Saj Karsan

LCA Vision: A Value Opportunity Presents Itself Again

Hi Soh,

At the current rate of procedures, management expects the cash to last beyond 2012. I agree they would have some problems if they get only half of that number of procedures as you say, but we disagree on the likelihood of that happening.

Ridley Utilizes Recession to Grow Value

Hi User,

It is RCL, but it trades on the Toronto Exchange. Seeking Alpha replaces my links to the google finance pages with their own, and in this case their link now points to RC Cruises as you point out. Here is the google finance page: www.google.com/finance...

Borrowing to Buy Stocks

I agree, logicalt. The headline is atrocious.

With Adams Golf, Leisure Stock Investors Have Little to Lose

Agreed. Seeking Alpha is not a fan of my headlines, so they often re-write them, which can cause inadvertent errors. I have asked them to fix it.

Insider Transactions and Market Inefficiencies

The director is now out of shares, while the former CEO has about a million left, which is now under 5% of the outstanding float.

LCA-Vision: An Illustration of Earnings Power

Hi Dan,

If they add more PP&E, you can adjust the PP&E used in the calculation.

Auto Inventories: Cycling Down or Up?

Hi Spawn,

It is merely educational in nature. Popular media outlets rarely discuss inventory levels (preferring to focus on sales levels) and also do not put current numbers in their historical context (other than comparing them to levels of one month or one year ago, that is). Furthermore, the article notes that a revenue bounce can be expected for auto parts suppliers, since outputs were cut more than sales have depressed.

No Room for Error at Air T

Hi Hokie,

Sorry for the late reply.

While you are right that AIRT has thrived in the past despite having these risks, this does not mean the risks do not exist going forward.

As an example, consider Escalade, which recently had a 30-year relationship with Sears cut short all of a sudden. Article here: www.barelkarsan.com/20...

Do You Trust Your Investment Sources?

Hi Maxe,

Unfortunately, those google ads provide a good portion of my revenue. Still, it's probably better to have those ads and have the content of the site warning readers to do their homework, rather than have no ads but have the content of the site be paid promotions.

I have readers asking me for advice on stocks all the time, and since I can hardly be the only blogger that gets asked, it seems only prudent to warn readers who weren't around back when you wised up.

StealthGas: Shipping Your Dollars Away

Hi Miletius,

You're right that LPG is more stable, but spot rates have still fallen. The point of the article is that there is no cash to return to shareholders due to high borrowing and commitments for new ships (which cannot be cancelled per the company's 20-F filing).

No Room for Error at Air T

Hi Hokie,

I did not respond to most of your comments because they were not relevant to the article. The article is about AIRT's revenue risks. I'm not telling investors that AIRT is a bad investment; in fact, I mentioned its strong profitability, its dividend yield, and suggested it could turn out to be a terrific long-term investment. But investors should know what they are buying, and so understanding the risks is important and a frequently discussed theme on my site.

By the way, your statement regarding the previous AF contracts is also false. The current contract just announced last week is indeed subject to annual cancellation, but the previous contracts were for 4 years, 3 years and 3 years, so that situation has become more risky.

No Room for Error at Air T

Hi guys,

Thanks for your comments.

Sorry about not mentioning the most recently announced AF contract. Between the time I wrote the article and scheduled it for publishing, the contract was announced. However, it should be noted that the contract can be cancelled after one year, so the revenue risks discussed in the article, both related to that contract and related to the other segments, still remain going forward.

Creating Shareholder Value

Interesting search! What kind of tools did you use to complete this search of all cash flow statements in an automated fashion?

Wal-Mart Could Put the Squeeze on JAKKS Pacific

You are right that if I was analyzing the company, this would be an incomplete assessment. But the point of the article is NOT to discuss JAKK, but rather to point out one specific risk. JAKK is simply used as an illustrative example.

Wal-Mart Could Put the Squeeze on JAKKS Pacific

Hi Deepv,

As value investors, we look to identify downside risk. You are right that the stock appears cheap, but the point of the article (within the context of its original appearance on our blog) is that compared to an equally cheap looking stock, a company reliant on only a few customers is more of a risk than a company with several customers.