Phaceliacapital

Hi all, I am attending a conference in London next week and was wondering which companies you guys think are most interesting to go listen to? Participating companies 2013: Alaska Air Anadarko American Tower Ameriprise Financial Cisco City National Corp. CBOE Holdings Colgate-Palmolive* Dow Chemicals Dunkin' Brands, Inc. Ford Motor Company* Lennar Marathon Oil Monsanto PerkinElmer Rogers Communications Royal Bank of Canada TripAdvisor Zimmer I am already going to DD and hope that they offer free company products! Thanks in advance

Funny, I mailed to dentists today after reading about the CEREC technology. What was your feedback? Thanks

Shipping man is an excellent book!

David Mclean from ROMC Fund, http://mamgmt.com/ I have always liked his letters

Impressive :o

I took it in June!

Yeah it's a maximum, I didn't account for retakers as these numbers are indeed not disclosed, so in fact we're even smarter??? (if I pass L III next June :D) I am going to sign up once it is cleared through HR!

+1

Congrats guys!! With L III pass rates available I "calculate" a 8% probability to do it in one shot.. Fortunately with L II passed this probability has shifted up to 49% :D

Agree with the above, sell side research has excellent industry/market research that would otherwise take me days to compile (I sometimes pity the young IB'er that finishes this material at 4 in the night) concerning competitive/regulatory landscapes, market research where they for instance go to China and ask local bypassers what kind of luxury products they're buying (let me tell you, it's not LVMH) etc etc.. In terms of rationales to buy the price, unless it's a turnaround story I mostly don't really pay attention to what they are writing. But yeah, you can't earn commission on a "Neutral/Hold" and they typically have 12-18 months horizons. That's sometimes even funny because they go like, yeah you should sell it now and buy it back after Q2 results because the rain will cause a 50bps decline in their EBIT margin and will be unfavorably looked at by the market. And then I go like: But what if I like it as a Long term investor? Their reactions are sometimes quite surprising :D

And the winner is APD !!

I guess that's the end of BHP's Jansen mine? Anyone that has been looking at other names that have been dragged down but have less to do with Potash itself? For instance compass minerals? Beaten down around 17%, although its main source of revenue is salt (for which they are low cost producer if I am not mistaken) and 25% is a special form of potash fertilizer (SOP) ?

:D

Guys hope your results were okay! I passed Level II so beer here I come :)

Dazel, I read your link in the Altius thread (as fellow stockholder) and afterwards read this piece: http://www.businessweek.com/articles/2013-07-18/the-u-dot-s-dot-nuclear-power-industrys-dim-future What's your take on this? Thanks

He really deserved it! Do you play Gio?

Very interesting reading! Thanks

Muddy Waters latest target, US based American towers: Full Report: http://www.muddywatersresearch.com/research/amt/initiating-coverage-amt-full-report/ Slide Deck: http://www.muddywatersresearch.com/research/amt/initiating-coverage-amt-slide-deck/

1987 is the best BB can do BRKA.xlsx

Care to elaborate?

Any chance for the write-up? Or am I crossing boundaries just by asking :D?

With a buy or a sell?

Does that mean you consider it no longer cheap at today's prices?

According to BB it is currently trading at around 9-10% FCF yield (still to check) and Brookfield AM owns around 55%, FMR has a large chunk and Scopus AM is also involved (very small stake and never heard of them so probably little value added).

Hi all, I stumbled on the following article: http://www.theglobeandmail.com/globe-investor/lumber-supercycle-could-spell-opportunity/article12590017/ which I thought was rather interesting, haven't done a lot of research on it yet but already took a quick look at Ainsworth (given it was the only company with an A and I wanted to start arbitrarily) and looks like it might be an interesting case. Low cost and leading manufacturer of Oriented Strand Boards (https://en.wikipedia.org/wiki/Oriented_strand_board), most often used in construction (roofing, flooring, etc) ==> So heavily impacted by construction (mostly housing I guess) outlook Geo. Diversified: 72% US (still large) 18% Canada and around 10% for Japan and ROTW ==> Despite Yen weakness no strong impact (mentioned in 2013Q1 CC) Due to higher OSB pricing EBITDA margins went from 11% to 44%, and capex looks to currently be high due to startup of High Level mill, after which I expect capex to substantially decline to the "maintenance" level, (Do note, I still have to look further into this) Although very subjectively (only read 1 CC) the management seems to be capable and prudent Happy to hear your thoughts on the lumber industry in general, or one of the companies mentioned in the globeandmail article? Some additional links on possible future for wood used in "greener" construction: http://www.economist.com/blogs/babbage/2012/08/building-materials#comments http://www.economist.com/blogs/babbage/2013/07/tall-buildings Thanks in advance and happy investing