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Big Thinker. Risk Taker. Writer. Academic. Student of Finance. Passionate About: Business- People - Politics - Philanthropy - I am always learning.
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  • Why Naspers Just May Be The Best Kept Secret In The Global Equities Market

    This is my first company profile in a long time. I am not one to make excuses, but this past year has been a busy one for me. It took a company like Naspers to get me excited enough to take some time to provide an in-depth, somewhat offbeat, analysis of a company's future potential. So what was it about this South African multimedia conglomerate that got me so riled up?

    First and foremost, I like sleepers. Who doesn't? It's always fun to root for the underdogs. Naspers is traded on the Johannesburg Stock Exchange under the symbol NPN. It has been listed on the exchange since 1994 and has been an incorporated media company since 1915. They are traded as American Depository Receipts in America under the symbol NPSNY. Because it is not listed on a major US stock exchange, Naspers has gone under the radar for quite some time now. The volume on the Pink and OTC markets is minute. If you are going to buy this, it is an investment- this not an equity that you regularly trade. Maybe that is why the media and online blogs have been hush about the "WAYS TO PLAY THE FACEBOOK IPO!!" The two firms getting all the press- GSVC and SVVC have a SLIVER of the number of shares that Naspers has. Does Naspers have a bigger market cap? Yes. I am not saying that NPSNY is a more direct play on the Facebook IPO than the aforementioned firms. I am merely stating that the number of shares Naspers has (roughly 37 million) is much larger than the number of shares GSVC (350,000) and SVVC (600,000) have. There are others who own FB shares as well- T. Rowe Price and Goldman Sachs being two well known on Wall St. I am also not saying I do not like these other investment vehicles- but I will explain how they pale in comparison to the investment opportunity that Naspers is offering right now.

    So before I present my bull case completely, lets just briefly run over a summary of the multinational media conglomerate. Below you will find an image of their holdings, what percentage they own, and where they are located. If you want a more detailed analysis you can play around on their company profile section on their webpage , but to save you some time I copied and pasted a blip from their Business Overview:

    "The group's principal operations are in internet platforms (focusing on commerce, communities, content, communication and games), pay-television and the provision of related technologies and print media (including publishing, distribution and printing of magazines, newspapers and books). Most of Naspers's businesses hold leading market positions.

    The group's most significant operations are located in emerging markets. This includes South Africa and the rest of Sub-Saharan Africa, China, Latin America, Central and Eastern Europe, Russia and India."

    The only difference that you won't find in that picture is the somewhat recent transaction Naspers made with Digital Sky Technologies and it's co-founder / CEO Yuri Milner, which gave Naspers a 28.7% stake in Digital Sky Technology in exchange for $338m in cash and Nasper's share of 39.3% stake in for which DST was also a co-owner. Upon completing the transaction, DST owned 99.9% of and Naspers had a 28.7% stake in DST. Recent Developments have widened the gap between DST and which has made them entirely separate entities. Yuri Milner- the common link in all of this- has stepped down as Chairman of the Board of as it plans to IPO in Russia, and has decided to focus solely on DST to prevent any conflicts of interest. The previously mentioned TechCrunch article will provide some more insight into the recent departure of Mr. Milner from This is a bullish development for NPSNY as they were able to dump their shares of (along with some cash) in exchange for a large stake in DST. What makes this so special?

    Those who have been following the Facebook IPO closely know that Digital Sky Technologies was one of FB's earliest and largest investors. You can read up on what ingenious steps they made to do so (it involves scooping up millions of shares from employees way back in 2009/2010, as well as teaming up with the great Goldman Sachs in a $1.5 billion dollar round), but in the end, Digital Sky was able to amass a whopping 10% stake of Facebook shares outstanding. The number has officially come in at 5.5% according to Facebook's S-1 disclosure, in which large shareholders were forced to show their hand before the world's most anticipated IPO takes place. With the number of FB shares outstanding around 2.358 billion, this means the number of shares owned by DST should be roughly (2.238bn x 5.5%) 129.7m shares. With that as a rough estimate, we can expect the number of shares allotted to Naspers stake to be around 37,221,030 (approx. 1.6% of total Facebook shares outstanding). Ok so Naspers owns a sliver of Facebook… what is the big deal, why choose them as an investment?

