June 2015
Value investing is all about buying companies at a deep discount to intrinsic value.  Often these companies are dealing with short-term issues such as a cyclical downturn.  Today we closed out one of our larger positions, which was in the agricultural equipment manufacturer AGCO.  We bought the stock mostly in the low to mid $40’s...
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You can’t go to a financial website or watch financial television without seeing a headline about the huge problems facing Greece.  This is a tiny country of 11 million people and a total GDP that is less than the market capitalization of a number of American companies.  Greece’s problems are similar to those facing most...
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The Dow Jones has crept into negative territory for 2015 and bonds have sold off as interest rates have rallied.  As we are now in year 6 of the bull market that started in March of 2009, valuations on both equities and fixed income look considerably stressed.  While most market participants seem eerily complacent with...
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Value investing is a somewhat broad term, but the concept is basically the idea of buying securities at a discount to “intrinsic value.”  By doing so and by being willing to take a longer-term approach, the value investor is able to invest with a large margin of safety and also achieve better investment returns.  It...
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Hello Everybody, Yesterday I was reading an interesting in interview with Bill Ngyren who is a famous value investor that runs Oakmark.  Ngyren’s funds are also invested in AIG as well as a few other financials similarly to how we’ve been invested for years now.  His rationale is not much different than mine, but I...
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