Grahamian Value Compendium ― October 16, 2020 (Fall Season)
Grahamian Value Compendium ― October 16, 2020 (Fall Season)
“In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time — none, zero. You'd be amazed at how much Warren reads, and at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out.”
― Charlie Munger
PART ONE.
GRAHAMIAN VALUE COMPENDIUM (FALL 2020)
PART TWO.
COMPILED WEEKEND READING
In the past week —
No new businesses have been added to the Grahamian Value list of companies.
For the convenience of veteran and newcomer Grahamian Value readers alike, we’re providing a compendium (updated seasonally) organized by company, industry, person, and topic.
I. GRAHAMIAN VALUE COMPENDIUM (FALL 2020)
We’ve shared seven updates since embarking on this project in August 2020; below is a quick and comprehensive navigational aid.
By Company —
Alco Holdings Limited | link
Allan International Holdings Limited | link
Hudson Global, Inc. | link
Lion Rock Group Ltd | link
Luby’s, Inc. | link
Mammoth Energy Services, Inc. | link
Ming Fai International Holdings Limited | link
Newpark Resources, Inc. | link
NOW Inc. | link
P&F Industries, Inc. | link
Pendrell Corp. | link
Servotronics, Inc. | link
Tandy Leather Factory, Inc. | link
By Industry —
Offshore Drilling | link
Shipping | link
Specialty Retail | link
Recruitment Process Outsourcing | link
By Person —
Ayers, Christopher (Universal Stainless & Alloy Products, Inc.) | link
Bacchus, Judith (Universal Stainless & Alloy Products, Inc.) | link
Baesel, Jerry (JBaes & Associates) | link
Bezos, Jeff (Amazon.com, Inc.) | link
Burry, Michael (Scion Asset Management) | link
Carlisle, Tobias (The Acquirer’s Funds) | link
Chandler, Richard and Christopher (Sovereign Global, formerly) | link
Cherechinsky, David (NOW Inc.) | link
Eriksen, Tim (Cedar Creek Partners) | link
Gabelli, Mario (GAMCO Investors) | link
Graham, Benjamin (Graham-Newman Corporation) | link, link, link
Hempton, John (Bronte Capital) | link
Hsieh, Tony (Zappos.com, Inc.) | link
Klarman, Seth (Baupost Group) | link
Kornblatt, David (Universal Stainless & Alloy Products, Inc.) | link
Kovner, Bruce (CAM Capital) | link
Marks, Howard (Oaktree Capital Management) | link
McAninch, Mac (Universal Stainless & Alloy Products, Inc.) | link
Melby, Michael (Gate City Capital) | link
Newberg, Bruce L. (Independent Capital Markets Professional) | link
Oates, Dennis (Universal Stainless & Alloy Products, Inc.) | link
Pabrai, Mohnish (Pabrai Investment Funds) | link
Pzena, Richard (Pzena Investment Management) | link
Rabinowich, Eli (Lord Abbett & Co.) | link
Risso-Gill, Christopher (The Peter Cundill Foundation) | link
Robotti, Bob (Robotti & Company) | link
Romick, Steven (First Pacific Advisors) | link
Sather, Dave (Sather Financial Group) | link
Schloss, Walter (Walter & Edwin Schloss Associates) | link
Shapiro, Andrew (Lawndale Capital Management) | link
Sims, Daniel (BAVARIA Industries Group) | link
Skarbeck, Ed (Aldebaran Capital) | link
Skarbeck, Ken (Aldebaran Capital) | link
Smith, Arthur (Mammoth Energy Services, Inc.) | link
Taylor, Michael J. (Friedman Industries, Inc.) | link
Thorp, Ed (Edward O. Thorp & Associates) | link
Tisch, James S. (Loews Corporation) | link
Tobias, Ray (Dawson Geophysical Co.) | link
Toledano, Udi (Universal Stainless & Alloy Products, Inc.) | link
Webb, David (Webb-Site.com) | link
Zapata, Michael (Sententia Capital Management) | link
Zweig, Jason (Wall Street Journal) | link
By Topic —
“Buy Assets, Sell Earnings” | link
Abyss of 2009 | link
Accounting Restatement | link
Averaging Down | link
Beneish M-Score | link
Corporate Governance | link
Energy Bust of 2016 | link
Enigma Network | link
Forced Selling | link
Share Repurchase | link
II. COMPILED WEEKEND READING
“The intelligent investor is a realist who sells to optimists and buys from pessimists.” ― Jason Zweig, Foreword to Benjamin Graham’s The Intelligent Investor
Schloss Archive at The Heilbrunn Center for Graham & Dodd Investing | link
Securities in an Insecure World | link
The Father of Financial Analysis | link
How The Small Investor Can Beat The Market | link
“One of the things we’ve done – Edwin and I – is hold over a hundred companies in our portfolio. Now Warren [Buffett] has said to me that, that is a defense against stupidity. And my argument was, and I made it to Warren, we can’t project the earnings of these companies, they’re secondary companies, but somewhere along the line some of them will work. Now I can’t tell you which ones, so I buy a hundred of them.” ― Walter Schloss
Why Does an Equal-Weighted Portfolio Outperform Value- and Price-Weighted Portfolios? | link
Value Weighted Index: A New Approach to Long-Term Investing | link
Graham-Newman Corporation Letter to Stockholders | link
Testing Benjamin Graham’s Net Current Asset Value Strategy in London | link
The Pitfalls of Net-Net Investing | link
“Generally, the greater the stigma or revulsion, the better the bargain.” ― Seth Klarman
Secrets of Sovereign | link
“‘Ick investing’ means taking a special analytical interest in stocks that inspire a first reaction of ‘ick.’ I tend to become interested in stocks that by their very names or circumstances inspire unwillingness — and an ‘ick’ accompanied by a wrinkle of the nose on the part of most investors to delve any further.” ― Dr. Michael Burry
Ben Graham: Ideas as Mementos | link
Bruce Kovner and Edward O. Thorp (mini case-study) | link
James S. Tisch (mini case-study) | link
Steven Romick (mini case-study) | link
ABOUT GRAHAMIAN VALUE
Grahamian Value is a labor of love, centered around our desire to openly share data and perspectives that we find helpful in our pursuit of Benjamin Graham-inspired investment ideas. We appreciate your time, your trust and your readership. Learn more at GrahamianValue.com
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Harry Sauers and Shai Dardashti are co-editors of Grahamian Value and, as of the date of this communication, may individually own shares of companies mentioned herein. This communication is for informational purposes only. This is not intended to be investment advice. Seek a duly licensed professional for investment advice.