October 28, 2005 – Minyanville Retail swell? This weekend when I heard about the 22% increase in shopping activity over last year, I could not help but wonder – have I seen this movie before? After all, auto companies tried to stimulate their demand by cutting prices, and we know how that story ended. It [...]
November 29th 2005 – Financial Times This article was published Financial Times on page 14. Ironically I originally wrote this article about six months ago, but it was pushed back by my other pieces. It was a product of my research on Gannett (GCI), which we decided not to buy–the stock has declined almost [...]
By Vitaliy Katsenelson November 17-18, 2005 – Minyanville.com Wal-Mart’s Double Standard I talked to two friends of mine, both are money managers. Their firms will not buy Wal-Mart (WMT) because they’re afraid clients will be upset with them. One of the firms is located in Boulder – so that unwillingness to own [...]
Minyanville.com – October 28, 2005 The Anatomy of Sell Buying stocks is easy, selling them less so. Therefore, in light of the Cendant (CD) news today, I thought it might be helpful to briefly look at the reasons we sold Cendant stock awhile back. Perhaps this short exercise can help illustrate the fundamental discipline involved [...]
October 11, 2005 – Minyanville.com This mailbag is in response to my Nov. 4 article on Buybacks and Dividends. Vitaliy, Good stuff as always!… A minor point… near the end you say you object to a company leveraging its balance sheet to do buybacks. But technically, isn’t paying out cash for a buyback changing (negatively) [...]
October 3-7 2005 – Minyanville.com Around the earnings block… Becton Dickenson (BDX) is another darling of mine that reported 3rd quarter numbers today. Revenues grew 8% (excluding currency benefit) and performance was very solid across all segments – a sign of business quality. BDX’s business lends itself to fairly good operational leverage, which was apparent [...]
November 4, 2005 – Minyanville.com /Bloomberg Before the 1982-1998 bull market, dividends accounted for a very large portion of stock market returns. In fact, in the 1966-1982 bear market, they were the returns investors received while watching P/E compress under the market. On a theoretical level, dividends are just a transfer from a company’s corporate [...]