Hottest Links edition for Monday afternoon (see Thursday’s hottest links here). We hope to make hottest links a regular feature and this is just the beginning of a great linkfest to appear regularly. Feel free to send us feedback on our Hottest Links.

Hottest Links

Hottest links for Monday July 15, 2013

Hottest links: Value Investing

What Do You Do With A Cashbox Company?

A company’s worth consists of the value of its operations, plus the value of any non-operating assets, such as excess cash or unused real estate.

[OTC Adventures]

Q2 2013 Letter to Clients

Motiwala Capital LLC has released the quarterly letter to clients for the period April – June 2013. Please contact me if you have any questions or comments.

[Adib Motiwala, Motiwala Capital]

Top 20 Stocks of the Value Stock Screen Pounding the Market

This is big surprise because a few screens shot up by as much as 30% in Q2 alone.

[Jae Jun, Old School Value]

Omega Healthcare Investors (OHI): Solid REIT At This Price

Omega Healthcare Investors Inc (NYSE:OHI) is a REIT that focuses on owning properties for skilled nursing facilities.

[Matt Alden S., Dividend Monk]

Mario Gabelli Favorite Stocks: Full CNBC Interview [VIDEO]

Stock market superstar Mario Gabelli explains why he is taking a look at Davide Campari-Milano in a CNBC interview today. We earlier posted one segment from the interview, which can be found here.

[Value Walk]

Hottest Links: Investment Strategy

What’s the Difference Between Traders and Economists?

The old rule on Wall Street has always and ever been “Keep the economists as far away from the trading desk as possible.”

[Joshua M Brown, The Formed Broker]

Study: Hedge fund ‘superstars’ earn extreme wealth through increasingly scalable technology

Whether it inspires awe or disgust, industry observers love to gawk at how much money top hedge fund managers make compared with the rest of the population.

[Lawrence Delevingne, hedgefundintelligence]

Thoughts on Finding Value When Stocks Are Making New Highs

I’ve been traveling for the last two weeks, and thus the reason for the lack of posts. But I’ve been working and reading as usual, and actually have been active in making a few investments, despite the overall market climbing to new highs.

[John Huber, Base Hit Investing]

Shiller PE or CAPE does not work, unless you use it for sectors….. 

Regular readers know that I am a skeptic when it comes to the Shiller CAPE ratio approach to market valuation.

[Jeff Miller, typepad]

Your Stock Stinks Unless it has One of These 9 Competitive Advantages

In markets that exhibit “perfect competition”, these advantages should be short lived. But in reality, many persist over long periods of time.

[Somrh, Old School Value]

Common Misconceptions about Dividend Growth Investing

There are many misconceptions about dividend investing. I have tried itemizing several of them, outlining them, and providing a brief commentary.

[Dividend Growth Investor]

Hottest Links: Bonds

Blurring The Lines: The Murkiness of Corporate Separateness in Chapter 11

In the past, Distressed Debt Investing has republished articles from the American Bankruptcy Institute that I think are particularly pertinent to market participants (buy side, sell side).

[Distressed Debt Investing]

Are Municipal Bonds Still a Safe Investment?

Only several weeks ago, Ben Bernanke’s comments on tapering the federal bond-buying program sparked shock waves around the capital markets, including the greatest volatility in municipal bonds since 1987, as measured by the Bond Buyer Index.

[Hadley Chu, CFA Institute]

Hottest Links: Macro

Payrolls, Bonds, and Gold-can someone figure this out?

Payrolls rose by 195,000 workers in June; much higher than expected…

[Wesley R. Gray, turnkey analyst]

Warning shot across the bow for long USD speculators

One of the points that we have emphasized to clients in our most recent reports has been the risk of a reversal in the USD.

[Variant Perception]

Rigs in the Eagle Ford Shale – and across the U.S.

Texas has 832 drilling rigs looking for oil and gas – about 47 percent of all U.S. rigs and a quarter of drilling rigs worldwide, according to the latest Baker Hughes Rig Count.

[Jennifer Hiller, fuelfix]

Constitutional crisis pushes Portugal closer to the brink

Portugal’s borrowing costs have spiked dramatically after key political parties failed to agree on a national salvation front, raising the risk of a snap election and an anti-austerity revolt.

[Ambrose Evans-Pritchard, Telegraph]

The housing appraisers warned us about the crisis but we didn’t listen

The San Francisco radio program host asked me what question I would ask the lobbyist and I said that any discussion should begin with allowing him to state his view of what caused the crisis.

[William K. Black, Credit Write Downs]

The Shift to a Rental Culture

In spite of improvements in the housing market in the last couple of years, the trend away from “homeownership culture” in the US seems to be ongoing.

[Walter Kurtz, Sober Look]

Richard Koo Still Abenomics Skeptic; Sees Little Progress in Japan

Richard Koo of Nomura is out with a new report titled ‘Japan, US, and Europe face different issues’. As the title suggests, Richard Koo discusses the differences between problems in Europe, Japan and the US. Koo has been a skeptic of Abenomics as we noted in the past.

[Value Walk]

Starboard hires bankers to explore Smithfield deals

Activist shareholder Starboard Value LP said on Friday it engaged financial advisors to explore alternative deal options for Smithfield Foods, Inc. (NYSE:SFD) aside from its planned takeover by China’s Shuanghui International.

[Reuters]

“The Year of the Glitch” – The Dark (Pool) Truth About What Really Goes On In The Stock Market: Part 4

On the morning of December 18, 2012, a Tuesday, U.S. Senators rubbed elbows with K Street lobbyists, stock-market honchos, and luminaries from the increasingly powerful and controversial world of high-frequency trading.

[Tyler Durden, Zero Hedge]

Hottest Links: Companies

JPMorgan Sees More Pain in Mortgages If Rates Remain High

JPMorgan Chase & Co. (NYSE:JPM) Chief Executive Officer Jamie Dimon warned investors that higher interest rates could lead to a “dramatic reduction” in the bank’s profits by eroding demand for mortgage refinancing.

[Dawn Kopecki and Michael J. Moore, Business Insider]

The magical world of Fannie Mae accounting

Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) converted a huge non-cash profit into a deficit-reducing payment to the Treasury by borrowing the money without having it count as part of the national debt even though taxpayers guarantee it.

[Allan