    With a market cap of roughly $22 billion, Naspers stake in Facebook is only expected to be worth roughly $1.6 billion at a $100bn valuation. That is nowhere near enough to justify investing in Naspers, right? Initially, that is the correct assumption. At a $22bn dollar market cap that is only around 7% percent of the total. However, I believe that with the low number of FB shares float for the IPO (<10%) combined with the hype that everyone and their grandfather wants to own a share, we can see the valuation jump from $42/share ($100bn) to $63/share ($150bn) to $84/share ($200bn) in a very short time period. DST has agreed that they are in it for the long haul or at least they will not dump shares within 18 months of IPO date. That, however, does not restrict your ability to buy and sell Naspers at whatever time you please. I believe retail investors are going to look at the share price in a much different way than many finance academics have. Many novice investors will look at it as, "Facebook is only $60 a share and Apple is $600?! Mr. Broker, I want 100 shares pronto!" It is going to be the perfect storm. As you will see, my analytical breakdown shows how quickly Naspers' value of FB shares will rise as a percentage of their current market cap based on the price/valuation FB shares trade at. At $63/share it jumps to 11% of their market cap, at $84 a share its up to 14%, and at $95 a share it is up to 16% of NPSNY's current market cap. This alone is not reason to buy NPSNY.

    There is a small detail that has been left out up until now, and that is the other loaded cannon NPSNY is sitting on…a whopping 34% stake in Chinese Internet powerhouse Tencent Holdings. If you haven't heard of Tencent, you most likely have not expressed much interest in the Chinese Internet sector within the last five years. With a market cap of roughly $50 billion, they are the largest, most used Internet portal in China. A blip from their Business Overview page describes them as a company that provides:

    "value-added Internet, mobile and telecom services and online advertising under the strategic goal of providing users with "one-stop online lifestyle services". Tencent's leading Internet platforms in China - QQ (QQ Instant Messenger),, QQ Games, Qzone,, SoSo, PaiPai and Tenpay - have brought together China's largest Internet community, to meet the various needs of Internet users including communication, information, entertainment, e-commerce and others. As of Sep 30, 2011, the active QQ users accounts for QQ IM amounted to 711.7 million while its peak concurrent users reached 145.4 million."

    With a market cap as large as Baidu, you would think Tencent would gain more coverage with financial blogs and media in the US. Alas, the geographic market bias once again leads domestic investors astray, with almost no coverage thanks to it's listing on the Hong Kong exchange and it's listing in the US only as an ADR under the ticker TCEHY. They have experienced extraordinary growth in China over the last few years and Naspers is the beneficiary of their success thanks to an investment in Tencent way back in 2001, giving them a 45% stake for a mere $32 million! Although it is now down to "only" 34%, that initial investment of a few million dollars is now worth more than $17 billion dollars, accounting for almost ¾ of Naspers' entire market cap. That means that the rest of their business entities that they own in South Africa, Brazil, China, India, and numerous other emerging markets (along with their stake in Digital Sky Technologies) account for the rest, only 25% of their market cap.

    This is not an article meant to describe the exact business models of Facebook and Tencent and provide a specific bull case for either of them. It is also not intended to go into any great detail on the rest of their business entities, many of which I am also bullish on. The reader should do ample due diligence on not only the aforementioned businesses but the rest of Digital Sky Technologies' investment portfolio, for which Naspers owns a 28.7% stake in. I cannot do all the work for the reader. However, this analysis is only meant to show the potential value in only two of Naspers' investments. I do believe that as Facebook stock soars to the moon, and their valuation goes through the roof, investors will look for alternative investments within the social/mobile space. I think Tencent will be a major beneficiary of the growing macro-hybrid trend of "Social /Mobile /Internet /Media" and could see a strong upwards move in their stock price/market cap. As a 34% holder, Naspers is also a major beneficiary of Tencent's success. The chart below (via has tracked how closely Naspers and Tencent have traded with one another over the past five years. You will see that the US Tencent and Naspers ADRs have been nearly identical in their movement. The dark orange is Naspers movement on the Johannesburg Exchange- slightly underperforming its US counterpart most likely due a scarcity premium on the ADR shares.

