Kraven Posted June 10, 2013 Share Posted June 10, 2013 Is the book you guys are referring to? http://www.amazon.com/Money-Masters-Time-John-Train/dp/0887309704 No, it's the one just called The Money Masters. It's kind of like the Jack Schwager books in which he came out with a bunch with similar sounding names. Link to comment Share on other sites More sharing options...
zippy1 Posted June 10, 2013 Share Posted June 10, 2013 Look for the version published in 1984. It is on John Train's page on Amazon. Link to comment Share on other sites More sharing options...
matjone Posted June 10, 2013 Share Posted June 10, 2013 Kraven, first of all nice Arsenio reference, I am showing my approval by doing the old circular fist/"whoot" chant thing. I may have misread but it seems like you are making a distinction between Schloss' and Tweedy's approach. What is the distinction? And what is the distinction between what tweedy was doing buying net nets and simply buying off a screen? Link to comment Share on other sites More sharing options...
Guest Posted June 10, 2013 Share Posted June 10, 2013 Is this it? http://www.amazon.com/The-money-masters-John-Train/dp/0060143738 Thanks in advance. :) Link to comment Share on other sites More sharing options...
oddballstocks Posted June 10, 2013 Share Posted June 10, 2013 Is this it? http://www.amazon.com/The-money-masters-John-Train/dp/0060143738 Thanks in advance. :) Yes, that's it. My response to Packer16 on Tweedy was heavily sourced from this book. The book is worth purchasing, especially since used copies are $.01. Link to comment Share on other sites More sharing options...
Kraven Posted June 10, 2013 Share Posted June 10, 2013 Kraven, first of all nice Arsenio reference, I am showing my approval by doing the old circular fist/"whoot" chant thing. I may have misread but it seems like you are making a distinction between Schloss' and Tweedy's approach. What is the distinction? And what is the distinction between what tweedy was doing buying net nets and simply buying off a screen? Nicely done on the "whoot" chant. That made me laugh. Now just need to figure out how to reference Morton Downey, Jr. and we will be all set. "Mort! Mort! Mort!" just doesn't seem to cut it. I think the differences between Schloss and TB are more a difference in degree rather than a difference in kind. That is, I think in many cases Schloss and TB would have been looking at the same things, but I think there was a difference in implementation. Schloss had many smaller positions, but also some larger ones as well. Although I think he claimed to go up to 20% I doubt that happened very often if ever. But 3-5% positions were certainly routine and the top 20 or so was probably 50-60% of the portfolio. TB on the other hand, at that time, had 1000+ positions. They would buy anything in whatever size was available. I think too that Schloss was more concerned about liquidity than TB was. TB would buy many dark stocks and those that truly traded by appointment. There are other things too, but the main point is just that they implemented a similar approach differently. In terms of what TB was doing and whether it was different from buying from a screen, I would say back in the day their net net purchases probably were pretty equivalent to buying from a screen. But that was only about 1/3 of their portfolio. They also bought unlisted and illiquid stocks, stocks with "hidden" assets, some controlling positions, etc. But they had parameters for things that they would use. Overall though I think there is generally a view that investors in low p/b stocks are just the functional equivalent of buying from a screen. That's not what Schloss did. It's really more of a way of deciding which pool to fish from and then within that pool choosing your fish. Link to comment Share on other sites More sharing options...
CONeal Posted June 10, 2013 Share Posted June 10, 2013 NAVB SD BAC AIG ALSK CASH Link to comment Share on other sites More sharing options...
zippy1 Posted June 10, 2013 Share Posted June 10, 2013 Is this it? http://www.amazon.com/The-money-masters-John-Train/dp/0060143738 Thanks in advance. :) Yes. or you can try this one, which is a reprint of the 1980 one. http://www.amazon.com/Money-Masters-John-Train/dp/0887306381/ref=sr_1_2?s=books&ie=UTF8&qid=1370904417&sr=1-2 Link to comment Share on other sites More sharing options...
CorpRaider Posted June 10, 2013 Share Posted June 10, 2013 DEMBF (Sold almost half today) HSH SD OXY SHLD ARCC GPT FNSAX Other ~ 30% cash and growing I think I'm going to add some MKL and/or L during the next big sell-off. Link to comment Share on other sites More sharing options...
T-bone1 Posted June 10, 2013 Share Posted June 10, 2013 CHK CHKDG GST FFH SDR INTC SD EORIF Link to comment Share on other sites More sharing options...
Hershey Posted June 10, 2013 Share Posted June 10, 2013 Cash 35% MSFT 25% BRKB 10% JNJ 5% PFE 3% MRK 3& (Mutual Funds in 401k) 3% WFC 3% GLW 2% KO 1.5% AAPL 1.5% DRI 1% WEN 1% AGCO 1% Lots of Misc little things bought very cheap. Link to comment Share on other sites More sharing options...
bmichaud Posted June 11, 2013 Share Posted June 11, 2013 CorpRaider, Based on your holdings it appears you have an affinity for event-driven situations. Curious what your thoughts are on OXY - recent purchase or long time holding based on the shake-up? Have you looked at HES? If so, how do you think it compares to OXY? Link to comment Share on other sites More sharing options...
