Food Stamps and the Price of the Minimum Amount of Food in 1935 England and Today

October 15, 2013
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Catchy title, no? Anyway, between the government shutdown and the debt crisis, I’ve found looking at investments rather dispiriting, as the ensuing chaos in the markets would override even the soundest of analysis. So, I’ve been keeping my head down by catching up on my reading at least until this all blows over. One of […]


Cracking open John B. Sanfilippo & Son, Inc.

January 28, 2012
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I have a soft spot in my heart for companies that are out-of-the-way, meaning that no one thinks about what they do. CSG Systems, for example, does nothing but handle the billing paperwork for other companies. And John B Sanfilippo & Son, Inc. (JBSS), is a producer of nut products. Owing to high levels of […]


Real Mex bonds: High yield and robust

July 20, 2011

UPDATE: On the night of July 20, 2011 the company informed the major ratings agencies that it did in fact miss the latest interest payment on the bonds. As I stated below, the cash flows to the company are sufficient to support the ultimate value of the bonds, but now that value is likely to […]


Cal-Maine (CALM): Even eggs can be exciting

May 23, 2011
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Cal-Maine Foods (CALM) is one of the largest egg producers in the United States, with a market cap of roughly $675 million. Of this, $213 million is represented by excess cash and short term investments, and the free cash flow yield on the balance is roughly 16%, or 15% when considering average profit margins over […]


Supervalu: Speculating in a grocery store with indigestion

December 22, 2010

I find very often that I seem to be the one who is interested in the investments I’m interested in. Certainly that is true of the River Rock and Mohegan casino bonds, where I seem to be the only person on the Internet who has even considered their investing attributes. So, when I find people […]


Be very very quiet. It’s earnings season (Chiquita Brands and Linn Energy)

August 1, 2010

Benjamin Graham gave two useful pieces of advice that are applicable during earnings season. First, don’t pay too much attention to the results of a single quarter. Second, when paying too much attention to the results of a single quarter, make sure that you strip out the nonrecurring events in order to get a better […]


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 […]


HQ Sustainable Maritime Industries – The HQ Stands for High Quality?

May 17, 2010

I suppose that my loyal readers are tired of hearing me going on about cheap Chinese stocks, but value investors have to go where the value is. Some Chinese stocks, small and overlooked, seem to show up on my screens more often than I would expect considering the China cult, and although HQ Sustainable Maritime […]


Drink the low hanging fruit (Skypeople Fruit Juice).

April 28, 2010
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I have recommended cheap Chinese stocks as desirable as a way to bet on the possibility that China will be forced to let the yuan float against the dollar, and of course, a cheap stock anywhere is a cheap stock, although markets outside of the first world should be given a higher equity risk premium. […]


Chestnuts roasting on an open market (American Lorain)

October 25, 2009
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I may be in the minority among the financial community and the public, but I do not assign any mystical economic or investing qualities to China or any of the companies in it. There was a similar hysteria in the 80s over Japan, and we all recall how that ended. I find it similarly unlikely […]