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  • JetBlue: A Stock All Value Investors Should Consider [View article]

    You are correct, I should have said largest institutional shareholder.

    Lufthansa has issued a convertible bond that is convertible into these Jetblu shares. Although it appears that Lufthansa can also exchange cash. The Lufthansa/Jetblu relationship is difficult to evaluate.
    Sep 16, 2013. 06:09 PM | Likes Like |Link to Comment
  • JetBlue: A Stock All Value Investors Should Consider [View article]

    Thanks for the kind words.
    Sep 16, 2013. 06:01 PM | Likes Like |Link to Comment
  • JetBlue: A Stock All Value Investors Should Consider [View article]
    Sorry, I guess slide #1 would have been more accurate.
    Sep 16, 2013. 06:00 PM | Likes Like |Link to Comment
  • JetBlue: A Stock All Value Investors Should Consider [View article]
    You earn my everlasting gratitude. Several times I have driven over the Tampa -St. Pete bridge wondering what they did before the bridge, now I know. Jannus flew the first commercial flight between the two cities.
    Sep 16, 2013. 05:59 PM | Likes Like |Link to Comment
  • JetBlue: A Stock All Value Investors Should Consider [View article]
    Thanks varaharajan for embellishing the metaphor from a simple cigarette butt to wet and soggy Cuban cigar butt. Actually this company is more well run than most I look at, it just has the misfortune of having some really stupid competitors.
    Sep 16, 2013. 05:51 PM | Likes Like |Link to Comment
  • JetBlue: A Stock All Value Investors Should Consider [View article]
    Thanks mirzayan. There are rules that limit foreign investment in U.S. flag carriers. However, I would never underestimate the creativity of investment bankers if they want to accomplish something. The corporate cultures would certainly be a good fit.
    Sep 16, 2013. 05:42 PM | Likes Like |Link to Comment
  • Invest In Stocks With A Margin Of Safety To Reduce Risk And Enhance Returns [View article]
    Mr. Carnevale,

    Thanks for your frequent contributions to Seeking Alpha. I always enjoy reading your articles.

    However, I must strongly disagree with your use of the term "margin of safety" to describe your investment recommendation of stocks like AGL, LKO, MMM, ... . I agree that all these stock are consistent with Mr. Buffett's investment philosophy, but they are not consistent with Mr. Graham philosophy.

    While in graduate school I helped gather some of the data for Dr. Henry Oppenheimer's well received investigations of Graham's investment methods. I have studied and debated Graham's ideas for 30 years. Every investment recommendation I have ever made has carefully considered the "margin of safety". In my opinion "margin of safety" requires some consideration of asset value, not just an evaluation of past and future cash flows.

    For example, I present 3 stocks we have recommended (ATI, BODY, and CENT) in the past few months that are consistent with Graham's definition of margin of safety. Mr. Buffett would consider these stocks as "cigarette butts" and discard them rapidly. In my opinion, Mr. Graham would be happy owning ATI, BODY, and CENT, and would never consider the stocks recommended in your article.

    I have a narrow view of the term, "margin of safety", you have a broad view. We will never know for sure who is correct, but we can always enjoy debating the issue.

    Gregg Jahnke
    Co-founder Investing501
    Sep 13, 2013. 01:51 PM | 1 Like Like |Link to Comment
  • Corporate Governance And Economic Conditions Make Jos. A. Bank A Short [View article]
    Aug 13, 2013. 06:03 PM | Likes Like |Link to Comment
  • Compass Minerals: Is Panic Selling In The Potash Space Unlocking A Value Opportunity? [View article]
    The Fertilizer ETF is SOIL.

    Only $19M in assets so not a big contributor
    Aug 1, 2013. 10:42 AM | Likes Like |Link to Comment
  • 10 Top Value Ideas From The Keeley Small-Cap Value Fund [View article]

    Gregg, the person that wrote the article is traveling and is unable to respond to your comments. As he mentioned in the article, he will be looking at AL and the other air leasing companies in more detail.

