Hottest links for Tuesday, April 8th, the late edition. Get our free daily newsletter and never miss a single linkfest. Also, now if you sign up you will get our new e-book on value investing.

Top stories for today are posted below.  For this Tuesday afternoon, we’ve got some great commentary on a brilliant article by Justice Leo E. Strine on short-term investors hamstringing a company, a killer charts roundup from the always-entertaining Matthew Boesler, and an interesting idea for a value stock.

Hottest Links: Stories

Value Investing

Daily Value Idea for 04/07/14

Orbit International Corp. (NASDAQ:ORBT): Insider ownership at 45.20%, strong Insider purchase activity, 52 change -21%, extremely tiny float of 2.22M shares versus shares outstanding of 4.38M, historically cheap versus the industry and history , P/S, P/B and price near 5 year low. [ShadowStock]

Hottest Links

Quarterly Review Of The Price/Earnings Ratio

Over the past quarter, the stock market gyrated a bit and ended about 1% higher than the prior quarter. The economy and normalized earnings increased close to the same percentage. [Ed Easterling, crestmontresearch]

Funds

The Most Important Charts on Earth!

Matthew Boesler always kills it with his chart roundups from Wall Street’s most noteworthy pundits, analysts, money managers and strategists. This quarter’s roundup, out yesterday, is no exception. [Joshua M Brown, The Reformed Broker]

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The NASDAQ Composite (INDEXNASDAQ:.IXIC) vs your BS Risk Tolerance

Everyone’s risk tolerance changes with the environment they’re in. Ask someone how they feel about risk after the market’s just run up and they’ll say “don’t worry about it, I’m cool – let’s put some money to work.” [Joshua M Brown, The Reformed Broker]

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Proxy madness: mystery fees at Google

So when we came across an odd disclosure in the proxy that Google Inc (NASDAQ:GOOG) filed shortly after 4 pm on March 28 — that’s the beginning of Friday Night Dump time as footnoted regulars know — we were a bit puzzled. For one, as we tweeted that evening, Google filed its proxy nearly a month earlier than it normally does. [Footnoted]

Why value equations inevitably fall short

Is the stock market overvalued? Can it even make sense to say that an entire market is worth more or less than it should be? And if so, how can we tell? This topic is generating much heat and with good reason. [FT, John Authers]

Bulls and Bears in Role Reversal

Based on the recent market action — a mere 3 percent below a record high — bulls shouldn’t be capitulatory. We don’t see the usual indicators of a market top. Yet some of the commentary accompanying the retreat from these highs sounds more like an admission of defeat from the bulls than a victory lap. [Barry Ritholtz, BloombergView]

Current Thoughts About Activism, Revisited

First, Delaware Supreme Court Chief Justice Leo E. Strine, Jr. published a brilliant article in the Columbia Law Review, Can We Do Better by Ordinary Investors? A Pragmatic Reaction to the Dueling Ideological Mythologists of Corporate Law in which he points out the serious defects in allowing short-term investors to override carefully considered judgments of the boards of directors of public corporations. [Martin Lipton, The Harvard Law School Forum]

Management’s History of Shareholder Friendliness

The best way to learn our view of the risk limiting and wealth creating nature of our sixth criteria is to look at Amgen, Inc. (NASDAQ:AMGN). From 2009 to 2011, we sat with a sizable position in this biotech/Pharma company. As the economy rebounded from the financial meltdown and the healthcare industry stared toward political and regulatory upheaval, Amgen traded around $50-52 per share. [Smead Capital Management]

Hottest Links: Not The Onion

Screening of Noah Cancelled After Theater Floods

The issue in question was a faulty ice machine that forced the theater to close until 2 pm April 4th, causing  cancellation of the first show. The irony was not lost on theatergoers, who were probably just happy to have escaped a watery grave. Many Junior Mints, Milk Duds, and popcorn kernels were likely not as lucky. [Carolyn Cox, Geekosystem]