March 31, 2010 –
I know of several bargains in the market today that are being hidden due to non-cash warrant charges. These are essentially imaginary charges that are included in GAAP EPS calculations. What you really want to look at to get an idea of where a company has been and where it is going are the earnings excluding non-cash charges. [more]
March 29, 2010 –
In no particular order [more]
March 11, 2010 –
In 1963, Ted Turner inherited a thriving billboard business from his father. The billboards required very little capital investment and threw off a ton of cash. Turner used that cash in the 60’s to build the largest outdoor advertising company in the South. In 1970, Turner bought Channel 17, an unprofitable television station which at the time was dead last in the Atlanta area ratings. Unfilled spots on Channel 17 were used to tout billboard advertising opportunities; Turner used any billboards vacant of advertisers to promote his television station. In 1976, he bought the Atlanta Braves, a club that was losing money and getting ready to leave town. This purchase ensured that nobody could outbid him to broadcast Braves games and provided 4 hours of content per game at very little extra cost. True to form, Turner even had one Braves player wear “Channel 17” on his back, until the MLB commissioner stepped in and demanded that Turner cease and desist. Turner went on to produce the same profitable results with several other major sports teams in the Atlanta area, and, of course, several more television stations. Turner’s brilliant use of synergy between his companies ultimately enabled him to marry Jane Fonda, who was still pretty hot considering her age. He also became a multibillionaire. [more]
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