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 […]
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 […]
Update: Yes, the company has declared bankruptcy and the bonds, being junior to the bank debt, have been damaged done badly, having been converted to rights to purchase up to $90 million in equity. I confess I got this one wrong, but I’m not going to cover over my mistakes by deleting this post. As […]