    You will notice the trending direction has been UP. These stocks may have been under reported in the US, but those who own them have definitely taken notice over the years. This next chart below (also via has shown that in the last three months, Tencent has appreciated significantly more than Naspers has in both US and Johannesburg exchanges- signifying a potential arbitrage opportunity in the short term as well:

    The last piece of data I will show in this write up is table I made that sums the value of Naspers' holdings in Tencent and Facebook and then divides that value by its present day market cap. You will see that even with a bearish scenario: Tencent market cap remains the unchanged from present day & Facebook IPO does not appreciate at all and remains at $100bn… you are still left with 85% of Naspers' present day market cap. This does not include the rest of its business subsidiaries all over the world, or even the $1 billion USD on its balance sheet. Then, we still haven't thought about the potential value of the rest of DST's investment portfolio, including one of my favorites- online music disruptor Spotify Inc. (the Pandora killer!! Sorry, Rocco) It is up to the reader to do some homework and see what they can come up with as a value for the rest of this portfolio. I will say that it won't keep investors up at night once they realize there are a number of combinations of FB & Tencent market caps that would make the rest of the holdings FREE.

    I shaded some possible scenarios within the table. Shaded in red are some bearish scenarios I could find which included:

    1. Facebook shares trading at only $53 (25% appreciation from IPO price)
      Tencent valued at a $50bn market cap (implying a 0% appreciation from today's price)

    With that scenario listed above, the implied value would be 87% of today's market cap (at time of the model NPSNY market cap was 22.4bn). Where things get really interesting is when the bull case is presented… Shaded in light green are some scenarios that I find to be highly likely, including:

    1. Facebook stock @ $74.22 (implying $175bn market cap)
      Tencent valuation at $65bn (implying 30% appreciation in shares)

    The specific above scenario gives you a value 114% higher than current market cap, implying a 24% gain on top of getting the rest of their holdings + $1bn cash for free. That means that you are paying for Facebook and Tencent and get the rest for nothing. And if we stretch out and look forward to some scenarios with an extremely optimistic bull view, we have the values shaded in dark green. These include:

    1. Facebook stock @ $95.42 (implying $225 billion market cap)
    2. Tencent valuation at $75bn (implying 50% appreciation in shares)

    A scenario like this would make for a value of holding equivalent to 133% of the current market cap, on top of the $1bn cash and the rest of their portfolio (both business entities owned by NPSNY as well as DST). I will note that I like many of their holdings in emerging markets- it is a great way to play the growth of the middle class in the BRICs as well as South and Sub-Saharan Africa.

    In the end, it comes down to the due diligence of the investor and their personal beliefs about what macro trends they want to invest in and where. I am personally very impressed with Naspers portfolio and believe they have been a "dark horse" for far too long. It's time for the retail investor to wake up and get exposed to one of the biggest macro trends in the next 50 years: the growth of the Internet in emerging markets. It's also nice to get a small chunk of Facebook as an added bonus, without being directly subjected to the "Black Friday Mania" that is about to hit Wall Street when this sucker IPOs. There are more direct ways to play the Facebook IPO- GSVC and SVVC being two popular ones. Yet, they do not offer the same diverse portfolio that NPSNY offers, as well as lacking any play on the emerging markets. Plus, who wants to invest in a company that works on the same model as a hedge fund? Read the 10-k of GSVC and you will learn that investors are paying a 2% fee for all AUM on top of a 20% fee of any realized gains. Michael Moe owns a measly 100 shares of the actual stock itself. His payday comes from inflating his AUM, and making some money on IPOs. After learning this, I sold my shares of GSVC and have no current positions. On top of it all, Naspers is to my knowledge, the only publicly traded company that offers a direct play on the future success of DST and its holdings. This is something I believe will take some time to play out, but the end result will reward investors in a spectacular fashion. Best of luck investing and I hope you have enjoyed my analysis.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Additional disclosure: I am long shares of Naspers via their ADR under the ticker NPSNY

    Apr 02 5:14 PM | Link | 13 Comments
  • Who I Bought in August and Why

    **This article was written one Sunday morning towards the end of August, but due to constant time constraints, I havent had the time to post it until now. A quick run down of my new investments and a little behind my decision on why I chose them. Enjoy the read, please comment with any feedback you may have**

    Who and What I bought in August and Why

    People are worried about Europe, and have lost nearly all confidence in American politics to ease the global markets with any sense of common sense or responsibility. While I am a young investor, and it is extremely easy to get caught up in all this noise and fear, I have tried to look at the markets from multiple viewpoints: Long-term, short-term, technical, fundamental.

