Kulicke and Soffa Industries, Inc. (NASDAQ:KLIC): Strong, cash-rich balance sheet and a buyback

Tobias CarlisleStocks Comments

If you were anywhere near finance twitter or television this week you’re aware that the markets are having a tough run at the moment. I’m trying to contain my excitement. Down 6 percent is really nothing. It only looks frightening because the markets have been so subdued for so long. I’d love another shot at a 2008 / 2009-type market, but … Read More

Apollo Education Group, Inc. (NASDAQ:APOL): Cheap and Nasty

Tobias CarlisleStocks Comments

Apollo Education Group, Inc. (NASDAQ:APOL) is one of those stocks that tests the patience of value investors. Like the rest of the for-profit education industry, it’s been in a tail spin for years. The problems are well known: For-profit educators exploited the torrent of government money available for higher education and loaded students with too much debt for jobs that held little prospect … Read More

Greenblatt and Asness on Periods of Underperformance for Value

Tobias CarlisleStudy Comments

Fascinating note from Forbes on the underperformance of Joel Greenblatt’s mutual funds that implement the Magic Formula: [I]nstead of trying to paint Gotham’s year-to-date returns as indicative of any obvious flaw in strategy, it’s likely a far stronger data point to use as a read on the overall market. Its struggles should cause a bit of alarm for the ordinary … Read More

A Lesson in Portfolio Construction: “One Good Icahn Energy Bet Undoes Several Years of Bad Calls” – Bloomberg @Business

Tobias CarlisleStudy Comments

Oil’s crash would have been every bit as cruel to Carl Icahn as it was to other investors, except the billionaire had a very important ace in the hole: a little-known refiner and fertilizer maker based in Sugar Land, Texas. Icahn’s 2012 purchase of CVR Energy Inc. has returned more than $2.5 billion to the activist hedge fund manager from market … Read More

Perion Network Ltd. ($PERI): Cheap, cash rich, and generating cash

Tobias CarlisleStocks Comments

Big changes in the composition of the screeners this week, giving us lots of exciting new stocks to dig into. While the indexes only declined a few points, under the surface the waters are roiling, with big declines from many stocks. Earnings season has also shaken up the fundamental picture. AU Optronics Corp. (AUO), for example, now the cheapest stock in … Read More

The Icahn Strategy

Tobias CarlisleStudy Comments

From Icahn Enterprises L.P. December 2013 Investor Presentation: Across all of our businesses, our success is based on a simple formula: we seek to find undervalued companies in the Graham & Dodd tradition, a methodology for valuing stocks that primarily looks for deeply depressed prices. However, while the typical Graham & Dodd value investor purchases undervalued securities and waits for … Read More

Valero Energy Corporation ($VLO): Cheap, safe and running

Tobias CarlisleStocks Comments

Valero Energy Corporation ($VLO), which at one point was the cheapest stock in the Large Cap 1000 Screener and the All Investable Screener, is having a blockbuster year, up 33 percent to date (I’ve been pitching it since September last year, here with Jeff Macke on Yahoo Finance). Even so, the business continues to improve at a rapid rate and … Read More

Movado Group, Inc. ($MOV): Cheap, safe and buying back stock

Tobias CarlisleStocks Comments

It’s no secret why Movado Group, Inc. ($MOV) is in the bargain bin. Investors fear that the beast of 1 Infinite Loop, Cupertino–Apple, Inc.–has done for watches what it did for Walkmans (the iPod), desktop PCs (the iMac), music (iTunes), laptops (the Macbook), and cell phones (the iPhone), not to mention tablets (the iPad), and whatever the AppleTV replaced (the VCR?). … Read More