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Videos of Investors


Videos of Great Investors



Deep Value Investor and Case Studies


So that is the thinking behind my style of deep value investing: swimming against the earnings obsessives to pluck out liquid-asset-rich companies with nimble service-focused business models.  Then buying them when no one else will, and selling them when everyone else wants them.  –Jeroen Bos

Deep Value Investing – Jeroen Bos A great series of case studies of balance-sheet investing

Deep_Value_Investing_Appendix The financials to supplement the book of cases above.

valuewalk-article1_1  His deep value approach has severely LAGGED the small-cap index AS YOU WOULD EXPECT in the latter stages of a bull market.



At a minimum you will learn more about how to analyze balance sheets.

A Mr. Market Lecture


Chapter 20_Margin of Safety Concept




Gone huck finn

Back in two weeks!

But don’t stop learnin’.  Check out:


10 Value Investing Blogs

By Wall Street Survivor | More Articles | Save For Later
March 2, 2014 | Comments (4)

So you want to be the next Warren Buffett?

The man himself famously started out by reading all the books in the Omaha Public Library with “finance” in the title. Over the years, Buffett took that knowledge and turned it into investing tips that have helped countless investors. The Motley Fool has even taken the best of Warren Buffett’s wisdom and packaged it in a new special report that you can get free just byclicking here now.

Today, we also have blogs that can make the learning process quicker. But with so many blogs out there on the subject of value investing, the quality of content varies widely. So here, in my opinion, are the 10 best value investing blogs for you to follow and what you can learn from them.

  1. Contrarian Edge
    Why you should follow it:
    Two reasons. One is that its author, Vitaliy Katsenelson, is a well-known value investor who’s been dubbed “the new Benjamin Graham” by Forbes. The other is the wonderfully eclectic nature of its content, ranging from insightful analysis of popular stocks like Apple and to musings on Tchaikovsky.

Philosophy: “I invest, I educate, I write, and I could not dream of doing anything else.”

Sample post title: “Why Investors Hate Apple — and Are Dead Wrong

  1. ValueWalk
    Why you should follow it:
    This site started in 2010 as a simple value-investing blog but has mushroomed into a popular site delivering breaking news, analysis, and syndicated content from other blogs. Expect multiple posts a day, as well as useful resources like a list of books recommended by Warren Buffett, Charlie Munger, and other gurus.

Philosophy: “Many academics claim investing is a random walk. We believe this to be partially true, but believe that value investing can outperform the market.”

Sample post title: “Follow Up On Technical Analysis And Why To Avoid It

  1. Brooklyn Investor
    Why you should follow it:
    Well, not for the design, which is old-school BlogSpot. The draw here is the supremely detailed posts analyzing individual securities, taking extracts from annual reports and investor presentations and explaining what they mean for investors. Even if you don’t plan to invest in the companies in question, the posts offer great insight into some good ways of researching a stock.

Philosophy: “Random Thoughts on Investing and Investment Ideas.”

Sample post title: “Alleghany Corp Investor Day

  1. The Aleph Blog
    Why you should follow it:
    Asset manager David Merkel has been blogging since 2007, covering a range of different topics but accumulating almost 700 posts on value investing. He looks at both individual stocks and more general investing principles, and his posts are full of detail but easy to follow.

Philosophy: “To fight for what is right in money management, and encourage readers to pursue strategies that reduce risk and enhance returns.”

Sample post title: “If Investing Were Free, How Would It Change What You Do?

  1. Wexboy
    Why you should follow it:
    This blog spends a lot of time analyzing Irish stocks, which may not immediately seem useful to people from other parts of the world. But even if the companies are unfamiliar, the methods are classic value investing, picking through the numbers and trying to uncover value other investors have overlooked. And the breezy writing style makes it fun to read!

Philosophy: “I think the most valuable ‘skill’ any investor can wish for is a little dose of humility.”

Sample post title: “The Great Irish Share Valuation Project

  1. Greenbackd
    Why you should follow it:
    Author Tobias Carlisle runs a value investment firm and has some smart insights on value investing. His posts often introduce interesting research on subjects like negative-enterprise-value stocks and present them in a way that the rest of us can understand.

Philosophy: “Deep value, contrarian, and Grahamite investing.”