    After doing some research, and large amounts of reading on the macro-picture, I assembled the following portfolio:


    I could have easily stayed on the sidelines, joined the bear camp, and wrote off the world economy as doomed. But I am young. I am a risk taker. And to me, letting my cash sit in an account with 0.01% interest, and average inflation that’s almost 200 times more than that, I decided to take the chance and get in on some great companies at very reasonable evaluations. Most of these were picked logically, but others were more gut-feelings than anything. I will now detail why I made these picks and what exactly I am expecting to get out of them in the future.

    AAPL- Real original here. This was the largest position I took on, and saw the dips in early August as a good entry point to get in on a company that is looking fundamentally stronger each month. Peter Lynch was a big advocate on buying stocks that you use and observe on a daily basis and in my case, there is no stronger example of that than Apple. Aside from the fact that I’m writing this article on my Black Mac Book (which I have had for 5 years with no major issues), or that I own an Ipad and plan on buying the new iphone 5 when it comes out (still currently stuck in 2005 with a non-smart phone), I have witnessed time and time again the “magic” of this company. Every single time I go to the mall I stop in the Apple Store and witness the hundreds of people demo-ing and buying apple products with enthusiasm and excitement rivaled by no other company in the world. It doesn’t matter what time of the day it is, there are masses of people buying Apple products, many of whom are just at the beginning stage of entering their product ecosystem. Once someone converts from a PC to a Mac, it’s only a matter of time before they purchase an iphone or ipad. That is the beauty of Apple and it is something that I believe will continue to foster their growth domestically while at the same time build their market share internationally.

    I have tried to look at this company using my own opinions and feelings and not listen to the thousands of other people writing articles on a daily basis, all with some new spin on how this stock is going to $600 or $200 in the near future.  The fact of the matter is that when you own a share of a company, you own a small percentage of that company’s future cash flow. There are few companies in the world that offer a more compelling case to own a share than AAPL, which has a fortress of a balance sheet, and has still has yet to penetrate many international markets.  I honestly think that their biggest threat is not being able to keep up and supply the robust global demand, but I think that is a pretty good problem to have. They also face diminishing margins, but they have a serious competitive advantage when it comes to pricing power amongst its rivals, and I don’t see that changing anytime soon. I could go on for another 3 pages, getting into their absurdly low future p/e ratio, PEG ratio, and a slew of other technical indicators that make this such a strong pick, but I’ll leave that to the other 25 articles written about Apple to come out on SA today…

    Next up is AGQ. I initially had quite a large position in AGQ as I was convinced that this would be a great hedge against the market, and that if Gold was going to continue to rise, it would someday have to bring up it’s ugly little brother with it. I ended up paring down my position (for a small loss, and before it made it’s run to $250 and then back down again), once I did a little more reading into SLV and some other commodity ETF’s and lost confidence in their ability to truly replicate and mirror the true value of the commodity itself. Let’s just say that I became less of a fan, but still believe that AGQ has room to cross the $300 mark, as it’s trendy yellow big-brother goes north of $2k/oz. Let it be known that I used to proceeds of my AGQ sell-off to bulker my position in AAPL, which I found to be a better (less-volatile) fit for my portfolio.

    My best performing pick for the month of August was DE, and my only regret is not putting more conviction in my initial buy as it is a rather small position. With a PEG of 1.0 and a forward p/e of only 10.7, this is a very technically sound stock that seems to be somewhat undervalued given the fact that Agriculture is booming and global prices for all kinds of food and commodities are hitting record highs each day. A good friend of mine who is very well educated in the not-very-sexy but valuable niche of Agricultural-Business informed me that it has been a near record year for farming profits, and that many farmers buy new equipment in the latter half of the year to hide those profits from the government. This means they’ll have better, more efficient equipment to use in the upcoming season, and pay less taxes on the money they made the last season. If one looks back the last couple of years, DE’s performance from the beginning of July to the end of December has somewhat validated this theory (with the exception of 2008 Financial Crisis):

    2006: +17%
    2007:  +52%
    2008: -43%
    2009: +46%
    2010: +44%

    I like my odds heading into the end of this year. Apparently so does Bill Gates, who’s hedge fund Cascade became the largest shareholder of DE during Q2 2011 owning nearly 17 million shares.

