RR Donnelley (RRD): Possibly the Last Cheap Stock in the Market

February 23, 2011
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It is only natural that the stock market, having doubled since the March 2009 low, would seem to be running a little short on bargains. And I have a sense, based on purely anecdotal observations, that optimism in the market has reached a local peak in that companies have been punished by the market for […]


Sinclair Broadcasting (SBGI) – Everything’s Good Except the Price

February 17, 2011

One of the great debates among fundamental investors, whether they are value investors or whether they should be value investors, is the question of bottom-up or top-down. The top-down approach involves examining the economic outlook, the state of the financial markets, and the trends among the sectors, in order to determine the best stocks in […]


Cisco (CSCO) – A Gift from the Markets

February 10, 2011

I have over the last few months been forming the conclusion that Cisco offers an attractive potential return situation based on its earnings yield from operations. The company, with a market cap of $105 billion, is sitting on $35 billion in excess bonds because the CEO is unwilling to repatriate its overseas profits under the […]


The Value of Deleveraging – A Paradox

February 8, 2011

Future economic historians may refer to the period beginning in 2009 and continuing for some years into the future as the era of deleveraging, at least for everyone except the U.S. government. I have often voiced the opinion on this site that companies that are in compliance with the times by voluntarily paying down debt […]


Belo Corp. (BLC): A Television Stock Stabilizing at an Attractive Price

February 1, 2011
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Hello, everyone. I have written an article about Belo Corporation, a television broadcaster that owns major network affiliates in several markets. It currently trades at an attractive multiple to its free cash flow, and is deleveraging at a rapid pace in order to address its debt situation, an endeavor which I believe will be successful. […]