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

Here is an article providing more evidence of the resources that Edward Lampert the Chairman of Sears Holdings, is putting towards protecting the company.  The late December stock crash and poor financial results caused large factoring suppliers such at CIT to reassess their ongoing relationship with the company.  These institutions that provide financing on account...Read More

This article was pretty interesting in that most of these companies are rarely talked about by the financial media, but have been unbelievable investments.  It really goes to show that if you buy something at the right price and are willing to hold it substantial returns can be made.  Obviously for some of the tech...Read More

http://www.cnbc.com/id/46731508 http://www.cnbc.com/id/46737336 INVESTING IN THE FINANCIAL MARKETS INVOLVES RISKS. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.Read More

David Dreman’s book “Contrarian Investment Strategies” was one of the keys to formulating my investment methodology.  In the book and the updated versions that have followed, Dreman outlines extensive statistical analysis pointing to the follies of the Efficient Market Theory.  The statistics demonstrated that stocks with low p/b, p/cf, and p/e tend to outperform over...Read More

Today we had some big news with the Federal Reserve announcing the results of the dramatic stress tests.  As a whole the US banking industry did quite well, which is to be expected considering they have double the capital that they had three years ago. I was somewhat surprised to see Citigroup, which has one...Read More

While value investing is practiced by a small minority of market participants, even fewer understand, or have the patience to see it through.  Many people think it is as simple as buying a stock that is cheap, and then it goes up from there, typically within a few months to a year.  Sometimes investments do...Read More

Today I was able to read over the most recent shareholder’s letter from Prem Watsa, CEO of Fairfax Financial.  This is a company that is often under the radar for many U.S. investors, but Watsa is known as “The Warren Buffett of Canada.”  Watsa operates a similar business where he invests using insurance float and...Read More

As most of you know I’m a huge fan of Bruce Berkowitz of Fairholme funds, and we have a lot of similar positions in our TTCM portfolios.  Last year was a horrible year for many value investors, and the main takeaway is how quickly somebody can be torn down in the investment management industry.  What...Read More

Today the Wall Street Journal posted an article outlining some of the technological steps that Sears is taking to improve their retail performance.  While I think these programs are good I am still not really optimistic as to their future as a retailer in their current form.  I think Sears has tremendously valuable brands and...Read More