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Fantastic Site!


Parsad
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Sanjeev,

 

Is it possible to have a place here where all recommended web sites can be stored in one place?  This would make it easier to find good sites related to investing.

 

Suggestion: making a permeant post at the top of the general discussion page.

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Dataroma is great - thanks Parsad for sharing

 

In a similar vain there's Mebane Faber's blog and website AlphaClone... AlphaClone is a paid site with info I presume similar to Dataroma...Faber wrote the Ivy Portfolio...which I personally believe offers a solid investment strategy if you're not a great stock picker...He also is behind a new TAA ETF - GTAA...which is based on the Ivy Portfolio strategy.

 

http://www.mebanefaber.com/2010/10/29/what-hedge-fund-managers-are-killing-it-this-year/

 

http://alphaclone.com/

 

http://www.forbes.com/forbes/2010/0830/markets-intrinsic-value-mebane-faber-piggyback-buys.html

 

Faber's research suggests simply following some of the investment greats picks (via SEC filings) can provide superior returns.

 

As detailed on my AlphaClone.com website, simply buying Baupost's biggest 20 stock picks with equal weights and rebalancing the portfolio quarterly would have resulted in a return of 14.4% per year over the decade through last December, versus --1% for the S&P 500

 

Obviously a good place to look for ideas...but has anyone tried to use a "clone" strategy?

 

 

 

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In my experience Baupost is hard to follow. In my experience I could not see where he got it's huge margin of safety.

 

Last time I reviewed a company called AOI, they are the 2nd largest tobacco processor.

 

I believe the thesis was that you just could not reproduce a second largest tobacco producer for 300M$, therefore it was worth more. Highly levered company so if there is liquidation you might end up with more then what you initially paid.

 

So after 20 hours of research and re-reading Margin of Safety I still could not be sure exactly why he bough it.

 

BeerBaron

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I have also spent some time looking at Baupost's purchases/ holdings.

 

If you listen to Klarman's interviews (few though they are), he talks about one of the advantages at Baupost as the ability to decipher very difficult situations or to spot hidden value where others do not (or will not spend the time to do so).

 

He is more of a "balance sheet" value investor as opposed to Buffett (and most of those who try to emulate him), who is more of a "cash flow" value investor. The latter is much easier to reverse engineer because it's all there in black and white. My observation in "balance sheet" value investing is that the trick is to accurately assess the value of corporate assets and then put your money where your mouth is based on that assessment. This won't necessarily be reflected in the SEC filings.

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I have also spent some time looking at Baupost's purchases/ holdings.

 

If you listen to Klarman's interviews (few though they are), he talks about one of the advantages at Baupost as the ability to decipher very difficult situations or to spot hidden value where others do not (or will not spend the time to do so).

 

He is more of a "balance sheet" value investor as opposed to Buffett (and most of those who try to emulate him), who is more of a "cash flow" value investor. The latter is much easier to reverse engineer because it's all there in black and white. My observation in "balance sheet" value investing is that the trick is to accurately assess the value of corporate assets and then put your money where your mouth is based on that assessment. This won't necessarily be reflected in the SEC filings.

 

So, were you successful at finding the undervalued part of the security you analyzed?

 

BeerBaron

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So, were you successful at finding the undervalued part of the security you analyzed?

BeerBaron

EXXI is the one that I've spent the most time on. They are a GOM gas and oil production company that Baupost bought a small stake in in Q210. The value opportunity on this one was basically due to events in the gulf with the moratorium, etc. It is up 60% since then...

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So, were you successful at finding the undervalued part of the security you analyzed?

BeerBaron

EXXI is the one that I've spent the most time on. They are a GOM gas and oil production company that Baupost bought a small stake in in Q210. The value opportunity on this one was basically due to events in the gulf with the moratorium, etc. It is up 60% since then...

 

Sweets congrats

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may I suggest "FundsVille.com", it's a great site for tracking institutional portfolios like Baupost, Pabrai or Fairfax et al

 

Enjoy :)

 

FundVille.com

Track 3000+ Hedge Funds & Institutional Portfolios

http://www.fundville.com/

 

Baupost

http://fundville.com/fund/271/BAUPOST-GROUP-LLC-MA

 

Pabrai

http://fundville.com/fund/2032/PABRAI-MOHNISH

 

Appaloosa Mgmt.

http://fundville.com/fund/108/APPALOOSA-MANAGEMENT-LP

 

Fairfax Financial

http://fundville.com/fund/932/FAIRFAX-FINANCIAL-HOLDINGS-LTD--CAN

 

 

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