Clearwater: A Paper Company Offering High Returns

May 14, 2024

Clearwater is a paper company offering a high free cash flow yield.


DXC Technology: High Cash Flow, but Fundamentally Risky

April 29, 2024

DXC Technology Company is a provider of IT outsourcing services to other corporations, and it has been going through a rough patch over the last few years as shown by a dramatically declining share price. Investors have been holding out for a turnaround from the introduction of new management over this period, and perhaps at […]


Greif Inc.: Promising but Recent Results are Worrisome

April 22, 2024

Greif is a packaging company that has a global operation to make industrial packaging out of steel and plastic, and a similarly-sized operation to make paper packaging in the United States, and also a line of paper goods. Based on its recent performance it appears to be attractive, but the results of the first quarter […]


Why does everyone hate Tegna stock (apart from the obvious)

April 8, 2024

Tegna stock has a free cash flow yield of 18% or more and seems to be underpriced.


Deriving a zero yield curve from a par yield curve

January 11, 2024

Have you, like me, ever wondered how you might derive the zero curve from the par yield curve but don’t know where to start? If so, I have good news for you. The yield curve, or more formally, the term structure of interest rates, is a vital tool for any fixed income analyst, and also […]


Cypress Semiconductor and Value Line: Do Your Own Analysis

March 15, 2017

Warren Buffett, when asked where he gets his investing ideas, was fond of replying “Start with the A’s.” This may seem like unhelpful advice now that so much data requires clicking around and waiting for webpages to load, instead of wading through nice archaic books. However, the Value Line Investment Survey still publishes data in […]


Collapsing Oil and Avoiding its Ripple Effects

February 2, 2016

A chaotic January of 2016 is over, and given the dramatic downside excursion in the equity and oil markets, even committed value investors could be forgiven for wavering. Even though prices are somewhat above their nadirs, the frequent swings of several percent a day in the oil markets and stock indexes give the impression of […]


The Focused Credit Mutual Fund Collapse: Liquidity, and Contagion Risk

December 27, 2015

Those of us who watch Federal Reserve Chair Janet Yellen’s hearings before Congress will often hear complaints from the majority that the Dodd-Frank regulations are overreaching in that the Treasury has the power to designate non-bank financial entities, including mutual funds, as being systemically important. However, the recent collapse of the Third Avenue Focused Credit […]


Park-Ohio: An Undervalued Niche Manufacturer With Well-Chosen Acquisitions

November 9, 2015

Park-Ohio Holdings Corp. is a niche manufacturer and logistics servicer for other, larger manufacturers. It offers a large free cash flow yield of 9.4%, and has been expanding sales through well-chosen bolt-on acquisitions. Read more at


Frontier Communications? You Might Prefer the Preferred Stock

June 25, 2015

Long-time readers will know that rural telecom companies have been a particular favorite of mine. Although these companies’ core residential landline business is in decline as mobile phones become the primary phone line among an ever-increasing proportion of the U.S. population, rural telephone companies can respond by lowering capital expenditures accordingly and refocusing their offerings […]