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Teva
Teva has been one of my most frustrating investments over the last several years.  The business is the largest generic drug manufacturer in the world and benefits from tremendous scale advantages.  There has been a considerable amount of concern pertaining to the pending expiration of Copaxone in May of 2014, which accounts for 20% of...
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  Without a doubt the most frustrating and disappointing company that I’ve invested in over the last several years has been Teva Pharmaceuticals (TEVA) based out of Israel.  The company has had a litany of manufacturing disruptions and “one-time” charges that have led to unsatisfactory profitability.  The company has posted extremely low returns on invested...
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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...
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Today we had our Monday Morning Investment Meeting, and as a firm we are amazed at the valuations that we are finding.  Below you’ll find a sampling of some of our largest positions moving into 2012.  Never before has it been so easy to find profitable companies, where earnings are likely to grow, at a...
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