Tag: value investing reports

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Muhlenkamp & Co. 2011 Letter: Buy Blue Chip Stocks

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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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 the […]

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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 0.5 percentage […]

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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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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 the longer you […]

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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 […]