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March 2009

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3

Back to Nam Tai Electronics

March 25, 2009 – Comments (3) | RELATED TICKERS: NTP , SAYCY.DL

Disclosure: I own shares of Nam Tai Electronics (NTE) in my personal account, and may buy more without notice.  [more]

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10

For a company that makes artificial fertilizer, CF Industries sure is full of scat

March 16, 2009 – Comments (1) | RELATED TICKERS: TRA.DL , CF , AGU

Apparently, Agrium, Inc. is trying to buy CF Industries. Great! I don't care, but I thought it was interesting that CF's board rejected Agrium's offer as "grossly inadequate." In this economic environment? Maybe CF's shareholders would be happy to take any capital gain they can get their hands on. But that's their business. As I said, I don't care.  [more]

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3

Sina and Focus Media

March 11, 2009 – Comments (3) | RELATED TICKERS: FMCN.DL , SINA

I don't know if you heard, but Sina (SINA) bought about three fourths of Focus Media (FMCN) a few months ago in an all-stock deal. If I remember correctly (and I'm starting to doubt that I do), Focus got 0.35 shares of Sina per FMCN share. Focus announced that they would distribute those shares to their own shareholders once the deal was finalized.  [more]

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Nam Tai Electronics

March 11, 2009 – Comments (0) | RELATED TICKERS: NTP , TZA

As previously noted, I still own some Nam Tai (NTE), but I sold almost all of it when I read that their CFO resigned. I don't know how to assess the likelihood that the cash on their balance sheet is illusory, which is the primary risk I see the company facing, with its (putative) $5 cash per share, strong operating history in the good times, and nil debt, all while trading below $3.   [more]

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6

The long-term view

March 03, 2009 – Comments (8) | RELATED TICKERS: TZA , FAZ , ERX

A moment ago I realized why I don't see eye-to-eye with the folks who say that if you buy and hold for 40 years, you're going to do alright. It's not that there's any evidence that they're wrong. It's just that the evidence that they're right is based on a mere 100-150 years of data.  [more]

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