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Value investing superstar Seth Klarman of the Baupost Group (and author of the ultra-rare Margin of Safety) is betting on a large quarry development not far (relatively speaking!) from my hometown in Ontario, Canada. Fortune’s coverage provides a nice profile of Klarman and his new (mildly controversial) quarry investment: Last spring a Canadian firm called the Highland Cos. submitted an application to turn 2,300 acres of area . . . From Joel Greenblatt’s excellent You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits, we learned that some of the best value opportunities arise from corporate transactions such as spin-offs, restructurings, mergers and recapitalizations. The Globe and Mail ran an article this weekend about the roller-coaster ride of spin-off investing: Corporate spinoffs are back in style among companies looking to give their share . . . I’ll just say this straight out: you really need to know who Hugh Hendry is and, at the very least, consider what he’s saying. He has a brash style which maybe turns some people off, but don’t let that cause you to dismiss what he is saying. His message is important. Really important. The short story is that the global economy is nowhere near being out of the woods, and there are a (huge) number . . . In my previous write-ups on Micrel Inc (NASDAQ: MCRL) (found here, here and here), comments were left which President and CEO Ray Zinn wished to respond to. He has informed me of his desire not to get into a pissing match online (my words, not his), so I suspect that this will be the last of my coverage. Rather than respond to each comment separately, Ray has isolated the common questions/complaints for . . . Mark Spitznagel, founder and CIO of California-based hedge fund Universa Investments, and one of Nassim Taleb’s collaborators, wrote an excellent piece in Project Syndicate arguing that Ayn Rand’s masterpiece Atlas Shrugged has become reality: So, why is this time different? The answer lies in Ayn Rand’s rhetorical invocation of despair in her 1957 epic Atlas Shrugged: “Who is John Galt?” Simply put, when the state seizes the incentives and drivers of capital investment, owners . . . |
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