Nash-Finch Company: A Large LIFO Reserve and Strong Free Cash Flows ($NAFC)

Nash-Finch Company (NASDAQ: NAFC) is the second largest (by revenue) publicly traded wholesale food distributor in the US, with operations supporting 179 military commissaries and 300 exchanges in 33 states as well as a number of countries abroad, as well as a range of approximately 1,500 independent grocery retailers in 29 states. The company also has 46 corporate-owned grocery stores located in eight states.

There are several things to like about NAFC. First, its free cash flow. The company has . . .

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Lowe’s Companies, Inc: A Great Buy at a Cyclical Low ($LOW, $MSFT, $CSCO, $SVU)

A reader recently passed along a link to a recent Barron’s interview with Steven Romick of First Pacific Advisors’ “contrarian value” Crescent Fund, suggesting that I might be interested in reading what Mr. Romick had to say, given our shared interests in Microsoft (NASDAQ: MSFT) and Cisco (NASDAQ: CSCO). The reader was correct, and I enjoyed reading the interview. It appears that Mr. Romick saved best for last, ending the interview with these tantalizing tidbits of information about Lowe’s . . .

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What I’m Reading: 7.14.2011

In no particular order:

Ricky Gervais: “Life IS too short. Particularly if you just go with the fucking flow.” (Huffington Post) Supervalu wins big with super-automation (DCVelocity) (Disclosure: Long SVU) Inside RIM: An exclusive look at the rise and fall of the company that made smartphones smart (Boy Genius Report) (Disclosure: Long RIMM) Score Media sees RIM PlayBook Opening doors for Developers (Financial Post) Can Brian Moynihan fix America’s biggest bank? (Fortune) Google bid “pi” . . .

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What I’m Reading 7.1.2011

In no particular order:

A Dirty Business: NYC’s Top Prosecutor Takes on Wall Street Crime (The New Yorker) The Odds of That (The New York Times) The $25 Billion Art Move (The Wall Street Journal) Can Matt Damon Bring Clean Water To Africa? (Fast Company) Understanding the gift of endless memory (60 Minutes) Supervalu: What’s Not to Love? (Seeking Alpha) (NYSE: SVU) (Disclosure: Long SVU)

What are you reading?

Supervalu’s Redeeming Compensation Policies ($SVU)

I wrote about Supervalu’s (NYSE: SVU) compensation practices here. You may recall from that article that the company had created a new plan for rewarding the top 800 employees in the company based on an improvement in the price of the company’s shares (which have been trading around 26 year lows). Though this plan is clearly flawed, it appears that the Board is doing a better job of devising a compensation plan for the most senior of managers: the . . .

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