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valuefinder0525

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Posts posted by valuefinder0525

    Unilever buying Dollar Shave Club for $1 billion - I thought this was just nuts

    in General Discussion

    Posted

    Interesting take from a great tech/business writer I follow:

     

    https://stratechery.com/2016/dollar-shave-club-and-the-disruption-of-everything/

     

    The article makes me think about our industry (investing). It is much harder these days to find lasting businesses. There are a few other examples of these disruptors.

     

    Casper in mattresses

    Blue Nile in diamond rings

    Warby Parker in glasses

    Where is the next investment opportunity?

    in General Discussion

    Posted

    Autohome (ATHM) - there were a few interesting articles in WSJ, BloombergView recently which succintly summarize the long case as well as the risks.

     

    JD.com (JD) - traded back to its IPO price.

     

    Carmike (CKEC) - trading around its buyout price, but with a significant probability of a raised offer.

     

    UK real estate firms - take your pick, both agencies and online platforms are down from pre-Brexit levels and some trade at 10x cash flow.

     

    European budget airlines - RyanAir, flybe and EasyJet are secular winners, whatever the environment. And they are on sale.

     

    Gold ETFs and gold miners (GDX, GDXJ) - more QE globally is likely, which will increase concerns about policymaker efficacy.

     

    Amazon (AMZN) - continues to disrupt multiple industries and build a virtuous customer stickiness flywheel.

     

     

     

    https://oraclefromomaha.wordpress.com/2016/05/05/jd-com-a-multi-decade-compounder/

     

    https://oraclefromomaha.wordpress.com/2016/06/13/a-response-to-the-jd-short-thesis-on-sumzero/

    Data providers/analytical tools/message boards/other research tools

    in General Discussion

    Posted

    What are some of the research tools that people use in their investment process? A few that come to mind listed below:

     

    To check insider transactions

    http://openinsider.com/

     

    To check executive salaries

    http://www.salary.com/Executive-Salaries/

     

    To check political lobbying spending by companies

    https://www.opensecrets.org/

     

    To check macro data points

    http://www.statista.com/

     

    To screen for ideas

    http://finviz.com/

     

    To check 13f filings

    http://www.dataroma.com/m/home.php

     

    Zhang Lei of Hillhouse Capital

    in General Discussion

    Posted

    Starting this thread to see if anyone has any information on Zhang Lei of Hillhouse Capital. It has been reported that he has annualized at ~40% since inception with AUM of around $18bn now. If anyone has access to investor letters or any other info it would be greatly appreciated if you could share them here. Below are some articles that I have found online.

     

     

    http://www.nytimes.com/2015/04/03/business/the-chinese-billionaire-zhang-lei-spins-research-into-investment-gold.html

     

    http://www.ft.com/cms/s/2/6f160a50-f5fe-11e3-a038-00144feabdc0.html

     

    http://www.wsj.com/articles/stanford-is-giving-this-chinese-investor-200-million-1439854567

     

    http://www.marketfolly.com/2015/07/lei-zhangs-lecture-at-columbia-business.html

     

    http://www.cenveomobile.com/i/367435-summer-2014/43

     

    http://www.insidermonkey.com/hedge-fund/hillhouse+capital+management/481/

    Accounting questions

    in General Discussion

    Posted

    I don't think that's a dumb question at all. It really depends on whether or not you think the company will continue to operate in a manner that created the DTL. For example, a growing manufacturing enterprise will likely continue to grow its DTL as it depreciates a growing asset base more rapidly for tax purposes than book purposes. Obviously Buffett believes his DTL, largely due to unrecognized capital gains, will continue as he holds those positions and they grow in value over time. In these situations, the DTLs should probably be treated more like equity.

     

    On the other hand, if you've got a business in decline with large DTLs, those should probably be treated more like debt.

     

    Thanks a lot for the explanation. How about the actual numbers? For example, for the declining business, would you increase the taxes in the next couple of years if you think the DTLs will decline and you will have to pay higher cash taxes?

    Ted & Todd portfolio

    in Berkshire Hathaway

    Posted

    Anyone wonder why Ted/Todd hasn't gotten Berkshire more involved with Malone? Given that both have invested extensively with Malone's companies before joining BRK, and are still invested through stocks. With BRK's big checkbook there could be some interesting collaborations. Like BRK could've funded the Liberty Broadband equity for the Charter deal.

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