CorpRaider Posted June 11, 2013 Share Posted June 11, 2013 CorpRaider, Based on your holdings it appears you have an affinity for event-driven situations. Curious what your thoughts are on OXY - recent purchase or long time holding based on the shake-up? Have you looked at HES? If so, how do you think it compares to OXY? Re Oxy: Yeah not as long-time as I would like, my CB is just below $80. I'm probably going to hit it pretty hard if it drifts down in that area again on lack of news flow this summer. I'm sure you've seen the valuations out there including the BofA one pegging break-up value @ ~$160 per share. they are really singing for those fees. hah! I pulled the trigger on it once it looked like Irani would lose the power struggle because 1) Chazen is older and slated to exit after 2014 no matter what; 2) he has a deal maker background. I need to look at Hess and would happly benefit from any insights you care to share via PM. I briefly looked at it, maybe a year ago, but I didn't think the activists would be able to do anything because of the family ownership. I can see how it would be preferable to OXY because of the retail and midstream assets of which OXY has very little to none and it seems like they've got the obvious template in the Marathon transaction. Link to comment Share on other sites More sharing options...
sculpin Posted June 12, 2013 Share Posted June 12, 2013 Top 5 holdings - all Canadian Maxim Power – undervalued power producer trading at $3.00 with a sale of U.S. & French power assets in the near term that could bring in up to $3/share cash and eliminate debt. No value for coal assets or NG powered development projects. Total value here probably > $5/share with hard book = $4.50. EGI Financial – trades @ $10.30 with book value $13.60, buyback, underwriting makes money, very conservative mgmt Counsel Corporation – trades @ $1.55 – holdco with 2 main operating companies (one to be spun out to shareholders & the other a fast growing Canadian mortgage broker), legacy real estate & other non core assets to be sold within 12 months, value >$2.75 Equal Energy – Oklahoma based E&P listed on TSX & NYSE – activist have pushed for sale of all Cdn properties & now a strategic review. B/S now very solid, initiated a dividend. Highly levered to rise in natural gas/propane pricing. Trades below half of valuation of direct comparable. Sonde Resources – asset rich E&P trading $0.95 in Canada & US – value most likely >$3. Finalization of North African farm out & Canadian strategic review outcome would be very positive catalyst for shares. Link to comment Share on other sites More sharing options...
BargainValueHunter Posted June 12, 2013 Share Posted June 12, 2013 ATPGP SGGH PST (short) VC warrants SPY (short puts) DBC NSU NBG (calls) GDXJ (short puts) GSE common AMBC warrants JGBS JGBD BXMT FRO PAY DWA TAN SJB Link to comment Share on other sites More sharing options...
matts Posted June 12, 2013 Share Posted June 12, 2013 Sculpin, Counsel Corp looks interesting. Is there a write up on it somewhere? Top 5 holdings - all Canadian Maxim Power – undervalued power producer trading at $3.00 with a sale of U.S. & French power assets in the near term that could bring in up to $3/share cash and eliminate debt. No value for coal assets or NG powered development projects. Total value here probably > $5/share with hard book = $4.50. EGI Financial – trades @ $10.30 with book value $13.60, buyback, underwriting makes money, very conservative mgmt Counsel Corporation – trades @ $1.55 – holdco with 2 main operating companies (one to be spun out to shareholders & the other a fast growing Canadian mortgage broker), legacy real estate & other non core assets to be sold within 12 months, value >$2.75 Equal Energy – Oklahoma based E&P listed on TSX & NYSE – activist have pushed for sale of all Cdn properties & now a strategic review. B/S now very solid, initiated a dividend. Highly levered to rise in natural gas/propane pricing. Trades below half of valuation of direct comparable. Sonde Resources – asset rich E&P trading $0.95 in Canada & US – value most likely >$3. Finalization of North African farm out & Canadian strategic review outcome would be very positive catalyst for shares. Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted June 21, 2013 Share Posted June 21, 2013 Just went through a relatively large rebalancing effort. I try to develop most of my investment ideas myself, but will occasionally steal one of I like it enough. DBLTX - 11% FRFHF - 12.7% BBRY - 11.3% MBI - 5.1% - board idea. Thanks guys SAN - 5.1 % MURGY - 4.7% ATUSF - 4.5% - board idea. thanks guys AAPL - 4.8% SB - 4.3% OGZPY - 2.0% MRVL - 2.0 % - following David Einhorn on this one. GOOG - 2.0 % TOT - 2.0% SLV - 1.75% AMZN - (3.2%) Cash - 16.2% Other market exposure through various funds Stocks - 6.3% Bonds - 2.7% Real estate - 2.3% I'm also short calls covering half of my MBI position and long calls for BBRY. Net long exposure through calls is only 1.3%. Totals don't equal a hundred because these were my best estimates off the top of my head. Link to comment Share on other sites More sharing options...
