Value Investing Strategy and Unlisted Securities – Part 2

Now for part two of my series on my investment philosophy, asset-based/low expectations investing. In part one I described how investing in excellent companies and letting them compound over time can produce very attractive returns. Problem: these companies are very rare. Much more common are middling companies with middling competitive positions earning middling returns on …

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International Wire Group Is Cheap, But Is It Safe? – ITWG

My series on investing strategy will continue next week. Until then, let’s examine an aggressive manufacturing company, International Wire Group. International Wire¬†is the largest bare wire and copper wire products manufacturer in the United States with revenues of $870 million in 2011. International Wire is an aggressive acquirer. Beginning in the late 1990s, International Wire …

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Value Investing Strategy and Unlisted Securities – Part 1

Note: What follows is the first entry in a multi-part essay on my basic investment philosophy. If you’re here mostly for individual stock commentary, let me save you some time by telling you to come back next time you see a post with a ticker in the title. As always, thanks for reading! I have …

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Great Lakes Aviation Is Not Your Typical Airline – GLUX

Great Lakes Aviation is a regional air carrier serving 47 airports and operating 34 aircraft. Though Great Lakes is strongly profitable and produces copious free cash flow, the market values the total company at a mere 2.16 times EBITDA and the equity at just 3.38 times free cash flow. The market’s dim opinion of Great …

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Tropicana Entertainment Inc. is the Cheapest US Casino Operator – TPCA

Tropicana Entertainment Inc. was formed from the remnants of Tropicana Entertainment, LLC which went bankrupt in 2008. Famed investor¬†Carl Icahn brought the company out of bankruptcy in 2010 and used a company subsidiary to purchase the Tropicana Casino in Atlantic City, which had earlier been lost to creditors. As part of the reorganizing process, an …

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