Stock Analysis
Buffett Buying Heinz – Not As Expensive as Appears
Berkshire Hathaway buying Heinz is unlike any deal Buffett has ever done. In his past deals he was always a passive owner.
How Much Would You Pay for the Apple Ecosystem?
Apple’s ecosystem is an important and durable competitive advantage; it creates a tangible switching cost after Apple has locked you into the i-ecosystem.
Understanding Apple Requires an Analysis of Fundamentals and Psychology
What makes Apple stock difficult to own is psychology. The company’s success since 2000 is a black swan.
Looking for “Herbal” in Herbalife
Months before the recent Sturm und Drang surrounding nutritional-supplement maker Herbalife, my firm took a long, hard look at the company.
On Y! Breakout – Apple (not yet)
I was on Yahoo! Breakout with terrific Jeff Macke discussing Apple ….
Bargain Hunting at J.C. Penney
J.C. Penney Co. is a classic short-term pain arbitrage stock. There is a lot of uncertainty about what the retailer’s sales will do in the near future.
Finding Value in HMOs
HMOs appear to be perfect stocks for today’s market. They have good balance sheets, terrific free cash flows and recurring, highly economics-insensitive revenues.
Electronic Arts – Revenge of the Nerd
Electronic Arts stock is scratching 52-week lows. It is unloved, but for some good reasons: its sales have stagnated for years.
Helmerich & Payne Analysis
I took a serious look at Helmerich & Payne and, though we really liked the company, my conclusion was not to buy the stock at this price.
Thoughts from VALUEx Vail 2012 Conference
VALUEx Vail is not your typical conference. It is a not-for-profit (but for-learning), by-invitation-only (you have to apply to be invited) conference.
VALUEx Vail 2012 – Amazon’s Valuation
In this series of several articles I’ll discuss my thoughts from the VALUEx Vail conference. The idea for this conference came to me when I attended VALUEx Zurich
The China Syndrome
MOST PEOPLE are convinced by now that there is a fixed-asset bubble in China that is on the verge of bursting. The question is, what is next?
Why Windows 8 Made Me Sell MSFT
A few weeks ago we sold our shares of Microsoft. Because we believe the stock is undervalued, that decision was not easy. What changed?
Everyone Who Says Facebook’s IPO Failed Is Wrong
I wrote that Facebook stock was overvalued, while last week I wrote that Facebook’s valuation at IPO was fair. Those statements are not contradictory.
How to Fix Best Buy
Best Buy Co. shareholders are lucky that CEO Brian Dunn pulled a “Mark Hurd” and resigned as a result of allegations of an inappropriate relationship with a staffer.
Facebook IPO Was a Success and Wall Street Got What it Deserved
Being politically correct has never been my strongest quality; therefore I’ll say this: I don’t feel sorry for Facebook’s new ...
Why Facebook’s IPO Valuation is Insane
The easiest way to assess the insanity of Facebook’s valuation is by comparing it to Google’s.
Seek out people who disagree with you; The budget deficit is a stimulus; China = post-bubble Japan?
Buffett said "When government runs a 10% deficit, it is a stimulus, though nobody calls it that." But the bond market will not let us run 10% deficits forever.
Lecture: China & Global Economy
I had a great pleasure to give a lecture on China and its impact on global economy at Johns Hopkings University Applied Physics Lab.
Warning for an Eager Facebook Investor (my shortest article, ever!)
Here is a thought for an eager Facebook investor: Google revenue - $40 billion; market capitalization $200 billion (plus $40 billion of cash).
Omaha & Bubbles
It is Omaha time again! This year Value Investor Congress, which I’ll be attending, has been moved to Omaha. Congress is Sunday (May 6th) through Monday.
