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  • Special Situation: Make 11% In A Month With Global Sources Tender [View article]
    Do you think IRA/Rollover/Sep/Ind accounts be consider diff beneficial holders?
    May 7 01:09 PM | Likes Like |Link to Comment
  • From Russia With No Love, Lukoil Trading At A Very Low Multiple [View article]
    Thanks for the article do have any comments on the management team? Have they behaved in a shareholder friendly way? Are they honest? etc. etc.
    Sep 10 12:40 PM | Likes Like |Link to Comment
  • Should You Invest In Teva Pharmaceutical? [View article]
    It is also my worst performer. The difference between GAAP and non-GAAP earnings is large so I also look at FCF per share. LTM FCF/share was 4.42 or about 8.9x which looks reasonably attractive. However, Copaxone represents a significant amount of earnings/FCF. I don’t think Copaxone sales will drop off significantly in the next 2 years as Copaxone’s method of action is unknown and therefore generic versions would require separate clinical trials. The efficacy and tolerability of MS therapies vary significantly from patient to patient. Therefore, in the near term, Doctors are unlikely to migrate patients, who are doing well on Copaxone, to other recently marketed treatments. In my opinion, the real story here is whether Jeremy Levin can create value via optimization and build out of clinical program.
    Jul 2 02:01 PM | 1 Like Like |Link to Comment
  • If The Economy Improves, JPMorgan's Earnings Will Be Considerably Higher [View article]
    Thanks for the article. Once the mortgage litigation issues are over expenses will go down 1-2B per year. The next potential buying opportunity could be the Wamu/FDIC/DB litigation which JPM could lose. The settlement would be 2-10B and although that amount is less than 6 months of earnings, hopefully the CNBC crowd would sell it back down into the low 30's and create a buying opportunity.
    Feb 5 09:56 PM | Likes Like |Link to Comment
  • Comparing Berkshire Hathaway To Other Reinsurance Companies [View article]
    I know I was commenting on the statement below

    "While GEICO has cost structure advantages versus competitors and thus a respectable net margin, it is still merely retail insurance and something I tend to avoid, and certainly not a segment I would pay above book value for"
    Dec 31 04:13 PM | Likes Like |Link to Comment
  • Comparing Berkshire Hathaway To Other Reinsurance Companies [View article]
    I would happily pay book value for GEICO.
    Dec 29 01:47 PM | Likes Like |Link to Comment
  • Is It Time To Buy Teva? [View article]
    Does anyone have any color on new CEO Jeremy Levin? Can he transform the branded drugs and clinical program?
    Oct 2 12:11 PM | Likes Like |Link to Comment
  • Teva Announces FDA Grants Approval for Tbo-filgrastim for the Treatment of Chemotherapy-Induced Neutropenia [View article]
    Thanks for the article. Any color on the potential $$ opportunity?
    Aug 30 09:27 AM | Likes Like |Link to Comment
  • Why You Need To Buy JPMorgan [View article]
    Actually you quantified the "infinite" liability. If every company in the CDS index were to default the bank would lose $102 billion less the premiums it receives. Obviously, this is an extremely unlikely scenario.
    Jun 2 11:36 AM | Likes Like |Link to Comment
  • Why You Need To Buy JPMorgan [View article]
    agreed cash is an operating asset to a financial company like JPM.
    Jun 2 11:20 AM | 2 Likes Like |Link to Comment
  • A chart of CDS pricing (inverted) on JPM vs. the stock price, courtesy of Tim Backshall. The strong correlation between the two broke down in March, as JPM's common broke sharply higher amidst optimism about capital returns.  [View news story]
    Would have been hard for CDS to rally to 0 or negative credit spread. CDS asymmetry explains much of of this graph.
    May 11 03:30 PM | 1 Like Like |Link to Comment
  • Other banks AH on the JPMorgan news: BAC -3.2%, C -3.2%, GS -2.4%, MS -3.1%. Banking ETF: XLF -2%.  [View news story]
    agreed 2B derivative loss equates to 12B loss in market value could present a great buying opportunity. Although what concerns me is the fact this oversight happened and what is being to done to prevent similar mistakes. I do give the company credit for coming clean and not trying to sweep it under the rug.
    May 10 05:45 PM | 1 Like Like |Link to Comment
  • Can Teva Win With The Big Pharma Playbook? [View article]
    I agree with a lot of your comments but I think Teva investors (myself included) need to be patient. Copaxone is a big overhang although shares look ok ex Copaxone. Assuming Copaxone accounts for 30% of earnings, 2012E earnings ex Copaxone would be about 3.93 or 10.74x. Therefore, I think a lot of the Copaxone risk is priced into the shares. Conversely, the Cephalon pipeline has some promising compounds so investors may be getting a bunch of free lottery tickets but will have to be patient to see if and when they hit.
    May 9 05:32 PM | 1 Like Like |Link to Comment
  • Large Banks Begin To Recognize Reality of Second Liens [View article]
    If the second lien is fully recourse to the borrower. The borrower could walk on the first lien without triggering a personal bankruptcy. However, in order to avoid a bankruptcy the borrower would have to continue paying the second lien. Is my assumption correct?
    Apr 20 12:00 PM | Likes Like |Link to Comment
  • 5 Stocks That Have Surpassed the S&P 500 In The Last 6 Months [View article]
    Well done some great picks. congrats!
    Apr 6 07:57 PM | Likes Like |Link to Comment