Weekly links

Must read: Jim Chanos interview on fraud

The Brooklyn Investor on Loew’s corporation

A fund managament company which I discovered by chance which has an interesting “off the beaten path” portfolio: Evermore Capital

Highly recommended: “A good day to live” blog. Mainly about downshifting but with occassional great comments about investing, how to take crisis more easily etc.

Alternative Assets are overhyped says Abnormal returns. I like especially this quote which sums up alternative assets nicely:

Think of it like this, he [Bernstein] says: “The first person to the buffet table gets the lobster. The people who come a little later get the hamburger. And the ones who come at the end get whatever happens to be stuck to the tablecloth.”

5 comments

  • Regarding Evermore: Performance of -3% or -4% p.a. in three years is not all that impressing. The portfolio is certainly “off the beaten path”, but why should one bother to analyze their “buy’s”? To learn how not to do it?

    • well, an “off the beaten path” special situation portfolio can have somr bad years, especially in an overall bull market. I personally think they own a couple of intersting things and when you look for special situations, it gives you some interesting stocks to research.

      But of course other people won’t find it interesting. That’s life.

    • maybe an additional point: A total expense ratio of ~2% is clearly not sutainable for the fund. Bu again, this does not mean that going forward their stocks are bad. I wouldn<'t buy the fund though….

  • Concerning the CPMK liquidation mentionned in the Evermore Cap document, what is your calculation of the NAV ?

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