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Author: Saj Karsan

Making Sense Of The Business

Occasionally, companies will appear to have terrific business models, but for some reason the profits just aren’t forthcoming. On the other hand, a company’s business model may seem downright silly, but it may...

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Double Vision

Consider the following 1-year stock chart:Notice the extreme volatility in this company’s stock. In the last year, the company has quadrupled in value, shed 50% of its value, doubled again in price, almost halved itself...

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Dung Heaps

InterOil (IOC) has a market cap of $3 billion, 40% of which is institutionally owned. A company of this size is expected to maintain some standard of decorum in dealing with the public, which is what makes the following e-mail...

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Treating Research at EA and Coke

When companies spend money on capital expenditures (as opposed to spending on operating expenses such as marketing, salaries, repairs etc.), these amounts are ignored on the income statement. In other words, these capital...

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Catching Up With Innovation

Where management has a significant portion of its net worth invested along with shareholders, agency costs are likely to be at a minimum. Shareholders can easily determine how invested management is in a company by looking in...

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Pensions Reverse Course

What a difference a year can make! Last year at this time, as the market set low after low, investors were cautioned to be aware of companies with defined benefit pension plans. Since shareholders are on the hook for the pension...

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Disguised Net-Nets

All value investors are familiar with the fact that stocks that trade at discounts to their net current assets tend to outperform the market. However, companies have substantial leeway when it comes to creating their financial...

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