    Next up is GE, who isn’t a very sexy pick by any means, but gave me a solid value when I purchased my shares a hair over $15. I have always loved GE as a company, and love their innovation and ability to dominate markets on multiple fronts. GE has A LOT of cash on their books. How much do you ask? How about $8.59 per share… or over 91 billion dollars on their balance sheer. That’s right, more than 50% of the share price is cash. Back that out, and you get an absurdly low p/e along with a great forward p/e for a company that presents some amazing growth opportunities in emerging markets (over 60% of their revenue now comes from overseas), and who’s domestic business is still recovering from the beat down it received in 08/09. I think they will figure out the restructuring of their Capital arm, and be prepared to efficiently grow their business and receive a respectable ROIC into the future. For someone my age, GE is not a “cool” stock to own. It’s not a Netflix or Apple, and it’s chart definitely will no go parabolic anytime soon. That being said, I have no reason to doubt that GE will not cross the $20 mark by the end of 2012,which would give me a solid 30% return and a nice 3.8% dividend yield to reward me while I wait.

    After GE we have CHK. I am somewhat new to energy companies, especially natural gas, but there was something that kept drawing me back to CHK as a nice growth stock to hold for a couple years. This whole “fracking” stuff has been somewhat skewed by the media with a definite negative bias, but from what research I have done, my own opinion is that it may not be as bad as everyone is making it out to be. If we want to lose some of our dependence on foreign oil, natural gas may end up being a very serious, very abundant solution, and I think CHK is very well positioned to benefit from even the slightest shift in demand for the commodity. Nat Gas has received an absolute beat down with these legislative appeals and an overall oversupply in the market, but I truly think that in the long run, this is a great company with some serious upside in asset value and earning power in the future. I am also a big fan of insider buying, and it just so happened the week I was doing my shopping, many insiders were doing the same. CHK was no exception, as Director Lois Simpson led the way snapping up a cool 100,000 shares on August 8th, but multiple other Board Members have been heavily buying the stock throughout the month of August. This stock had showed up on some of my screens earlier this summer, and I had thought about pulling the trigger at $33-$35 so I couldn’t pass up the opportunity to own it under $30/share.

    Last but not least is the old (but new) Chinese dog BITA. BITA is the leading car website in China for both new and used cars, with over 90% of the market share, and over the summer signed a deal with Baidu to provide exclusive content whenever someone searches for a car on the site. They generate their revenue from advertising as well as “marketing solutions” for which they consult many of the industries top auto makers on how to best advertise and market their product. BITA was the first company I profiled on seeking alpha as a bit of an experiment into researching and evaluating a foreign IPO company. I also decided that since I wrote about it in a positive light, and spend the time researching it, I should purchase some shares. Well, that was before all Chinese companies got hit with the “Great Short”, and all of a sudden they were all frauds and book cookers. Well, I sold off for around even money, after experiencing a roller coaster ride of +30% all the way down to -30% and back to even money after I doubled down at the bottom. Since then, I have continued to track the stock and keep up with their earnings. I decided to take a chance and invest the last small bit of capital in them the day before they released their earnings. They went up over 20% the next day, and since then have floated on down to just above 10% higher than when I bought them. I still like the stock and like the company, and decided I could afford a speculative pick in a rather sound portfolio otherwise. With a forward P/E of fewer than 12, this is not a DANG or RENN or any other speculative Chinese tech company with P/E ratios in the triple digits. This is a fast growing company, making real profits, and as an industry leader should benefit from China’s growth of both Internet users and automobile owners. With an entry point just around their 52-week low, I think I’m ready to hang around and ride this one out again.

    Thanks for reading.


