Stalking Value Stocks

Top 10 Companies by Share Buyback Yield

2012-03-31T16:43:00.001-07:00

Source : http://www.factset.com/websitefiles/PDFs/buyback/buyback_3.12/

Portfolio update March 2012

2012-03-30T19:31:00.000-07:00

TickerTwo YearsOne YearSix MonthsYear To DateSince Inception My Portfolio18.25%20.55%31.06%21.42%18.24% S&P 50011.25%7.34%22.68%11.66%1.29%

Portfolio update Feb 2012

2012-02-26T11:00:00.000-08:00

Ticker % Portfolio Combined 100.00% Cash 15.55% BK 13.73% BAC 12.20% WFC 10.41% BRK-B 10.26% IACIX 7.82% JEF 7.03% TAVIX

Inflation or Deflation ?

2012-02-19T23:44:00.000-08:00

Steven Romick of FPA Crescent fund discusses his thinking on inflation or deflation and how he is positioning the portfolio to handle either. http://www.fpafunds.com/downloads/crescent/FPA_Crescent_Qtrly_Commentary_1211.pdf

Pabrai on philanthropy

2012-02-19T00:26:00.000-08:00

http://www.forbes.com/sites/mohnishpabrai/2012/02/01/i-stole-this-idea-get-untouchables-into-indias-m-i-t/

Chris Davis comments on BNY Mellon

2012-02-17T22:45:00.000-08:00

One of the largest detractors from last year’s results was our holding in Bank of New York Mellon, which we count as a mistake because we have meaningfully lowered our appraisal of the company’s fair value. However, unlike some of the examples mentioned above, we have no doubt about the bank’s durability or the fact that it will remain profitable. After all, this 233-year-old institution has

Portfolio Update Dec 2011

2011-12-22T21:15:00.000-08:00

Current Holdings Ticker Portfolio % Bank of America Warrants (Exp 2019) 0.77% WFC 10.69% TAVIX 5.56% PTP 3.37% MSFT 3.96% JEF 7.33% IACIX 8.34% HLDCY 3.82% Cash 14.87% BRK-B 11.54% BP 4.70% BK 14.18% BAC 9.30% ALR 1.56% Returns

Charlie Rose interviews Ray Dalio CEO of Bridgewater Associates

2011-10-24T21:44:00.001-07:00

http://www.charlierose.com/view/interview/11957

Excerpts from Phil Fisher`s book

2011-10-21T11:31:00.000-07:00

The book "Common Stocks and Uncommon Profits" was published in 1958. The following excerpt describes how the monetary system has been intentionally biased in US towards devaluing the currency after 1932. Fisher(function() { var scribd = document.createElement("script"); scribd.type = "text/javascript"; scribd.async = true; scribd.src = "http://www.scribd.com/javascripts/embed_code/inject.js";

Revisiting buying PUT options on TLT

2011-10-16T20:40:00.000-07:00

Over a year ago I thought about buying PUT options on TLT expiring on Jan 20,2012 for 2.6$/share.Basically this investment would have had a huge payout if we had a runaway inflation and interest rates went up significantly on government bonds. http://stalking-value-stocks.blogspot.com/2010/08/thinking-about-buying-put-options-on.html Looking back that investment would be worth 0.13$/share....a

CBO Budget and Economic Forecast

2011-10-15T11:21:00.000-07:00

Charts from CBO's Budget and Economic Outlook: An Update View more presentations from Congressional Budget Office

Michael Lewis on Daily Show

2011-10-08T16:03:00.001-07:00

http://www.thedailyshow.com/watch/tue-october-4-2011/exclusive---michael-lewis-extended-interview-pt--1 http://www.thedailyshow.com/watch/tue-october-4-2011/exclusive---michael-lewis-extended-interview-pt--2

Bought Henderson Land(HLDCY) at US $4.38/share

2011-10-06T21:23:00.000-07:00

About Henderson Land Henderson Land(ticker HLDCY) owns a significant amount of land in Hong Kong (21 million square feet)and China (150 million square feet, primarily in secondary cities). In Hong Kong the government owns most of the land and sells it to the land management companies like Henderson in the auction market. The auction process can end up being a costly way to acquire the land.