Sample post title: “A Market of Stocks? Distribution of S&P 500 P/E Multiples Tightest In 25 Years

  1. Value Investing World
    Why you should follow it:This blog takes a cerebral approach, bringing in a broad range of articles on investing and economicsthat are relevant to value investing, along with quotes from people like Seneca and Einstein.

Philosophy: “Promoting the multidisciplinary approach to investing.”

Sample post title: “Marcus Aurelius quote

  1. The Graham Investor
    Why you should follow it:
    Posts here aren’t released very often — just once or twice a month — but they’re usually well thought-out. And the worth of this site lies not only in the blog posts, but also in the stock screens to help you find investments that meet the criteria proposed by famed value investor Benjamin Graham.

Philosophy: “I am generally a long-term value investor and try to use as many of Ben Graham’s principles as possible.”

Sample post title: “Has Your Portfolio Suffered an ACL Tear?

  1. Old School Value
    Why you should follow it:
    This is a long-running blog with five years of value investing posts, some of them collected into series of tutorials that are a great way to learn the basics. Owner Jae Jun also writes very detailed posts analyzing particular stocks using a variety of valuation methods to show you how value investing works.

Philosophy: “Provide practical and actionable value investing tools, tutorials and educational material to help empower the individual investor.”

Sample post title: “Stock Analysis Lesson with CommVault Systems

  1. Long Term Value Blog
    Why you should follow it:
    Some bloggers tend to trumpet their successes and gloss over their failures. This one is refreshingly honest, charting its owner’s real-life investing experiences and analyzing both what worked and what didn’t.

Philosophy: “Value Investing for the Long Term.”

Notice that is off the radar. Good.


Capitulation Part III

Scarcity rising

Gold making history as October and December contracts tip into backwardation

See and Gold Slammed Again

gold chart Geopert

spy commodities

twitter gold

Least Bullish

gold stock analogsDeepest Bear Market Ever in Terms of Price and Time?

Highest volume day ever

Sales Decline for SP 500 SP500-vs-CRB-Commodity-Index


hy vs stocks


The Acquirer’s Multiple Investment Plan


A Mechanical Investment Plan Using The Acquirer’s Multiple

Bruce Murison* contacted me (Toby Carlisle of at the start of June with an interesting proposition: He would open a dedicated account to trade the Acquirer’s Multiple All Investable Stocks Screen and post his strategy and results on the site. He thought knowing there was a public eye keeping him on the straight and narrow might assist with his discipline (the same reason I launched Greenbackd in 2008). He wondered if a real time, real money account tracking the acquirer’s multiple’s performance would be interesting to readers of the site. I of course leapt at the opportunity. Bruce hopes that his project might encourage outside the box thinking and maybe lead to others posting their strategies and ideas that could become an interactive community of users. Here begins Bruce’s first post in what I hope will be a long series:

I am dedicating a $25,000 real money account to trade stocks ranked favorably according to The Acquirers Multiple (TAM). Every stock will be chosen and traded according to these rules:

Click here if you’d like to see a current list of deeply undervalued takeover and activist targets using The Acquirer’s Multiple® (it’s free!), subscribe to The Acquirer’s Multiple® or connect with me on Twitter, LinkedIn or Facebook.

Thanks to the GREAT Toby Carlisle whose books, videos and dark sense of humour are an inspiration to all.

QUESTION to all:

Will screening out the companies that may or could go bankrupt (the ones with the worst financial metrics) but are the cheapest hurt performance.   Why are money losing net/nets generate better returns AS A GROUP than money making net/nets.  Example: Energold (EGDFF).

How to become a better investor:

Do you agree/disagree? Why?

The Pampas precedent – Woodford Funds


HAVE A GREAT WEEKEND. I will be on the road until Monday.


Prof. Greenwald on Value Investing

OVERVIEW Value_Investing_Slides

Greenwald_2005_Inv_Process_Pres_Gabelli in London

Greenwald Overview of VI

A Value Investing Class in Three Minutes

Buying High

Next Week

I have been too busy to do another lesson but be ready next week! For those attending the Berkshire Hathaway Meeting in Omaha enjoy the experience. Flash your Deep-Value Group card for up to 95% discounts.


I See Dead People

Dead people

I hooked up my accelerator pedal in my car to my brake lights. I hit the gas, people behind me stop, and I’m gone. Steven Wright


The Endless Search for Value

I know we have lessons to complete in Quantitative Value, but I also use this blog as a poster board to refer back to when assessing events, thoughts, and ideas.

