Tag Archives: Short Sales

The Investing World’s Reaction to Buffett’s Hiring of Richard “Ted” Weschler

Posted on September 14, 2011 by Ray Galkowski, CFA

I am surprised at the reaction among investors and the media over Buffett’s selection of Ted Weschler as one of his portfolio management successors, but I suppose I should be used to it by now. The general reaction has been: … Continue reading →

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Prem Watsa, CFA

Posted on September 10, 2011 by Ray Galkowski, CFA

I used to own Fairfax Financial, which smartly shorted financial stocks and bonds–to the tune of several billion dollars–before they blew up. Here is an enjoyable interview of its CEO–Prem Watsa, CFA–who is a value investor who is sometimes referred … Continue reading →

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Whitney Tilson Had a Bad Month and is Having a Bad Year

Posted on September 1, 2011 by Ray Galkowski, CFA

I am somewhat surprised by this because I thought he was less than 50% net long. (Correction: Tilson made changes to the fund in August which resulted in the fund being 70% net long).  Covering his NFLX short may have hurt … Continue reading →

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NFLX News You Can Use

Posted on September 1, 2011 by Ray Galkowski, CFA

Netflix, Starz contract talks fail                  Date: Thursday, September 1, 2011, 2:46pm PDT http://www.bizjournals.com/sanjose/news/2011/09/01/netflix-starz-contract-talks-fails.html?s=print Diana Samuels Reporter – Silicon Valley / San Jose Business Journal Netflix Inc. and Starz Entertainment have failed to reach an agreement in their contract talks, Starz … Continue reading →

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NFLX Getting “Hammered” After Hours; Is this the Walk of Shame?

Posted on July 25, 2011 by Ray Galkowski, CFA

We doubt that missing revenue forecasts by less than 1% is legitimate reason for hammering a stock, especially when its earnings beat by a fair amount. No, it looks more like the morning after an NFLX investor party. At the … Continue reading →

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Prem Watsa’s Thoughts on Current Macro Conditions

Posted on July 21, 2011 by Ray Galkowski, CFA

Prem Watsa is Chairman of Fairfax Financial, a Canadian P&C firm in the mold of Berkshire Hathaway. Prem is sometimes called Canada’s Warren Buffett. We held a profitable position in Fairfax for a while, but no longer hold any interest … Continue reading →

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CAPE Update (Or, was Last Week’s 5.6% Market Pop Justified?)

Posted on July 5, 2011 by Ray Galkowski, CFA

As of July 1, 2011, the Cyclically Adjusted PE (CAPE) ratio for the S&P 500 is 23.13, which essentially means the average share of common stock in the S&P 500 companies trades for 23.13 times its annual earnings averaged over … Continue reading →

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A Looming Problem in China

Posted on June 28, 2011 by Ray Galkowski, CFA

We wonder what will become of the dozens of Chinese ghost towns, which are literally unoccupied whole cities in China built for hundreds of thousands of occupants on loans such as those in the attached article. What will happen when these … Continue reading →

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Another Disconnect w/r/t the Market

Posted on June 27, 2011 by Ray Galkowski, CFA

Narrowly focused company analysts are raising performance expectations for the businesses they follow while broadly focused market strategists and economists are lowering their estimates for market performance. One group is going to be wrong. David Dreman and many other value … Continue reading →

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What are NFLX’s Insiders Doing?

Posted on June 8, 2011 by Ray Galkowski, CFA

The sentence below was taken from a Thomson-Reuters report of a sale by another Netflix insider (the General Counsel) who has little skin left in the game. During the past two years, Netflix Inc. insiders have made 110 sales totaling … Continue reading →

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