Grahamian Value Compendium ― April 9, 2021

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“Just keep accumulating knowledge. That’s one of the beauties of the business that Charlie and I are in, is that everything is cumulative. The stuff I learned when I was 20 is useful today. Not in necessarily the same way and not necessarily every day. But it’s useful. So you’re building a database in your mind that is going to pay off over time.”

— Warren Buffett (2001)


PART ONE.

WEEK IN REVIEW

PART TWO.

WEEKEND READING

PART THREE.

WEEKEND WATCHING

PART FOUR.

WEEKEND LISTENING


In the past week —


BRIEF OVERVIEW —

  • For your convenience, we share a compendium of key persons we’ve mentioned (so far) in our 270 day journey.

  • We proudly share with you a full replay of our fireside conversation with Murray Stahl of Horizon Kinetics.


I. WEEK IN REVIEW

Updated Financials: Servotronics, Inc.

As noted last week, Servotronics filed a Notification of Late Filing for its Form 10-K. The company released its Form 10-K on April 6, 2021, reporting just under $50 million of annual revenue and $100,000 of net income.

As of December 31, 2020, Servotronics’ (unadjusted) net current asset value totaled approximately $21 million, or slightly less than $8.80 per share, comprised of $5.9 million in cash and equivalents, $7.6 million in receivables, $23.4 million in inventory, and $866,000 in other current assets; less $16.6 million in total liabilities, largely in long-term debt and a pension obligation.


This marks our twenty-sixth consecutive week with no new additions to the Grahamian Value Classic list of companies.


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II. GRAHAMIAN VALUE COMPENDIUM

We’ve shared thirty-two updates since embarking on this project in August 2020. Below is a navigational aid of key persons mentioned

