalysis/comments/1ei2rc/biography_on_teledyne_and_henry_singleton/
1368707895.06dealbook.nytimes.com1eg3puSignificant Changes Proposed in Lease Accountingcurrygoat600http://www.reddit.com/r/SecurityAnalysis/comments/1eg3pu/significant_changes_proposed_in_lease_accounting/Falset5_2s7v0FalseFalset3_1eg3puhttp://dealbook.nytimes.com/2013/05/16/significant-changes-proposed-in-lease-accounting/
1368637687.07dealbook.nytimes.com1ee5ayJana Reveals Big Stakes in Groupon and Zyngacurrygoat810http://www.reddit.com/r/SecurityAnalysis/comments/1ee5ay/jana_reveals_big_stakes_in_groupon_and_zynga/Falset5_2s7v0FalseFalset3_1ee5ayhttp://dealbook.nytimes.com/2013/05/15/jana-takes-stakes-in-groupon-and-zynga
1368379102.05alephblog.com1e6wgwOn Insurance Investing, Part 6currygoat610http://www.reddit.com/r/SecurityAnalysis/comments/1e6wgw/on_insurance_investing_part_6/Falset5_2s7v0FalseFalset3_1e6wgwhttp://alephblog.com/2013/05/11/on-insurance-investing-part-6/
1368067637.05rationalwalk.com1dz74hThe Facts Change at Contango Oil & Gascurrygoat610http://www.reddit.com/r/SecurityAnalysis/comments/1dz74h/the_facts_change_at_contango_oil_gas/Falset5_2s7v0FalseFalset3_1dz74hhttp://www.rationalwalk.com/?p=13191&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheRationalWalkFeed+%28The+Rational+Walk%29
1368036935.07gallery.mailchimp.com1dy232Broyhill Asset Management's Long Thesis on Hospiracurrygoat701http://www.reddit.com/r/SecurityAnalysis/comments/1dy232/broyhill_asset_managements_long_thesis_on_hospira/Falset5_2s7v0FalseFalset3_1dy232http://gallery.mailchimp.com/443e8872e35ccdde12b72e8cd/files/HSP_Thesis_May_13_.pdf
1367895674.06tweedy.com1du7pqTweedy Browne Q1 2013 Commentarycurrygoat600http://www.reddit.com/r/SecurityAnalysis/comments/1du7pq/tweedy_browne_q1_2013_commentary/Falset5_2s7v0FalseFalset3_1du7pqhttp://www.tweedy.com/resources/library_docs/quarterly/FundCommentary%20Q1%202013%20-%20Final.pdf
1367524089.04youtube.com1dkkhsHoward Marks and Michael MilkenMayorofCasterbridge621http://www.reddit.com/r/SecurityAnalysis/comments/1dkkhs/howard_marks_and_michael_milken/Falset5_2s7v0FalseFalset3_1dkkhshttp://www.youtube.com/watch?feature=player_embedded&v=4-uee9RfO6c
1367411075.06self.SecurityAnalysis1dh6kjold but still interesting VIC write upsbillyjoerob714http://www.reddit.com/r/SecurityAnalysis/comments/1dh6kj/old_but_still_interesting_vic_write_ups/VIC write-ups are usually behind a wall for 45 days, but sometimes the investment thesis can take months or even years to play out. I've gone through some of the old write-ups and will post some others, but here is one that's most relevant right now. COWN reports earnings on Friday morning. Please share any that you think are still worth considering. Falset5_2s7v0FalseTruet3_1dh6kjhttp://www.reddit.com/r/SecurityAnalysis/comments/1dh6kj/old_but_still_interesting_vic_write_ups/
1367287421.07economist.com1ddsriDon’t just do something, sit thereinvesting101810http://www.reddit.com/r/SecurityAnalysis/comments/1ddsri/dont_just_do_something_sit_there/Falset5_2s7v0FalseFalset3_1ddsrihttp://www.economist.com/news/finance-and-economics/21576683-fund-managers-trade-too-much-retail-investors-can-learn-not-dont-just-do
1367263735.07scribd.com1dcva1Stock Pitch: WhiteWave Foods (WWAV)jckund929http://www.reddit.com/r/SecurityAnalysis/comments/1dcva1/stock_pitch_whitewave_foods_wwav/Falset5_2s7v0FalseFalset3_1dcva1http://www.scribd.com/doc/138556652/WhiteWave-Foods-Stock-Pitch?secret_password=2lnyez097b3p9mt9nf73
1367262987.06gsb.columbia.edu1dcu88Private Equity & Venture Capital Conference: Howard Marksinvesting101600http://www.reddit.com/r/SecurityAnalysis/comments/1dcu88/private_equity_venture_capital_conference_howard/Falset5_2s7v0FalseFalset3_1dcu88http://www7.gsb.columbia.edu/video/v/node/2415/video
1367088030.06wexboy.wordpress.com1d884zCatalysts – A Summary (Part 1)currygoat601http://www.reddit.com/r/SecurityAnalysis/comments/1d884z/catalysts_a_summary_part_1/Falset5_2s7v0FalseFalset3_1d884zhttp://wexboy.wordpress.com/2013/02/22/catalysts-a-summary-part-i-of-ii/
1366991213.06bloomberg.com1d5r0qJana Says Rockwood Worth $80 a Share in Possible Takeovercurrygoat600http://www.reddit.com/r/SecurityAnalysis/comments/1d5r0q/jana_says_rockwood_worth_80_a_share_in_possible/Falset5_2s7v0FalseFalset3_1d5r0qhttp://www.bloomberg.com/news/2013-04-23/jana-says-rockwood-worth-80-a-share-in-possible-takeover.html
1366758639.04self.SecurityAnalysis1cyxv4Factset questionnobeardnoeconomist626http://www.reddit.com/r/SecurityAnalysis/comments/1cyxv4/factset_question/So our school just got Factset on campus (in lieu of an expanded bloomberg setup) and I have to say.. I'm *really* enjoying factset so far.My question is though: How many of you out in the finance working world use or have used Factset in a professional environment? and if so, Pros/Cons? So far my biggest caveat is that bloomberg is still #1 for first-to-market news but beyond that, I'm pretty hooked..**EDIT**: Thanks for the feedback everyone, glad to know we're still learning working-world applicationsFalset5_2s7v01367021981.0Truet3_1cyxv4http://www.reddit.com/r/SecurityAnalysis/comments/1cyxv4/factset_question/
1366389626.06youtube.com1com6tInterview with Thomas Russo on Global Value Investingcurrygoat600http://www.reddit.com/r/SecurityAnalysis/comments/1com6t/interview_with_thomas_russo_on_global_value/Falset5_2s7v0FalseFalset3_1com6thttp://www.youtube.com/watch?feature=player_embedded&v=xsBaxjWGoNE
1366307662.08covestreetcapital.com1cmatv2013 Fairfax Annual Meeting Notesinvesting101801http://www.reddit.com/r/SecurityAnalysis/comments/1cmatv/2013_fairfax_annual_meeting_notes/Falset5_2s7v0FalseFalset3_1cmatvhttp://covestreetcapital.com/Blog/wp-content/uploads/2013/04/2013-Fairfax-Annual-Meeting-Notes.pdf
1366203743.06valueuncovered.com1cj2pgManutan (EPA:MAN) – Playing Reversion to the Meancurrygoat601http://www.reddit.com/r/SecurityAnalysis/comments/1cj2pg/manutan_epaman_playing_reversion_to_the_mean/Falset5_2s7v0FalseFalset3_1cj2pghttp://www.valueuncovered.com/manutan-epaman-playing-reversion-to-the-mean?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ValueUncovered+%28Value+Uncovered%29
1365784721.06greenbackd.com1c7qolMarkets Seek Black Swan: How Overvaluation Leads To Increased Frequency and Magnitude Of Tail Risk EventsGreenbackd824http://www.reddit.com/r/SecurityAnalysis/comments/1c7qol/markets_seek_black_swan_how_overvaluation_leads/Falset5_2s7v0FalseFalset3_1c7qolhttp://greenbackd.com/2013/04/12/us-equity-markets-seek-black-swan/
1365701713.07bloomberg.com1c5b6qThird Point's Many Opportunistic Greek Investmentscurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/1c5b6q/third_points_many_opportunistic_greek_investments/Falset5_2s7v0FalseFalset3_1c5b6qhttp://www.bloomberg.com/news/2013-04-10/third-point-starting-greek-focused-hedge-fund-on-recovery-bet.html
