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educatedidiot

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    Columbia Business School newsletter (Spring 2010) - Graham and Doddsville, Issue

    in General Discussion

    Posted

    Glenn's (Brave Warrior) Q3 13-F just came out.  It seems like he might've been raising cash as there was a lot more selling than buying.  Sold out of ServiceMaster and sold decent chunks of Sensata, Brookfield, and Quintiles IMS.  He added a fair number of shares of Alliance Data, which was already one of his largest positions:

    http://www.rocketfinancial.com/Holdings.aspx?id=232548&fC=1

    Spending your way to Profits

    in General Discussion

    Posted

    Amazon.  They were losing tons of money by plowing everything they could and more into their business.  It worked!  But this often not the case, rather than often the case.  Cheers!

     

    Amazon is one of the more fascinating case-studies on this point.  Not only because they ran-up a staggering $3+ billion in retained losses by 2002, just before they finally turned profitable:

    http://www.rocketfinancial.com/Financials.aspx?fID=6337&p=2&i=8&pw=209079&rID=2&tID=1&stID=1&segID=-1

     

    But even more fascinating to me is that Bezos still managed to hold on to ownership of 28% of AMZN at this point -- despite having to fund $3 billion in losses to get there!

    Data Provider for Price Ratios

    in General Discussion

    Posted

    persistentone,

     

    You can get 10 year charts of price-earnings, price-to-book, price-to-tangible-book, and enterprise value ratios on Rocket.   

     

    Here's Wal-Mart's 10-year EV/EBITDA chart for example:

    http://www.rocketfinancial.com/Charts.aspx?fID=4876&r=3650&t=4

     

    Given all the pessimism in the market over brick-and-mortar retail, surprised to see the valuation multiple on this one near 10-year highs!

     

    If you click on the dropdown box you can access those other valuation charts that you were looking for as well.

    Finding the cannibals

    in General Discussion

    Posted

    There is a "Cannibals" screen here:

    http://www.rocketfinancial.com/ScreenResults.aspx?id=26

     

    It looks for companies that reduced their share count by at least 3% in each of the last 4 years.  I was surprised to see that only 75 companies made the cut right now.  There are some obvious names like AZO and ITW, and others that I wouldn't have suspected.

     

    You can also use the screener there to generate a list using slightly different criteria, although the 3% threshold for 4 years seems to strike a good balance between consistency and appetite if you're looking for "cannibals."

    S. Klarman Latest Investor Letter

    in General Discussion

    Posted

    The fact that Klarman's investments are often quite obscure is a huge positive IMO.  Obscurity can be a source of significant value. 

     

    In his own words:

    "If value is not likely to exist in what the herd is buying, where may it exist? In what they are selling, unaware of, or ignoring. When the herd is selling a security, the market price may fall well beyond reason. Ignored, obscure, or newly created securities may similarly be or become undervalued." – Seth Klarman

    Longleaf's 2Q Report

    in General Discussion

    Posted

    rogermunibond,

     

    If you click on the "Hist" link on the Ralph Lauren row you can see the full history of when Southeastern initially bought those RL shares, added more, sold, etc and what the share price was during those quarters.  You can of course see the ownership history for any of their positions this way, but here's the RL one:

    http://www.rocketfinancial.com/OwnHist.aspx?sID=41028&fID=277

     

    It looks like they bought most of the position during Q2 of last year, added a bit more in succeeding quarters, and just dumped most of it now in Q1 likely at a loss.

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