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All-time Return
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davybui's Blog Posts
DJI
SPX
Portfolio Up 37.7% YTD
12/02/09
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THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET
Enlightened-American Portfolio: +37.7% YTD (my actual IRR, including cash balance)
DJIA: +17.9%
Nasdaq: +36.0%
S&P 500: +21.3%
DJ Wilshire 5000: +16.9%
Russell 2000 (smallcap): +12.7%
Our portfolio lagged the broader market during November but cont...
WYE
CAH
2009 Q3 Moves of Bruce Berkowitz, Mohnish Pabrai and Robert Rodriguez
11/18/09
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Unlike some of the managers I reviewed yesterday, Bruce Berkowitz and his cohorts at the Fairholme Capital have been buying. A scan of their Q3 2009 holdings spreadsheet suggests they favor healthcare companies and Berkshire Hathaway (BRK-A, BRK-B).
Fairholme opened two new positions, both in the he...
Seth Klarman & Marty Whitman Are Sellers But Meryl Witmer Buys in Q3 2009
11/16/09
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A reader asks if there is a way to monitor non-equity positions for Seth Klarman’s Baupost Group. The short answer is no, I know of no way to track non-equity holdings for any money manager unless they disclose that information voluntarily via a report or letter. As mentioned on this blog last week...
Q3 2009 13F-HR Hedge Fund Portfolio Holdings
11/14/09
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Meryl Witmer is back as it appears Eagle Value Partners is building its stock portfolio.
If you have a strong case for other managers I should include, send me an email or post in the comments below. Also, keep in mind that I use a perl script to parse these filings into the spreadsheet format [...]...
Value Investor Vs. Technology — Tech Wins
11/12/09
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OK, that has to be one of the most misleading post titles ever but I couldn’t resist. Seth Klarman recently held the first-ever Baupost Group annual meeting after two-plus decades of existence. At the meeting, Klarman shared his views on the markets, housing, investment strategies and more.
For tho...
Portfolio +33.5% YTD Through October
11/02/09
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View the spreadsheet containing all disclosures for my complete equity portfolio, including initial entry points, YTD returns, total returns, etc. through October 31, 2009.
THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET
Enlightened-American Portfolio: +33.5% YTD (my actual IRR, including cash balanc...
Last Chance
10/28/09
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The Enlightened American Premium is up and running smoothly at this point. I’d like to thank the first group of subscribers for your confidence — I am working hard to justify your decision to be part of the service.
This is last call for the special offer of $129 annual lifetime subscription rate...
Taking Shelter From The US Dollar
10/26/09
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With Marc Faber making the rounds and predicting that the US$ will go to zero, this week’s screen for foreign stocks seems particularly timely. Unfortunately, investors looking to make a move now must contend with a very weak dollar, which makes overseas stocks more expensive. The specific criteria...
Wall Street’s Recovery Still Unconfirmed
10/22/09
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We are in the midst of earnings season and beyond the handful of companies with economic moats, there is little evidence to support Wall Street’s view that economic recovery is underway.
The dichotomy between the financial world and the real world was one of the main culprits which led to the crisi...
Using Analysts as Contrarian Signals
10/20/09
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Investors imbue analysts with high levels of credibility at their own risk. Wall Street analysts communicate in their own cryptic language that may impersonate English but rarely means what it says. When is a buy a buy and a hold a sell? In his book, Full of Bull, former Wall Street analyst divulges ...
Reckoning Day for US Dollar Coming Next Year
10/15/09
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No, Peter Schiff is not Japanese. The strategist predicting the dollar’s imminent demise is Daisuke Uno, who works at Sumitomo Mitsui Banking Corp. You can find details at Bloomberg but Uno is basing his prediction on Elliot Wave theory and claims this next move down in the dollar is the culminatio...
Contrast In Approach: Bill Miller vs. Warren Buffett
10/14/09
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The folks at Legg Mason must have some pull as Bill Miller features are making the rounds this week:
Bloomberg: Legg Mason’s Miller Helps Win Clients as Returns Rise
Barron’s: It’s Miller Time
The Barron’s article, in particular, seemed embarrassingly gushy for a manager who ranks in the 99...
Is Cheap Growth Still Available After Rally?
10/11/09
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This was the theme behind my latest stock screen. After the massive run-up, investors need to be careful that laggards were not left behind for good reason. So I screened for cheap stocks relative to their expected growth rates while requiring high return on assets (ROA) and return on equity (ROE). ...
New Earnings Season but Same Old Story & Other News
10/08/09
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I wanted to share some interesting stories from this morning’s Wall Street Journal.
Alcoa kicked off earnings season by announcing a surprise profit, earning $0.08 per share vs. analyst expectations of a loss of $0.08. Of course, me being a negative nillie, the line that caught my eye was the fact ...
Now Available: EA-Premium
10/07/09
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After some trials and tribulations, I am pleased to announce the launch of the Enlightened American Premium Research service. In a nutshell, subscribers will get full access to all of my financial research:
Real-time access to all of my portfolio actions and every position is revealed — no redacti...
Portfolio +34% YTD but Cautious Going Forward
10/05/09
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View the spreadsheet containing all disclosures for my complete equity portfolio, including initial entry points, YTD returns, total returns, etc. through September 30, 2009.
THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET
Enlightened-American Portfolio: +34.0% YTD (my actual IRR, including cash bala...
Portfolio Updated for September
10/01/09
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September was a good month, indeed. An IRR (including cash balance) of 34% is keeping pace with the NASDAQ and lapping the S&P 500. After last month’s activity, cash available for investment sits at 37% of total capital so much of that return has been locked in. Do not mistake the large cash ho...
Peter Thiel Struggles Against Market Rally
09/28/09
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Peter Thiel isn’t as widely followed as some other hedge fund managers. One possible explanation may be his hedge fund, Clarium Capital, employs a macro strategies which are more complex and opaque to individual investors. Nevertheless, I have always found his views on the broader economy and globa...
Book Review: Pioneering Portfolio Management
09/23/09
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AUTHOR: David Swensen
RATING: 8 of 10
Highlights:
As the originator of the now widespread “endowment” model, Swensen offers several new strategies for investors to consider.
Swensen book focuses more strongly on asset allocation than other books, which is probably a boon to investors who may be ...
AUY
MFN
Update On a Pair of Gold Miners
09/21/09
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With gold hovering over $1,000 per ounce, now seems a good time to check in on two gold mining stocks I hold in my portfolio, Minefinders (MFN) and Yamana Gold (AUY). Long-time readers will know that I have been writing call options all year long on these two stocks, to good profit. With the recent [...
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