Phaceliacapital

Thanks!

Unavailable!

MS Write up for your comfort. FFH_CA_201305031.pdf

Thanks, I always do this using Word, you just copy the two files you want to compare into two word files and use the compare function. So should you ever want to do this when not connected to the internet, you can do it this way.

Couldn't agree more, thanks and happy birthday!

Courtesy of CS Investing - http://csinvesting.org/ 51751848-Michael-Burry-Transcription-FCIIC.pdf Michael-Burry-Case-Studies.pdf

Gross Profit/TA > 70% for 2012 2011 2010 2009 FCF/EV as indication of "yield" Some numbers are obviously from nano/micro caps and widely distorted. Factor_P.xlsx

Small FF write up in attachment

FYI: I thought the broker's name was quite funny :D

Thanks, good article :)

Hi all, for those interested, I just ran a screen on companies with a MCAP at or below Cash, with following properties: [*]MCAP < EV [*]MCAP < Cash and other [*]Non Asian companies to avoid Chinese accounting """standards""" Two that popped out when quickly glancing over the results: Camellia PLC - https://www.google.com/finance?q=LON%3ACAM&ei=1gLLUajFKqaqlwP-ugE http://i42.tinypic.com/90nc4g.jpg Catlin Group - https://www.google.com/finance?q=LON%3ACGL&ei=0v_KUaCeKofIlgOX8AE http://i40.tinypic.com/kdsqo2.jpg Anyone familiar with these names? And, for your comfort, in attachment the whole list: Cash_Companies.xlsx

From Google translation :D?? Thanks!

http://www.bloomberg.com/news/2013-06-11/fed-mortgage-stockpile-seen-cushioning-pullback-credit-markets.html#disqus_thread

According to sell side brokers this is why the past few days have been bloody, MBS duration jumped from 3 to 7. Anyone care to shed some details? We heard the following: Interest rates expected to rise ==> prepayments slow down ==> duration goes up ==> people that hold MBS pfs want low duration ==> they hedge by going short treasuries ==> rates go up Too macro :D?

:D

That function didn't work properly, or at least not as I wanted it to work

Guys (girls), as promised please find a list of 741 companies generated with the following formulas: BB1: Total decrease in Cap Stock/MCAP BB2: Total decrease in Cap Stock/MCAP in Y1 BB3: Total decrease in Cap Stock/MCAP in Y2 So BB1 is for the past year, BB2 for a the year before and BB3 for the year before. The companies included have each of these three measures < 0 (which means buyback in bloomberg language). For your comfort I have provided the prices of the stock per year and included a rough FCF/EV metric (as calculated by BB analysts). The red lines are clearly erronous formulas of some kind but I let them in anyway. Should you notice any mistake or come up with a better metric, please let me know, I think there is still some finetuning to do :) Happy investing BB.xlsx

Thanks for all the responses! @ anders: No offense taken whatsoever. To me, looking for advice on COBF is something different than Mila Kunis offering FX trading advice on the Yahoo Boards. Like Giofranchi mentioned, there is this vast amount of knowledge available here (I think we all agree that COBF members/readers are able to benefit from some very interesting insights of people that have been in the industry for quite long and indeed have managed to perform relatively (pun intended) well). With the opening of the thread I wasn't hoping to get "buy xx" or "sell zz" and blindly follow the advice given, but was rather looking for the sources and other information that could prove useful to create my own judgement of how bad/good current HY investments are. The thing is, I work in the equity department so HY is currently not really up my sleeve, and, as you mentioned, in this kind of interest rate environment my first thoughts were also that HY instruments are not very attractive. However, with our current company policy/culture (mind you I am not very senior) we are not able to just say "no" when our clients ask to look at this kind of option (which they probably heard of during one of their golf sundays from a dentist who lost it all in the dot com bubble). Instead, we try to create a good extensive and objective report why we are/are not doing certain things. I am also scared that with this kind of instrument we are running a little behind the facts, so when my boss (actually not direct boss but a senior guy from the fixed income department) asked to do some research (I have done distressed/junk research from an equity POV) I considered COBF to be the perfect barometer to gauge the attractiveness of HY debt. @ gf: I fully agree and thanks for the kind words! @ GK: It are the clients that are asking for it so.. @ mcliu & fenris & jay21: Thanks @ DTEJD1997: Thanks, will look into that, and obscure is not a problem! So yeah, thanks for all the posts already, I will take your comments with me when doing my research throughout the weekend.

Also, classic textbook finance dictates that if a company does share buybacks and their earnings yield is higher than the cost of debt used to finance the buyback the operation will be EPS accretive. So I guess some companies might also resort to this kind of operation to please our "all mighty" Street . edit: http://www.guardian.co.uk/technology/2013/apr/30/apple-bond-buying-programme Theoretical POV: http://www.capatcolumbia.com/MM%20LMCM%20reports/Clear%20Thinking%20about%20Share%20Repurchase.pdf

LC, fyi: http://appleinsider.com/articles/13/05/03/apples-bond-offering-will-allow-it-to-avoid-92b-in-us-taxes

Guys (and girls?), My boss asked me to do some research concerning high yield debt opportunities, since I am not (yet) really familiar with this part of the market I was wondering if there is anyone here who can point me in the right direction in terms of research, articles, books etc.. I know its not a typical value investor kind of question but given the high level of wisdom available here I thought it was worth the shot :) Thanks!

Yeah, but DnB is definitely too expensive.. also, the government has, and is, looking for a viable alternative ssolution. My 2 cents is that the company (unfortunately) has already been milked :) Wwt i agree

I typically compile it using the "decrease in capital stock" - "increase in capital stock" items in bloomberg to see if the total change in capital stock was negative (good) or positive ("bad"). I have done this with parameters over the last 4, 8 and 12 quarters but I feel that there is still some finetuning left, as it currently does not account for the price at which it bought shares back.. Anyone interested in finetuning? In BB you can input almost everything I guess, of course the list would be made available here.

I love my library :D

Nice :)