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 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.
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.
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.
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.
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.
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.”
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.
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.
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.
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.
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.
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).
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.
Hottest Links: Macro
Payrolls, Bonds, and Gold-can someone figure this out?
Payrolls rose by 195,000 workers in June; much higher than expected…
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.
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.
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.
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.
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.
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.
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.
“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.
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.
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