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- Regis: A Stock I Just Don't Want to Own
- James Cullen submits: One of the challenges of inheriting a 35 stock portfolio that needs to be managed via once weekly meetings is that it's difficult to keep pruned; stocks can linger without a sell motion indefinitely, and making rapid allocation changes is almost impossible. So, even though I...
- External links 2008-10-27
- A Concise Book Review - Goldman Sachs: The Culture of Success
- James Cullen submits: This isn’t going to be a typical book review, because my thoughts on the book can be summed up in a concise manner, and I think the real story is much more relevant in regards to current events. Goldman Sachs: The Culture of Success is written...
- External links 2009-07-31
- USG Earnings: Curb Your Enthusiasm
- James Cullen submits: If you needed something to temper the bullishness that’s gripped the markets, here it is. Wallboard maker USG reported second quarter earnings Thursday. From the conference call: Looking ahead at the remainder of 2009 and into next year, we are not expecting...
- External links 2009-07-27
- Don't Short the Ratings Agencies
- James Cullen submits: This is a long overdue follow-up to a previous post on whether or not the ratings agencies are good candidates to be sold short. CalPERS is suing Moody’s MCO, S&P, and Fitch, saying that their ratings “proved to be wildly inaccurate and unreasonably high.” Hindsight is...
- External links 2009-07-24
- Accenture Earnings Review: Stock Should Outperform Over Time
- James Cullen submits: I covered earnings for Accenture ACN over at AOL Money + Finance, and want to use this opportunity to dive more into the conference call and prospects for the stock. First, the numbers were pretty strong, with the main drag being currency-related. From the earnings write-up...
- External links 2009-06-29
- USG: Supply Is High, Demand Is Low and Pricing Is Still Improving
- James Cullen submits: One aspect of my investing experience I feel I don’t talk about enough is the Boston College Investment Club (BCIC), where I am the Portfolio Manager. With 35 positions totaling about $200,000 and a very democratic process, being nimble is difficult and while that’s frustrating at...
- External links 2009-04-26
- Stressed Valuation of Entertainment Properties
- James Cullen submits: As was discussed in my opening write-up on Entertainment Properties EPR, completely writing off all non-core assets to leave only the theater business leaves assets and liabilities essentially equal; no equity remains. While writing about $1.3 billion in real assets down to zero might be useful...
- External links 2009-03-12
- Decreasing Risk, Increasing Patience with my Primus Holdings
- James Cullen submits: In my last portfolio repositioning in July 2008, I first made the decision to aggressively move up in capital structure, both in terms of asset allocation and how I allocate time analyzing securities. This is a decision I have regularly revisited, but with how the macro...
- External links 2009-02-24
- What Value Lies in Primus Guaranty?
- James Cullen submits: The other day, Primus Guaranty released its earnings – I still own both the holding company's debt PRD and the stock PRS. As background, Primus Guaranty is a holding company with a subsidiary (Primus Financial Products, or PFP) that was formerly an AAA/Aaa-rated counterparty selling credit...
- External links 2009-02-08
- Freeport McMoRan Earnings: Insight into Copper and Gold Demand
- James Cullen submits: Leading copper miner Freeport McMoRan FCX has been discussed here several times recently as part of a tracking of infrastructure capital spending. Its recent earnings release and conference call offer greater insight not only on that, but also on the demand situation for copper (an important...
- External links 2009-02-01
- Bank Solvency: Who Can We Believe?
- James Cullen submits: A week ago, I made a quick post about bank solvency after hearing FDIC Chair Sheila Bair say that "98% of banks" are well-capitalized by the regulatory definition of Tier 1 capital (6% or greater). How well has this definition functioned in the real world? Consider...
- External links 2009-01-29
- Is Convertible Stock the Smartest Way to Own Bank of America?
- James Cullen submits: Note: This article is part of a series I contributed to on strategies individual investors can use to manage risk while still capturing solid returns. Part I is here, and Part II is linked to below. Last time, we discussed how investors willing to analyze opportunities...
- External links 2009-01-13
- In Weak Environment, Bed Bath & Beyond Still a Consistent Performer
- James Cullen submits: Home goods retailer Bed Bath & Beyond BBBY released earnings last week, coming in on the higher end of the range given the first week of December. Total sales were down just under 1% looking at quarterly comparisons, and same-store comps clocked in down more than...
- External links 2009-01-13
- The Wisdom of Convertible Securities
- James Cullen submits: Last time, we discussed how investors willing to analyze opportunities up and down a company’s capital structure open up numerous possibilities to generate absolute returns - in particular through looking for undervalued embedded options in convertible securities. Reading the last article will be helpful to understanding...
- External links 2009-01-06
- Citigroup: Not the Reaction a Bailout Should Get
- James Cullen submits: Going back to Walter Bagehot, Central Banks should lend without limit at a penalty rate during a crisis. That rate should hurt, but it is better than no access to credit. To do otherwise is to shortchange taxpayers, and place the value of the Dollar at...
- External links 2008-11-26
- Microsoft Offers Real Value for Investors
- James Cullen submits: This from Toro points out the selling that is taking place in a number of well capitalized tech companies without regard to valuation. In particular, he points out Microsoft MSFT and its 10% free cash flow yield as something "nobody cares" about. Microsoft is a company...
- External links 2008-11-18
- KBR: A Hedge Fund Liquidation Special
- James Cullen submits: I’ve mentioned engineering, construction, and logistics firm KBR KBR briefly in the past, but my last presentation was on why the stock is a buy at present levels, just under $15/share. KBR is a Halliburton HAL spinoff that has attracted much negative press due to circumstances...
- External links 2008-11-10
- Primus Guaranty: At the Center of the CDS Storm
- James Cullen submits: The number of high-profile defaults of late from Lehman and Washington Mutual, combined with the technical defaults of Fannie FNM and Freddie FRE and a ratings downgrade of AIG that pushed the company to the brink of insolvency due to collateral calls have all thrust credit...
- External links 2008-11-06
- Low Mortgage Rates Help Speculators More than Economy
- James Cullen submits: In a note to file under the “Playing for Time” theme, the Curious Capitalist notes: First American CoreLogic has taken a look at the effect of the government’s efforts to drive down mortgage interest rates, which, among other things, makes for easier refinancing. According to the...
- External links 2009-10-04
Additional Resources
- Co-Chairman of Long Island, N.Y., Grocery Chain, John B. Cullen, Dies at 83.
- By Alan J. Wax, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News Oct. 25--As a schoolboy, John B. Cullen would work before and after school at the Jamaica, Queens, supermarket started in 1930 by his father, Michael Cullen. And recently, despite failing health...
- Research articles 2003-10-25
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