Frank Voisin

Cfa, long/short equity, macro
Frank Voisin
CFA, long/short equity, macro
Contributor since: 2010
I replied to a similar question on my site here: http://bit.ly/16pfXB2
I couldn't agree more. I've added in recent weeks and will be watching for further opportunities over the summer.
Frank
Hi Mario, thanks for the comments. I saw and responded to your note on Instagram. Shoot me an email via my website if you want to get together for a drink when you are in London.
Frank
Hi Chris,
Thanks for the nice comments. You wrote a great article on Urbana, and I am now following you on Seeking Alpha. Have you followed your strategy of writing calls on CBOE?
Frank
Brad,
FYI, UBAA is up 44% since this article was written, which is nearly 50% more than IAI's increase of 30%.
Buying exposure to the same assets more cheaply wins in the long run.
Frank
Just a quick update for anyone interested.
"The Audit Committee commenced the investigation in response to a report alleging that the Company had engaged in several transactions without properly disclosing their related-party nature. Based on the information presently available to it, the Audit Committee expects that its investigation will continue at least through June 2011."
http://1.usa.gov/HtTb34
"On and effective July 12, 2011, Qingjie Zhao resigned as Chief Executive Officer and President of Wonder Auto Technology, Inc. (the “Company”). Also on July 12, 2011, Meirong Yuan resigned as Chief Financial Officer of the Company."
http://1.usa.gov/Hxw7gn
Check out all the allegations and the report from the independent directors committee here: http://1.usa.gov/HtTbji
Wow. Lots of nefarious deeds. Here's a few:
"The Committee finds that the Company should reevaluate its revenue recognition disclosures"
"The Committee finds that the Company lacks reliable systems and internal controls timely and properly to track and account for costs associated with inventory, including inventory obsolescence, defective product, and the reworking of inventory. These deficiencies call into question the Company’s ability properly to calculate its inventory valuation, cost of sales and gross margin."
"The Committee finds that the Company lacks sufficient qualified and competent accounting personnel and internal controls."
Trading suspended: http://1.usa.gov/Hxw7gp
Auditor resigned: http://1.usa.gov/HtT8UL
Thanks everyone for the positive feedback. You can read my other write-ups at http://bit.ly/GY6Pb0
Why would you suggest doubling the dividend when the stock is this cheap? Any money that could go to the dividend should go to repurchases.
This was a simple (and inconsequential) mistake and the write-up has been edited to reflect Wednesday rather than Friday. If you don't want to trust the rest of the research, then so be it. I could not possibly care less.
Good luck,
Frank
The difference between our approaches is that I am less willing to pay for potential future growth. Rather, I focus on companies with long and stable track records that are trading at a discount to their current intrinsic value (rather than some hoped-for higher intrinsic value in the future).
I have no problem with IPHS management. As noted in my article, they seem to be doing a lot of things right. My problem is that the price currently doesn't provide a sufficient margin of safety. A purchase today is a bet that future growth will push the intrinsic value upward, whereas I like to pay less than the current intrinsic value.
If you are extremely confident in the company's growth potential, then you may draw different conclusions. Just be clear with yourself that you are paying for growth. Good luck!
Thanks for the comments.
You can find my other value-focused articles at www.frankvoisin.com
See my other value-focused posts at www.frankvoisin.com
You can read my other value-focused articles at www.frankvoisin.com
Unfortunately long, and with trading in the shares halted, I can't get out. This was a mistake.
Hi alpha_zeta,
The person telling the story omits the death spiral aspects because, as the recent history shows, a "death spiral" is an illusion that exists only in the media. Actual performance is still extremely strong.
Don't confuse headlines for fact. Look at the underlying numbers for yourself - there is nothing to justify a death spiral. The only thing that exists right now is people claiming they know the company WILL go into a death spiral in the future. We'll see.
Frank Voisin
www.frankvoisin.com
Hi Dibber
You use forward earnings with impressive confidence. How has that worked out for you historically?
We'll see how this all plays out.
Frank Voisin
www.frankvoisin.com
Hi Augustom
I haven't used past revenue growth to price RIMM.
I am merely pointing out that many seem to be using PALM's revenue declines to price RIMM - a larger error in my opinion.
Frank Voisin
www.frankvoisin.com
Thanks Abraxix. You can read my other value-focused write-ups at www.frankvoisin.com
Read my other value-focused articles at www.frankvoisin.com
You can read my other value investing ideas at www.frankvoisin.com..
You can read my other value investing ideas at www.frankvoisin.com.
You can read my other value investing ideas at www.frankvoisin.com
You can read my other value investing ideas at frankvoisin.com..
You can read my other value investing ideas at frankvoisin.com.
You can read my other value investing ideas at frankvoisin.com
If you enjoyed this post, you can read my other value investing ideas at www.frankvoisin.com
If you liked this post, you can read my other value investing ideas here: www.frankvoisin.com
If you liked this post, you can read my other value investing ideas at frankvoisin.com