Grahamian Value Compendium ― April 9, 2021
Grahamian Value Compendium ― April 9, 2021
“Just keep accumulating knowledge. That’s one of the beauties of the business that Charlie and I are in, is that everything is cumulative. The stuff I learned when I was 20 is useful today. Not in necessarily the same way and not necessarily every day. But it’s useful. So you’re building a database in your mind that is going to pay off over time.”
— Warren Buffett (2001)
PART ONE.
WEEK IN REVIEW
PART TWO.
WEEKEND READING
PART THREE.
WEEKEND WATCHING
PART FOUR.
WEEKEND LISTENING
In the past week —
There have been no changes to our Grahamian Value Classic list; one company has a material update.
BRIEF OVERVIEW —
For your convenience, we share a compendium of key persons we’ve mentioned (so far) in our 270 day journey.
We proudly share with you a full replay of our fireside conversation with Murray Stahl of Horizon Kinetics.
I. WEEK IN REVIEW
Updated Financials: Servotronics, Inc.
As noted last week, Servotronics filed a Notification of Late Filing for its Form 10-K. The company released its Form 10-K on April 6, 2021, reporting just under $50 million of annual revenue and $100,000 of net income.
As of December 31, 2020, Servotronics’ (unadjusted) net current asset value totaled approximately $21 million, or slightly less than $8.80 per share, comprised of $5.9 million in cash and equivalents, $7.6 million in receivables, $23.4 million in inventory, and $866,000 in other current assets; less $16.6 million in total liabilities, largely in long-term debt and a pension obligation.
This marks our twenty-sixth consecutive week with no new additions to the Grahamian Value Classic list of companies.
II. GRAHAMIAN VALUE COMPENDIUM
We’ve shared thirty-two updates since embarking on this project in August 2020. Below is a navigational aid of key persons mentioned —
Ackman, Bill (Pershing Square) | link
Barr, David (Pender) | link
Bodnar, Nicholas (Gate City Capital) | link
Bossert, Alex (Bossert Capital) | link
Bourkoff, Aryeh (LionTree LLC) | link
Brewer, Simon (Rothschild & Co.) | link
Burry, Michael (Scion Asset Management) | link
Carret, Philip (Pioneer Investments) | link
Campion, Will (Campion Capital) | link
Chancellor, Edward (Financial Historian) | link
Chandler, Christopher (Legatum) | link
Chandler, Richard (Clermont Group) | link
Clapham, Stephen (Behind the Balance Sheet) | link
Cumming, Ian (Leucadia National) | link
Cundill, Peter (The Cundill Group) | link
Cunniff, Richard T. (Ruane, Cunniff & Goldfarb) | link
DePodesta, Paul (Cleveland Browns) | link
Dinsmore, James (GAMCO Asset Management) | link
Ellis, Charles D. (Greenwich Associate) | link
Fleckenstein, Bill (Fleckenstein Capital) | link
Flood, David J. (Private Investor) | link
Frampton, Marcus (Alaska Permanent Fund Corporation) | link
Gabelli, Mario (GAMCO Investors) | link
Galbraith, Steven M. (Kindred Capital) | link
Gill, Keith (Private Investor) | link
Goff, John C. (Goff Capital) | link
Goodman, George (Financial Journalist) | link
Graham, Benjamin (Graham-Newman Corporation) | link
Graham, Donald E. (Graham Holdings Company) | link
Grant, Jim (Grant’s Interest Rate Observer) | link
Grantham, Jeremy (Grantham, Mayo, & van Otterloo) | link, link
Greenblatt, Joel (Gotham Funds) | link, link, link, link, link, link
Hinkie, Sam (Eighty-Seven Capital) | link
Hohn, Chris (TCI Fund Management) | link
Kaufman, Peter D. (Glenair Inc.) | link
Knapp, Tom (Tweedy Browne) | link
Marks, Howard (Oaktree Capital Management) | link, link, link, link
Mauboussin, Michael J. (Counterpoint Global) | link
McCaw, Craig (Entrepreneur) | link
Michaelis, George H. (Source Capital) | link
Miller, Jeremy (Author) | link
Milne, Robert D. (Boyd, Watterson & Co.) | link
Mitchell, Michael (Private Investor) | link
