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Portfolio Management
The new era of banking that started after the Financial Crisis, consists of much higher regulatory and capital requirements.  This has reduced returns in the industry but arguably has made the banking system more financially sound.  It should come as no surprise that smaller banks have been more negatively impacted and are losing market share,...
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There is very little concern in the markets right now in regards to risk, which should be a huge warning sign for investors.  One example of this is the fact that 2013 has actually now surpassed 2008 in terms of junk bond issuance.  Rates on those bonds are extremely low, meaning that lower quality companies...
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Below is a really fascinating article about the path that both Todd Combs and Ted Weschler took to become the investment lieutenants to Warren Buffett’s Berkshire Hathaway.  Both men have done a stellar job thus far and seem to have the intangible characteristics to really fit into the Berkshire culture.  It is very much like...
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Below is a link to a fabulous interview with value investor Mario Gabelli on CNBC.  Gabelli touches on how he takes a long-term approach to stocks and is not overly worried about tapering because he is not buying an ETF or index fund, but instead is buying businesses at discounts to intrinsic value.  Gabelli is...
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This was a very interesting article about the changes that have occurred within GM since bankruptcy.  It mainly discusses some of the people involved and how the culture has changed from being one of the worst run large company’s in the world.  It also discusses the climb of GM-lifer Mary Barra to CEO, which will...
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Barrick Gold (ABX) has been chronically mismanaged and has suffered through dismal capital allocation.  This has pressured the balance sheet and subjected the company to significant risks as the price of gold has declined from its record highs.  New management has taken over and has begun making some painful but necessary decisions, which should help...
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The Board of Directors at Abercrombie & Fitch seems to be making a questionable move by agreeing to a new contract with CEO Michael Jeffries after dismal performance over the last couple  of years.  Jeffries is considered to be the founder of the modern company after its spin-off from Limited Brands, but Abercrombie has missed...
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Below is a link to another outstanding letter from the managers of the Third Avenue Funds led by the legendary Martin Whitman.  There is tremendous insight about a variety of companies across the globe and extremely sound investment advice.  It is a bit lengthy but is certainly worth your time.  I hope that you enjoy!...
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This was an interesting little interview with Jeff Matthews and Robert Miles discussing Buffett’s changing investment strategy, which has evolved to Berkshire Hathaway’s (BRK.A) increasing size.  For an investment to make an impact for such a large company it has to be of significant size, so for outside passive minority stock investments, Buffett really needs...
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