1365473794.07dealbook.nytimes.com1byo2jBattle Heats Up Over Fate of Troubled Energy BuyoutBeren-701http://www.reddit.com/r/SecurityAnalysis/comments/1byo2j/battle_heats_up_over_fate_of_troubled_energy/Falset5_2s7v0FalseFalset3_1byo2jhttp://dealbook.nytimes.com/2013/04/08/a-battle-intensifies-over-the-fate-of-energy-future-holdings/
1365462907.06bloomberg.com1by95eJ.C. Penney Ousts Johnson as CEO for Former Chief UllmanBeren-605http://www.reddit.com/r/SecurityAnalysis/comments/1by95e/jc_penney_ousts_johnson_as_ceo_for_former_chief/Falset5_2s7v0FalseFalset3_1by95ehttp://www.bloomberg.com/news/2013-04-08/j-c-penney-ousts-johnson-as-ceo-for-former-chief-ullman.html
1365075327.05alephblog.com1bnktfValue Investing Flavorsinvesting101610http://www.reddit.com/r/SecurityAnalysis/comments/1bnktf/value_investing_flavors/Falset5_2s7v0FalseFalset3_1bnktfhttp://alephblog.com/2013/04/04/value-investing-flavors/
1365047213.05self.SecurityAnalysis1bn0m6Does anyone have access/downloaded the 98 industry primers posted here a while ago that I can get from them?letopeto725http://www.reddit.com/r/SecurityAnalysis/comments/1bn0m6/does_anyone_have_accessdownloaded_the_98_industry/I'm trying to learn more about investing and different industries and hope to post here when I find companies I like (but I don't want to post with an unresearched/speculative report, but one that I understand in-and-out.).The industry primers that was posted by currygoat a while ago seem like a great resource, but I sent him a PM and wasn't able to get in touch with him. Does anyone here have access and kindly be able to send them over to me?Thank you so much!Old Post here:http://www.reddit.com/r/SecurityAnalysis/comments/10b3us/75_industry_primers/Falset5_2s7v0FalseTruet3_1bn0m6http://www.reddit.com/r/SecurityAnalysis/comments/1bn0m6/does_anyone_have_accessdownloaded_the_98_industry/
1364975715.04self.SecurityAnalysis1bkqzaWhat do you think about Lanxess?flyingorange738http://www.reddit.com/r/SecurityAnalysis/comments/1bkqza/what_do_you_think_about_lanxess/No one replied at /r/investing so hopefully someone from here will analyze this company with me.In the last week the stock price went down more than 15%, so perhaps now they're not overpriced anymore?Lanxess is a chemical company that produces all kinds of chemicals. Last year they invested a lot in producing tires. They made two acquisitions (small companies) and they both were somewhat related to the auto industry. In their annual report last week they said they had worse than expected sales due to low demand from car manufacturers, for example their tire sales went down 40%.Here are some arguments why it's a good buy, please let me know what you disagree with.* It's P/E went from 10.01 to 8.95 so now it's cheap (or in decline)* Their profit for 2012 (=514) was *record high* and higher than in 2011 (=506), the problem is that it was expected they would earn more. Still, the fact that they've never been as profitable as they are now should be a good sign.* Their ROA and ROE is lower than in 2011 but only by a bit, and is higher than in 2010. So if it wasn't for the poor sales, I'd say they're getting more efficient.* The company was created as a spin-off from Bayer in 2005, and after going through a messy period they started giving out dividends in 2006 and never stopped. The dividend per share went up from 0.25 in 2006 to 1.00 euro this year* Their EPS is 113% higher than the average for the previous 5 years, and 2361% higher than in the period 2005-2009* Profit/Debt is 31.5% for 2012 and has been steadily growing since 2006.* Profit/Revenue is 5.65% which is lower than in 2011 when it was 5.77%, but it has been steadily growing since 2006 when it was 1.18%* According to Graham's formula for determining the stock's intrinsic value, it's 53.52 EUR. Its current stock price now is 55.05 so it's pretty close, it's not overpriced* ROIC is 5.89% which is 'just right' (more than 6% would be ideal)* P/BV is 2.61 so it's a little bit expensive, but in 2011 it was 2.92 and in 2010 it was 4.16* Graham's formula for determining financial strength: working capital/(2*debt) = 0.65 while >1 would be ideal. It's still better than in 2011 when it was 0.31* They have less debt now than they had in 2011* They have more cash* Inventories went up a little bit* Their gross cash flow was positive and higher by 200 million compared to 2011 (and is record high)All of this tells me that I should buy, and I probably will, but please tell me if you see something as a problem here.Falset5_2s7v0FalseTruet3_1bkqzahttp://www.reddit.com/r/SecurityAnalysis/comments/1bkqza/what_do_you_think_about_lanxess/
1364765996.06online.barrons.com1bdp2dFishing for Value: Talking with Larry Pitkowsky and Keith Trauner, the portfolio managers of the GoodHaven Fund.investing101600http://www.reddit.com/r/SecurityAnalysis/comments/1bdp2d/fishing_for_value_talking_with_larry_pitkowsky/Falset5_2s7v0FalseFalset3_1bdp2dhttp://online.barrons.com/article/SB50001424052748704882404578382551973607898.html?mod=BOL_twm_fs#printMode
1364725564.05self.SecurityAnalysis1bcpd0Am I doing this right?kinder_jaje617http://www.reddit.com/r/SecurityAnalysis/comments/1bcpd0/am_i_doing_this_right/I'm looking at Bayer and took their annual reports since 2000. [The Excel file can be looked at here](https://docs.google.com/file/d/0B6C_sZwRxknybDVtU0V5UXlVVHM/edit?usp=sharing).What's marked in blue are numbers derived from the numbers in the report. The numbers are in 000000's where applicable.I'm planning to do a similar report for a few other companies I'm interested in, but first I'd like to know if I made some mistakes in this one. Please let me know what did I calculate wrong. 1. Operating income = EBIT, this is right? In some reports they write it one way and in others the other way 2. Expenses = EBIT - Revenue 3. Minority interest = 0, at some point in 2008 Bayer did a 'squeeze out' which under German law means that 95% of the shareholders may force the minority shareholders to sell their shares 4. How to calculate free cash flow? 5. Market capitalization = avg share value * shares (in millions) 6. Other current assets = Current assets - Cash - Inventories 7. Book value = Total assets + Depreciation - Other current assets - Debt 8. Profitability = profit / revenue 9. Stability = in the past 10 years, how many times was current EPS / avg(3 year EPS) > 1 (meaning there was stable growth)Falset5_2s7v0FalseTruet3_1bcpd0http://www.reddit.com/r/SecurityAnalysis/comments/1bcpd0/am_i_doing_this_right/
1364491069.05ft.com1b6rh3Financial Times - Report on Investing in JapanBeren-720http://www.reddit.com/r/SecurityAnalysis/comments/1b6rh3/financial_times_report_on_investing_in_japan/Falset5_2s7v0FalseFalset3_1b6rh3http://www.ft.com/intl/cms/b8e4aefe-95db-11e2-b8dd-00144feabdc0.pdf
