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FMD

Interview With Vitaliy Katsenelson by Philip Durell and Bill Mann

in 5 Minutes of Fame by

In October, I had a great pleasure to be interviewed by two of my favorite Motley Fools: Philip Durell advisor to Motley Fool Inside Value newsletter and Bill Mann co-advisor to Motley Fool Hidden Gems newsletter. In this in depth interview I discuss everything: economy, stocks I like, international investing, practical application of QVG framework, absolute P/E model and of course my book – Active Value Investing: Making Money in Range-Bound Markets.

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First Marblehead Shouldn’t Be Jealous of Sallie

in Stock Analysis by

May 31, 2007 – The Motley Fool

By Vitaliy Katsenelson, CFA

Investors love certainty. Their affection for uncertainty ranks with their fondness for a visit to the dentist for a root canal on Christmas Day.

However, great investment opportunities are created when certainty takes a vacation. In the case of First Marblehead (NYSE: FMD), certainty took an extended sabbatical. The stock dropped over 20% when two of its largest customers — JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC), together representing roughly 44% of sales — announced with a private equity firm their intention to buy Sallie Mae (NYSE: SLM), First Marblehead’s largest competitor. Uncertainty brings fear, which in turn brings opportunity — First Marblehead is trading at about eight to nine times earnings!

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