Saturday, June 14, 2008

Value In Action

There's no better way to learn about value investing than by studying successful value investments of the past. Here is some discussion of investment opportunities that astute value investors may have taken advantage of:

LICT Corp - 7/2014
Dacha - 6/2014
Orange (formerly France Telecom) - 6/2014
Income Opportunity Realty - 2/2014
Lakeland Industries - 1/2014

Nortech Systems - 11/2013
InfoSonics - 10/2013
Best Buy - 10/2013
Urbana - 9/2013
Surge Components - 8/2013
Lexmark - 8/2013
Coast Distribution - 8/2013
Alco Stores - 7/2013
Aastra - 7/2013
iGo - 7/2013
PMC Commercial Trust - 7/2013
Microsoft - 5/2013
Manhattan Bridge Capital - 5/2013
Cisco - 5/2013
Ridley - 4/2013
Canam - 4/2013
GameStop - 4/2013
G Willi-Food - 3/2013
Dell - 2/2013
Artio - 2/2013
TAT Technologies - 2/2013

H Paulin - 12/2012
Dorel - 11/2012
New Frontier Media - 10/2012
Asta Funding - 10/2012
Acme United - 10/2012
Tempur-Pedic - 9/2012
Janus - 8/2012
Paulson Capital - 5/2012
GTSI Corp - 5/2012
Bassett Furniture - 4/2012
Alpha Pro Tech - 3/2012
InfoSonics - 2/2012
OfficeMax - 2/2012
L.S. Starrett - 1/2012

Envirostar - 11/2011
hhgregg - 11/2011
Parlux - 10/2011
KSW - 6/2011
Jewett Cameron - 4/2011
H&R Block - 4/2011
Kirkland's - 2/2011
Envoy Capital Group - 2/2011
Imation - 2/2011

TSRI Corp - 12/2010
Acorn...Again - 10/2010
Nu Horizons - 09/2010
ADDvantage Tech - 08/2010
Blonder Tongue - 08/2010
Quest Capital - 07/2010
Adams Golf - 05/2010
Hardinge - 02/2010
LCA Double-Vision - 02/2010
Key Tronic - 01/2010

Goodfellow - 12/2009
Melcor...Encore - 10/2009
Acorn International - 10/2009
LCA Vision - 10/2009
Twin Disc - 08/2009
Spartan Motors - 07/2009
Office Depot - 05/2009
Hammond Power...Again - 05/2009
AM Castle - 03/2009

H Paulin - 09/2008
The Finish Line - 09/2008
Hammond Power Solutions - 06/2007
Phoenix Canada Oil - 12/2005
Melcor - 12/2005
Dundee Corp - 04/2003
Charlie Munger And Belridge Oil - 07/1980

18 comments:

Anonymous said...

Check out Chromcraft Revington (CRC). Selling at 60% of book value with a "significant" tax refund coming in sometime this year. Also insider buying by several executives.

Saj Karsan said...

Hi Anon,

I do actually own this one, but I think I may have missed the boat with a post on it, as the easy gains appear to have already been made. I'm not as convinced about the direction of the stock from here!

ak said...

Hey Saj, what do you think about BKS. They are selling below historical average eps * histortical average PE. However, the future of brick and mortar book stores have been in question for a while now since the rise of online bookstores and E-Boooks. Also BKS has had some troubling litigation such as the 520 million dollar purchase of B&N College from Reggio, and other workers compensation class action law suits. Even if the company was undervalued, like Warren Buffet and Phillip Fisher, I would prefer good management, and respectable directors. Neither of which I see in this company. I also read from The Economist, the publishers with Ebooks have leverages over BKS in recent times because of competition from amazon and apple. So i expect to see decrease in profit margins. So question is, does BKS have a future with the IPad, Kindle, and with their management issues.

Saj Karsan said...

Hi AK,

I'll take a look and let you know if I find anything interesting.

ak said...

Thanks, saj.

Saj Karsan said...

For those looking for thoughts on BKS, they are here: http://www.barelkarsan.com/2010/05/noble-profits.html

ak said...

hey say, looks like gamestop lost one of its competitive edges, the used game market. Still a keeper?

Saj Karsan said...

Hi ak,

No doubt, Best Buy may take some profits away from GameStop in used games. Having said that, I'm not sure GameStop has lost any advantage, as they are a constantly moving target. At a P/E of 8, however, you don't necessarily need GameStop to have much of an advantage in order to see a return.

Mark Carter said...

I would also like to see case studies where you were wrong and it didn't work out.

Don't be shy, we can all learn from our mistakes.

Saj Karsan said...

But Mark...I don't make mistakes! Just kidding, of course. But as this is a new site and a new fund, the mistakes aren't clear yet. When a stock rises quickly, one can sell out and assume they were right in their assessment right away. But when a stock falls, it looks like an opportunity to scoop up more shares, rather than a mistake. As such, the mistakes take a little more time to bear out (barring bankruptcy or a business change or fraud). Good idea you suggest though, and as time goes on and mistakes become evident, a section on the topic may be in order.

Yannick said...

A few quick thoughts on BKS: to start, it was one of my mistakes and I have now sold out my position. If the story was only brick & mortar versus digital I would still own it, even if management are not impressive. The biggest issue seems to be capital allocation as they plow everything to fight against two of the most formidable competitors, Apple and Amazon. You may also want to check out what Geoff Gannon wrote on the subject sine he covered it really well.

Anonymous said...

Hello Barel, i see China Botanic Pharmaceutical as a great investment for value Investors. What do you think about ? the price is under net current asset minus liabilities and less than one year earning ?

Snowball

Saj Karsan said...

Hi Snowball,

I can't tell whether this firm is a fraud or not, unfortunately. Firms with a lot more research capabilities than my own seem to be betting that it is, however.

Anonymous said...

Barel, i appreciate you're answer, so could you precise who is betting China Botanic Pharmaceutical is a fraud ?
it's the first time someone said it to me. The financial statement is really impressive.

Thanks

Snowball

Saj Karsan said...

Hi Snowball,

Sorry, I just meant based on the price action it *seems* that way. I don't know anything specific.

Here are some "fraud-like" stats on the company (including CFO and auditor changes): http://www.fixyou.co.uk/tracker_srm.php?s=CBP

Anonymous said...

hello, what is your take on greenstar agricultural (GRE.VN)? Looks to be a profitable graham net-net...

Saj Karsan said...

Hi Anon,

It certainly looks cheap, but I wouldn't know how to tell if it's a fraud.

Anonymous said...

Ya, crossed my mind too. Company has commented on the same so has hire independent Canadian directors, instituted a divvy and removed the word China from it's name. Good enough for me to open a position at 1.09. Cheers!

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