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- ADDVantage Technologies: Using My Circle of Competence to Determine Actual Value
- Saj Karsan submits: A company that makes for a good investment for one value investor does not necessarily make for a good investment for another value investor. How can this be? A company may appear cheap on an earnings or asset basis, but future earnings may not live up to...
- External links 2009-11-08
- Of Swine and Men: Benefiting From Dislocations in the Pork Market
- Saj Karsan submits: For an analyst, the phrase "long term" appears to mean next quarter rather than this one. Indeed, it is difficult to find analysts who are focused on a company's long term prospects. For a most recent example, consider the analyst response to the recent swine flu outbreak....
- External links 2009-05-21
- KSW's 'Lasting Power' Hints at Nice Profits Ahead
- Saj Karsan submits:KSW Inc. provides ventilation and piping systems to owners of industrial, commercial and residential buildings in New York City. This is an inherently cyclical business, as the company is reliant to a large extent on new construction in pretty much the only city in which it operates, and...
- 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
- 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
- No Room for Error at Air T
- Saj Karsan submits: Air T AIRT has all the makings of a grossly undervalued stock. It has a P/B of .7, a P/E under 5, and a net cash position cash minus debt of over $7 million, while the stock trades for $18 million. The company has been able to...
- External links 2009-07-17
- Why CE Franklin's Downside Trumps Its Upside
- Saj Karsan submits: CE Franklin CFK has the makings of a terrific value stock. It has a history of fairly stable revenues and earnings, and appears to trade at a discount to those earnings. From an asset point of view, the company's current assets cover all of its liabilities with...
- External links 2009-07-21
- Escalade: All Debt Is Not Created Equal
- Saj Karsan submits: Regular readers know that, as value investors, we generally prefer companies with relatively low debt levels. The reason for this is that companies with low debt levels will fare much better than their competition during times of economic distress, providing for better downside risk protection. But looking...
- External links 2009-07-24
- Factoring in 'Unusual' Expenses
- Saj Karsan submits: As noted by Ben Graham, when analyzing a potential investment, it's important to incorporate several years worth of operating earnings. This is due to the fact that in any one year, various external or internal factors could lead to annual numbers that are not representative of future...
- External links 2009-07-27
- Glacier Media: Stock Not Nearly as Cool as It Looks
- Saj Karsan submits: Glacier Media (GLMFF.PK) is a media and information company. The stock has a P/B of just over .5, with a P/E of 7, and a debt to capital ratio of 28%. Sounds cheap right? Not upon closer examination of its balance sheet. While the company has...
- External links 2009-07-31
- 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
- Home Builders Appear Stable: The Worst Is Likely Over
- Saj Karsan submits: The debate on whether the housing market has hit bottom continues to rage. But what makes it even harder to reach consensus is that there are so many definitions on what it means to have hit "bottom" (e.g. prices, sales, starts, completions, homes under construction etc). ...
- External links 2009-08-06
- Retail Ventures Now Trading for Less than One of Its Own
- Saj Karsan submits: Retail Ventures RVI is a holding company that owns 63% of another public company, DSW Inc DSW. While RVI does have certain liabilities related to its divestitures of other businesses and its own corporate costs, its ownership in DSW is now the dominant determinant of RVI's value...
- External links 2009-08-07
- 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
- 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
- Beware of Lexmark's Pension Troubles
- Saj Karsan submits: Lexmark LXK, a manufacturer and supplier of printers, has seen its revenue decrease for the last four years, as stronger competition has forced it to reduce prices and exit now unprofitable product lines. While a string of revenue reductions of this nature may send most investors to...
- External links 2009-05-21
- Sierra Wireless: Scrutinizing That Discount to NAV
- Saj Karsan submits: Just two months ago, Sierra Wireless SWIR, a provider of wireless solutions, was trading at a large discount to its net current asset value (NAV). With cash of $270 million, A/R of $67 million, and inventory of $33 million, the company's current assets covered its total liabilities...
- External links 2009-05-23
- Meade Instruments Doesn't Pass the Smell Test
- Saj Karsan submits: Studies have demonstrated that companies with high standards of corporate governance outperform those with weak standards. However, individual investors can hardly be expected to be experts on corporate governance though there are some steps they can take to mitigate this lack of expertise. By employing a little...
- External links 2009-05-25
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