Here is Tim Travis’ research report on Cisco Systems, Inc. (CSCO) on May 16th 2013.   http://seekingalpha.com/article/1439161-cisco-not-sysco-offers-a-margin-of-safety-and-considerable-upsideRead More

The article below provides an interesting glimpse, comparing today’s Nasdaq to the bubble of the late 1990’s.  There is no doubt that conditions in the index aren’t anything near as frothy as during that period, particularly for the “old” technology stocks such as Cisco (CSCO), Microsoft (MSFT) and Intel (INTC).  Even newer stocks that are...Read More

Here is Tim Travis’ research report on Cisco Systems Inc. (CSCO) on Feb 14th 2013.   http://seekingalpha.com/article/1183801-12-years-after-the-bubble-cisco-is-ripe-for-the-taking-updateRead More

Here is Tim Travis’ research report on Cisco Systems Inc. (CSCO) on Nov 14th 2012.   http://seekingalpha.com/article/1007081-12-years-after-the-bubble-cisco-is-ripe-for-the-taking-an-updateRead More

Here is Tim Travis’ research report on Cisco Systems, Inc.  (CSCO) on Aug 16th 2012.   http://seekingalpha.com/article/811801-12-years-after-the-bubble-cisco-is-ripe-for-the-takingRead More

http://seekingalpha.com/article/811801-12-years-after-the-bubble-cisco-is-ripe-for-the-taking INVESTING IN THE FINANCIAL MARKETS INVOLVES RISKS. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.Read More

Cisco is using some of their foreign cash to acquire the Digital TV software maker NDS for $5 Billion.  They are using the foreign cash to avoid paying taxes on repatriating that money back to the U.S.. I sure hope that this is a business that Cisco is committed to operating in.  I’ve long been...Read More

On December 19th I sent out an email discussing the unbelievably cheap valuations that we were seeing, which you can see from the forwarded email below.  This is just a quick update on how they are faring.  The point is not to get overly excited, just as we don’t want to get overly pessimistic when...Read More

Today there is a very interesting article on http://www.bloomberg.com/news/2012-01-30/longest-s-p-500-valuation-slump-since-nixon-discounting-record-u-s-profit.html showing the immense pessimism priced into US equities, exhibited by the extremely low price/earnings ratios.  Markets go from periods of pessimism to periods of exuberance, but what is striking about the last several years is that at no point has the market rallied to a point...Read More

With 2011 coming to a close I think it is very important to lay out our views going into 2012, and how that will affect our investment strategies.  2011 was a very difficult year that saw some of the most successful investors Warren Buffett, Bill Gross, Bruce Berkowitz, John Paulson, Martin Whitman, among many others...Read More