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Author: Saj Karsan

Hidden Cash

Liberty Acquisition (LIA) was formed with the intent of buying a business operation. As such, it is flush with cash. You wouldn’t know it by looking at stock screeners, however: both Yahoo and Google Finance show the...

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Don’t Focus On Consumer Spending

Contrary to popular belief, increases in aggregate spending (e.g. consumer spending) is not what leads us to a higher standard of living. Nevertheless, both in good times and bad, consumer spending is the gauge the media focuses...

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Spread Too Thin

Integrated Electrical Services (IESC) provides wiring, power connection and related maintenance services to the industrial, commercial and residential markets. The company trades for $52 million, but has net current assets of...

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Buffett Partnership Letters: 1966

Berkshire Hathaway’s letters to shareholders are oft-quoted and Berkshire’s annual shareholder meeting is well-followed, as value investors try to glean the wisdom of the world’s greatest investor. But before...

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Buffett Partnership Letters: 1965

Berkshire Hathaway’s letters to shareholders are oft-quoted and Berkshire’s annual shareholder meeting is well-followed, as value investors try to glean the wisdom of the world’s greatest investor. But before...

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Timing The Market Timers

Many participants in the stock market base their buy and sell decisions on attempts to time the market. The idea is to buy into the market just before prices rise, and sell before they decline. Many studies have shown that it is...

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Swank Inc.

Swank (SNKI) is a competitor of Tandy Brands, a company that has been discussed on this site. These companies produce and distribute (to retailers) belts, wallets and other accessories across a number of brand names. Where Tandy...

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Where You Buy, Not What You Buy

We spend most of our time on this site discussing stocks from a bottom-up perspective. But sometimes the environment for business becomes more important than the business itself. When governments intervene between willing...

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Biases You Must Defeat

Daniel Nevins is a managing director at SEI Investments. Not unlike Charlie Munger (whose discussion of human tendencies we have summarized), Nevins is a student of human biases which cause individuals to underperform as...

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Making Money But Losing Value

L.S. Starrett (SCX), a company we have previously discussed as a potential value investment, recently returned to profitability having achieved sales and gross margin growth of 65% and 80% respectively in its fiscal fourth...

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