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June 2008

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Auto manufacturers

June 30, 2008 – Comments (2) | RELATED TICKERS: F , GM

Dodge and Cox has taken about a 1.5% position (probably less by now) in GM and Ford.   [more]

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Endorsement for Realty Income

June 26, 2008 – Comments (0) | RELATED TICKERS: NNN , O

Kiplinger's endorses Realty Income and a few other REITs in the article linked below. Realty Income is a triple net leaser, where its tenants pay property tax, insurance, and maintenance. this makes Realty Income's cash flows a lot more predictable.   [more]

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Mastercard: legal issues not as bad as we thought

June 25, 2008 – Comments (1) | RELATED TICKERS: AXP , MA

Mastercard is booking a charge of $1b today in payments to American Express. in comparison, Amex had a net positive free cash flow of $7b last year, so this is a decent sum.  [more]

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Western Union still a buy

June 23, 2008 – Comments (0) | RELATED TICKERS: WU

With all due respect to Warren, I think he was wrong to sell out of Western Union. WU is in fact a company that is growing internationally. it is not just Mexicans who come to work in the US. people from many poor countries come to work in richer ones all the time. Singaporeans and Middle Easterners source maids from the Philippines, Indonesia, and a bunch of other Southeast Asian countries.  [more]

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Death of leverage

June 11, 2008 – Comments (3) | RELATED TICKERS: COF

Toan Tran, an equity analyst at Morningstar who runs their Growth Investor portfolio, writes an article entitled the Death of Leverage:  [more]

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Is Lehman the next Bear Stearns? Probably not

June 05, 2008 – Comments (2) | RELATED TICKERS: LEH , MER.DL2 , BSC.DL

Well, not as likely. Let's compare prices of credit default swaps, or the annual costs to insure $10 million of a firm's debt against default for five years.  [more]

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