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Todd Kenyon

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  • Markel: A Compounding Machine At A Cheap Price [View article]
    Excellent article, and very good discussion as well. Long-time MKL investor, recently bought more ~520ish.
    Apr 7 11:44 AM | Likes Like |Link to Comment
  • The Perfect Retirement Stock: 7% Yield And Growing [View article]
    Very interesting. Fantastically profitable underwriting results in UK - (international looks bad but improving - so there is opportunity there if they continue to improve as predicted). How do they invest their float - didn't see that in presentation? Seems like a ripe target for Buffett...
    Mar 7 11:37 AM | Likes Like |Link to Comment
  • 4 Reasons Why We Are Still In A Bear Market [View article]
    Great article and discussion. Very tough to call market peaks. I knew both the 2000 and 2008 disasters were coming and overdue, but the timing and catalysts are always unclear. I do know that when I have been unable to find value for a while, and most of my long-term holdings look expensive, that something is coming. So although I l always stay significantly invested, in times like these I find myself trimming. Even though I started this earlier last year, I still had a good year (even tho a year in not a relevant time frame for me) as my cash levels rose. They will continue to do so as long as these conditions persist. Conversely, in Fall 2008 into Spring 2009 I invested everything I could, even as stocks that appeared super cheap just continued to get cheaper. I hurts in the short term near both bottoms and tops, but long term it pays off.
    Jan 16 05:18 PM | 1 Like Like |Link to Comment
  • Why Home Depot Will Continue To Outperform [View article]
    HD has greatly outperformed LOW in merchandising. They have done a fantastic job in the last several years of stocking stores with interesting goods and impulse buys, and displaying them in efficient ways, while keeping the core business strong. This is night and day vs the Nardelli HD. As bad as HD was then, it is equally good now. These guys have it figured out and LOW is picking up the crumbs. I have been long HD since the crash and although I have trimmed some, I will continue to hold at least a portion of it. It is not cheap, but not much is these days, and this is a very well-run business.
    Dec 27 12:27 PM | 1 Like Like |Link to Comment
  • Annaly Capital Management - Has Enough Margin Of Safety Been Built In? [View article]
    Good writeup. I am long, added more very recently.
    Dec 12 03:31 PM | 1 Like Like |Link to Comment
  • Classic: Become A Smarter Seller, Part 2 [View article]
    number 4 should read "most ABOVE their target weights"..... I use this general methodology although I do not set specific weights. I just generate cash from the most highly valued holdings which also are typically highly weighted due to appreciation, and add to positions with low weights which have typically underperfomed and are likely to be most undervalued- this assumes I still believe in the original thesis.
    Dec 12 01:48 PM | Likes Like |Link to Comment
  • Aflac: An Attractive, 'Buffettesque' Investment [View article]
    Therein lies the potential opportunity for an acquirer like BRK: better returns on the float. See MKL's acquisition of Alterra.
    Dec 3 01:08 PM | 2 Likes Like |Link to Comment
  • Aflac: An Attractive, 'Buffettesque' Investment [View article]
    Excellent writeup, and I agree with the qualitative assessment. Was "lucky" enough to buy some in the 40s. Still on my watchlist to buy more, most likely during the next market panic.
    Dec 3 01:01 PM | 1 Like Like |Link to Comment
  • Why Software Defined Networks Are Good For Cisco [View article]
    Thanks for the insight.
    Dec 2 02:38 PM | 1 Like Like |Link to Comment
  • Open Letter To Intel: Stay The Course [View article]
    Please let us know if Intel has a response!
    Nov 25 11:26 AM | 2 Likes Like |Link to Comment
  • The Microsoft Future... Once Again [View article]
    Wow. Two articles entirely based on picking the top tick stock price (which anyone knows was a completely ludicrous valuation set by an overheated Stock Market) 13 years ago and somehow inferring that stock price performance since then has something to do w/ Balmer's performance. Complete waste of bandwidth. Ok I'll play too - since June 6 2011 MSFT has outperformed the market - Balmer's a genius. (Joking).
    Nov 21 12:52 PM | 2 Likes Like |Link to Comment
  • Reading Between The Lines Of Wal-Mart's Accounts - Part II [View article]
    Nice job. Points out an important part of determining ROIC for businesses like retailers with lots of operating leases. WMT capitalizes the op leases at 8 x rent - a very commonly used method (which infers that an owner of the properties that WMT leases would require a return on those properties of 1/8 or 12.5% - some may argue that in today's environment the required return or cap rate is less, but over time the 8x figure is pretty much standard practice) . So the point is that this can add a significant amount to the invested capital base - in WMT's case about 10%. Also important though to subtract rent expense from the numerator.
    Nov 20 10:54 AM | Likes Like |Link to Comment
  • Leucadia National: SOTP Points To 20-30% Upside [View article]
    As Munger would say, I have nothing to add. Excellent analysis. Long-time holder, tend to add when it retreats to low 20's or below.
    Nov 18 11:35 AM | 1 Like Like |Link to Comment
  • Affiliated Managers Group Is A Proven Market Outperformer [View article]
    Long time investor in AMG - it has been a great performer. Simple business to understand, very attractive economics, high quality assets. Management does take care of themselves nicely however...
    Nov 8 01:05 PM | 1 Like Like |Link to Comment
  • Western Union: Steep Discount, Sector Domination, Strong Volume Growth [View article]
    BRAVO. Excellent writeup - way better than any of the WS analyst tripe published on this company. I agree with your thesis, as I have been long WU in personal and client accts for some time.
    Nov 6 02:05 PM | 3 Likes Like |Link to Comment