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Anthony Grossi

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  • Predicting Share Price: Loews Corporation May Grow To $59 In June [View article]
    or you could just add up the value of their three publicly listed subsidiaries and add net cash.

    why on earth would Loews have any causal correlation to the food and beverage index?
    Apr 7 08:41 AM | 2 Likes Like |Link to Comment
  • Dundee Trades At A Wide Discount To NAV [View article]
    Its IFRS book value which is basically market to market.
    Mar 26 12:23 PM | 1 Like Like |Link to Comment
  • Dundee Trades At A Wide Discount To NAV [View article]
    Hey Mike,

    Right, I follow Dundee a little and think that it is more or less fairly valued using GAAP book minus debt and preferreds.

    But we also differ on Mr. Goodman himself. I've yet to see any real value creation from his actions. This stock was dead money from inception (1990's) up until the mid-aughts housing boom slash resources boom. I don't think you can rightly attribute recent performance to Mr. Goodman. Secondly, he has been a super gold bug since the 1960's, so again, after 40 years of being wrong do 10 years of being right make him a great steward or just in the right place at the right time? Couple this with the fallout in miners and inflated toronto stock market, there's reason to pause here. That and he literally said, "sell in may and go away" in his 2012 annual letter, so he obviously can't predict the future.

    Its a very interesting set of assets, I love the merchant bankers (like LUK and BAM), trades at half book...

    It is definitely not expensive. I just prefer to sit on the sidelines until I see a real no brainer; safe and cheap. Know what I mean.
    Mar 26 12:02 PM | 2 Likes Like |Link to Comment
  • Dundee Trades At A Wide Discount To NAV [View article]
    Sometimes I feel like you and I are the only ones following this stock.
    Mar 25 06:23 PM | 1 Like Like |Link to Comment
  • Dream Dreaming On Going Higher [View article]
    Hey there Safety and Mike,
    I've been wanting to ask someone this,
    If Dundee (DC.A) had a book value of CAD$32 in 2013 and they spun off about $14 worth of DREAM, shouldn't their book value be about $18? So while they are trading at a discount to book, its not a huge amount (only about 5% or so). The discount shouldn't be as high as back in 08/09. I think all those financial sites that list DC.A at 0.5xBook have it wrong. All in all, it trades more less on par with LUK, which is the only comp I could think of.
    Feb 25 06:39 PM | Likes Like |Link to Comment
  • Year End Portfolio Review 2013 [View article]
    Unfortunately, I don't have twenty good ideas. So I have a very concentrated portfolio.

    You'll also notice that my two ideas were both big dividend paying wide moat boring stocks (I bought MO and EPE which became my current portfolio - I sold MO to pay off most of my mortgage)

    KRFT is definitely stuck in the mud unless the middle class consumer comes back. It will be a very interesting lesson in economics and marketing to see if consumers stick with private labels or go back to brand names if and when the recovery trickles down to the rest of us.
    Jan 8 04:30 PM | Likes Like |Link to Comment
  • Why I Support Chuck Carnevale's Preference For Valuation [View article]
    time in the market is more valuable than timing the market.

    As a DGI guy you should just buy the cheapest DGI stock on your watch list every third month when your dividend check arrives. This will grow your dividend purse and take your emotions out of the game.

    How was that?
    Dec 6 01:55 PM | 7 Likes Like |Link to Comment
  • John Hussman: Chumps, Champs And Bamboo [View article]
    the problem Mr. Hussman, is not that you have under-perfomed the rally. The problem is that you are LOSING your clients money. Worst case scenario a long/short or market neutral fund like yours should at least be able to stay flat, but to consistently lose money during a market rally is just silly. Prem Watsa at Fairfax says his portfolio is 100% hedged, but he isn't losing money.
    Nov 19 08:58 AM | 1 Like Like |Link to Comment
  • Dundee Industrial REIT: Another Compelling Dundee Offering [View article]
    much like Brookfield, which has a similarly confusing array of spinoffs and subsidiaries, unless you really just have to have a dividend in order to own a stock, you would probably be better off just holding the parent company (DC.A or DDEJF).
    Oct 25 12:59 PM | Likes Like |Link to Comment
  • A Right Time To Fix An Investment Wrong? [View article]
    why make any geographic allocation decisions? Why not just own VT (or VTWSX) as a proxy for all equities?
    Oct 18 01:39 PM | Likes Like |Link to Comment
  • The Fundamental Flaw Of Stock Indexes [View article]
    I have a technical objection

    you claim that indices buy high and sell low

    but in practice, once the original index purchase is made the index does not buy or sell any stocks - the cap weighting is just the result of market fluctuations (unless the index changes constituents)

    So its a bit of a fib to say that index funds buy high - the just buy and hold.
    Oct 17 06:09 PM | 2 Likes Like |Link to Comment
  • Undervalued Philip Morris Offers A 4% Yield Backed By Strong Buybacks [View article]
    you realize that they borrow at fixed rates, while anticipating that the dividend payout will increase. They are capturing far more than just the initial spread.
    Aug 28 07:16 PM | 8 Likes Like |Link to Comment
  • Can Passivity Be Enhanced? Why Smart Beta Strategies Are Suddenly In Vogue [View article]
    smart beta is just another way to describe quant funds. They assume that some set of metrics will result in outperformance and create a fund that tracks those metrics.
    Aug 14 06:57 AM | 2 Likes Like |Link to Comment
  • Nearly Out Of Fresh Ideas Except For Cash [View article]
    I thought most of the market cap of Dundee was from shares of BNS. Did they sell those when I wasn't paying attention?
    Jul 30 06:45 PM | Likes Like |Link to Comment
  • Steel Partners Holdings L.P., A Small Conglomerate Undervalued By At Least 38% [View article]
    I love sum of parts investment ideas.

    This was the best thing I read today.
    Jul 15 06:17 PM | Likes Like |Link to Comment
COMMENTS STATS
195 Comments
230 Likes