Insteel Industries Inc. (IIIN)
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- Steel Stocks: Update from Recent Earnings
- 35 Stocks That Ben Graham Would Like Here
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Steel Stocks: Update from Recent Earnings [view article]
I still really like the internationals also: PKX, GGB, MT, etc..., but I think the domestics are better valuations right now. Its not just the weak dollar per say, its global inflation helping the domestics. Coking coal, and coal prices are running 30% higher internationally vs the US. Also with energy prices soo high, imports into the US are drying up.US steel inventories are also very very low - another factor for better future cash flows from domestics vs intl.... Reply
Steel Stocks: Update from Recent Earnings [view article]
Demand for steel is strong globally your article leans toward domestic steel only and away from foriegn steel. Can you state other factors that support stronger markets in the U.S. than foriegn markets other than the weak dollar "which may not stay weak". Factors that show a slow down in foriegn steel other than a weak demand from the U.S.? Reply35 Stocks That Ben Graham Would Like Here [view article]
Espey is a good one. Nice dividend too. See my piece on ESP in Seeeking Alpha - Ed Roche, Freedom Mountain Investments Reply35 Stocks That Ben Graham Would Like Here [view article]
User 164820 - I agree 100% and that's why this isn't a list of buys, rather a list of companies to research further. Perhaps I'll try to add EPS accuracy to the screener.Thanks for the feedback!
Ryan Reply
35 Stocks That Ben Graham Would Like Here [view article]
Graham, Dodd & Cottle + Roger F.Murray would add a quality of management component to these metrics, such as the ability to accurately predict and control EPS. I don't think there was much management forecasting back in their days.A company with good management systems and controls has great value to the investor. The banks failed this BIG TIME. I think their focus on "retail" banking was at the expense of the required focus on due dilligence in their investments. I think many bank managers do not understand the investment side of their business and this had led to a massive corruption of the capital markets. Reply
35 Stocks That Ben Graham Would Like Here [view article]
I would do the same, Metal27. FMD is not a good play right now, unless, of course, you like gambling. Reply35 Stocks That Ben Graham Would Like Here [view article]
I believe FMD no longer pays a dividend. With TERI's bankruptcy and the securitization market frozen, FMD has no operable business plan and no guarantor for the loans. I would stay away from FMD. Reply35 Stocks That Ben Graham Would Like Here [view article]
Many of the stocks are similar. Ben Graham advocated long term holding, so I doubt any meaningful information can be gleaned by comparing the prices. But I will keep doing this each month and it will be possible to track it through some backtracking. Reply35 Stocks That Ben Graham Would Like Here [view article]
It would interesting to know the differences since the last time you ran, or month over month changes (I guess that's mostly due to chagnes in the P). Did it pick similar companies or vastly different? Or ones that were screened and chosen as Ben Graham stokcs in the past and how well they did since. Or do you think short term vol skews this too much? Reply35 Stocks That Ben Graham Would Like Here [view article]
FXTrader -You hit the nail on the head. That's exactly right. The screener simply provides a starting point. In my opinion, anything related to banks/housing/cars/ins... should be discarded immediately due to the issues surrounding credit.
I would look for high cash, low debt companies with a moderate dividend to provide a safety net against losses. I would also be interested in any stocks that have significant global operations, as those are probably more resistant to a poor US economy than most. Reply
35 Stocks That Ben Graham Would Like Here [view article]
hi ryan, perhaps it will make sense to amend grahams criterias by adding a new one that takes into consideration the new environment in corporate finance that did not exist back then. it is stunning to see how many real or perceived "value investors" got creamed by buying into seemingly cheaply valued financial stocks only to discover that either the assets were worth much less, the liabilities way greater or the leverage so high and only short-term financed that the whole valuation assumed earlier proved inaccurate.so far i have no idea how to construct such a criterion. one might exclude banks and investment banks alltogether, of course but then one must also consider excluding some insurance companies that hold billions of yet-to-implode cdo exposure and then where does one stop? in any case it becopmes obvious that running a "graham" screen just provides a starting point that has to be followed by a closer examination of the numbers. for numbers don't lie but they might tell different stories depending how one looks at them Reply
35 Stocks That Ben Graham Would Like Here [view article]
Oh and User# - I would steer clear of FMD. It's too intertwined with the credit crunch and could very well be facing very serious problems. Reply35 Stocks That Ben Graham Would Like Here [view article]
Thanks for the comments everyone.Increasing the P/B and decreasing the years of earnings growth in the search gives more potentials. Personally, I like more potentials and will do my DD from the list. See, a company with a 1.5 price/book could very well be a fantastic investment, and I don't want to shut them out. Intangible assets are much higher than they were in Graham's days, and the price/book staying at 1.2 - as Graham suggested - cuts out some wonderful companies.
As for the 5 year earnings, rather than 10 year earnings, I think you have a fantastic point FXTrader. I will take that into consideration.
Flatman - this screener was derived 100% from Graham's book, "The Intelligent Investor," and I don't know how the results could be different. Unless, of course, Forbes was using different criteria.
Thanks again everyone. Reply
35 Stocks That Ben Graham Would Like Here [view article]
I always love these Graham pieces because every author somehow ends up with different results. Forbes just ran one from Validea and of course - no companies show up on both lists. Reply35 Stocks That Ben Graham Would Like Here [view article]
good starting point for screening the stock universe. however, shortening the earnings history to 5 years from 10 is a very very serious flaw. you would think graham had chosen this period deliberately, not? of course he did. by looking at 5-year histories you run the very real risk of only capturing one phase of an economic cycle and this holds particularly true for the past 5 years where we have experienced an arttificially prolonged economic boom that led precisely to the current mess which is just beginning to unfold. i suggest you take 10 years not 5, it will help to avoid some sunshine-weather-only companies Reply