1364406209.06charlierose.com1b4edjCharlie Rose Interview with Brian MoynihanBeren-602http://www.reddit.com/r/SecurityAnalysis/comments/1b4edj/charlie_rose_interview_with_brian_moynihan/Falset5_2s7v0FalseFalset3_1b4edjhttp://www.charlierose.com/view/interview/12845
1363884381.05greenbackd.com1aqoejS&P 500 Operating EPS Estimates Are Too Optimistic and the Market Is ExpensiveGreenbackd720http://www.reddit.com/r/SecurityAnalysis/comments/1aqoej/sp_500_operating_eps_estimates_are_too_optimistic/Falset5_2s7v0FalseFalset3_1aqoejhttp://greenbackd.com/2013/03/21/sp-500-operating-eps-estimates-are-too-optimistic-and-the-market-is-expensive/
1363376179.05online.barrons.com1ad8tpGuru to the Stars wcampb720http://www.reddit.com/r/SecurityAnalysis/comments/1ad8tp/guru_to_the_stars/Falset5_2s7v0FalseFalset3_1ad8tphttp://online.barrons.com/article/SB50001424052748704836204578340351329744008.html?mod=BOL_GoogleNews&google_editors_picks=true#articleTabs_article%3D0
1363271971.07bloom.bg1aaaw8How Closely Should You Follow Activist Investors? [7m11s]currygoat700http://www.reddit.com/r/SecurityAnalysis/comments/1aaaw8/how_closely_should_you_follow_activist_investors/Falset5_2s7v0FalseFalset3_1aaaw8http://bloom.bg/13JpZe7
1363013048.07vijourney.wordpress.com1a30ntParadise Inc, $PARF, Operates In A Consistently Profitable, Extremely Small Niche That It Has Dominated For Yearsjmriv1986811http://www.reddit.com/r/SecurityAnalysis/comments/1a30nt/paradise_inc_parf_operates_in_a_consistently/Falset5_2s7v0FalseFalset3_1a30nthttp://vijourney.wordpress.com/2013/03/11/paradise-inc-parf-operates-in-a-consistently-profitable-extremely-small-niche-that-it-has-dominated-for-years/
1362687801.07joshuakennon.com19v5zeTweedy, Browne Investing Style and Research QuestionsFundamentalHedgie701http://www.reddit.com/r/SecurityAnalysis/comments/19v5ze/tweedy_browne_investing_style_and_research/Falset5_2s7v0FalseFalset3_19v5zehttp://www.joshuakennon.com/tweedy-browne-value-investing/
1362523615.06reuters.com19qiwkOaktree's Marks warns pre-crisis behavior is backinvesting101600http://www.reddit.com/r/SecurityAnalysis/comments/19qiwk/oaktrees_marks_warns_precrisis_behavior_is_back/Falset5_2s7v0FalseFalset3_19qiwkhttp://www.reuters.com/article/2013/03/05/oaktree-marks-idUSL6N0BXLP520130305
1362513463.06horizonkinetics.com19q4tyHorizon Kinetics - Bit and PiecesBeren-602http://www.reddit.com/r/SecurityAnalysis/comments/19q4ty/horizon_kinetics_bit_and_pieces/Falset5_2s7v0FalseFalset3_19q4tyhttp://www.horizonkinetics.com/docs/Bits_and_Pieces_Feb_%202013.pdf
1362260999.06nypl.org19jji3A Conversation Between Daniel Kahneman (Thinking, Fast and Slow) and Nassim Taleb (Antifragile: Things That Gain from Disorder)FundamentalHedgie710http://www.reddit.com/r/SecurityAnalysis/comments/19jji3/a_conversation_between_daniel_kahneman_thinking/Falset5_2s7v0FalseFalset3_19jji3http://www.nypl.org/audiovideo/live-nypl-nassim-taleb-daniel-kahneman
1362247202.08tweedy.com19j4r0Tweedy, Browne Company: What Has Worked In Investing, Studies of Investment Approaches and Characteristics Associated With Exceptional ReturnsFundamentalHedgie913http://www.reddit.com/r/SecurityAnalysis/comments/19j4r0/tweedy_browne_company_what_has_worked_in/Falset5_2s7v0FalseFalset3_19j4r0http://www.tweedy.com/resources/library_docs/papers/WhatHasWorkedFundVersionWeb.pdf
1362172737.05youtube.com19hhlkInterview with George Schultze on Distressed InvestingBeren-720http://www.reddit.com/r/SecurityAnalysis/comments/19hhlk/interview_with_george_schultze_on_distressed/Falset5_2s7v0FalseFalset3_19hhlkhttp://www.youtube.com/watch?feature=player_embedded&v=SydMJ1JwUPs
1362164881.06rbcpa.com19h7q9Peter Lynch Prodigy Chat 2/6/96rbco710http://www.reddit.com/r/SecurityAnalysis/comments/19h7q9/peter_lynch_prodigy_chat_2696/Falset5_2s7v0FalseFalset3_19h7q9http://rbcpa.com/Lynch_Peter_Prodigy_Transcript_19960206.pdf
1362081034.05bloomberg.com19ex6kJ.C. Penney Lowest Sales in Decades Beren-723http://www.reddit.com/r/SecurityAnalysis/comments/19ex6k/jc_penney_lowest_sales_in_decades/Falset5_2s7v0FalseFalset3_19ex6khttp://www.bloomberg.com/news/2013-02-27/j-c-penney-posts-wider-fourth-quarter-net-loss.html
1361869772.06youtube.com1991txAndreas Halvorsen on Investment Processcurrygoat710http://www.reddit.com/r/SecurityAnalysis/comments/1991tx/andreas_halvorsen_on_investment_process/Falset5_2s7v0FalseFalset3_1991txhttp://www.youtube.com/watch?v=VdYu63riP0Y&feature=player_embedded
1361426438.07online.wsj.com18xuejWSJ: Why Most Value Investors Will Burn Out (paywall - search google news for title)Wrg2608921http://www.reddit.com/r/SecurityAnalysis/comments/18xuej/wsj_why_most_value_investors_will_burn_out/Falset5_2s7v0FalseFalset3_18xuejhttp://online.wsj.com/article/SB10001424127887324432004578306153331261978.html
1361046778.04myinvestingnotebook.blogspot.com18njxfCoho Capital Q4 2012 Investor Lettercurrygoat620http://www.reddit.com/r/SecurityAnalysis/comments/18njxf/coho_capital_q4_2012_investor_letter/Falset5_2s7v0FalseFalset3_18njxfhttp://myinvestingnotebook.blogspot.com/2013/02/coho-capital-year-end-2012-letter.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MyInvestingNotebook+%28My+Investing+Notebook%29&utm_content=Google+Reader
1360872868.06nytimes.com18j9mcWarren Buffett Interview on Heinz Deal [20min]Beren-600http://www.reddit.com/r/SecurityAnalysis/comments/18j9mc/warren_buffett_interview_on_heinz_deal_20min/Falset5_2s7v0FalseFalset3_18j9mchttp://www.nytimes.com/video/2013/02/14/business/100000002065202/warren-buffett-on-heinz-deal.html
1360554302.07self.SecurityAnalysis18addlWhere Is Your Fund Manager From? investing1011030http://www.reddit.com/r/SecurityAnalysis/comments/18addl/where_is_your_fund_manager_from/Which emerging-markets mutual fund is likely to do better: one run by a Bruegger, or one run by a Barbosa? Some interesting behavioral finance [Bloomberg article here](http://www.bloomberg.com/news/2013-02-07/where-is-your-fund-manager-from-.html/)Falset5_2s7v0FalseTruet3_18addlhttp://www.reddit.com/r/SecurityAnalysis/comments/18addl/where_is_your_fund_manager_from/
1360450206.07pandodaily.com187sasCoatue Management Launches $300M Valley-Based Pre-IPO Growth Fundcurrygoat811http://www.reddit.com/r/SecurityAnalysis/comments/187sas/coatue_management_launches_300m_valleybased/Falset5_2s7v0FalseFalset3_187sashttp://pandodaily.com/2013/02/07/top-hedge-fund-coatue-launches-300m-valley-based-growth-fund/
1360406433.06businessweek.com186rq9North Dakota's Bakken Oil Finally Hits the East Coastcurrygoat600http://www.reddit.com/r/SecurityAnalysis/comments/186rq9/north_dakotas_bakken_oil_finally_hits_the_east/Falset5_2s7v0FalseFalset3_186rq9http://www.businessweek.com/articles/2013-02-06/north-dakotas-bakken-oil-finally-hits-the-east-coast
