Grahamian Value Compendium ― October 16, 2020 (Fall Season)

Share Grahamian Value Week in Review

“In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time — none, zero. You'd be amazed at how much Warren reads, and at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out.”

― Charlie Munger


PART ONE.

GRAHAMIAN VALUE COMPENDIUM (FALL 2020)

PART TWO.

COMPILED WEEKEND READING


In the past week —

  • No new businesses have been added to the Grahamian Value list of companies.

  • For the convenience of veteran and newcomer Grahamian Value readers alike, we’re providing a compendium (updated seasonally) organized by company, industry, person, and topic.


I. GRAHAMIAN VALUE COMPENDIUM (FALL 2020)

We’ve shared seven updates since embarking on this project in August 2020; below is a quick and comprehensive navigational aid.

By Company —

  • Alco Holdings Limited | link

  • Allan International Holdings Limited | link

  • Dawson Geophysical Co. | link, link, link

  • Friedman Industries, Inc. | link, link

  • Hudson Global, Inc. | link

  • Lion Rock Group Ltd | link

  • Luby’s, Inc. | link

  • Mammoth Energy Services, Inc. | link

  • Ming Fai International Holdings Limited | link

  • Newpark Resources, Inc. | link

  • NOW Inc. | link

  • P&F Industries, Inc. | link

  • Pendrell Corp. | link

  • Rubicon Technology, Inc. | link, link

  • Servotronics, Inc. | link

  • Tandy Leather Factory, Inc. | link

  • Universal Stainless & Alloy Products, Inc. | link, link

  • Westell Technologies, Inc. | link, link

By Industry —

By Person —

  • Ayers, Christopher (Universal Stainless & Alloy Products, Inc.) | link

  • Bacchus, Judith (Universal Stainless & Alloy Products, Inc.) | link

  • Baesel, Jerry (JBaes & Associates) | link

  • Bezos, Jeff (Amazon.com, Inc.) | link

  • Burry, Michael (Scion Asset Management) | link

  • Carlisle, Tobias (The Acquirer’s Funds) | link

  • Chandler, Richard and Christopher (Sovereign Global, formerly) | link

  • Cherechinsky, David (NOW Inc.) | link

  • Eriksen, Tim (Cedar Creek Partners) | link

  • Gabelli, Mario (GAMCO Investors) | link

  • Graham, Benjamin (Graham-Newman Corporation) | link, link, link

  • Gramm, Jeff (Bandera Partners) | link, link

  • Greenblatt, Joel M. (Gotham Asset Management) | link, link

  • Hempton, John (Bronte Capital) | link

  • Hsieh, Tony (Zappos.com, Inc.) | link

  • Jumper, Stephen (Dawson Geophysical) | link, link

  • Klarman, Seth (Baupost Group) | link

  • Kornblatt, David (Universal Stainless & Alloy Products, Inc.) | link

  • Kovner, Bruce (CAM Capital) | link

  • Marks, Howard (Oaktree Capital Management) | link

  • McAninch, Mac (Universal Stainless & Alloy Products, Inc.) | link

  • Melby, Michael (Gate City Capital) | link

  • Newberg, Bruce L. (Independent Capital Markets Professional) | link

  • Oates, Dennis (Universal Stainless & Alloy Products, Inc.) | link

  • Pabrai, Mohnish (Pabrai Investment Funds) | link

  • Pzena, Richard (Pzena Investment Management) | link

  • Rabinowich, Eli (Lord Abbett & Co.) | link

  • Risso-Gill, Christopher (The Peter Cundill Foundation) | link

  • Robotti, Bob (Robotti & Company) | link

  • Romick, Steven (First Pacific Advisors) | link

  • Sather, Dave (Sather Financial Group) | link

  • Schloss, Walter (Walter & Edwin Schloss Associates) | link

  • Shapiro, Andrew (Lawndale Capital Management) | link

  • Sims, Daniel (BAVARIA Industries Group) | link

  • Skarbeck, Ed (Aldebaran Capital) | link

  • Skarbeck, Ken (Aldebaran Capital) | link

  • Smith, Arthur (Mammoth Energy Services, Inc.) | link

  • Taylor, Michael J. (Friedman Industries, Inc.) | link

  • Thorp, Ed (Edward O. Thorp & Associates) | link

  • Tisch, James S. (Loews Corporation) | link

  • Tobias, Ray (Dawson Geophysical Co.) | link

  • Toledano, Udi (Universal Stainless & Alloy Products, Inc.) | link

  • Webb, David (Webb-Site.com) | link

  • Zapata, Michael (Sententia Capital Management) | link

  • Zweig, Jason (Wall Street Journal) | link

By Topic —

  • “Buy Assets, Sell Earnings” | link

  • Abyss of 2009 | link

  • Accounting Restatement | link

  • Averaging Down | link

  • Beneish M-Score | link

  • Corporate Governance | link

  • Cyclicality | link, link

  • Energy Bust of 2016 | link

  • Enigma Network | link

  • Forced Selling | link

  • Repurchase Authorization | link, link

  • Share Repurchase | link


II. COMPILED WEEKEND READING

August 17, 2020

“The intelligent investor is a realist who sells to optimists and buys from pessimists.” ― Jason Zweig, Foreword to Benjamin Graham’s The Intelligent Investor

  • Schloss Archive at The Heilbrunn Center for Graham & Dodd Investing | link

  • Securities in an Insecure World | link

  • The Father of Financial Analysis | link

  • How The Small Investor Can Beat The Market | link

September 2, 2020

“One of the things we’ve done – Edwin and I – is hold over a hundred companies in our portfolio. Now Warren [Buffett] has said to me that, that is a defense against stupidity. And my argument was, and I made it to Warren, we can’t project the earnings of these companies, they’re secondary companies, but somewhere along the line some of them will work. Now I can’t tell you which ones, so I buy a hundred of them.” ― Walter Schloss

  • Why Does an Equal-Weighted Portfolio Outperform Value- and Price-Weighted Portfolios? | link

  • Value Weighted Index: A New Approach to Long-Term Investing | link

  • Graham-Newman Corporation Letter to Stockholders | link

  • Testing Benjamin Graham’s Net Current Asset Value Strategy in London | link

  • The Pitfalls of Net-Net Investing | link

October 2, 2020

“Generally, the greater the stigma or revulsion, the better the bargain.” ― Seth Klarman

  • Secrets of Sovereign | link

October 9, 2020

“‘Ick investing’ means taking a special analytical interest in stocks that inspire a first reaction of ‘ick.’ I tend to become interested in stocks that by their very names or circumstances inspire unwillingness — and an ‘ick’ accompanied by a wrinkle of the nose on the part of most investors to delve any further.” ― Dr. Michael Burry

  • Ben Graham: Ideas as Mementos | link

  • Bruce Kovner and Edward O. Thorp (mini case-study) | link

  • James S. Tisch (mini case-study) | link

  • Steven Romick (mini case-study) | link


ABOUT GRAHAMIAN VALUE

Grahamian Value is a labor of love, centered around our desire to openly share data and perspectives that we find helpful in our pursuit of Benjamin Graham-inspired investment ideas. We appreciate your time, your trust and your readership. Learn more at GrahamianValue.com

If you enjoy this issue, please share with a friend (or two) —

Share


Harry Sauers and Shai Dardashti are co-editors of Grahamian Value and, as of the date of this communication, may individually own shares of companies mentioned herein. This communication is for informational purposes only. This is not intended to be investment advice. Seek a duly licensed professional for investment advice.