  • Ackman, Bill (Pershing Square) | link

  • Baesel, Jerry (JBaes & Associates) | link, link

  • Barr, David (Pender) | link

  • Bodnar, Nicholas (Gate City Capital) | link

  • Bossert, Alex (Bossert Capital) | link

  • Bourkoff, Aryeh (LionTree LLC) | link

  • Brewster, Bill (Sullimar Capital Group) | link, link

  • Brewer, Simon (Rothschild & Co.) | link

  • Brog, Timothy (Locksmith Capital) | link, link

  • Buffett, Warren (Berkshire Hathaway) | link, link

  • Burry, Michael (Scion Asset Management) | link

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

  • Carret, Philip (Pioneer Investments) | link

  • Campion, Will (Campion Capital) | link

  • Chancellor, Edward (Financial Historian) | link

  • Chandler, Christopher (Legatum) | link

  • Chandler, Richard (Clermont Group) | link

  • Clapham, Stephen (Behind the Balance Sheet) | link

  • Cumming, Ian (Leucadia National) | link

  • Cundill, Peter (The Cundill Group) | link

  • Cunniff, Richard T. (Ruane, Cunniff & Goldfarb) | link

  • DePodesta, Paul (Cleveland Browns) | link

  • Dinsmore, James (GAMCO Asset Management) | link

  • Ellis, Charles D. (Greenwich Associate) | link

  • Eriksen, Tim (Cedar Creek Partners) | link, link

  • Fleckenstein, Bill (Fleckenstein Capital) | link

  • Flood, David J. (Private Investor) | link

  • Frampton, Marcus (Alaska Permanent Fund Corporation) | link

  • Gabelli, Mario (GAMCO Investors) | link

  • Galbraith, Steven M. (Kindred Capital) | link

  • Gill, Keith (Private Investor) | link

  • Goff, John C. (Goff Capital) | link

  • Goodman, George (Financial Journalist) | link

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

  • Graham, Donald E. (Graham Holdings Company) | link

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

  • Grant, Jim (Grant’s Interest Rate Observer) | link

  • Grantham, Jeremy (Grantham, Mayo, & van Otterloo) | link, link

  • Greenblatt, Joel (Gotham Funds) | link, link, link, link, link, link

  • Hempton, John (Bronte Capital) | link, link

  • Hinkie, Sam (Eighty-Seven Capital) | link

  • Hohn, Chris (TCI Fund Management) | link

  • Kahn, Irving (Kahn Brothers & Company) | link, link

  • Kaufman, Peter D. (Glenair Inc.) | link

  • Knapp, Tom (Tweedy Browne) | link

  • Kovner, Bruce (CAM Capital) | link, link

  • Lewis, Richard (White Stork Asset Management) | link, link

  • Malone, John (Liberty Media) | link, link

  • Marks, Howard (Oaktree Capital Management) | link, link, link, link

  • Mauboussin, Michael J. (Counterpoint Global) | link

  • McCaw, Craig (Entrepreneur) | link

  • Melby, Michael (Gate City Capital) | link, link, link

  • Michaelis, George H. (Source Capital) | link

  • Mihaljevic, John (MOI Global) | link, link, link

  • Miller, Jeremy (Author) | link

  • Milne, Robert D. (Boyd, Watterson & Co.) | link

  • Mitchell, Michael (Private Investor) | link

  • Munger, Charlie (Berkshire Hathaway) | link, link, link

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

  • Nierenberg, David (Nierenberg Investment Management) | link

  • Ordway, Phil (Anabatic Investment Partners) | link, link

  • O’Shaughnessy, Patrick (OSAM) | link, link, link

  • Pabrai, Mohnish (Pabrai Investment Funds) | link

  • Pzena, Richard (Pzena Investment Management) | link, link, link

  • Radice, Nicholas E. (Holding Company Executive) | link

  • Rainwater, Richard E. (Rainwater, Inc.) | link

  • Ritholtz, Barry (Ritholtz Wealth Management) | link, link

  • Robotti, Bob (Robotti & Company) | link, link

  • Romick, Steven (First Pacific Advisors) | link, link

  • Ruane, Bill (Ruane, Cunniff & Goldfarb) | link

  • Rubenstein, David (The Carlyle Group) | link

  • Sansone, Christopher R. (Sansone Capital Management) | link

  • Sather, Dave (Sather Financial Group) | link

  • Saunders, Clarence (Piggly Wiggly) | link

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

  • Seides, Ted (Hidden Brook Investments) | link, link

  • Shapiro, Andrew (Lawndale Capital Management) | link

  • Skarbeck, Ed (Aldebaran Capital) | link

  • Skarbeck, Ken (Aldebaran Capital) | link

  • Sosa, Richard (thinkAEN) | link, link

  • Spier, Guy (Aquamarine Capital) | link

  • Stahl, Murray (Horizon Kinetics) | link, link, link

  • Staubach, Roger (Entrepreneur, Athlete) | link

  • Taylor, Jacob (Farnam Street Investments) | link

  • Templeton, John (Templeton Growth Fund) | link

  • Thompson, Will (Massif Capital) | link

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

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

  • Turner, Elliot (RGA Investment Advisers) | link, link

  • Walker, Andrew (Rangeley Capital) | link, link

  • “WarwickB” | link

  • Watsa, Prem (Fairfax Financial Holdings) | link

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

  • Wilks, Dan (Wilks Brothers, LLC) | link

  • Wilks, Farris (Wilks Brothers, LLC) | link

  • Wilson, Robert W. (Wilson & Associates) | link

  • Zapata, Michael (Sententia Capital Management) | link, link

  • Zell, Sam (Equity Group Investments) | link

  • Zweig, Jason (Wall Street Journal) | link, link

Public Company Executives —

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

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

  • Cherechinsky, David (NOW Inc.) | link, link

  • Colyer, Wilkie (Contango Oil & Gas Company) | link

  • Elsztain, Eduardo (Cresud S.A) | link

  • Holder, Steve (ECC Capital Corp.) | link

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

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

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

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

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

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

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


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III. WEEKEND WATCHING

Murray Stahl of Horizon Kinetics (Co-Founder, Chief Executive Officer and Chairman of the Board) joined us in a fireside conversation on March 30, 2021 exploring intelligent investing in Japan.

We are proud to share with you a full replay —


Important Message for All Readers: 

The editorial team of Grahamian Value does not maintain accounts with, or receive compensation from Horizon Kinetics or any affiliated entities thereof.

We are not brokers or investment advisors, and do not presently manage external capital. Any information herein should not be regarded as a promotion or endorsement of Horizon Kinetics or its products or services.

We do, however, independently believe that Horizon Kinetics' thought process and approach to certain market opportunities are intriguing and (on merit alone) deserve deliberate, focused attention.

IV. WEEKEND LISTENING

Courtesy of Bloomberg’s Odd Lotshosted by Joe Weisenthal and Tracy AllowayWhen you think about the big winners in the stock market over the past couple of decades, you might think about Amazon or Apple or some other tech winner. Or maybe, if you’ve listened to Odd Lots before, you think about Domino’s Pizza. But there’s another company that’s outshone them all. Monster Beverage Corporation, the maker of the popular energy drink has been, well, a monster. In the last 20 years, the stock is up over 100,000%. On this episode, we speak with Mark Astrachan, an analyst at Stifel Financial Corp., about how they produced such a stellar return. (Uploaded February 15, 2021)


ABOUT GRAHAMIAN VALUE

Founded in 2020 by Harry Sauers and Shai Dardashti and operated with the support of a global volunteer team, 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


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. The publishers do not receive compensation from the companies and people covered in Grahamian Value for such coverage. This communication is for informational purposes only. This is not intended to be investment advice. Seek a duly licensed professional for investment advice.