Interesting Readings/Meetings-Free VIC Pass; Reader Question

An available Value Investors Conference Pass

From Jacob Wolinski, who sent me this missive: Hi value investors!

YJP will be hosting a Hedge Fund Summit on Thursday September 20th (no jewish holidays that day)

6:00 begins, 7pm panel, 8pm networking. Event is taking place at Chelsea Piers 121 W, 19st. I went to a recent event and it is worth going for the food alone, but if you are interested in the speakers….

Confirmed speakers include John Paulson! And yes you can ask him questions about Gold and performance! Ken Brody chair of Sandler and Peter Greene founder of Taconic Capital. This is a very high level networking event.

As a “host” I have managed to secure a discounted ticket price, which is $80, compared to the usual price of $150 at the door or $125 online. Note: I do not make any money from ticket sales. Discounted tickets expire soon. If you would like to join me at this event, please click that link and use the promo code: JACOBWOLINSKY. I’ve found this organization in particular puts on high level, quality events and expect the same this year.

Also I cannot make it to VIC if anyone wants or knows any competent person who would cover it (maybe a college kid) i have a free media pass.   Email:,
Best regards, Jacob Wolinsky

I will be at the Mises Summit in NYC

Mises Summit on Sept. 14 at the Metropolitan Club in NYC

Don’t forget to sign up for Santangel’s free email letter:,

Inside the mind of a fraudster:

Investor Conference:

Value investing challenge:

Great posts at

Great links like the BBC documentary on the men who made us fat:

The antidote to fatness (insulin sensitivity)

More on See’s Candies:

More bad news about the Fed and its actions:

Improve your life and learn

A Reader’s Question

A reader sent me an email a few months ago about one of Prof. Greenwald’s lectures. His question related to the value of an asset as a multiple of tangible book value? I can’t for the life of me find the email.  Can the patient questioner post your question here or email me again. I promise to post and try to answer it, though readers here may even have a better response.

One response to “Interesting Readings/Meetings-Free VIC Pass; Reader Question

  1. My question was in regards toward proving mathematically why it would be appropriate to apply a 3X tangible book value for See’s Candy.

    Remember, however, that See’s had net tangible assets of only $8 million. So it would only have had to commit an additional $8 million to finance the capital needs imposed by inflation. The mundane business, meanwhile, had a burden over twice as large – a need for $18 million of additional capital.
    After the dust had settled, the mundane business, now earning $4 million annually, might still be worth the value of its tangible assets, or $36 million. That means its owners would have gained only a dollar of nominal value for every new dollar invested. (This is the same dollar-for-dollar result they would have achieved if they had added money to a savings account.)
    See’s, however, also earning $4 million, might be worth $50 million if valued (as it logically would be) on the same basis as it was at the time of our purchase. So it would have gained $25 million in nominal value while the owners were putting up only $8 million in additional capital – over $3 of nominal value gained for each $1 invested

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