1360078174.06bloomberg.com17xp00Dell in $24 Billion Deal to Go PrivateBeren-601http://www.reddit.com/r/SecurityAnalysis/comments/17xp00/dell_in_24_billion_deal_to_go_private/Falset5_2s7v0FalseFalset3_17xp00http://www.bloomberg.com/news/2013-02-05/dell-taken-private-as-pc-market-slump-hastens-24-billion-buyout.html
1360005746.05investinginknowledge.com17vr8hBruce Berkowitz at CSIMA 2013 [Audio]Beren-611http://www.reddit.com/r/SecurityAnalysis/comments/17vr8h/bruce_berkowitz_at_csima_2013_audio/Falset5_2s7v0FalseFalset3_17vr8hhttp://investinginknowledge.com/info/2013/02/bruce-berkowitz-csima-2013-audio/
1359994547.06wedgewoodpartners.com17ve46Wedgewood Partners Q4 2012 Client Lettercurrygoat601http://www.reddit.com/r/SecurityAnalysis/comments/17ve46/wedgewood_partners_q4_2012_client_letter/Falset5_2s7v0FalseFalset3_17ve46http://www.wedgewoodpartners.com/images/stories/Wedgewood%20PDFs/Wedgewood_Partners_4th_Quarter_2012_Commentary_.pdf
1359824860.06quinzedix.blogspot.com17rcf9The Forest for the Trees: AMZN Financial Analysiscurrygoat825http://www.reddit.com/r/SecurityAnalysis/comments/17rcf9/the_forest_for_the_trees_amzn_financial_analysis/Falset5_2s7v0FalseFalset3_17rcf9http://quinzedix.blogspot.com/2013/02/the-forest-for-trees.html?m=1
1359241768.06docs.google.com17c7uiCritique my workbook pleaseILegionnaire6014http://www.reddit.com/r/SecurityAnalysis/comments/17c7ui/critique_my_workbook_please/Falset5_2s7v0FalseFalset3_17c7uihttps://docs.google.com/file/d/0B5kWUtaKpgVIMkJJMFJqdkJyRFE/edit
1359055462.05roycefunds.com177f5kRoyce Funds - Compelling Opportunities, Attractive Sectors, and Niche Markets in EuropeBeren-611http://www.reddit.com/r/SecurityAnalysis/comments/177f5k/royce_funds_compelling_opportunities_attractive/Falset5_2s7v0FalseFalset3_177f5khttp://www.roycefunds.com/news/commentary/2013/0123-compelling-opportunities-attractive-sectors-niche-markets-europe.asp
1358991807.08alephblog.com175un1Insurance Companys are buying back their own sharesWrg2608910http://www.reddit.com/r/SecurityAnalysis/comments/175un1/insurance_companys_are_buying_back_their_own/Falset5_2s7v0FalseFalset3_175un1http://alephblog.com/2013/01/23/on-insurance-investing-part-1/?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+TheAlephBlog+%28The+Aleph+Blog%29
1358879146.07bloomberg.com172g4kBloomberg Interview With David Tepper [27min]Beren-700http://www.reddit.com/r/SecurityAnalysis/comments/172g4k/bloomberg_interview_with_david_tepper_27min/Falset5_2s7v0FalseFalset3_172g4khttp://www.bloomberg.com/video/appaloosa-s-tepper-equity-is-cheap-to-everything-2yPzfpPxSmGpe2LwNsIhUg.html
1358791449.07oddballstocks.com170074How Much Information is Really Needed to Invest?currygoat1031http://www.reddit.com/r/SecurityAnalysis/comments/170074/how_much_information_is_really_needed_to_invest/Falset5_2s7v0FalseFalset3_170074http://www.oddballstocks.com/2013/01/more-is-better-how-much-information-is.html
1358526638.07pmjar.com16tmkeStanley Druckenmiller, protege of Soros, on trackrecord creation, compounding, & working with SorosMultiStrat810http://www.reddit.com/r/SecurityAnalysis/comments/16tmke/stanley_druckenmiller_protege_of_soros_on/Falset5_2s7v0FalseFalset3_16tmkehttp://www.pmjar.com/?p=863
1358430652.05theatlantic.com16r1oqThe Shift in America's Drinking Habitscurrygoat940http://www.reddit.com/r/SecurityAnalysis/comments/16r1oq/the_shift_in_americas_drinking_habits/Falset5_2s7v0FalseFalset3_16r1oqhttp://www.theatlantic.com/business/print/2013/01/how-america-drinks-water-and-wine-soar-cheap-beer-and-soda-crash/267153/
1358382069.07self.SecurityAnalysis16pvsaWhy does QCOR have 50% of shares shorted? 925http://www.reddit.com/r/SecurityAnalysis/comments/16pvsa/why_does_qcor_have_50_of_shares_shorted/Fundamentals look very solid: Tons of free cash flow, high ROE, good ROA, low PE, trading near its 52 week low, etc.Falset5_2s7v0FalseTruet3_16pvsahttp://www.reddit.com/r/SecurityAnalysis/comments/16pvsa/why_does_qcor_have_50_of_shares_shorted/
1358192223.06aswathdamodaran.blogspot.in16kfzbAswath Damodaran - Data Update 2013: The Dark Side of NumbersWrg2608600http://www.reddit.com/r/SecurityAnalysis/comments/16kfzb/aswath_damodaran_data_update_2013_the_dark_side/Falset5_2s7v0FalseFalset3_16kfzbhttp://aswathdamodaran.blogspot.in/2013/01/data-update-2013-dark-side-of-numbers.html
1358134303.06self.SecurityAnalysis16j38tHow do you find convertible bonds/preferred stocksklg2138605http://www.reddit.com/r/SecurityAnalysis/comments/16j38t/how_do_you_find_convertible_bondspreferred_stocks/There are several websites one can use to screen for common stocks, such as the ones in the sidebar. I was wondering though how I might systematically locate convertible bonds/preferred stocks. I have trouble finding a database for even vanilla fixed-income securities much less convertible issues/preferred shares. I'm curious because Graham did devote 2/3 of his book to senior securities.Falset5_2s7v0FalseTruet3_16j38thttp://www.reddit.com/r/SecurityAnalysis/comments/16j38t/how_do_you_find_convertible_bondspreferred_stocks/
1358095932.08theguruinvestor.com16hvzuThe Lynch Approach: Growth, at a Reasonable Price The Guru InvestorWrg2608800http://www.reddit.com/r/SecurityAnalysis/comments/16hvzu/the_lynch_approach_growth_at_a_reasonable_price/Falset5_2s7v0FalseFalset3_16hvzuhttp://theguruinvestor.com/2013/01/04/the-lynch-approach-growth-at-a-reasonable-price/
1357765487.06greenbackd.com169qw9Examining Benjamin Graham’s Record: Skill Or Luck? « Greenbackd BlogWrg2608823http://www.reddit.com/r/SecurityAnalysis/comments/169qw9/examining_benjamin_grahams_record_skill_or_luck/Falset5_2s7v0FalseFalset3_169qw9http://greenbackd.com/2013/01/09/examining-benjamin-grahams-record-skill-or-luck/
1357748186.06forbes.com1695m5Dan Loeb Buys 8% Stake In Herbalifecurrygoat820http://www.reddit.com/r/SecurityAnalysis/comments/1695m5/dan_loeb_buys_8_stake_in_herbalife/Falset5_2s7v0FalseFalset3_1695m5http://www.forbes.com/sites/steveschaefer/2013/01/09/dan-loeb-buys-8-2-of-herbalife-takes-on-ackman/
1357680995.05bwater.com167fxxRay Dalio on Bridgewater's All Weather StrategyBeren-612http://www.reddit.com/r/SecurityAnalysis/comments/167fxx/ray_dalio_on_bridgewaters_all_weather_strategy/Falset5_2s7v0FalseFalset3_167fxxhttp://www.bwater.com/home/research--press/the-all-weather-strategy.aspx
1357517133.06economist.com16369kP2P Lending is Fulling the Funding Gapcurrygoat934http://www.reddit.com/r/SecurityAnalysis/comments/16369k/p2p_lending_is_fulling_the_funding_gap/Falset5_2s7v0FalseFalset3_16369khttp://www.economist.com/blogs/schumpeter/2013/01/lending-club
1357154700.07dealbook.nytimes.com15u9dgAvis to Buy Zipcar for $500 MillionBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/15u9dg/avis_to_buy_zipcar_for_500_million/Falset5_2s7v0FalseFalset3_15u9dghttp://dealbook.nytimes.com/2013/01/02/avis-to-buy-zipcar-for-500-million/
