InspireByReason

Has anyone heard any updates on this?

This is such a strange practice. Why would you sell something at a lower price?

Why is it surprising that a massive influx of migrants from culturally backwards parts of the world could be a net negative for European society? When you have uncontrolled migration from these parts of the world at these levels it creates ghetto's where integration is not only unlikely, it's impossible. Certainly there could have been a better solution for genuine refugees through the creation of safe zones within their own countries and a flat out you're being deported if you show up to Europe illegally. Immigration must be limited and legal, otherwise we will have more of what we're looking at now which is the rise of populism and empowerment of reactionaries and the silencing/self censorship of the press.

Thanks everyone for the input and suggestions. I'll definitely heed some advice. 8)

Haha I appreciate the humor. I know that you're interested in the kind of investing I'm trying to learn more about. I would appreciate any books suggestions that would scratch this... "Modern Security Analysis/Distress investing" itch. Hopefully help some future wanderers who consider going down this dizzying path too lol. Nailing down the good material in investing is a skill in of itself I believe.

Haha that's what I feared. I want to learn more about exactly what his titles entail but some of the reviews are so brutal it made me wonder if it was even worth trying.

I'm getting to the end of the trail with highly respected value investing books and now i'm starting to look on the periphery for books that can help with more of the trench digging aspects of investing. Has anyone checked out any of Whitman's material like distress investing or modern security analysis? What are your thoughts on them? Were they helpful? Cheers :)

Just what we need, more young earth creationists at the head of the helm.

Everything you guys are discussing is way over my head. Does anyone have a starting point to understanding the effects of rates/inflation/deflation on the economy?

Thank you!!

I'm looking to find out disclosure of ownership in a Canadian company. Is there a proxy statement or similar document to the 14A in sedar filings?

I'm trying my hand at two highly leveraged situations right now. I also think the nature of the industry matters. Both of these companies are cashflow positive rental/leasing oriented businesses in industries that have recently tanked. Taking hits on earnings mostly from write downs/depreciation.

I've been thinking about this for quite some time. It makes me fearful for my parents savings.

Two points: You might want to check out the January effect which relates to your comment and is talked about in the net-net article basically January alone accounts for about 10% of the out-performance of net-nets. Your comment reminds me of a deeper question I am asking myself. Is value investing even about intrinsic value? To me it appears that the reason low P/B does well is because of random hiccups in the market where the business appears to do well for some period of time and the stock price goes way up. I feel like the real value effect comes from the fact that market expectations are so horrible that positive surprises get massive bumps. In this sense low P/B is more an indicator of low expectations than anything else. Net-nets might have the advantage because they simply can outlast companies without cash and they indicate very low expectations. This might also be why negative earning net-nets out perform positive earning net-nets...they have more room to surprise. I think when you think the Buffet way, you expect that eventually a company through the power of its intrinsic value alone will force the market to recognize its value. Coke is a very good example of this. Coke's earnings and dividends increased so much over time that it was impossible for its price not to go up without resulting in absurdities like 100% dividend yields or 0.1 P/E's. Coke's increase in intrinsic value is the catalyst Buffett relied on. In that sense cigar-butt investing seems ridiculous because the "intrinsic value" of a lot of these companies in the long run is zero. You really are making money off short term changes in market perception and then selling. I think this psychological hurdle is why people have a real hard time with these methods. They really do rely on the markets random changes in expectations and perception in a way that Buffett's quality companies method doesn't. But if it works....it works. This doesn't make sense. The "intrinsic value" of these companies are worth what they are worth. Net net is just short hand for liquidation value so of course in the long run these companies are not going to grow in intrinsic value but this doesn't mean that they aren't worth something right now. This is the only method of investing I feel comfortable doing. I don't know why so many people shy away from dirt cheap cyclicals, turnarounds and liquidations. It's the most simple and arguably the most predictably successful.

Agree 100%. IQ is a consequence of good infrastructure not the other way around, the IQ's of Indians will rise as the infrastructure and policies of India is improved.