2011 was another year of economic crosscurrents and mixed results. We began …the year with some confidence that the U.S. was gradually on the mend and that Europe was beginning to deal with its problems. This actually worked out through
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Financial News with emphasis on Value Investing, Hedge Funds and Asset Managers
Posts Tagged ‘ value investing reports ’
Muhlenkamp & Co. 2011 Letter: Buy Blue Chip Stocks
Royce Flagship Fund Down 4.2% for 2011, Matches Benchmark
Royce Pennsylvania Mutual Fund (PMF) seeks long-term growth of capital.…
The Fund uses a disciplined value approach to invest in the equity securitiesof small-cap and micro-cap companies, those with market capitalizations up to $2.5 billion. We believe that investors in
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Howard Marks Latest Memo: What Can We Do For You?
“At the risk of oversimplifying, I see a long list of macro risks on one side of the …scale, and low valuations and joyless investors on the other. Prices are neither so high that we must be hyper-cautious nor so
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GMO: Fourth Quarter 2011
Performance:…
The International Active Strategy narrowly underperformed the MSCI EAFE index in the fourth quarter; the strategy gained 3.2% and the benchmark rose 3.3%. Negative country selection was somewhat offset by positive stock selection. The strategy beat its benchmark by
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Mason Hawkins, CEO of LongLeaf, on Asset Correlation
The latest from Mason Hawkins of LongLeaf…
“I think the future of equities will be roughly the
same as their past; in particular, common-stock
purchases will prove satisfactory when made at
appropriate price levels. It may be objected that it
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Carl Icahn Icahn Sends Letter to Oshkosh Shareholders states in bold “I think CHANGE IS NECESSARY”
…Carl Icahn today issued the following open letter to shareholders of Oshkosh
Corporation (NYSE:OSK):
Dear Fellow Oshkosh Shareholders,
The Oshkosh Annual Meeting will take place Friday, January 27, 2012. Your vote is important as Oshkosh is at a CRITICAL JUNCTURE
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Marty Whitman Latest Letter: REAL Graham and Dodd Investing
The latest from Marty Whitman…
Dear Fellow Shareholders:
In the main body of this letter I discuss, after re-reading
Graham and Dodd’s writings on Value Investing, how the
various Third Avenue Fund managers are followers of
Graham and Dodd, and
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Value Investing Lecture 7 from the Famous…Special Situations and The Magic Formula
This lecture is a review of a Great Investor’s Course on Value Investing and Special Situation Investing.
You can read it on a stand-alone basis and for review. Really diligent students can download the financials of the companies mentioned in…
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Dan Loeb’s Letter to Yahoo’s Board: Take III
December 13, 2011
Board of Directors
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089
Attention: Mr. Roy Bostock, Chairman
Dear Directors:
Third Point LLC, as the beneficial owner of 5.2% of Yahoo! Inc.’s (“Yahoo”) outstanding shares, remains extremely troubled by…
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Jeremy Grantham: Fair Value of S&P Far Below 975
Excerpt:
Profit margins dominate the P/E equation above, so that the market is unlikely to come down even to fair value, about 975-1000 on the S&P in our view, and stay there until profit margins decline…. And
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Bruce Berkowitz on Bank of America
As Bruce Berkowitz’s Fairholme fund faces his worst year ever, aum has dwindled from $23billion to under $10b. This has been a result of both redumptions and large losses on financials. I noticed in late 2010 that Berkowitz was shifting…
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Whitney Tilson October 2011 Shareholder Letter
Whitney R. Tilson and Glenn H. Tongue phone: 212 386 7160 Managing Partners fax: 240 368 0299 www.T2PartnersLLC.com…
November 1, 2011
Dear Partner,
Our fund rose 7.0% in October vs. 10.9% for the S&P 500, 9.7% for the Dow
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Whitney Tilson ‘Why We’re Long Netflix and Short Green Mountain Coffee Roasters’
Netflix and Green Mountain Coffee Roasters are former market darlings whose stocks have collapsed in recent months, wiping out a combined $23.2 billion in market capitalization from their peaks. By many metrics, both stocks appear cheap and the terrible headlines…
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Bill Ackman’s Full Presentation on Lowe’s
As reported last week on Value Walk, Bill Ackman… pitched his Lowe’s as one of his favorite stocks at the recent GIBI Conference.
Below were the details:
FCF of 8% and Div Yield of 2% – likes it much
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Guy Spier’s Q211 Shareholder Letter
Below are excerpts from Guy Spier’s annual shareholder letter reprinted with permission. First Guy’s spectacular track record:
Guy Spier’s Track Record//
Below are selected comments from Guy’s annual letter:
Security Sales…
Since my last report to you, where I
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