1356968346.06bloomberg.com15q5qeCarlyle Agrees to Buy Duff & Phelps for $665.5 Millioncurrygoat710http://www.reddit.com/r/SecurityAnalysis/comments/15q5qe/carlyle_agrees_to_buy_duff_phelps_for_6655_million/Falset5_2s7v0FalseFalset3_15q5qehttp://www.bloomberg.com/news/2012-12-30/carlyle-agrees-to-buy-duff-phelps-for-665-5-million.html
1356151951.05self.SecurityAnalysis159mopWeb scuttlebutt613http://www.reddit.com/r/SecurityAnalysis/comments/159mop/web_scuttlebutt/For those of you who have also read Phil Fisher's works, you know of scuttlebutt. In the age of the internet, though, it should be possible to obtain a lot of the same information gained from scuttlebutt without actually talking to anyone, but merely crawling through the web. What websites do you know of that help an investor gain information related to the '15 points' that Fisher details? If not websites, then what about stuff you can do online to gain such information, from your computer? I know of four websites as of now: slate.com.. which has some insightful business articles. twst.com.. which has executive interviews of several companies.amazon.com.. you at least get customer perspectives on the productsglassdoor.com.. lots of comments from current and former employees. Be wary of 'sour grapes' though. You can also get the average salary and compare that to other companies. For those of you not familiar with Fisher's works, scuttlebutt is basically the process of asking smart questions to a 'representative cross-section [..] of those who in one way or another are concerned with any particular company' with the objective of gaining 'an accurate picture of the relative points of strengths an weaknesses of each company in an industry.' (Quotes from 'Common Stocks and Uncommon Profits'.) It is a discovery process to determine the qualitative aspects of a company that Graham never considered in much detail. Falset5_2s7v01356221344.0Truet3_159mophttp://www.reddit.com/r/SecurityAnalysis/comments/159mop/web_scuttlebutt/
1356034513.08youtube.com156nnoJohn Malone Interview: Cable Mavericks Lecture Seriescurrygoat1021http://www.reddit.com/r/SecurityAnalysis/comments/156nno/john_malone_interview_cable_mavericks_lecture/Falset5_2s7v0FalseFalset3_156nnohttp://www.youtube.com/watch?feature=player_embedded&v=v5QfCLeloEg
1355962578.04bloomberg.com154zyxGoogle Sells Motorola Home to Arris for $2.35bnBeren-620http://www.reddit.com/r/SecurityAnalysis/comments/154zyx/google_sells_motorola_home_to_arris_for_235bn/Falset5_2s7v0FalseFalset3_154zyxhttp://www.bloomberg.com/news/2012-12-19/google-sells-motorola-home-to-arris-for-2-35-billion-correct-.html
1355955130.06horizonkinetics.com154rn0Dormant Assets - Predictive Attributes for OutperformanceBeren-710http://www.reddit.com/r/SecurityAnalysis/comments/154rn0/dormant_assets_predictive_attributes_for/Falset5_2s7v0FalseFalset3_154rn0http://www.horizonkinetics.com/docs/Dormant_Assets_December.pdf
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1351534221.06mediafire.com12acocGMO Q3 2012 Shareholder LetterBeren-710http://www.reddit.com/r/SecurityAnalysis/comments/12acoc/gmo_q3_2012_shareholder_letter/Falset5_2s7v0FalseFalset3_12acochttp://www.mediafire.com/view/?mjyg8h0n7o6828h
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1351018654.06bloomberg.com11yl0nWells Fargo Boosts Stock Buyback Program by $6.9 BillionBeren-820http://www.reddit.com/r/SecurityAnalysis/comments/11yl0n/wells_fargo_boosts_stock_buyback_program_by_69/Falset5_2s7v0FalseFalset3_11yl0nhttp://www.bloomberg.com/news/2012-10-23/wells-fargo-boosts-stock-buyback-program-by-6-9-billion-1-.html
1350846816.05youtube.com11utatWealth Track Interview With Steven RomickBeren-610http://www.reddit.com/r/SecurityAnalysis/comments/11utat/wealth_track_interview_with_steven_romick/Falset5_2s7v0FalseFalset3_11utathttp://www.youtube.com/watch?v=fA8H-P8M2Wc&list=UUW9B1PJwennxYi5Fk_94Lew&index=1&feature=plcp
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1350326881.07ft.com11ivssFinancial Times - Report on the World EconomyBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/11ivss/financial_times_report_on_the_world_economy/Falset5_2s7v0FalseFalset3_11ivsshttp://www.ft.com/intl/cms/04232af6-12a3-11e2-ac28-00144feabdc0.pdf
1350326767.06dealbook.nytimes.com11ivo6Sprint Agrees to Sell Majority Stake to SoftBank for $20.1bnBeren-603http://www.reddit.com/r/SecurityAnalysis/comments/11ivo6/sprint_agrees_to_sell_majority_stake_to_softbank/Falset5_2s7v0FalseFalset3_11ivo6http://dealbook.nytimes.com/2012/10/14/sprint-gets-closer-to-a-deal-with-softbank/?src=dlbksb
1350108724.07self.SecurityAnalysis11eltvCSInvesting has movedfreeandhappy810http://www.reddit.com/r/SecurityAnalysis/comments/11eltv/csinvesting_has_moved/For those interested I received an email saying that csinvesting has moved tohttp://csinvesting.org/Funny thing is - wordpress still hosts the website !Falset5_2s7v0FalseTruet3_11eltvhttp://www.reddit.com/r/SecurityAnalysis/comments/11eltv/csinvesting_has_moved/
1349887953.06bloomberg.com119crvCheapest Chinese Stocks Since ’97 Not Enough to Signal Rallycurrygoat601http://www.reddit.com/r/SecurityAnalysis/comments/119crv/cheapest_chinese_stocks_since_97_not_enough_to/Falset5_2s7v0FalseFalset3_119crvhttp://www.bloomberg.com/news/2012-10-07/cheapest-chinese-stocks-since-1997-not-enough-to-signal-rally.html
1349524625.08csinvesting.wordpress.com111ehgBruce Greenwald's Introduction to Value Investing Class Videos (Lectures 6-10)currygoat1022http://www.reddit.com/r/SecurityAnalysis/comments/111ehg/bruce_greenwalds_introduction_to_value_investing/Falset5_2s7v0FalseFalset3_111ehghttp://csinvesting.wordpress.com/2012/10/05/greenwald-2010-lectures-6-through-10-2/
1349372251.05peridotcapitalist.com10y2cfA Look Inside J.C. Penney's New Retail Strategycurrygoat614http://www.reddit.com/r/SecurityAnalysis/comments/10y2cf/a_look_inside_jc_penneys_new_retail_strategy/Falset5_2s7v0FalseFalset3_10y2cfhttp://www.peridotcapitalist.com/2012/09/an-inside-look-at-the-new-retail-strategy-at-j-c-penney-part-1.html
1349307643.07dl.dropbox.com10wkhnInvestment Research Roundup 10/03/2012: Europe's Apocalypse, Fixed Income Strategy, Small Cap Strategy, FX, etc.Benjammin822701http://www.reddit.com/r/SecurityAnalysis/comments/10wkhn/investment_research_roundup_10032012_europes/Falset5_2s7v0FalseFalset3_10wkhnhttps://dl.dropbox.com/u/110462541/10-3.rar
1348635124.07valuewalk.com10hqqrSix European Countries Have an EV/EBITDA Below Sixcurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/10hqqr/six_european_countries_have_an_evebitda_below_six/Falset5_2s7v0FalseFalset3_10hqqrhttp://www.valuewalk.com/2012/09/six-european-countries-have-an-evebitda-below-six/
1348437421.07youtube.com10czevManual of Ideas - Full Interview With Howard MarksBeren-810http://www.reddit.com/r/SecurityAnalysis/comments/10czev/manual_of_ideas_full_interview_with_howard_marks/Falset5_2s7v0FalseFalset3_10czevhttp://www.youtube.com/watch?v=HXQhKJkgo88&feature=player_embedded