    Thank you for your interest in our opinions. It will just take some time to provide an appropriate answer to your questions.
    Jul 30, 2013. 12:22 PM | Likes Like |Link to Comment
  • Live Nation - Everybody Wants To Rule The World [View article]
    You are welcome. Robert Sillerman's company mentioned in the article filed to come public. The S-1 is good reading..
    Jul 24, 2013. 09:57 AM | Likes Like |Link to Comment
  • Central Garden & Pet: 14% Free Cash Flow Yield With Turnaround And Takeout Appeal [View article]

    I have been around WS research my whole career. Made a pretty good living writing research pointing out its weaknesses for our clients. I guess I wasn't very clear in the point I was trying to make. We have created a whole industry that generates billions dollars of revenue trying to "forecast" everything about markets, economies and stocks and another industry that slavishly reports those forecasts as if they were facts, not opinions. Yet there is scant evidence that any of it works and lots of evidence that it doesn't.

    Have you read this speech from 1981? It is something everyone should read. It echos many of the points you are making about usually simpler is better and he is much more eloquent in making those points that I could be.

    The speech is called, "Trying Too Hard" by Dean Williams of Batterymarch.

    This is pretty good too.. 7 Deadly Sins of Investment Management

    And so is this.. The Art of Thinking Clearly
    Jul 18, 2013. 12:46 PM | Likes Like |Link to Comment
  • Central Garden & Pet: 14% Free Cash Flow Yield With Turnaround And Takeout Appeal [View article]
    Thank you for your comments and opinions. Stocks at their lows with markets at all-time highs are cheap for obvious reasons. This is a simplistic article that was intended to give SA readers a general overview of an opportunity that could be interesting, not a high dollar WS style investment report. Frankly, SA doesn't pay enough to put in that much work!!!! I could have written a 50 page B School type report, backed with big, detailed spread sheets and "channel check" comments, but it wouldn't have really made the basic premise any different (or the future any clearer). In order to save time and space I distilled the report to what I considered the basics. More information doesn't always mean better investment decisions. I used SMG as an example because it was close enough to 40% of CENT business to serve its purpose (27% of the industry in which CENT competes). I didn't think SPB's products in garden were as comparable, but you can certainly analyze them too. Yes their products lines are not identical and CENT has no international division.

    The point isn't that their margins will ever be identical with SMG or SPB, but that CENT's margins have been higher and are currently significantly below two companies that compete with them. The SPB division that contains pet products has much less detail to compare. I would encourage you to use this report as it was intended, as the beginning to any additional work. Anyone can use any company they would like to compare to CENT and make any other guesses (yes we are all just guessing) as to what the future will be for the company. I have no illusion that I can predict with any certainty the outcome of the latest in a long line of turnaround efforts.

    I think if the turnaround was clearly going well or there was evidence of improvement, the stock's valuation would already be higher. Good things can eventually happen to cheap stocks, even if the company isn't the greatest. Perhaps this is one of those opportunities. Maybe not. Only time will tell.

    I think too many readers and investors look to SA or Wall Street or other perceived "authority figures" or experts to increase their own confidence so they can take action on something. I encourage everyone to "do your own work" and make decisions based on what you feel is important in your own personal investment process and not what others think is important in theirs. Good luck
    Jul 18, 2013. 12:20 AM | Likes Like |Link to Comment
  • Linn Energy: Many Ponzi-Like MLP Blow-Ups To Follow [View article]
    Here is a link to Horizon Kinectics' commentary on MLPs and their true risks..
    Jul 5, 2013. 08:39 PM | Likes Like |Link to Comment
  • WPX Energy Trades Below Tangible Book Value, Smart Investors Are Buying [View article]

    Thank you for your comment. I agree that authors need to provide, clear, balanced, objective analysis that readers can use as a starting point for their own analysis and not an end point.

    Keep up the good work.

    Jun 21, 2013. 09:11 AM | 1 Like Like |Link to Comment