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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jurgis Bekepuris who wrote (44059)	8/23/2011 11:27:31 PM
From: reno4	Read Replies (1) \| Respond to of 78614

Interested in peoples thoughts on Conrad Industries (CNRD.PK). Small boring company that repairs and builds ships in the gulf. PE ~6. Lots of cash. Increasing earnings. Disclosure: own full position.

To: Jurgis Bekepuris who wrote (44059)	8/24/2011 9:59:40 AM
From: CusterInvestor	Respond to of 78614

GST-A has been disappointing, but as long as the dividends roll in I will wait for it t rebound....

To: Jurgis Bekepuris who wrote (44059)	9/17/2011 12:02:27 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78614

My top 10-ish positions in no particular order: UVIC, MHR-C/D, GST-A, GLW, EGY, GILD, IDCC, ARY, COPJF, DRAGF, MSFT. Changes in top-10: None New positions: MHR, PETS, ENI, ETN, AXP, APA Positions increased: CTEL, TOT, PWRD Positions reduced: IDCC, NXY, DSX, UFPT Positions eliminated: IGK, AEF, L Flip-flop: As market continues to gyrate up and down, my purchases and sales start to feel the same way. Some people might say that I am rebalancing the portfolio. Others may say that I am improving its quality. Still others may find it pointless exercise of losing the commissions and spreads while thrashing around. I think it's the mixture of three. My cash level has not changed substantially, not counting a large non-investment cash withdrawal that I had to make recently, so the sales and purchases mostly balanced out. Hopefully, the portfolio has indeed improved. Fixed income. I decided to sell IGK and AEF as they approached par. Did not rebuy them yet. Kept MHRprefs, GST-A and ARY. In energy, I swapped some NXY for APA, MHR and TOT. Still not sure if it was a good swap, but we'll see. After discussions here on the thread, I decided to sell L. I also reduced my position in DSX since I am not sure how much it is exposed to Euro crisis. As IDCC price continues to dance around the somewhat-reasonable sellout value, I reduced the position again. Possibly weak UFPT's position lead to partial sale. I added some CTEL and PWRD. PWRD was recently discussed here after big price drop. New positions in PETS, ENI, ETN, AXP. All of these seem like good companies selling at rather cheap prices. I sold out of AXP in March 2010 for even cheaper price, but decided to return now. In terms of errors of omission, I should have held CSR to the $6.4x current value. Might have been better gain and better sleep than a lot of other positions this year. At least one Chinese small cap that worked out for me and other holders who bought it below the buyout price.

To: Jurgis Bekepuris who wrote (44059)	12/29/2011 3:15:28 PM
From: E_K_S	Respond to of 78614

ConocoPhillips (COP) - peeled off a few shares LSI Corporation Common Stock (NYSE: LSI) - closed position held since 10/1998 Ship Finance International Limi (NYSE: SFL) - Sold higher priced shares to book year end loss Peeled off a few shares of COP from purchase from 12/2009 @ $50.87. I originally bought these shares when Buffet was selling off his very large position. I am selling a very small amount as I am way over weighted and need to balance the position in the portfolio. I calculated the "Graham Number" which is a measure of fair value: Graham Value Number = Square Root (22.5* earnings/shareBV) Square Root(22.5 $7.80 * $49.56) = $93.26 Therefore COP is still 28% undervalued from its current price of $72.68 based on the calculated Graham Number of $93.26. My other big integrated oil position in CVX. These are my No 1 and No 2 holdings in the portfolio. The Graham Number for CVX is $135.78. That is 27% undervalued from the current price of $107.19. Maybe I should peel off some of those shares too. Other sales represent year end house cleaning. Gave up on my LSI shares. Never reached the earlier price over $60.00/share. These were left over shares hoping to see those prices again. Closed them out for a small gain. My big looser this year is SFL. Hopefully they continue their dividend and shares recover. My average cost is just a tad higher but I have shares at much higher prices too. The company was impacted by FRO (a sister company that SFL has helped w/ financing their ships). EKS