Here’s a stock trading for 1.4 times sales. We’re sure of that. What we can’t be sure of is whether it’s trading at 10 times normal pre-tax profits or 14 times normal pre-tax profits. That word “normal” is the problem. UniFirst provides...
Value and Opportunity linked to a Bank of England blog I never would have found on my own. The Bank of England blog did a post on how driverless cars could hurt the future of auto insurers. Last year, we did a Singular Diligence issue on...
In my last post, I said stocks were too expensive. Instead of putting more of your money into diversified groups of stocks, you should just let cash build up in your brokerage account. A lot of people have a fear that those lost years of...
We talk about stock picking on this blog. That means we usually talk about specific stocks. The “market of stocks” not the “stock market”. Today, I’m going to talk about the stock market. It’s too expensive. You shouldn’t buy it. If you...
My last post listed examples of threats to a company’s durability. This post will be about how we assess those threats. You can always imagine a threat. Is it a realistic threat? How do you judge that? There are some industries where...
Someone who reads the blog sent me an email asking how Quan and I judge qualitative factors like a company’s durability. For most stocks, you can easily imagine a future condition that would obsolete the entire business model. I’ve...
Babcock & Wilcox (BWC) has set the dates for its spin-off. Those who own the stock on June 18th will get their spin-off shares on June 30th: “As a result of the spin-off, Company stockholders can expect to receive as a dividend...
Life Time Fitness (LTM) now trades at $71.86. The company’s board unanimously agreed to be taken private at $72.10 a share in cash. The merger is expected to close on June 10th. It is now May 19th. So, I’m going to call this one...
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