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- Twin Disc Shows Its Power
- Saj Karsan submits: Twin Disc TWIN manufactures and sells power transmission equipment (torque converters, propellers, clutches etc) to the marine industry. Due to the fixed-cost nature of such heavy manufacturing, one might expect this company to have dipped deeply into the red in its fiscal year ended June, 2009. Indeed,...
- External links 2009-08-12
- 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
- Analyzing Analysts
- Saj Karsan submits: The herd mentality is well-documented outside the investment world. While it is not given much thought within the investment world exceptions include discussions on the topic from both Ben Graham and Stephen Jarislowsky, it plays a large role in the investment decision-making process: investors feel much more...
- External links 2009-10-22
- Closed-End Funds: Understand What You're Buying
- Saj Karsan submits: A few months ago, we considered the discounts to net asset value that a few closed-end mutual funds were trading at. Basically, this means that these funds could be purchased for less than the value of what they owned. Due to the recent decline in the general...
- External links 2008-10-15
- UTS Energy: Risky Play?
- Saj Karsan submits: The stock price of UTS Energy (UEYCF.PK) has come down drastically from about $6 in July to just $0.87. This has left UTS with a market cap of $412M with the following key balance sheet items: Cash: 335MProperty: 460MDebt: 0Total Liabilities: 113M Not fully reflected...
- External links 2008-10-19
- Don't Ignore the Bond Market
- Saj Karsan submits: When investors think of putting money in the market, they usually think only of stocks. However, there's a huge bond market out there consisting of corporate debt that, depending on the economy, can offer value investors even more bargains than do stocks. For example, when we met...
- External links 2008-10-26
- Margin Use on the NYSE
- Saj Karsan submits: When the stock market does well, market participants become confident and start borrowing money to invest, thinking they can do no wrong. This inflates the market to the upside. When the market falls, margin calls force these borrowers to sell their shares to pay off these debts,...
- External links 2008-10-26
- Misalignment: Compensating Management with Options
- Saj Karsan submits: As a shareholder, you must be extremely cognizant of how the management team of your company is compensated. An ideal compensation structure pays executives enough so that they're not worried about meeting their family obligations, but otherwise aligns their interests with those of shareholders. Contrary to popular...
- External links 2008-10-28
- FedEx and UPS: Stable but Still Struggling
- Saj Karsan submits: FedEx FDX and UPS UPS have both faced tremendous challenges in the last year. FedEx is under fire for employee/contractor classifications, and both companies have faced soaring fuel prices and a slowing global economy. As such, the market may be punishing these very profitable companies, thereby offering...
- External links 2008-10-29
- International Paper: Is Payout Sustainable?
- Saj Karsan submits: International Paper IP is a paper and packaging manufacturer and distributor. Its stock price has fallen some 60% since last year, as it has faced tremendous increases in input costs and more recently faces a slowing global economy. Could this represent a value opportunity? There are several...
- External links 2008-10-31
- 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
- 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
- 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
- Disney: Mickey Mouse Accounting
- Saj Karsan submits: When we discussed operating leases we saw that as per current accounting rules, the debt shown on a company's balance sheet does not adequately present a company's true debt level. Unfortunately, off-balance sheet debt doesn't stop at operating leases. Consider The Walt Disney Company DIS, which operates...
- External links 2008-11-18
- 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
- Hammond Power Solutions Approaches Fair Value, Again
- Saj Karsan submits: For value investors, a great company does not necessarily equal a great investment. Why? Because the price of that investment must be compared to its value. Such is the case for Hammond Power Solutions (HMDPF.PK), a manufacturer of transformers and magnetics. We saw that in 2004 HPS...
- External links 2009-05-10
- Book Review: Even Buffett Isn't Perfect, Part 5
- Saj Karsan submits: A review of Vahan Janjigian's book, Even Buffett Isn't Perfect: What You Can-- and Can't-- Learn from the World's Greatest Investor: Chapter 9: by Saj Karsan
- External links 2009-04-05
Additional Resources
- 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
- Lexmark: Solid Value Play Under $18
- H.J. Huney submits: I’ll admit that I’m a sucker for deep value stocks. When I spot a stock that appears to be selling well below its intrinsic value and seems to offer extremely favorable risk-reward prospects, I get giddy. Is that wrong? I hope not, because it feels so right....
- External links 2009-06-12
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