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March 2010

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Standing by my outperform thesis on Genzyme

March 27, 2010 – Comments (0) | RELATED TICKERS: GENZ.DL

Recent news that the FDA is to oversee Genzyme's manufacturing facility in Alston Landing, which had viral contamination problems, has put some pressure on Genzyme's stock price. This is no big surprise, really, although I wonder if health reform opponents will try to spin this as part of the dreaded government takeover of one sixth of our economy.  [more]

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Starbucks pays a (gasp) dividend

March 25, 2010 – Comments (0)

Starbucks made a splash by announcing that it would pay a dividend amounting to a yield of about 1.6%, targeting a 35-40% payout ratio based on income. In addition, the company announced an increased share buyback.  [more]

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Health reform passes, the world doesn't end, this is probably a net + for pharma

March 22, 2010 – Comments (2)

As most people know, the House has passed the Senate version of health reform. The President will sign the bill tomorrow. The House has also sent a package of fixes to the Senate to be passed under reconciliation rules, which require a mere 50 votes. They used to say that 60 was the new 50, but not under the reconciliation rules.  [more]

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Bruce Berkowitz buys AIG

March 15, 2010 – Comments (5) | RELATED TICKERS: FAIRX , AIG

If you own the Fairholme fund and/or are interested in following the buys and sells of top investors, you will have heard by now that Bruce Berkowitz has bought shares in AIG in both the Fairholme Fund and his separately managed accounts. The rationale he cited is similar to the rationale for Citi - both firms are on the way to cleansing their balance sheets and have nowhere to go but up (barring disaster).  [more]

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Pfizer - patent cliff but the stock sure is cheap!

March 13, 2010 – Comments (1) | RELATED TICKERS: PFE

Bruce Berkowitz recently made some headlines when he sold a very big chunk of the Fairholme Fund's stake in Pfizer, which until then had been the biggest or second-biggest holding. He still does have a 2.8% or so stake in the company, which would be a top 10 or top 20 holding in most other funds. Berkowitz said he made money in Pfizer, but he implies that he sold it based on seeing better values elsewhere.  [more]

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What I'm looking to sell in this market

March 12, 2010 – Comments (1)

I'm generally fairly aggressive about trimming my holdings in stocks that are near to their fair value. I look to either reinvest in strong companies whose share prices have been left behind, or else to build a cash reserve. I think there are many reasons to tread cautiously in this market, and I am looking to raise some cash to invest if/when there's a correction. So, here's my list of stocks in my own portfolio I'm looking to trim.  [more]

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More on Beckton & Dickinson

March 08, 2010 – Comments (1) | RELATED TICKERS: BDX

Beckton & Dickinson has a needle and surgical tool empire. It's not minimally invasive surgical machines, biologics or even pharmaceuticals, so it's rather boring stuff. But if you dig down, BDX is a much better firm than you think.   [more]

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State of the Market

March 07, 2010 – Comments (2)

All economists of repute agree that the stimulus package saved a considerable number of jobs and averted a depression, but even if you're foolish enough not to believe that, all the signs point to an economy that is at least gradually recovering.   [more]

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