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  • Legg Mason: Enormous Share Buyback And Normalizing Rates Fuel 65% Upside [View article]
    Mario Gabelli is in the stock as well
    Aug 25 09:19 PM | Likes Like |Link to Comment
  • Janus: Abnormally High Returns On Invested Capital At A Low Multiple Of Free Cash Flow [View article]
    Janus' troubles are well documented at this point. This is a perfect example of a "cigar-butt" that has one last profitable puff in it.
    Aug 25 12:01 PM | Likes Like |Link to Comment
  • Janus: Abnormally High Returns On Invested Capital At A Low Multiple Of Free Cash Flow [View article]
    This is excellent analysis. With asset managers being taken out at 8-10x EV/EBITDA multiples (compared to 5.7x for JNS) and the company only priced at ~8x FCF, downside is quite limited.

    As you state, continued underperformance and subsequent outflows could eat into the upside, but the stock looks cheap even in that context.
    Aug 24 12:08 AM | Likes Like |Link to Comment
  • Legg Mason: Enormous Share Buyback And Normalizing Rates Fuel 65% Upside [View article]
    Nope, the company is already in fiscal 2014.
    Aug 22 07:20 AM | Likes Like |Link to Comment
  • Legg Mason: Enormous Share Buyback And Normalizing Rates Fuel 65% Upside [View article]
    Awesome, best of luck.
    Aug 21 03:08 PM | Likes Like |Link to Comment
  • Legg Mason: Enormous Share Buyback And Normalizing Rates Fuel 65% Upside [View article]
    Thank you
    Aug 21 03:06 PM | Likes Like |Link to Comment
  • Legg Mason: Enormous Share Buyback And Normalizing Rates Fuel 65% Upside [View article]
    SR,

    Good point, though I think that the major theme of investors being tempted by higher yields is more important than relative flows. In other words, I think meaningful yields on fixed income assets will attract cash into all funds; I don't have insights as to who will benefit the most.

    Thanks for the comment.
    Aug 21 03:06 PM | Likes Like |Link to Comment
  • Legg Mason: Enormous Share Buyback And Normalizing Rates Fuel 65% Upside [View article]
    They'll likely see higher flows into fixed income as yields become more competitive, plus they'll be able to charge higher fees.
    Aug 21 11:09 AM | 1 Like Like |Link to Comment
  • Bitauto Holdings: After Tripling, Shares Still Look 55% Undervalued [View article]
    Appreciate it.

    BITA is quite cheap based on the Chinese auto market that exists today, though a "bursting" of economic sorts would make the intermediate term prospects of the business much less attractive. Of course, I don't foresee the calamity that so many are calling for in China.

    It could also be that people don't want to get involved with a Chinese small-cap. There's lots of perceived risk with that kind of an investment.

    As to how I found it, it just popped up on a screen of Chinese small-caps. I've been trying to dig for some values in that market - the Shanghai is trading at something like 10.7x earnings.
    Aug 1 04:14 PM | Likes Like |Link to Comment
  • Bitauto Holdings: After Tripling, Shares Still Look 55% Undervalued [View article]
    Just because it's a Chinese company? I approached my initial research with some skepticism, but there aren't any irregularities that I can see. Autotrader's 22% stake speaks to the company's legitimacy as well.
    Aug 1 04:13 PM | Likes Like |Link to Comment
  • FreightCar America: Massive Cash Position, New Revenue Streams Mean Shares Could Double By 2015 [View article]
    Great questions/comments.

    We definitely can't say with absolute certainty that RAIL will succeed in their diversification efforts, but management has been upbeat about interest in their intermodal and gondola cars. Additionally, they seem to be moving very quickly to get things up and running in Shoals and have already booked some orders. They've been making these non-coal cars for a while, they just haven't really had the productive capacity to manufacture them in size.

    You're right that the business is volatile and thus the cash balances will fluctuate, though I expect 2013 will prove to be only modestly cash flow negative (if at all) and 2014 to be nearly as good as 2012. The current $118 mil or so in net-cash would take 2-3 pretty rough years to burn through - fixed costs are low and RAIL can scale back production quickly.

    Thanks for the comment.
    Jul 25 02:32 PM | Likes Like |Link to Comment
  • FreightCar America: Massive Cash Position, New Revenue Streams Mean Shares Could Double By 2015 [View article]
    You got it, thanks man
    Jul 25 02:24 PM | 1 Like Like |Link to Comment
  • FreightCar America: Massive Cash Position, New Revenue Streams Mean Shares Could Double By 2015 [View article]
    Greenbriar is the major player for tank cars. I'm currently doing some work on them - definitely like what I see.
    Jul 25 02:23 PM | Likes Like |Link to Comment
  • FreightCar America: Massive Cash Position, New Revenue Streams Mean Shares Could Double By 2015 [View article]
    I think that's definitely plausible, but I think any potential suitors are waiting to see how the new facility in Shoals does.
    Jul 24 01:31 PM | Likes Like |Link to Comment
  • Copa Holdings: Uniquely Positioned Panamanian Airliner Priced For 50% Gains [View article]
    Continental no longer owns any shares of CPA, though I believe both Copa and Continental are members of the Star Alliance. Otherwise the two have pretty much gone their separate ways.
    Jul 9 06:39 PM | Likes Like |Link to Comment
COMMENTS STATS
453 Comments
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