value and opportunity

Howard Marks on making and exploiting mistakes.

Must Read: Damodaran on Contrarian Investing

Interesting article in the FTD about Prokon. Looks like this might be ending soon.

Bronte on how the financial system in China works.

Citron is out with a new report on one of the biggest Chinese real estate developer Evergrande.

Long post at Brookly investor how interest margins at Wells Fargo correlate with overall yields.

Interesting post about possible moats at Indian IT companies

Interactve Investor is tired of “mechanical screening” and wants to analyse UK companies one by one

Greenbackd with yet another (16 page) study which about the advantages of “mechanical” value investing

Damodaran also has a great post about screening. Interestingly he concludes that screening itself seems to be not a competitive advantage for an invetor any more due to the abundance of available resources.

Great post about net-net investing from Nate at Oddball

Interesting interview with Ed Thorpe, one of the first Quants about momentum strategies

Brooklyn investor analysis about the current state of the stock market compared to the good old times.

The case for Greek stocks.

Value investor Prem Wats (Fairfax) under fire for a murky deal in the past

Now it is official: Sino Forest was a fraud. Many interesting details provided.

csinvesting on a classic “pump and dump” scheme, Sun Peaks Ventures. Includes a good explanation how those schemes work in general.

Nate at Oddball on French (deep) value stock Nexaya

Bronte on shorting Santander US preferreds. However, I think its not only the grandmothers who are insane….

Great Sony sum-of-parts analysis from the Brooklyn investor. Great value blog by the way.

If you only want to read one thing today, I would highly recommend the Jim Chanos Interview in the spring issue of the Graham & Doddsville newsletter.

Great post at Greenbacked about the Magic Formula

Interesting post about fallen Angel UK retailer Supergroup from ExpectingValue

Excellent write up on Avon by Wexboy.

Nate from Oddball about managing risk an and learning from mistakes. Odd how similar his portfolio management rules are to my rules.

Stefan at SimpleValue analyses AutoHellas, a Greek company which is on my watchlist but I never really had time to write about. Recommended !!!

MUST READ: Aswath Damodaran has published a very interesting 77 page paper called “Value Investing: Investing for Grown Ups?”

If you don’t want to read the full paper, you should read the summary on Greenbacked (part 1, part 2, part 3, part 4)

The “Canadian Buffet” Prem Watsa has published the Fairfax 2011 annual report

Good write up of Chemring at Expecting Value

Interesting Interview with Restaurant company boss (Steak Shack) Danny Meyer

Great write up from Nate at Oddball about Precia SA, a potential hidden champion from France.

EDIT: Damodaran link editetd

Must read: Graham and Doddsville Winter 2012

Two great posts from Damodaran: First why he sold Apple after owning it since 1997. And second about the importance of the type of shareholders for a company.

Funny April 1st letter to the board of Berkshire Hathaway

Must read: The Grumpy Old Accountants on Groupon: part 1 and part 2. Forensic accounting at its best !!!

Another lesson about Chinese Corporate Governance

Keynes, a superstar stock investor ?

EDIT: Really good new German/English Blog rueckzugsgut Keep it up mate !!

Great post why market timing based on “expert advice” is a sucker’s game

Must read: Damodaran’s 2012 update on equity risk premiums

Interesting analysis of Warren Buffet’s stock picks after they are made public

Must see: Great (and very funny) speach of Jim Simmons, founder of one of the most succesful hedge funds ever, RenTec.

The strange story of the flash crash of BATS, a stock exchange operator, on its own stock exchange a few minutes after its IPO. Very very strange.

3 kurze und wie immer interessante Videos mit Jim Chanos

Eine gute Zusammenfassung warum man in keine Airlines investieren sollte. Niemals.

Interview mit Whitney Tilson. fast schon etwas tragisch komisch.

Einige Bruce Greenwald Videos.

Sehr lesenswerter post von Damodoran zum Thema Portfolio Diversifikation.

Interview mit Guy Spiers (Aquamarine). Irgendwie kommt mir der gute Guy immer wie ein “Abzug” von Warren Buffet mit Oxford Akzent und Einstecktuch vor.

Ein paar interessante Aktienanalysen von Bloggern:
– Adam’s Golf bei Oddball
– Telefonaktien bei valuestock inquisition
– Bijou bei Investment Analyse

Interview mit den Fonds “Honchos” Larry Fink und Bill Gross

Tweedy Browne Q3 Bericht. Gekauft wurden u.a. Imperial Tobacco und Total

Schafft Eddie Lampert den Turnaround bei Sears