1348383777.07bloomberg.com10c17tBloomberg Interview With Michael PriceBeren-1030http://www.reddit.com/r/SecurityAnalysis/comments/10c17t/bloomberg_interview_with_michael_price/Falset5_2s7v0FalseFalset3_10c17thttp://www.bloomberg.com/video/price-pent-up-demand-of-consumers-businesses-ANpnBfS2S6~7Kenoe_xhWw.html
1347466284.07scribd.comzrs49Value Investing Challenge: Long Cincinnati Bell (NYSE:CBB) by Matthew Kirk of Lonestar Capital Managementcurrygoat810http://www.reddit.com/r/SecurityAnalysis/comments/zrs49/value_investing_challenge_long_cincinnati_bell/Falset5_2s7v0FalseFalset3_zrs49http://www.scribd.com/doc/105720523/VIChallenge-CBB-MatthewKirk#fullscreen
1347426284.05distressed-debt-investing.comzr38uHigh Yield Market, All Time Low Yieldscurrygoat830http://www.reddit.com/r/SecurityAnalysis/comments/zr38u/high_yield_market_all_time_low_yields/Falset5_2s7v0FalseFalset3_zr38uhttp://www.distressed-debt-investing.com/2012/09/high-yield-market-all-time-low-yields.html
1347306136.06pimco.comzo249Bill Gross - The Lending LindyBeren-820http://www.reddit.com/r/SecurityAnalysis/comments/zo249/bill_gross_the_lending_lindy/Falset5_2s7v0FalseFalset3_zo249http://www.pimco.com/EN/Insights/Pages/The-Lending-Lindy.aspx
1347230780.04georgesoros.comzmfvqGeorge Soros - The Tragedy of The European Union and How to Resolve ItBeren-950http://www.reddit.com/r/SecurityAnalysis/comments/zmfvq/george_soros_the_tragedy_of_the_european_union/Falset5_2s7v0FalseFalset3_zmfvqhttp://www.georgesoros.com/articles-essays/entry/the_tragedy_of_the_european_union/
1346526188.07forbes.comz71dqNavistar (NYSE:NAV) Starts Paying The Piper For Its Costly Strategic Mistakecurrygoat702http://www.reddit.com/r/SecurityAnalysis/comments/z71dq/navistar_nysenav_starts_paying_the_piper_for_its/Falset5_2s7v0FalseFalset3_z71dqhttp://www.forbes.com/sites/joannmuller/2012/08/31/navistar-starts-paying-the-piper-for-its-costly-strategic-mistake/
1346517513.04aswathdamodaran.blogspot.caz6totDamodaran - Valuing The iPhone FranchiseBeren-620http://www.reddit.com/r/SecurityAnalysis/comments/z6tot/damodaran_valuing_the_iphone_franchise/Falset5_2s7v0FalseFalset3_z6tothttp://aswathdamodaran.blogspot.ca/2012/08/apples-crown-jewel-valuing-iphone.html
1346353534.07milkeninstitute.orgz3bidMilken Institute - US Housing Market in 2014Beren-920http://www.reddit.com/r/SecurityAnalysis/comments/z3bid/milken_institute_us_housing_market_in_2014/Falset5_2s7v0FalseFalset3_z3bidhttp://www.milkeninstitute.org/pdf/USHousingMarketin2014.pdf
1346350461.05dealbook.nytimes.comz37vsCarlyle to Acquire DuPont Coatings Unit for $4.9 BillionBeren-721http://www.reddit.com/r/SecurityAnalysis/comments/z37vs/carlyle_to_acquire_dupont_coatings_unit_for_49/Falset5_2s7v0FalseFalset3_z37vshttp://dealbook.nytimes.com/2012/08/30/carlyle-agrees-to-buy-dupont-performance-coatings-for-4-9-billion/
1346271367.05dealbook.nytimes.comz1d6nFrench Banks Prepare to Pull Out of GreeceBeren-721http://www.reddit.com/r/SecurityAnalysis/comments/z1d6n/french_banks_prepare_to_pull_out_of_greece/Falset5_2s7v0FalseFalset3_z1d6nhttp://dealbook.nytimes.com/2012/08/29/french-banks-prepare-to-pull-out-of-greece/
1346110553.07mediafire.comyxj4sInvesting In Credit Series Distressed DebtBeren-700http://www.reddit.com/r/SecurityAnalysis/comments/yxj4s/investing_in_credit_series_distressed_debt/Falset5_2s7v0FalseFalset3_yxj4shttp://www.mediafire.com/view/?rmbdm2ev20bdtcn
1345577415.05oddballstocks.comylgh3How an Average Business Can Be A Great Investmentcurrygoat831http://www.reddit.com/r/SecurityAnalysis/comments/ylgh3/how_an_average_business_can_be_a_great_investment/Falset5_2s7v0FalseFalset3_ylgh3http://www.oddballstocks.com/2012/08/how-average-business-can-be-great.html
1345492610.06simoleonsense.comyjg0rMichael Mauboussin's Behavioral Economics Reading Listcurrygoat821http://www.reddit.com/r/SecurityAnalysis/comments/yjg0r/michael_mauboussins_behavioral_economics_reading/Falset5_2s7v0FalseFalset3_yjg0rhttp://www.simoleonsense.com/weekly-roundup-182-apologies-for-the-delayed-posts/
1345492089.05aswathdamodaran.blogspot.comyjfg8Facebook (NSDQ:FB) Face Plant: Time to Friend the Company?currygoat722http://www.reddit.com/r/SecurityAnalysis/comments/yjfg8/facebook_nsdqfb_face_plant_time_to_friend_the/Falset5_2s7v0FalseFalset3_yjfg8http://aswathdamodaran.blogspot.com/2012/08/facebook-face-plant-time-to-friend.html
1345462156.06seekingalpha.comyio5a2 Undervalued Oil Mini-Majors: Statoil And Lukoildnaumov716http://www.reddit.com/r/SecurityAnalysis/comments/yio5a/2_undervalued_oil_minimajors_statoil_and_lukoil/Falset5_2s7v0FalseFalset3_yio5ahttp://seekingalpha.com/article/816571-2-undervalued-oil-mini-majors-statoil-and-lukoil
1345354395.07otcadventures.comygnb2Opportunities in Community Bank Stockscurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/ygnb2/opportunities_in_community_bank_stocks/Falset5_2s7v0FalseFalset3_ygnb2http://otcadventures.com/?p=234
1345164276.07fairholmefunds.comycn6eFairholme Funds - Sears Investment Case StudyBeren-921http://www.reddit.com/r/SecurityAnalysis/comments/ycn6e/fairholme_funds_sears_investment_case_study/Falset5_2s7v0FalseFalset3_ycn6ehttp://www.fairholmefunds.com/sites/default/files/120815%20SHLD%20Presentation.pdf
1344853419.07fundooprofessor.wordpress.comy503zFlirting with Floats Part III - Negative Working Capital Businessescurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/y503z/flirting_with_floats_part_iii_negative_working/Falset5_2s7v0FalseFalset3_y503zhttp://fundooprofessor.wordpress.com/2012/08/12/flirting-with-floats-part-iii/
1344444948.06bloomberg.comxw07rHP Announces $8bn Writedown in Services ArmBeren-820http://www.reddit.com/r/SecurityAnalysis/comments/xw07r/hp_announces_8bn_writedown_in_services_arm/Falset5_2s7v0FalseFalset3_xw07rhttp://www.bloomberg.com/news/2012-08-08/hp-raises-forecast-sees-8-billion-impairment-charge.html
1344365218.05self.SecurityAnalysisxu4ewInsider Sellingslackie9116111http://www.reddit.com/r/SecurityAnalysis/comments/xu4ew/insider_selling/Hey all, I'm looking for a bit of advice: I've invested in FHCO, which makes and sells female contraceptive (condom) to governments, non-profits, and consumers worldwide. I like the business itself and recently they beat earnings estimates which led to an increase in share price. However one of their more influential directors has since been selling 20,000 shares daily, reducing their share price to pre-earnings release levels (summary here: http://www.secform4.com/insider-trading/863894.htm). I'm not sure what to think of it: on one hand, I like the company and their financials and business. On the other hand it seems like executives are squeezing any increase in share price out. Does anyone have any advice or experience with such a situation?Falset5_2s7v0FalseTruet3_xu4ewhttp://www.reddit.com/r/SecurityAnalysis/comments/xu4ew/insider_selling/