sculpin Posted August 15, 2013 Share Posted August 15, 2013 Counsel Corporation (CXS-TSX, $2.50) Outperform; Target: $2.80 Q2/13: Blowout Quarter As Mortgage Volumes Hit New Record • CXS reported Q2/13 earnings per share from continuing operations of $0.06 per share, above our $0.04 estimate. While earnings were supported by a $2.9M fair value adjustment of the firm’s Private Equity portfolio, mortgage volumes were off the charts this quarter as the firm had an outstanding quarter. • Revenues of $46.4M, up 81% Q/Q and 45% from last year. The results were similarly 48% above our estimate as margin expansion and record volumes of the mortgages sold from the primary Street Capital business shattered our expectations. • Mortgages sold in the quarter were $2.5B, up 53% from last quarter, and up from $1.6B in the quarter one year ago. While indications of an improving housing market were evident from macro sources and competitor results, the higher than expected growth is a solid indicator of the capability size of Street’s funding providers. • CXS increased their mortgages under administration to $15B at quarter end, up 13% Q/Q as the company continues to build their customer book in order to line up a steady stream of mortgage renewals in 2014 and beyond. • Combined with the healthy origination volumes, the company managed to increase their margin (revenues-operating expenses/mortgages sold) to 69 basis points, up from 50 basis points in the prior quarter. • Conference call is set for 9:00am ET (1-888-231-8191). Valuation We value CXS’ ongoing operations by applying a 9 times multiple to our EPS estimate for 2014 of $0.28 per share, generating $2.50 of our target price. We also attribute $0.30 per share to the upcoming divestiture of Counsel RB Capital leading to a target price of $2.80. Conclusion A blow out quarter for the company and we will be looking for indications on what factors led to the increase in originations specifically, whether they are market related, or Street specific (i.e. increased funding capacity). At any rate, the large jump in revenues as a result of increased volumes and margins is a great indication of future growth prospects. We will re-evaluate our forecasts following the conference call today. Link to comment Share on other sites More sharing options...
Lance Posted November 21, 2013 Share Posted November 21, 2013 Cash - 23% Bonds - 2% COLT DEFENSE LLC FIN CORP Utilities - KMI, SO, UTG Healthcare - ABBV, ABT Staples - CL, CLX, KO, SYY - LO, MO, PM, RAI Telecom - CEL, ORAN, T, TEF Discretionary - MCD Financials - FFH, GS preferreds, NLY, RDN Industrials Technology Energy - BP, CVX, RDS.b - Gazprom, Lukoil - ERF, PGH MLPs - EVEP, KMP, LGCY, PAA, VNR Materials - SCCO Precious Metals -TGLDX, GFI, GG, NEM Real Estate - GPT (calls) Puts (secured) AIG, BAC, BBRY, NLY, SHLD Thanks, Lance Link to comment Share on other sites More sharing options...
jouni1 Posted November 21, 2013 Share Posted November 21, 2013 45% konecranes (finnish crane company - KCR1V in helsinki) 37% NOV 18% CHRW in total 150% in stocks. should be back under 100% in a few months i hope due to money coming in (if i don't get any ideas). Link to comment Share on other sites More sharing options...
Guest Qu1nt3ss0n Posted November 21, 2013 Share Posted November 21, 2013 AIG BAC HSP Fiat B&C speakers Computershare ARB Corporation ASX (Australian Stock Exchange) RMD (Resmed) SYD (Sydney Airports) WOW (Woolworths) MCX (Multi-Commodity Exchange India) Noida Toll Road (India) SB SBERBANK another 10% in mostly gold mining and O&G stocks Link to comment Share on other sites More sharing options...
james22 Posted November 21, 2013 Share Posted November 21, 2013 Pessimistic. 20 PM&M (VGPMX) 5 Energy (VGELX) 15 BRK 5 MKL 5 LUK 10 Special Opportunity 40 Cash (Stable Value) Looking to shift 5 from Cash to FRFHF. Link to comment Share on other sites More sharing options...
Yours Truly Posted November 21, 2013 Share Posted November 21, 2013 DTV, STRZA, ATRI, MNST, IBM, AZO, ROST, GPS Link to comment Share on other sites More sharing options...
willie2013 Posted November 21, 2013 Author Share Posted November 21, 2013 BRKB 30% BLDR 20% BYDDY 12% ELOS 11% ATUSF 10% FIATY 10% FTPLF 7% Link to comment Share on other sites More sharing options...
ourkid8 Posted November 21, 2013 Share Posted November 21, 2013 BAC - Warrants / Common / Options AIG - Warrants / Options PM FFH BRK.B CNR.to SD IBM - Options Chou Associates fund Cash Link to comment Share on other sites More sharing options...
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