Technology

Everything ValueWalk covers about Technology, including the latest news, tips, rumors, features, tech guides.

Lakeland Industries (LAKE): Company Response

Three weeks ago, I wrote this article about Lakeland Industries (NASDAQ:LAKE). The company emailed me their position, and in the interests of fairness I am reproducing three paragraphs and two graphs from that email, as requested by their investor relations representative. I have not verified any of the following, so as always, do your own due diligence.

In your posting on Lakeland Industries (NASDAQ: LAKE) of early February, there was a mischaracterization of the DuPont relationship which is based on a the period in time in which you make reference to it. When the Company filed its 10-K for the year ended 1/31/10, which is what you cite as reference material, LAKE had been buying raw material (primarily Tyvek) from DuPont and shipping it to . . .

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reminiscences of a stock operator pdf

How to Fleece a Foreign Investor

Rupert Murdoch, Morgan Stanley, Danone Group, Best Buy, Jack Perkowski. The list of Western groups and individuals that have gone into emerging markets and had their heads handed to them is long and prestigious. They structured deals, invested, opened …

Is Japan a Value Trap?

Good article on Japanese equities, with a focus on Shimachu (8184:JP) from  Value Institute Many value investors are debating the merits and … Read more

How Much Cash is Too Much?

Professor Aswath Damodaran from NYU’s Stern School of Business tackled the popular notion that companies are holding too much cash. These arguments have been increasing in the media in the wake of the massive cost cutting done throughout the Great Recession which, now that revenues are growing again, is resulting in ever-increasing cash balances (in the aggregate) on corporate balance sheets.

Damodaran argues that it is improper to say that companies like Apple, by having massive cash balances earning less than the company’s cost of capital, are “leaving money on the table”. The proper discount rate is not the company’s cost of capital, but instead the discount rate associated with that “project”, namely the interest rate on the cash, which makes cash a neutral investment, by . . .

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reminiscences of a stock operator pdf

Epolin, Inc (EPLN): Seeking Suitor

Epolin Inc (OTC:EPLN) manufactures and markets proprietary near infrared absorbing dyes and dye formations (such as those used in eyewear). The company trades not far above its NCAV, but its operations appear to be in decline, with revenue decreasing each of the last five years and the most recent quarter showing profits dipping into the red.

The good news is that the company is actively marketing itself for sale, having engaged Millburn Capital Group in February 2009 to help “explore strategic alternatives” (with little cash to perform an acquisition on its own, we can safely read this to mean a merger or outright sale). The company had gone so far as to enter into a letter of intent, but a deal eventually proved elusive.

The bad news . . .

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