1344005359.05brontecapital.blogspot.comxmdlrRichemont Short Thesis: Waiting for the Bulletcurrygoat721http://www.reddit.com/r/SecurityAnalysis/comments/xmdlr/richemont_short_thesis_waiting_for_the_bullet/Falset5_2s7v0FalseFalset3_xmdlrhttp://brontecapital.blogspot.com/2012/08/richemont-waiting-for-bullet.html
1343953891.06valueinvestorinsight.comxlee6Value Investor Insight Sample Issue (July 2012)currygoat600http://www.reddit.com/r/SecurityAnalysis/comments/xlee6/value_investor_insight_sample_issue_july_2012/Falset5_2s7v0FalseFalset3_xlee6http://www.valueinvestorinsight.com/pdfs/VII2012JULYTrial.PDF
1343849097.04risknet.dexirylA Framework For Understanding Market CrisisBeren-620http://www.reddit.com/r/SecurityAnalysis/comments/xiryl/a_framework_for_understanding_market_crisis/Falset5_2s7v0FalseFalset3_xirylhttp://www.risknet.de/uploads/tx_bxelibrary/Bookstaber-Understanding-Crisis-1999.pdf
1343741222.08investing.kuchita.comxg4f0Portfolio Performance Evaluation: Real Examplejvelasco1134http://www.reddit.com/r/SecurityAnalysis/comments/xg4f0/portfolio_performance_evaluation_real_example/Falset5_2s7v0FalseFalset3_xg4f0http://investing.kuchita.com/2012/02/16/portfolio-performance-evaluation-and-some-thoughts/
1343581109.06self.SecurityAnalysisxchzvIs there any IRC channel dedicated to fundamental analysis / value investing?712http://www.reddit.com/r/SecurityAnalysis/comments/xchzv/is_there_any_irc_channel_dedicated_to_fundamental/Falset5_2s7v0FalseTruet3_xchzvhttp://www.reddit.com/r/SecurityAnalysis/comments/xchzv/is_there_any_irc_channel_dedicated_to_fundamental/
1343413665.07self.SecurityAnalysisx9cluStock-Based Compensationslackie911816http://www.reddit.com/r/SecurityAnalysis/comments/x9clu/stockbased_compensation/I am having difficulty determining how to put a value on employee stock options.Case and point: I am trying to analyze Zynga now that it share price has tanked. Revenue is up increasing but stock-based compensation is hurting their bottom line. I am trying to 'normalize' their SBC but I can't find any disclosure as to how many employee stock-options are outstanding, exercise prices, etc. Does anyone have any prior experience trying to handle SBC? Falset5_2s7v0FalseTruet3_x9cluhttp://www.reddit.com/r/SecurityAnalysis/comments/x9clu/stockbased_compensation/
1343361152.07brontecapital.blogspot.comx8aroChanging My Mind on Microsoft (NSDQ:MSFT)currygoat813http://www.reddit.com/r/SecurityAnalysis/comments/x8aro/changing_my_mind_on_microsoft_nsdqmsft/Falset5_2s7v0FalseFalset3_x8arohttp://brontecapital.blogspot.com/2012/07/changing-my-mind-on-microsoft.html
1343236890.07capitalcube.comx523iEarnings Quality: Evidence from the Field VS. Evidence from the Data!CapitalCube810http://www.reddit.com/r/SecurityAnalysis/comments/x523i/earnings_quality_evidence_from_the_field_vs/Falset5_2s7v0FalseFalset3_x523ihttp://www.capitalcube.com/index.php/earnings-quality-evidence-from-the-field-vs-evidence-from-the-data
1343186129.05aswathdamodaran.blogspot.comx410zMusings on Markets: Earnings Surprises, Price Reaction and Valuecurrygoat720http://www.reddit.com/r/SecurityAnalysis/comments/x410z/musings_on_markets_earnings_surprises_price/Falset5_2s7v0FalseFalset3_x410zhttp://aswathdamodaran.blogspot.com/2012/07/earnings-surprises-price-reaction-and.html
1343160388.07papers.ssrn.comx39trEarnings Quality: Evidence from the FieldCapitalCube810http://www.reddit.com/r/SecurityAnalysis/comments/x39tr/earnings_quality_evidence_from_the_field/Falset5_2s7v0FalseFalset3_x39trhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=2103384
1343119838.05businessweek.comx2cqoSpain and Italy Ban Reinstate Short Selling Ban on Stockscurrygoat726http://www.reddit.com/r/SecurityAnalysis/comments/x2cqo/spain_and_italy_ban_reinstate_short_selling_ban/Falset5_2s7v0FalseFalset3_x2cqohttp://www.businessweek.com/news/2012-07-23/spain-italy-ban-short-selling-of-stocks-to-slow-market-turmoil
1343060087.07self.SecurityAnalysisx0s5bstop loss?lawrencedf1034http://www.reddit.com/r/SecurityAnalysis/comments/x0s5b/stop_loss/I was perusing r/investing and saw several people commenting on a redditor's losses advising him to use stop-losses. I consider myself far more of a value investor, and I don't use stop losses as I don't want to be forced to sell a stock that I still think is fundamentally strong (I.E. I have a long term investment horizon). As fellow value investors, what do you think of stop losses? Do you use them? Why or why not?Falset5_2s7v0FalseTruet3_x0s5bhttp://www.reddit.com/r/SecurityAnalysis/comments/x0s5b/stop_loss/
1342652336.07muddywatersresearch.comwsbcyMuddy Waters Short Thesis on New Oriental Education (NYSE:EDU)currygoat812http://www.reddit.com/r/SecurityAnalysis/comments/wsbcy/muddy_waters_short_thesis_on_new_oriental/Falset5_2s7v0FalseFalset3_wsbcyhttp://www.muddywatersresearch.com/wp-content/uploads/2012/07/MW_EDU_07182012.pdf
1342637930.06self.SecurityAnalysiswrvbzSecular Long ThemesAmplyCaffeinated1269http://www.reddit.com/r/SecurityAnalysis/comments/wrvbz/secular_long_themes/This isn't specifically related value-investing per se, but I have seen some of the dialogue on this /r/ and I respect the intelligence here. I am wondering if you have any ideas to add to this list: NAND - 2d/3d & BiCS/re-ram/etc. Continued proliferation of smart devices, SSDs, especially as $/gig reaches parity with HDDs.3D Printing - Obviously the 2 big 3D printing companies aren't value stocks, but i can see this industry eventually becoming revolutionary.Renewable Energy - Especially solar. Seems like just a matter of time before price parity (although nat gas set this back), and/or large scale gov-sponsored infrastructure projects.3G/4G & beyond. Demand for data/bandwidth will increase. Ecommerce - seems there is still a lot of room to growUnconventional resource extraction - ultra-deep water, shale, horizontal drilling, fracing, etcBig data - could mean ITSM/ERP/etc. More data --> more advanced analysis of this dataElectric/Hybrid cars - possibly even nat gas engines. I don't think oil prices will stay below 85-100 for a prolonged period of time given cost of extraction averages. What would you add?Falset5_2s7v0FalseTruet3_wrvbzhttp://www.reddit.com/r/SecurityAnalysis/comments/wrvbz/secular_long_themes/
1342502791.08distressed-debt-investing.comworkoBankruptcy Investing: The Service Listcurrygoat800http://www.reddit.com/r/SecurityAnalysis/comments/worko/bankruptcy_investing_the_service_list/Falset5_2s7v0FalseFalset3_workohttp://www.distressed-debt-investing.com/2012/07/bankruptcy-investing-service-list.html
1342186562.06fatpitchfinancials.comwhxroPrice To Tangible Book Value BacktestFatPitchFinancials601http://www.reddit.com/r/SecurityAnalysis/comments/whxro/price_to_tangible_book_value_backtest/Falset5_2s7v0FalseFalset3_whxrohttp://www.fatpitchfinancials.com/2081/price-to-tangible-book-value-backtest/
