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“Not everything that counts can be counted, and not everything that can be counted counts.” -Albert Einstein Editor’s notes: Value investing is often seen as a science of carefully balancing various fundamental ratios, judging probabilities and running some arcane discount models. Ben Graham was certainly an advocate of looking at a business through the lens [...]

Quick short note to share that my article on beta from months ago has been cited and excerpted in Prof. Luc Nijs book on Mezzanine Financing. The book was published in Oct 2013 and the link below goes to the Google Books picture of the page where the citation can be found. We are in [...]

Value Stock Guide vs S&P500 Returns, Jan 2014

“As goes January, so goes the rest of the year”. If this holds true, we may be looking at a dismal year for stock market returns. Which is just as well, the bull market in the past few years had left few opportunities in the market and many of us value investors were starved for [...]

We recently came across GNI with unusually high dividend yield. It is a special situation that warranted a deeper look to see if there is a hidden opportunity here somewhere. Great Northern Iron Ore Properties (“GNI” or “Trust”) owns interests in fee, both mineral and non-mineral lands, on the Mesabi Iron Range in north eastern [...]