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Vitaliy Katsenelson - page 27

Vitaliy Katsenelson has 527 articles published.

Vitaliy N. Katsenelson, CFA, is Chief Investment Officer at Investment Management Associates in Denver, Colo. He is the author of Active Value Investing (Wiley) and The Little Book of Sideways Markets (Wiley). His books were translated into eight languages. Forbes Magazine called him "The new Benjamin Graham".

Dollar General: Is Not So General

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June 10, 2004 – TheStreet.com: Street Insight DG should be accumulated on any consumer weakness numbers. There is still growth ahead for this retailer. Operational performance is improving, margins will likely expand. The near future will likely to present multiple buying opportunities in Dollar General that are to be taken advantage of. DG will likely…

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Barron’s is Wrong on Colgate

in Stock Analysis by

April 28, 2004 – TheStreet.com: Street Insight The most recent Barron’s contains a favorable article about Colgate by senior editor Jacqueline Doherty. The gist of the article is that Colgate is cheap, its recent quarter sub-par earnings growth just a short-term setback, and it should return to its long-term growth target of 11% next year.…

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The Hidden Risk in Risk

in Stock Analysis by

April 1, 2004 – TheStreet.com: Street Insight We look at risk differently than most investors do. Rather than considering risk to be volatility or beta, we distinguish between “observed” risk and “hidden” risk. Hidden risk is not much different from observed risk – except it has not yet surfaced. Yogi Berra put it very eloquently:…

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Jos. A. Bank: You Betcha!

in Stock Analysis by

Jos. A. Bank (Nasdaq: JOSB) has reported its second-quarter numbers, and they aren’t good — they’re great!

To start with, sales were up 20.8%, and gross and operating margins improved, mainly driven by maturation of the company’s fairly new store base. But the Jos. A. Bank story is not about growth — it always had plenty of that. It is about inventories, and they were the bright, shining star of this quarter. Specifically, inventories increased only 11.7% over the second quarter last year. So why is that great news?

To answer that question, it’s necessary to understand the issues surrounding Jos. A. Bank. First, it has double the inventory days (a measure of how long it takes to convert inventory into sales) of its closest competitor, Men’s Wearhouse (NYSE: MW), and second, it had a terrible first quarter due to too much seasonal inventory. I have written two long articles on the first issue, so let me address the second issue here.

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