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- Consider the Company Tax Rate Before Investing
- Saj Karsan submits: As we've discussed before, it is much easier to predict a company's operating earnings than it is its net income, due to changes in debt levels, interest rates, non-operating earnings, and one-time tax items which all affect the latter but not the former. When attempting to value...
- External links 2009-05-28
- Reviewing Munger's The Psychology of Human Misjudgment - Part IV
- Saj Karsan submits: Charlie Munger is Warren Buffett's right hand man at Berkshire Hathaway. We're summarizing the text he authored titled "The Psychology Of Human Misjudgement", where he describes some of man's tendencies. By understanding and learning from these tendencies, we better equip ourselves to avoid psychological biases when investing....
- External links 2009-08-04
- Why You Should Look Beyond Earnings Statements
- Saj Karsan submits: Investors looking to understand a company's current financial position (i.e. the company's debt levels, its cash balance, what it owns and what it owes) will often flock to the financial statements contained in the company's most recent quarterly report. After all, quarterly financial statements are required to...
- External links 2009-08-04
- Reviewing Munger's The Psychology of Human Misjudgment - Part V
- Saj Karsan submits: Charlie Munger is Warren Buffett's right hand man at Berkshire Hathaway. We're summarizing the text he authored titled "The Psychology Of Human Misjudgement", where he describes some of man's tendencies. By understanding and learning from these tendencies, we better equip ourselves to avoid psychological biases when investing....
- External links 2009-08-10
- 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
- Humboldt: When Cash Is Not Always King
- Saj Karsan submits: KHD Humboldt Wedag KHD is an international industrial engineering and equipment supplier for the cement processing industry. Thanks to reduced demand for its products due to the recession, the company is pretty close to just breaking even. However, the company has negligible debt and a cash position...
- External links 2009-08-19
- Thermadyne Looks Cheap Unless You're Scared of Debt
- Saj Karsan submits: If you're not the type of person that levers up his assets to the hilt (i.e. you would rather save up for a sizable downpayment for a car/house rather than borrow as much as you possibly can), you might apply that same mentality towards the businesses you...
- External links 2009-07-16
- How Risk Can Be Reduced
- Saj Karsan submits: The mainstream finance industry defines a company's riskiness by its stock price's volatility. For value investors, there is no such short cut; a company's riskiness is defined by a slew of factors that can affect the business. A few weeks ago, we considered some items that can...
- External links 2009-06-03
- New Homes: Time to Build?
- Saj Karsan submits: Many more new homes are currently being purchased than they are being built. In fact, this process has been occurring for a span of almost two years now, as builders have slashed construction at a faster pace than buyers have reduced purchases. This has caused steadily decreasing...
- External links 2009-06-05
- A.M. Castle Teaches a Lesson in Inventory Accounting
- Saj Karsan submits: When considering companies for investment, it is easy to take a lazy approach by quickly scanning financial statements and forming conclusions based solely on the numbers. Unfortunately, companies make accounting choices which can drastically alter the meaning of its financial data. One such choice concerns the accounting...
- External links 2009-06-08
- Why Value Investors Hold So Much Cash
- Saj Karsan submits: Compared to the mainstream finance industry, value investors tend to hold a lot of cash in their portfolios. This is due to the fact that: 1) Value investors are stingy and therefore only purchase when there are blatant mispricings, and by Saj Karsan
- External links 2009-06-16
- 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
- Melcor: Even if You Don't Believe Real Estate Is Rebounding
- Saj Karsan submits:Most (though surprisingly not all!) investors like the idea of buying a stock for less than it is worth. But it's the calculation/determination of what a company is worth that trips most investors up. For some securities, however, determining this value can be relatively easy. For example, if...
- External links 2009-07-01
- Reviewing Munger's The Psychology of Human Misjudgment - Part II
- Saj Karsan submits: Charlie Munger is Warren Buffett's right hand man at Berkshire Hathaway (BRK.A) We're summarizing the text he authored titled "The Psychology Of Human Misjudgement", where he describes some of man's tendencies. By understanding and learning from these tendencies, we better equip ourselves to avoid psychological biases when...
- External links 2009-07-07
- More on Melcor's Book Value
- Saj Karsan submits:Last week, we looked at the historical price to book value of Melcor (MODVF.PK), and noticed that it sells today near historic lows. While this may suggest a buying opportunity to some, many would argue that varying levels of price to book ratios are appropriate based on changing...
- External links 2009-07-09
- Profits Are Profits
- Saj Karsan submits: When companies report earnings, analysts will often focus on how profit expectations were met, rather than what those numbers are. For example, even if a company beats earnings expectations, if revenues came in lower than expected, this is often viewed as a bearish sign. Similarly, earnings misses...
- External links 2009-07-09
- 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
- 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
- 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
- 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
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