Portfolio Update

2011-09-28T20:14:00.000-07:00

Haven't updated my portfolio info on this blog in a while. During this volatile market I was able to acquire some stocks at very attractive prices.

Prem Watsa hedging for deflation

2011-09-28T18:17:00.000-07:00

GuruFocus: Yeah, actually there's a question from our readers about the difference between the U.S. and Japan. Watsa: Yes, there are many differences. But it's the psychological climate that is very interesting to me. I was there in 1988, ‘89 in Japan, and when we asked the Japanese business people, this thing can't last, the markets are so high, the land prices are so high, you

Insiders at BNY Mellon are buying

2011-09-20T21:18:00.000-07:00

I am quite bullish on BNY Mellon stock (NYSE:BK) and the stock has fallen 33% since beginning of this year. Its always good to see when the insiders at a company put their own money to buy the stock....its another indication that the stock is a good value. http://insiders.morningstar.com/trading/insider-activity.action?t=BK&region=USA&culture=en-us

Sequoia fund investor day transript 2011

2011-09-19T18:16:00.001-07:00

Link

Financial Historian Niel Ferguson interview with Wealthtrack

2011-09-10T00:39:00.000-07:00

Author of the book Civilization: The West and the Rest http://www.amazon.com/gp/product/1594203059/ref=as_li_tf_tl?ie=UTF8&tag=consuelomackw-20&link_code=as3&camp=211189&creative=373489&creativeASIN=1594203059 Video Link :Interview Video

My own rules of investing

2011-06-24T14:03:00.000-07:00

Will the business be around in 10 years or so ? What are the odds that something unforeseen can occur which may change the landscape completely ? Am I smart enough to see events that can break this business in long term ? Does the business have pricing power ? Can the business raise prices because of inflation or because it can ...and not loose customers ? Does the business have MOAT i.e. a

Value Investing Congress 2011 Notes

2011-05-09T14:14:00.001-07:00

http://www.scribd.com/doc/54958483/2011-Value-Investing-Congress-Notes

Charlier Munger : "Why be mad at the way the world is ? "

2011-05-09T01:35:00.000-07:00

As usual the Mr Rational speaks in his unique way http://www.youtube.com/watch?v=vBbd2dMGarM Charlie: "Trump is stark raving mad" http://www.youtube.com/watch?v=RGLMnTzQIh8

Argan, Inc. (AGX)

2011-05-05T00:49:00.000-07:00

This company has three businesses: GPS,SMC and VLI. GPS: Constructs gas fired power plants, Wind farms,etc. Contributes 95% of revenue and earnings. SMC: Telecom business for government. Contributes a small fraction to the business VLI: They have disposed this business in Dec 2010. It has contributed to losses of 3,9 and 6 million dollars in year 2010,2009 and 2008 respectively. So

Sold half of my Moody`s holding at 39.14

2011-05-01T00:26:00.000-07:00

I purchased Moody`s in June of 2010 at around $ 20/share. At that time it was trading at enterprise value of 10x free cash flow. Although there was a risk that the dodd-frank law will change the way the whole ratings system works, I estimated that the government will be slow to enforce any of the big regulations. Meanwhile we had a high moat business selling at such cheap valuation. At present

Bought Wells Fargo at 28.74

2011-04-29T13:35:00.000-07:00

This transaction makes about 5% of my portfolio. Here are the reasons for the purchase One of the best managements in the banking industry. Banking normally is a very good business with high returns on equity and high free cash flow payout rates(generally >50%) Its also one of the riskiest businesses because of leverage involved and hence its very important that you bet on the right jockey.

Bought JNJ @ 59.43

2011-03-10T12:49:00.000-08:00

The position makes 2% of my total portfolio and depending on the price movements I will be willing to put 5-10% of my portfolio in it. JNJ had a tough 2010 and will have a tough 2011. But prospects for the company and the stock look good in the long term. At 59 $/share I paid around 10.5x free cash flow of 2010 which is not too expensive but not cheap either. But as Buffett says "rather buy