1342119911.07news.hedgefund.netwgg4sValue Investing Contest: Einhorn & Tilson judges on panelCapitalCube700http://www.reddit.com/r/SecurityAnalysis/comments/wgg4s/value_investing_contest_einhorn_tilson_judges_on/Falset5_2s7v0FalseFalset3_wgg4shttp://news.hedgefund.net/default.aspx?story=13879
1342041841.07bloomberg.comwemtySupervalu (NYSE:SVU) Begins Review of Alternatives, Suspends Dividendcurrygoat704http://www.reddit.com/r/SecurityAnalysis/comments/wemty/supervalu_nysesvu_begins_review_of_alternatives/Falset5_2s7v0FalseFalset3_wemtyhttp://www.bloomberg.com/news/2012-07-11/supervalu-begins-review-of-alternatives-suspends-dividend.html
1341872925.06hbs.eduwameoHavard Business School Panel Discussing The US Financial Crisis Features Seth Klarman [2008]Beren-604http://www.reddit.com/r/SecurityAnalysis/comments/wameo/havard_business_school_panel_discussing_the_us/Falset5_2s7v0FalseFalset3_wameohttp://www.hbs.edu/centennial/businesssummit/asset-management/active-management-private-equity-venture-capital-and-hedge-funds.html
1341614354.07businessweek.comw5hclDeere's (NYSE:DE) Big Green Profit Machinecurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/w5hcl/deeres_nysede_big_green_profit_machine/Falset5_2s7v0FalseFalset3_w5hclhttp://www.businessweek.com/articles/2012-07-05/deeres-big-green-profit-machine
1341597159.07citywire.co.ukw502gValue investing's set for a comeback in EuropeCapitalCube700http://www.reddit.com/r/SecurityAnalysis/comments/w502g/value_investings_set_for_a_comeback_in_europe/Falset5_2s7v0FalseFalset3_w502ghttp://citywire.co.uk/money/value-investings-set-for-a-comeback-says-rwcs-gambhir/a602439
1341539425.05whopperinvestments.comw3vl6Developing A Process For Deliberate Investingcurrygoat610http://www.reddit.com/r/SecurityAnalysis/comments/w3vl6/developing_a_process_for_deliberate_investing/Falset5_2s7v0FalseFalset3_w3vl6http://www.whopperinvestments.com/developing-a-process-for-deliberate-investing
1341406857.05self.SecurityAnalysisw12qyDoes Anyone Have Thoughts on Shorting Francesca's (FRAN)?occupybourbonst612http://www.reddit.com/r/SecurityAnalysis/comments/w12qy/does_anyone_have_thoughts_on_shorting_francescas/I had read this short thesis and I was wondering if anyone else has taken a deeper look at the name to see if it really does hold:http://thelongshorttrader.com/2012/06/13/a-first-look-at-fran/Falset5_2s7v0FalseTruet3_w12qyhttp://www.reddit.com/r/SecurityAnalysis/comments/w12qy/does_anyone_have_thoughts_on_shorting_francescas/
1341203416.07theenterprisinginvestor.blogspot.comvwrvlWhy I Am Short Conn's (NSDQ:CONN)currygoat700http://www.reddit.com/r/SecurityAnalysis/comments/vwrvl/why_i_am_short_conns_nsdqconn/Falset5_2s7v0FalseFalset3_vwrvlhttp://theenterprisinginvestor.blogspot.com/2012/05/why-i-am-short-conns.html
1341171762.07nytimes.comvw1qcCloud Leaves Some Tech Giants Seeking a Silver Liningcurrygoat700http://www.reddit.com/r/SecurityAnalysis/comments/vw1qc/cloud_leaves_some_tech_giants_seeking_a_silver/Falset5_2s7v0FalseFalset3_vw1qchttp://www.nytimes.com/2012/07/01/technology/cloud-leaves-some-tech-giants-seeking-a-silver-lining.html
1341011433.06forbes.comvthuoMichael Dell On Dell's Present And Future SuccessBeren-600http://www.reddit.com/r/SecurityAnalysis/comments/vthuo/michael_dell_on_dells_present_and_future_success/Falset5_2s7v0FalseFalset3_vthuohttp://www.forbes.com/sites/robenderle/2012/04/16/michael-dell-on-dells-present-and-future-success/
1340650387.06aswathdamodaran.blogspot.cavl2ndDamodaran - Activist Value InvestingBeren-600http://www.reddit.com/r/SecurityAnalysis/comments/vl2nd/damodaran_activist_value_investing/Falset5_2s7v0FalseFalset3_vl2ndhttp://aswathdamodaran.blogspot.ca/2012/06/activist-value-investing-be-your-own.html
1340467691.06citronresearch.comvhinoCitron Research Short Pitch on Evergrande Real Estate Group (HKG:3333)currygoat930http://www.reddit.com/r/SecurityAnalysis/comments/vhino/citron_research_short_pitch_on_evergrande_real/Falset5_2s7v0FalseFalset3_vhinohttp://www.citronresearch.com/wp-content/uploads/2012/06/Evergrande-Real-Estate-Research.pdf
1340386148.06distressed-debt-investing.comvfzy7Hidden Stock Price = Deliberate Practicecurrygoat710http://www.reddit.com/r/SecurityAnalysis/comments/vfzy7/hidden_stock_price_deliberate_practice/Falset5_2s7v0FalseFalset3_vfzy7http://www.distressed-debt-investing.com/2012/06/value-investing-hidden-stock-price.html
1340040963.06online.barrons.comv8e1kHow to Keep Tabs on 40,000 Stocks (Barron's Electronic Investor)CapitalCube712http://www.reddit.com/r/SecurityAnalysis/comments/v8e1k/how_to_keep_tabs_on_40000_stocks_barrons/Falset5_2s7v0FalseFalset3_v8e1khttp://online.barrons.com/article/electronic_investor.html
1339530236.06whitman.syr.eduuygn2Bruce Flatt Lecture - Investing in Turbulent Times [2008]Beren-600http://www.reddit.com/r/SecurityAnalysis/comments/uygn2/bruce_flatt_lecture_investing_in_turbulent_times/Falset5_2s7v0FalseFalset3_uygn2http://whitman.syr.edu/video/Video.aspx?vid=d24baee9-40e0-4ee2-b6f3-593382be2c50
1339509247.06cbsnews.comuxx43Buffett's Berkshire Hathaway may buy ResCap unitCapitalCube600http://www.reddit.com/r/SecurityAnalysis/comments/uxx43/buffetts_berkshire_hathaway_may_buy_rescap_unit/Falset5_2s7v0FalseFalset3_uxx43http://www.cbsnews.com/8301-505123_162-57451277/buffetts-berkshire-hathaway-may-buy-rescap-unit/?tag=cbsnewsLeadStoriesAreaMain
1339447770.05csinvesting.files.wordpress.comuwqcbGMO: Profits for the Long Run: Affirming the Case for Qualitycurrygoat610http://www.reddit.com/r/SecurityAnalysis/comments/uwqcb/gmo_profits_for_the_long_run_affirming_the_case/Falset5_2s7v0FalseFalset3_uwqcbhttp://csinvesting.files.wordpress.com/2012/06/gmo_wp_-_2012_06_-_profits_for_the_long_run_-_affirming_quality.pdf
1339382648.06self.SecurityAnalysisuviyrQuestion regarding the valuation of financial firmsnobeardnoeconomist7112http://www.reddit.com/r/SecurityAnalysis/comments/uviyr/question_regarding_the_valuation_of_financial/Hi all,I've been asked to lend a hand with our financial sector for my undergrad investment club. I Understand that financials can be very difficult to value dependent on what instruments they use or where their focus (or lack there of) may be. Could anyone provide tips to keep in mind while digging into a financial firm? Or point me in the direction of a website or book that can help?Thank you muchFalset5_2s7v0FalseTruet3_uviyrhttp://www.reddit.com/r/SecurityAnalysis/comments/uviyr/question_regarding_the_valuation_of_financial/
1339377756.06video.ft.comuvey6Bruce Flatt Interview - Brookfield Sees Value In EuropeBeren-710http://www.reddit.com/r/SecurityAnalysis/comments/uvey6/bruce_flatt_interview_brookfield_sees_value_in/Falset5_2s7v0FalseFalset3_uvey6http://video.ft.com/v/1680563472001/Brookfield-sees-value-in-Europe