5-Year Review

“I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline.” – Seth Klarman I made my first investment on March 19, 2009 – 200 WFC common shares @$16.73. Having read the Intelligent Investor and…

Performance Review of Student of Value Write-Ups

In my last post, I decided to implement Value and Opportunity’s idea of tracking stocks that I have sold or passed on as a great way of calibrating my investment process.  Here are the results. It has been a little…

Looking Backward and Forward into Your Investment Decisions

Recently, I read a post at the wholesome Value and Opportunity blog titled Sold, Rejected but not Forgotten.  The author takes a look at what he calls second and third level mistakes, i.e., stocks that outperform after you sold and…

Nuclear Story with an Unexplosive End

How about a post-bankruptcy, spin-off monopoly today? I came across Babcock & Wilcox (BWC) in this free issue of Grant’s Interest Rate Observer that has been making the rounds on Twitter (my handle is @DGenchev).  The story of a naval…

Host Your Blog at Amazon Web Services

This is a bit off-topic, but I recently moved my blog to Amazon’s cloud.  The post will be one part about web hosting and one part why Amazon (AMZN) keeps amazing me. Before, this site was hosted on my home…

Geoff Gannon Is Back and He Helps Us Practice Appraisal

As I already confessed in my 15 Value Investing Blogs Worth Your While post, my favorite blogger is Geoff Gannon and he is back with advice and daily practice cases. He insists that if you focus, for no less than…

What Is the Difference between EBITDA and Cash Flow from Operations?

I just picked up the Pershing Square Value and Philanthropy Challenge (held on April 24, 2013) where I left off months ago.  It’s not the only catching up I have to do, but here is why I am sharing this…

15 Value Investing Blogs Worth Your While

It has been almost three months since my last post and the two readers that I had have likely given me up for dead (for the value investing community anyway).  Bloggers tend to do this – wander off.  It has…

Fazerles (4F6:BU): Is a 90% Price Drop Enough?

In 1993, Fazerles (4F6:BU) was formed to inherit the old wood-fiber plates (hardboard) plant.  The company is the largest hardboard manufacturer in Bulgaria.  The results in its best year, 2007, put Fazerles in second place among the largest exporters of…

Yuri Gagarin Sales 2010-2012 (by month)

Change of Owners at Yuri Gagarin (4PX:BU)

Last Tuesday, March 5, I attended the special shareholders’ meeting of Yuri Gagarin (4PX:BU).  I wrote two articles about the company last year (one and two).  In the second one, I talked about the uneventful special shareholders’ meeting that was…