After spending four hours groping through the Value Line’s 2,000 companies, I don’t find much of interest besides the uglies of Russian and Brazilian stocks, coal, uranium, silver and gold miners.  Most readers here are too refined even to think of investing in such cyclical companies.  What would your Momma say?

I find the relentless buying by insiders in small mining stocks to be interesting while corporate insiders in other companies want cash now and not stock. For example,

 Here is a company just pulled at random from Value-Line:

CPST_VL There is always hope   Value or Death Trap?  Going up the capitalization scale doesn’t help either: CRM The profits will come tomorrow. intc Will the bad news be priced in?

Where is the value 

Fair value on the S&P 500 has three digits

We don’t know when the movie ends, just that it will end badly.

Good Reading



Wow, well said and rare. Doubt if control grid mainstream media will be having this white hat on the air.  Orioles Executive Vice President John Angelos, son of majority owner Peter Angelos:

“Speaking only for myself, I agree with your point that the principle of peaceful, non-violent protest and the observance of the rule of law is of utmost importance in any society. MLK, Gandhi, Mandela, and all great opposition leaders throughout history have always preached this precept. Further, it is critical that in any democracy investigation must be completed and due process must be honored before any government or police members are judged responsible.

That said, my greater source of personal concern, outrage and sympathy beyond this particular case is focused neither upon one night’s property damage nor upon the acts, but is focused rather upon the past four-decade period during which an American political elite have shipped middle class and working class jobs away from Baltimore and cities and towns around the U.S. to third-world dictatorships like China and others.

The outcome plunged tens of millions of good hard-working Americans into economic devastation. Then they followed that action by diminishing every American’s civil rights protections in order to control an unfairly impoverished population living under an ever-declining standard of living and suffering at the butt end of an ever-more militarized and aggressive surveillance state.

The innocent working families of all backgrounds whose lives and dreams have been cut short by excessive violence, surveillance, and other abuses of the Bill of Rights by government pay the true price, an ultimate price, and one that far exceeds the importance of any kids’ game played tonight, or ever, at Camden Yards.

We need to keep in mind people are suffering and dying around the U.S., and while we are thankful no one was injured at Camden Yards, there is a far bigger picture for poor Americans in Baltimore and everywhere who don’t have jobs and are losing economic civil and legal rights, and this makes inconvenience at a ball game irrelevant in light of the needless suffering government is inflicting upon ordinary Americans.”

Can the Piotroski F Score Improve Your Investment Strategy?


We will be looking at accounting metrics to screen out value traps, so I thought some may wish to read: Can-the-piotroski-f-score-also-improve-your-investment-strategy

As an example, if you want to invest with more (RELATIVE) safety in the cyclical oil service business, you would want a company like this: RPC Inc (RES)

Note balance sheet and good operating metrics.  It doesn’t mean that RPC, Inc. can’t go materially lower in price, just that the company has a high probability of surviving through this down cycle compared to competitors.

 Market Psychology

Silver-to-$60 (video during 2011 Silver Mania)

Dollar to Euro Parity (video during 2015 Dollar Mania/Panic)

Beware of “experts.”

Lesson 4: The Acquirer’s Multiple

End nearWhat happens if you get scared half to death twice?  –S. Wright

We were unable to discover any ‘magic’ qualities associated with stocks selling below liquidation value. — Joel Greenblatt (How the Small Investor Can Beat the Market)

Enterprise Multiple = Earnings before interest, taxes, and depreciation & amortization, (“EBITDA”) divided by Enterprise Value (“EV”).

We need to understand the use of EBITDA, Why we must use EV, and the requirement to use pre-tax owner’s earnings or EBITDA – maintenance capex (“MCX”).

Placing EBITDA into Perspective (from the prior post) Suggested reading

EV The Price of a Business  Understanding and calculating EV. Suggested reading

Beginning lesson on Enterprise Value for beginners (Video, Khan Academy)

Pop Quiz: Why do you include minority interests with EV?

Why you use Enterprise Value (Review)

Minority Interests (Review)

Chapter 9 EV Multiples  Only if you dare. Heavy reading. Voluntary.

Let’s tackle really grasping the use of EV, EBITDA, and EBITDA – MCX

I will also send out the Little Book via email as supplementary reading for this chapter.

Good luck.