DooDiligence

Sounds like fun (not being sarcastic; I really mean that!) So the credit analysis would involve? a) Chasing down customers & discovering if product is piling up on generous terms. b) Ditto on creditors, vendors & employees (are they getting paid?) c) Is capex getting ignored by neccesity in order to serve all the above? And of course as you mentioned franchise power, which would probably negate a, b, & c even happening unless management was living large at the expense of the business which seems like the best opportunity (or the worst if they are big owners and or there's no big chunk of leverage...)

If you don't buy UA that is a vote for Nike. ... Sorry... Hahahahahaha! I'm not gonna rise to the bait (I don't have a dog in that fight anyway...)

There have been a lot of roll ups over the years which have kind of consolidated the industry but now it appears as if the insurers who separated themselves from the PBM's now want them in house again. The CVS thread has some good discussion: http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/cvs-cvs-health-corporation/ I particularly like one of the later posts by ABM which gave a nice little history of the industry.

It also takes a lot of intestinal fortitude to hold a concentrated portfolio of what appears to be dog vomit. I'm definitely not criticising by flinging out the "dog vomit" moniker; I'm saying that I admire anyone who can analyze, understand & value these situations & then sleep soundly while waiting for them to revalue...

This thread is much better than that who's gonna be president thingy (I think I'll stay here!)

I've got a pair of Converse high tops (black) that I've been babying for a decade or more (got another pair new in the box for when these finally go.) Most of the time I wear flip flops. Love my Tommy Bahama shirts (got a deal on closeouts at an outlet a few years ago & stocked up.) I'm not particularly fashion forward...

The last time I walked into a mall was a year ago +/- to look at Gap & after a complete stroll through the whole complex I was bored to death & couldn't believe how many clothing stores there were (before I did the walk through I was hot for some Gap shares but after - not so much...) I'm gonna look again next week just to confirm whether retail is still not a good investment (I usually make the pilgrimage to Best Buy just to go look at stuff I may or may not wind up buying online - oh & to meet women although I have better luck in Lowes garden center!)

Speak for yourself, Speech Policeman. I appreciate DTE's anecdotal evidence. I too have found DTE's thoughts to be useful for many years!

I liked his comment about railroads & the Cubs (I guess he was counting on them & BNSF to win.) Was the investment banker who he let get the last nickel out of him on the AEL deal Lazard? (I love the way he's taking former divs at the former AEL & plowing them into CAPEX (does this significantly change the competitive landscape & can we expect to see slower dividend growth in utilities as a result?) My biggest takeaway (besides seeing a good human being talk) was the way he spoke of writing a story about a company as part of the research process. Oh; and that someone should get him an iPhone for Christmas...

Your post re: Guess & many others are the very reason you should NOT leave this board (where you gonna go to discuss this stuff intelligently Yahoo Finance? Not...) I may have been guilty of a bit of snarkyness on COBF myself & if so I apologize. I've been reading here for around 3 years & only recently joined to start posting. Up until now I've been an active poster on Yahoo Finance (fighting the constant short term stupidity there is much more frustrating than the occasional sarcastic comment here!) Personally; I'm still learning how to separate myself from the atmosphere on Yahoo Finance & the one here. I'll try to lay off the snark (should probably quit posting on Yahoo but what used to be an attempt to convert speculators into investors has morphed into the guilty pleasure of teasing a bunch of douchy day traders.) To summarize - don't leave here! As to Guess (I have some ideas about another company that fits the attractive quantitative look of Guess but I need to go look at both stores & I don't crew change until 9 November - the mall will be my 1st stop & questionable qualitative comments about both will arrive that evening FWIW...)

Do you think there's more bad news coming and/or just more pain due to what's already out there? I have no clue, but if there is more coming then it will be an even better buying opportunity and I'll buy more. Edit: And I am writing puts, so I am trying to get a lower basis than where WFC is currently trading. I've backed into positions the same way before...

Nice!

Once again; I point to an AWESOME little cartoon originally posted by Liberty which does a beautiful job of explaining why these a55h0les who run our country act as they do. The film is agnostic & can be appreciated by lefties & righties. Understanding doesn't get rid of the anger but it sure helps... P.S. I almost voted "Just shoot me" but I don't wanna die (that was a great TV sitcom BTW!)

Do you think there's more bad news coming and/or just more pain due to what's already out there?

Could be a whole bunch of someones who own a lot of old masters, pumping them up for auction...

I agree on the Libertarian end & think that anarchy comes from governments temporarily losing control of large portions of a populace which has nothing to lose & is PO'd about it. I've worked in West Africa (Cote d'Ivoire during the 2010 election,) the ME (nothing but the normal stuff,) Venezuela (early 90's before Chavez,) & Brasil to name a few & it seems that anyone living in a country as prosperous as us (US or Canada) who calls themselves an anarchist (I was joking in my previous post) is either a poser or looking for a recording contract... (Disclaimer: the previous comments may contain vague & sweeping generalizations which could be construed as inflammatory depending on the leanings of the reader. The author can not be held responsible for any revolutions arising from said comments anywhere in the world.)

Definitley not unexpected behavior from this guy (if he loses I bet he sues the guy too...)

You lost me there bro (damn we were doing so good!)

That is from Karl Hess, Barry Goldwater said it, Karl Hess wrote it. I'm not sure if he ever mentioned the Sex Pistols, but who doesn't like the Sex Pistols? I used to play Bass guitar back in the day. I can't sing to save my life though, so you're going to have to do that. Iiiiiiiiiiiiii am an anarchist (who for the most part conforms because I like my comforts...) Maybe a little adjustment of that lyric alteration would be needed for phrasing!

Hell yeah! You should write a song! I know 3 chords & I think we could meet lots of chicks!!! I'm not sure the kids are into Karl Hess. But don't knock 3-cord songs, you can do a lot with 3 cords. Is that quote from the speech writer Karl Hess & was he a Sex Pistols fan? The kids loved Bernie Sanders so I don't see a problem there. Hey I was serious (and I actually know more than just 3 chords...)

Hell yeah! You should write a song! I know 3 chords & I think we could meet lots of chicks!!!

++

Bogle addressed the aspect of fund managers voting proxies in Clash of the Cultures. There doesn't appear to be too much expense in voting proxies unless you consider a poorly researched voting decision which rubber stamps the BOD resulting in subsequent mediocre or poor performance of the company itself. You'd think that managers would want to improve outcomes by voting effectively. On another note; I've read some opinions about the possibility of indexing diverting capital from promising new businesses. It seems like the PE firms & hedge funds which we criticize so heavily for the highly publicized "unicorns" may, in part take up the slack & fund some very worthy (as yet unhorned) startups for future inclusion into an index...

It is funny & my favorite comedians are able to take these absurd situations & the characters involved & make me snort with glee! Discussion of these topics can get heated but we engage in them because we are lucky enough to be free to do so. Extreme views from the left & right raise valid issues that get pulled to the center for semi-effective outcomes over time (kind of like Grahams voting & weighing analogy.) I may despise one & tolerate the other (candidate/point of view) but wouldn't want to be in a world where people I vehemently disagree with were not allowed to express their views (how's that for idealistic & utopian?!?)

Lol, a silly question deserves a silly answer. It's not a question of hedging, but rather of whether your portfolio's success should hinge on the outcome of an election (or any other "dramatic" event). ++ However it turns out I'll be fine in the long run...