Monthly Archives: January 2013

Greenwald 2005 on Apple: I don’t think a smart value investor will invest

Gotta love this scribd document from 2005 … On page 39, Bruce Greenwald opines about Apple: the customer base is not growing so the earnings base is unsustainable —and they haven’t been. Apple has made pitiful amounts of return on … Continue reading

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What’s Behind the Numbers? A Guide to Exposing Financial Chicanery

on Youtube about book. 20:26 4 top earnings quality predictors: 1. aggressive revenue recognition. “stuffing the channels”: borrows from future, works until it doesn’t 2. aggressive inventory management 3. cash flow warnings 4. serial acquisitions 25:14 Day sales outstanding longer … Continue reading

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Einhorn 2006

Sketch notes on PDF of Einhorn 2006 talk at Value Investing Congress. 2 types of business: 1. capital-intensive – a business where the size of the business is limited by the amount of capital invested in it., e.g. nearly all … Continue reading

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GNG – the fiasco continues

GNG (Geong International) is a company I follow from time to time, for pretty much the same reason that Victorians used to visit mental asylums for their entertainment value. Well, I came across a tweet by @Proselenes, that pointed out … Continue reading

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VMED – returning capital

I noted that fixed line telecomms company VMED (Virgin Media) has an RS6m of 41%. It has been instituting a capital return programme. An RNS on 14-Dec-2012 notes: Virgin Media’s results over recent years have demonstrated our ability to grow … Continue reading

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Pabrai on Buffett lunch

Sketch notes follow on video posted by marketfolly. Buffett said: even if you’re a slightly above average investor who spends less than they earn, over a lifetime you cannot help but become rich if you are patient. Munger said that … Continue reading

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HMV official list cancellation

A few days ago, HMV had suspended its share temporarily. As from today, their listing has been cancelled. Game is over bar the shouting – although admitedly we had been in the end-game for a long time.

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HMV shares suspsended

HMV notifies of temporary suspension of its share listing. It has appointed administrators as it feels unable to trade solvently. Total shareholder wipeout is inevitable.

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Chris Camillo on turning 20k into 2m

Sketch notes of video featured on ValueWalk. Used contrarian/vale strategies. Turned $20k into $2m from period 2007-2010. 1 or 2 big trades a year. never a bad time to invest. identify game-changing impacts to companies. look for something that wall … Continue reading

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NTG – Northgate – good reward/risk

“redcorner” did a write-up for Northgate on TMF, the vehicle hire company. It is his entry for the Nicky Fraser Share Competition. He also has his own blog, and a level of analysis that blows my puny efforts out of … Continue reading

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