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- the use of professional skills for identifying and achieving organizational objectives through the deployment of appropriate resources. Management involves identifying what needs to be done, and organizing and supporting others...
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- Is Laser Eye Surgery Too New to Value?
- Saj Karsan submits: LCA-Vision LCAV and TLC Vision TLCV compete in an otherwise highly fragmented laser vision correction industry. Because the surgery is elective, expensive, and not generally covered by insurance companies, demand for the surgery is cyclical. As a result, this is a tough time for these companies, and...
- External links 2008-11-09
- LCA-Vision: Good Long-Term Investment
- Saj Karsan submits: LCA-Vision LCAV provides laser vision corrective surgery at 76 locations in the United States. Demand for this surgery comes from those wishing to lose the glasses and contact lenses and get back to 20/20 vision. LCAV's stock has taken a huge beating as a result of the...
- External links 2008-11-14
- LoJack: Solid, Long-Term Investment
- Saj Karsan submits: The auto industry is in a tremendous drought. For those who believe the industry will emerge from this drought sometime in the next few years, this is a great time to pick up some bargains in this industry. On Saturday, we discussed some criteria to look for...
- External links 2008-11-19
Additional Resources
- i2Technologies: Management Shenanigans
- Saj Karsan submits: Sometimes the pressure of achieving earnings projections can prove to be stronger than management's integrity. One common method managements use to make a company's financial statements look better than the company's actual operating reality is by recognizing revenue earlier than it should. i2 Technologies ITWO is an...
- External links 2008-11-30
- Office Depot: Dialing for Dollars
- Saj Karsan submits: Every quarter, public companies are required to hold conference calls to discuss their most recent results. You can usually access a recording of a company's last conference call on the investor relations section of its website. While the written filings of management do give facts and some...
- External links 2008-11-12
- Is Harley-Davidson Losing Market Share On Purpose?
- Saj Karsan submits: We discussed here how Harley-Davidson (NYSE: HOG) has appeared to have overcome its issue of bloated dealer inventories, but what about their apparent drop in US market share? Here's a look at Harley's market share (based on bike's sold) for the last several years, along with the...
- External links 2008-08-15
- TAT Technologies: Be Wary of Buyback Announcements
- Saj Karsan submits: Shares in TAT Technologies TATTF rose last week as the company announced a plan to buy back around 10% of the company's shares. Shares usually do rise in response to such announcements, as they imply that management believes a company's shares to be undervalued. Since management knows...
- External links 2009-01-04
- Book Review: Munger's The Psychology of Human Misjudgment
- Saj Karsan submits:Charlie Munger is Warren Buffett's right hand man at Berkshire Hathaway (BRK.A). This is part of a series in which we'll be summarizing the text he authored titled "The Psychology Of Human Misjudgement", where Munger describes some of man's tendencies. By understanding and learning from these tendencies, we...
- External links 2009-06-28
- Executive Pay: What You Don't Know Will Hurt You
- Saj Karsan submits: We've discussed here how misalignments can occur between CEO and shareholder interests. In fact, as we saw here, this misalignment may have contributed to the fiasco formerly known as Lehman Brothers (LEHMQ.PK). Before investing in a company, it's a shareholder's responsibility to ensure management's pay structure makes...
- External links 2009-12-05
- Companies Need to Act Like Value Investors Too
- Saj Karsan submits: Every quarter, public companies are required to release their latest financial results. Along with their results, they hold conference calls and accept questions from the public. As we've discussed before, it's important for investors to listen to these calls to understand the challenges the company faces. Usually,...
- External links 2009-12-19
- Paccar Runs Well but Risks Abound
- Saj Karsan submits: PACCAR PCAR designs and manufactures a wide range of trucks used for commercial transportation. Comparing operating metrics to its competition, it appears to be a well-run company. Furthermore, the company's most recent quarterly results suggest that management anticipated a drop in demand relatively well, as it cut...
- External links 2009-03-10
- Quest Capital: A Diamond in the Mortgage Rough
- Saj Karsan submits: Companies offering mortgages or related products are currently out of favor in the stock market, and often with good reason. Many companies spent the last few years borrowing money, and then lending it out carelessly, expecting to make profits on the spread resulting in high returns on...
- External links 2009-07-14
- Abercrombie Bucks Discount Trend: Will It Survive or Thrive?
- Saj Karsan submits: In this retail environment, where consumers selectively scour for bargains, it is tempting for retailers to reduce prices in order to drive sales and reduce inventory. One company bucking this trend is Abercrombie & Fitch ANF, whose stated number one priority through this downturn is to "protect...
- External links 2009-05-04
- When Is a Stock Really Defensive?
- Saj Karsan submits: Companies will often take credit when revenue growth outperforms economic growth, using sentences beginning with "Despite the current situation, we...". But these same companies will be quick to blame the economy in the face of lower than expected results (e.g. "The economic crisis caused..."). Therefore, the investor...
- External links 2009-07-15
- Newell Rubbermaid's Compelling Value
- Saj Karsan submits:Newell Rubbermaid NWL is a familiar stock on my site. Back in August of 2008, we thought it was still a bit too pricey at $19/share. But starting in December of 2008, it began to look attractive, having reached $9/share. A couple of months later, it became a...
- External links 2009-05-13
- Rite-Aid: Bewildering Optimism
- Saj Karsan submits: When considering a company for investment purposes, investors must be wary of managements that over promise and under deliver. One symptom of such a situation is over-optimism from managements in their quarterly reports and conference calls. Consider Rite-Aid RAD, a U.S. drugstore chain. Deep down in the...
- External links 2009-01-14
- Chesapeake Energy: Perverse Incentives
- Saj Karsan submits: Much has been made of the $100 million salary of Chesapeake Energy CHK CEO Aubrey McClendon in 2008. This salary would be high even for a company providing phenomenal returns for its shareholders, but is particularly shocking considering that the company endured a 56% loss in market...
- External links 2009-06-18
- Diamonds: An Investor's Best Friend?
- Saj Karsan submits: Lazare Kaplan LKI acquires, cuts, polishes and sells diamonds to wholesalers and retail jewelers. What makes this company an intriguing value play is the discount at which it sells to its liquid assets. Current assets are $225 million (including $125 million worth of diamonds) versus total liabilities...
- External links 2009-08-10
- When Good Will Turns Bad
- Saj Karsan submits: RCM Technologies RCMT is an IT and engineering consulting company that warrants strong consideration as an investment. It looks like a bargain at its current price, as the stock trades for $30 million, while the company has $65 million in current assets (mostly in the form of...
- External links 2009-08-17
- Dorel: Acquisitions Gone Right
- Saj Karsan submits: On this site, we have been pretty wary of companies that use cash to fund acquisitions...cash that could have otherwise been returned to shareholders. We've highlighted a few companies that, while they look cheap, have squandered more on bad acquisitions than they have earned over the last...
- External links 2009-08-20
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