China unpegs yuan; HQ Sustainable unpegs health products

June 29, 2010

No doubt all of you have noticed that China has recently unpegged their currency to the US dollar, preferring to key it instead to a basket of foreign currencies. Of course, having a fully floating yuan is pegging it to a basket of foreign currencies; it’s just that the peg is to every currency in […]


Declining is not the same thing as doomed (Deluxe Corp)

June 26, 2010

Investors nowadays have an unhealthy obsession with growth (and by nowadays, I mean since about 1870). I,  for my part, have no objection to growth, but as I have stated, I don’t like overpaying for growth, which usually simplifies to “I don’t like paying for growth.” But if growth is king, and people are willing […]


Two good reasons to buy Chiquita Brands

June 20, 2010

As you may recall, I recommended Chiquita Brands a couple of months ago, and since then it has gone down from 15.17 to 13.58 today, or down about 10%. So, not really my best work, I suppose, but an economic crisis in Europe, where Chiquita Brands performs 40% of  its operations, would naturally dampen enthusiasm […]


Say Hello to American Greetings

June 14, 2010
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I am frequently surprised by the places where I find promising looking stocks, but really I shouldn’t be. Value can theoretically be found in any sector, although the newer and developing sectors are unlikely to hold much in the way of reliably underpriced stocks, since there is so much unpredictability in the future course of […]


Is depreciation or depletion really free cash flow

June 7, 2010

It has been observed by me, and possibly other people, that free cash flow, more than earnings, is a correct measure of an equity investor’s true returns (free cash flow is earnings plus depreciation minus capital expenditures). The logic behind this goes back to Benjamin Graham’s notion of calculating true earnings; he said that before […]