United (Online) we stand

March 25, 2010

Sorry for the silly pun. United Online (UNTD) is a conglomerate of three online companies joined at the parent level. Their first, and oldest, company is a dial-up ISP that was created when Juno and NetZero merged. Their second segment is made of Classmates Online and Mypoints.com, which is an Internet marketing loyalty service. Their […]


How to buy money for nothing (Endwave)

March 19, 2010

Montier, in his Value Investing, spoke of the folly of looking at the price/sales ratio, which, considering the variety of earnings margins and capital structures, makes companies more or less incomparable with each other.¬† He described it as nothing more than a transparent attempt to go up the income statement until the company looks good. […]


Care about what other people don’t, and you’ll earn what other people don’t (Conn’s)

March 12, 2010

I was discussing value investing on a forum I frequent, and an objection someone raised to value investing is that everything that is knowable about a company is rapidly processed and analyzed by people who are smarter than you and have larger resources and bigger staffs. In other words, that markets are efficient, although he […]


No need to be psychic about investing

March 5, 2010

The SEC, naturally embarrassed about letting Bernie Madoff get away with it for a mere 14 years, has taken to putting press releases on its homepage announcing their upcoming securities fraud actions. This¬† one, though, is particularly good. SEC Charges Nationally Known Psychic in Multi-Million Dollar Securities Fraud Now, securities fraud violations are like potato […]