I often troll through portfolios of investors I think of as
outstanding value investors, and certainly Prem Watsa is one of those.
Not exact matches
With virtually identical market capitalization (the price it would take to buy all shares of a company's
outstanding common stock at the current market
value), what exactly is an
investor in each respective firm getting for his or her money?
The following may be true of a potential takeover: • the company has fewer than 50 million shares
outstanding; • management is dominated by persons near retirement age; • management's record on innovations and improving returns has been poor; • the company owns assets whose market
values are potentially higher than those shown on the balance sheet; • outside
investors have been steadily buying the stock.
If you consider that the company had over 6.5 billion shares
outstanding, you realize that dilution was taking more than $ 390 million in
value from the
investors and giving it to management and employees.
When interest rates rise from 5 % to 10 %,
investors value the profits earned one year from now by the JayZ company much less and are not willing to pay as much for the
outstanding share of stock.
In dividing intrinsic equity
value by diluted shares
outstanding, the
investor then arrives at equity
value per share.
The approach has been championed by Warren Buffett, the best known
value investor of our time, but a small group of lesser - known
investors has also used this approach to achieve
outstanding returns.
Three activist
investors, Biotechnology
Value Fund (BVF), Millennium Technology
Value Partners and Highland Capital Management, hold approximately 45 % of NTII's
outstanding stock and have called for its liquidation.
In Deep
Value: Why Activist
Investors and Other Contrarians Battle for Control of Losing Corporations (Wiley Finance, 2014), I examined one such example of an undervalued, overcapitalized company that failed to take its opportunity until two activists stepped up the pressure, and the
outstanding returns that followed.
I also subscribe to Portfolio Reports, published by
Outstanding Investor Digest, which gives a listing of all the buying of major
value investors every few weeks.
And
Investor's Business Daily reports that nearly a quarter of all homeowners are «underwater», meaning that the market
value of their property is lower than the balance
outstanding on their mortgage.
Greenlight Capital's David Einhorn, an
outstanding long - short
value investor, presented at the Value Investing Congress today and detailed why St. Joe may be going to
value investor, presented at the
Value Investing Congress today and detailed why St. Joe may be going to
Value Investing Congress today and detailed why St. Joe may be going to zero.
Although Wong et al hold only 0.5 % of FACT's
outstanding stock, we think the presence of Bob Chapman and other noted activist and deep
value investors on the register (Baupost Group holds ~ 18 %) indicates a good chance of success for the dissidents.
I will be posting a series of lectures by an
outstanding investor who evolved from a deep cyclical
value investor to buying good business at the proper prices.
As this occurred, the
value of all
outstanding collateralized debt obligations also declined, creating huge losses for
investors, including pension funds, mutual funds, hedge funds, and other types of investment vehicles.
Most of our portfolio companies pay generous dividends or repurchase significant quantities of
outstanding shares, thereby paying
investors to wait until the market recognizes their fair
values.
The Index includes publicly issued U.S. dollar denominated corporate issues that have a remaining maturity of greater than or equal to 1 year and less than 3 years, are rated investment grade (must be Baa3 / BBB - or higher using the middle rating of Moody's
Investors Service, Inc., Fitch Inc., or Standard & Poor's Financial Services, LLC), and have $ 300 million or more of
outstanding face
value.
We are committed to bringing exceptional
value to
investors through
outstanding performance and loyalty - inspiring service at low costs.
Value Investors can escape the negative of buying at times of overvaluation by virtue of
outstanding research...
Listen to this 15 - minute audio clip from activist
investor Alex Roepers»
outstanding presentation,» Global
Value Investment Opportunities» from the just - completed New York Congress and you'll see why.
It's not often that the stars align like this: a stock with a well - known brand selling at less than a third of its
value in a liquidation with one of the best activist
investors in the US controlling almost a third of its
outstanding stock.
Members of the Committee, which currently consist of BA
Value Investors LLC, a private investment firm founded by Steven N. Bronson, and ROI Capital Management, a registered investment advisor managed by Mark T. Boyer and Mitchell J. Soboleski, collectively own 13.7 % of the
outstanding common stock of VaxGen.
We started following ACLS on January 8 this year (see our post archive here) because it was trading at a discount to our estimate of its liquidation
value with an activist
investor, Sterling Capital Management, holding 10.7 % of its
outstanding stock.
8th Annual
Value Investor Conference Agenda - 2011 Tom Gayner President and CIO, Markel Corp Topic: Challenges in Investing Charles Brandes Founder and Chairman, Brandes Investment Partners, Author Topic:
Value Investing Today Bill Child Chairman, R.C. Willey Home Furnishings (a wholly owned subsidiary of Berkshire Hathaway) Topic: «How to Build a Business Warren Buffett Would Buy: The R.C. Willey Story» Robert Hagstrom Author and Portfolio Mgr, Legg Mason Growth Trust Topic: «Go Big: The Investment Case for US Multinationals» Chuck Akre Managing Member and CEO Akre Capital Topic: «Finding
Outstanding Investments» Pat Dorsey Author, Director of Research - Sanibel Captiva Trust Topic: «10 Years, 100 Analysts and 2,000 Stocks: Learning From Experience» Tom Russo Partner, Gardner Russo & Gardner Topic: «Global
Value Equity Investing» Robert Cialdini Professor and NYT Best Selling Author, Yes!
The Index includes publicly issued U.S. dollar denominated, non-investment grade, fixed - rate, taxable corporate bonds that have a remaining maturity of at least one year, but not more than fifteen years, regardless of optionality; are rated high - yield (Ba1 / BB + / BB + or below) using the middle rating of Moody's
Investors Service, Inc., Fitch Inc., or Standard & Poor's Financial Services, LLC, respectively; and have $ 500 million or more of
outstanding face
value.
An exclusive interview with a deep
value investor whose
outstanding long term track record has been seriously tested in recent years.
The company claims to be registered in the United States and purports to guarantee «
outstanding returns» by «working as an investment pool, collecting multiple lower
value investments and grouping them into one single HUGE investment, using those funds to trade on the stock market» — without any actual information as to how they use
investors money.
In complying with the banks» stringent criteria in terms of the valuation of the property, its affordability and acceptable security, P3
investors ensure that their cash flow can indeed support the repayment of the loan and that the
value of the property — as the security for the loan — will in fact cover the
outstanding loan should they default or sell.