AchilliesValue

Seems they all do have a SEDOL so I don't think that is the issue. Since its London I probably could ring the international desk and they could make it work, but was trying to avoid paying the extra fees by going through IB or electronically. Haven't tried asking IB to add the security for listing, thanks for the suggestion.

Hey All, I've been looking at some UK small caps recently. I've found difficultly purchasing certain issues on the AIM exchange (I have both Interactive Brokers and Fidelity). To give a few examples: (I'm just pulling random ones and have no opinion on any of these) On Interactive Brokers I can find the symbols in the database for Verona Pharma (VRP LN), Proteome Science (PRM LN), and Wandisco (WAND LN) Then I can't find symbols for Jarvis Security (JIM LN), Toumaz (TMZ LN), Seeing Machines (SEE LN), etc. The cut off doesn't seem to be by market cap since I've found some in the 10-30M range on IB but then others in the 50-60M range that aren't available. Anyone else run into this problem? Any broker suggestions? Seems a lot of them trade on the AIMI and AIMT sub segments of the market (according to Bloomberg) whatever that means.

Anyone know the name of his investment firm? Curious if we can find his portfolio via 13Fs.

The bigger problem is that the non-agency securitization market is basically dead right now so if you don't fit into the Fannie and Freddie rigid criteria there's little chance of getting a mortgage. Snce banks can't hold your mortgage on their balance sheet your basically shit out of luck. That market will eventually come back but it hasn't yet. You guys that have had problems and live in Cali or the Northeast should try First Republic. I've found they basically built their business filling this void of investment professionals that have lumpy income. Thus why they have some quarters where they have $0 in charge offs.

It's funny because the only firm I still see floating around with the crappy looking .txt filings is Blackrock the largest asset manager around

Buffett probably passed because he has a pretty set pattern of waiting until something has a 10% pretax earnings yield. I don't own AMZN even though I think it's undervalued simply because the range of outcomes is too wide, but I think a lot of the bashing I've seen around here is from people who haven't done a whole lot of work on it. Granted doing work on AMZN is extremely difficult because their disclosure sucks. Back on topic BOBS is probably my best current idea. I've owned it for over a year and it has nearly doubled, but remains meaningfully undervalued. The only reason I'm not adding is that it is already a large position and I'm afraid management will try to low ball for the remaining third they don't own.

Only shows 1.3b. Question is whether we can find more of the 4.8b (3.2b is in cash) for total of 8b AuM. ;) You can see why with Baupost which has $4B out of ~$25B on their 13F. The differences are cash, global holdings, bonds, and private holdings. Baupost does real estate as well but I doubt Abrams does any of that with an investment staff of 4.

His essay in the 6th Edition of Security Analysis was excellent I highly recommend it.

Seems like Bloomberg is unsure of how much he owns, but credits the full stake in his net worth calculation. From the blurb from his spokesman it sounds like he probably owns some, but less than I originally thought.

Source? I thought Liberty/Malone had reduced DTV ownership to ~0 since 2009. Hmm... you might be right. I grabbed it from Bloomberg (attached), but didn't notice the filing was from 2010. It isn't mentioned in the proxy, but it is below 5% so it shouldn't have to be disclosed. My mistake feel free to delete Sanjeev.

Anyone else recall the last time John Malone sold something to AT&T? Holds 27.7M shares worth ~$2.6 Billion at the transaction price. Also is about to have $780M (less taxes) in dry powder. All while spins are taking place at LMCA, LINTA, and LVTNA... interesting times. Anyone want to wager the one he views most attractive won't occur until after the DTV deal closes?

They detailed all of it in a recent investor presentation found on their website. I thought it was odd the CFO left during the approval process. Granted he left for IDXX which is among the top of my wish list of wonderful businesses if the market cracks but seems like odd timing.

I prefer an absolute benchmark so I use inflation plus 10% (stolen from Longleaf). The idea of benchmarking yourself vs purchasing power makes the most sense to me. The fund I work on uses the Russell 3000 Value which is probably one of the best choices out of the mainstream indexes. I'd recommend that or the Equal Weight Russell 2000. I've thought about keeping track of the formula funds ETF returns as if I can't beat the "magic formula" I may as well just do that. The only problem is I think the tax leakage is quite high and not reflected in those returns.

I'm a buyside equity analyst on a mutual fund team. We run 5 strategies w/ a lot of overlap, all value oriented.

I recently joined the "evil empire" of a large asset management firm and it's interesting to see the other side. As much as there is the portrayal of managers ripping off clients I think you hit the nail on the head and a lot of these institutional clients shoot themselves in the foot. They don't want an asset allocator, for instance they want you to invest X% of their money in US equities and put restrictive mandates in place that limit cash balances, geography, and market cap. It forces you to work in terms of relative value vs absolute value. Another thing that bugs me is the report demands. A lot of these big institutional clients demand monthly manager commentaries, communication, attributions, performance reports, etc. This takes time away from the most important aspect of a managers job, investing. Also the back/middle office infrastructure required to support it makes it uneconomic to run a fund that is say sub $500 Million, putting a size anchor on performance.