    Sep 15 12:13 AM | Link | Comment!
  • How College Student Sentiment Can Predict Equity Performance (Part 3)
    Tracking the Popular/Unpopular Products for Young Consumers        
    Sometimes you don’t even need the older masses to catch on for a stock to post solid gains. Let’s take a something that nearly ALL males ages 18-24 have heard of/purchased and that is the Call of Duty video game series. Published by Activision Blizzard, Inc (NASDAQ:ATVI), this game absolutely took off in 2007/2008 reaching a high of $17 a share and although it has come down some since then, it has posted a very strong 2010 up more than 10% and I feel it still has a lot of room to grow. It doesn’t take a rocket scientist to figure out that a popular online video game not only has a highly addictive mentality to it, but it also possesses a strong social aspect to it that encourages others to purchase it so friends can play online together. Now this military first-person shooter game has absolutely no mainstream appeal, but you can walk down any college hallway at any time of the day/night and you will most likely hear gunshots and explosions coming from behind a door or two.  With their latest release “Call of Duty Black Ops” netting over a billion in sales alone in less than two months, the momentum for this series continues to grow. According to Gamasutra, an online gaming magazine, more then 20 million Black Ops players have already logged more than 600 million hours online and that number is sure to increase, as it will be almost a year before a new series is released. Those are the type of dedicated consumers that many companies strive to accumulate, and Activision has a strong base to build on moving into 2011. A stock unknown to many, ATVI is up more than 600% since the Call of Duty series was released in 2003. I would say it’s sake to assume that ATVI will post another solid 2011, and perhaps catch up for the some what uneventful 2010 it had. Some might say it’s ready to explode. (Badoom shhh)
           It’s just as important to follow what young people are NOT doing as much as what they are doing. Had you asked any college/high school aged student in 2008 or 2009 what kind of cell phone they want/own/desire and I can bet you that nine times of out ten the word “Nokia” was not going to be heard. Now this can be written off as a foul and completely hypothetical example, one that absolutely no research was done for, but Nokia is only good at one thing and that is selling cheap cell phones. The problem is, young people in America don’t want cheap cell phones and that will continue to cut into their dominant market share. They have pretty much given up on America as far as I’m concerned. It’s easy to kick this dog while it is down, so I will make it brief. Nokia’s top three regions by unit sales are Western Europe, Middle East, and Asia Developing (includes China, India, Indonesia). Notice that America is nowhere to be seen on the list, and if unit sales were the entire story, then Nokia’s stock would be a monster. Unfortunately, it’s all about the profit derived from each sale and that’s where Nokia is severely slacking.  The nice thing about selling expensive smartphones to Americans is that with the average price of a smartphone being $322, there is a LOT of room for profits. Unfortunately for Nokia it seems like they are figuring out the hard way that selling a lot phones at an extremely low price isn’t nearly as profitable as selling less phones at a more expensive price. January 2008 was the start of a long and ugly slide for them going from nearly $40 a share down to $10 a share to start 2011. Those that tried their luck buying on a dip in 2009 have been taken on an ugly ride in 2010, starting the year off with a nice 15% boost followed by losses of more than 50% before ending the year only down 20%. I can only expect that with increasing competition from Apple, RIM, Android (goo), and now Samsung’s Bada, their global share will slowly but surely follow the same trends that they are experiencing domestically unless Nokia makes some drastic changes to their game plan. I’m not sure how much lower it can go, so things just may turn up for NOK in 2011 especially with a new CEO and an enticing dividend of nearly 5%, but I think the domestic consumer’s, especially the young ones, have made up their mind as far as what is the cell phone they don’t want. As long as stocks are based on earnings and not on market share, I’ll continue to stay away from Nokia moving into the New Year.

    A Macro Recommendation
    Next up is a tech recommendation for 2011 that may be a company only a handful of kids my age know about, but who’s products and services are used by the majority of them on an almost daily basis and that is Qualcomm. This is a company that I absolutely love, and I really like their prospects moving into this year. The demand for faster mobile connectivity and innovation is only going to be growing in the next coming years and Qualcomm has positioned themselves as a dominant force moving into the mobile internet era. They have a pretty impressive balance sheet, and when you net out the 6 dollars in cash they have per share you are looking at a current p/e of only around 22. Not a bad play on mobile and wireless innovation and growth, and the number of people accessing the internet from their mobile phones and tablet are only going to increase in the next couple of years. QCOM has stayed under Wall Street's radar for the majority of 2010, but it's providing a lot of the hardware that the big names like "Apple" and "Android" are currently running on. At a forward p/e of a tad over 16 it still seems like it still has an awful lot of room to grow. I wouldn’t be surprised one bit if QCOM broke 65 in 2011, representing almost a 30% increase over today’s closing price.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
    Jan 04 11:27 PM | Link | 3 Comments
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