Newberg, Bruce L. (Independent Capital Markets Professional) | link, link
Nierenberg, David (Nierenberg Investment Management) | link
Pabrai, Mohnish (Pabrai Investment Funds) | link
Pzena, Richard (Pzena Investment Management) | link, link, link
Radice, Nicholas E. (Holding Company Executive) | link
Rainwater, Richard E. (Rainwater, Inc.) | link
Ruane, Bill (Ruane, Cunniff & Goldfarb) | link
Rubenstein, David (The Carlyle Group) | link
Sansone, Christopher R. (Sansone Capital Management) | link
Sather, Dave (Sather Financial Group) | link
Saunders, Clarence (Piggly Wiggly) | link
Shapiro, Andrew (Lawndale Capital Management) | link
Skarbeck, Ed (Aldebaran Capital) | link
Skarbeck, Ken (Aldebaran Capital) | link
Spier, Guy (Aquamarine Capital) | link
Staubach, Roger (Entrepreneur, Athlete) | link
Taylor, Jacob (Farnam Street Investments) | link
Templeton, John (Templeton Growth Fund) | link
Thompson, Will (Massif Capital) | link
Tisch, James S. (Loews Corporation) | link
“WarwickB” | link
Watsa, Prem (Fairfax Financial Holdings) | link
Wilks, Dan (Wilks Brothers, LLC) | link
Wilks, Farris (Wilks Brothers, LLC) | link
Wilson, Robert W. (Wilson & Associates) | link
Zell, Sam (Equity Group Investments) | link
Public Company Executives —
Ayers, Christopher (Universal Stainless & Alloy Products, Inc.) | link
Bacchus, Judith (Universal Stainless & Alloy Products, Inc.) | link
Colyer, Wilkie (Contango Oil & Gas Company) | link
Elsztain, Eduardo (Cresud S.A) | link
Holder, Steve (ECC Capital Corp.) | link
Kornblatt, David (Universal Stainless & Alloy Products, Inc.) | link
McAninch, Mac (Universal Stainless & Alloy Products, Inc.) | link
Smith, Arthur (Mammoth Energy Services, Inc.) | link
Toledano, Udi (Universal Stainless & Alloy Products, Inc.) | link
Zimmer, Christopher M. (Universal Stainless & Alloy Products, Inc.) | link
III. WEEKEND WATCHING
Murray Stahl of Horizon Kinetics (Co-Founder, Chief Executive Officer and Chairman of the Board) joined us in a fireside conversation on March 30, 2021 exploring intelligent investing in Japan.
We are proud to share with you a full replay —
Important Message for All Readers:
The editorial team of Grahamian Value does not maintain accounts with, or receive compensation from Horizon Kinetics or any affiliated entities thereof.
We are not brokers or investment advisors, and do not presently manage external capital. Any information herein should not be regarded as a promotion or endorsement of Horizon Kinetics or its products or services.
We do, however, independently believe that Horizon Kinetics' thought process and approach to certain market opportunities are intriguing and (on merit alone) deserve deliberate, focused attention.IV. WEEKEND LISTENING
Courtesy of Bloomberg’s Odd Lots, hosted by Joe Weisenthal and Tracy Alloway: When you think about the big winners in the stock market over the past couple of decades, you might think about Amazon or Apple or some other tech winner. Or maybe, if you’ve listened to Odd Lots before, you think about Domino’s Pizza. But there’s another company that’s outshone them all. Monster Beverage Corporation, the maker of the popular energy drink has been, well, a monster. In the last 20 years, the stock is up over 100,000%. On this episode, we speak with Mark Astrachan, an analyst at Stifel Financial Corp., about how they produced such a stellar return. (Uploaded February 15, 2021)
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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. The publishers do not receive compensation from the companies and people covered in Grahamian Value for such coverage. This communication is for informational purposes only. This is not intended to be investment advice. Seek a duly licensed professional for investment advice.