I am a former oil stock analyst now living in Tokyo. I do not just look at net net Japanese stocks, but rather find companies that have recurring revenues and some kind of competitive advantage, as well as being extremely cheap.
Professional investor and overall good guy.
By reading Mako Research reports, you agree to use the information at your own risk. In no event should Mako Research or any affiliated party be liable for any direct or indirect trading losses caused by information contained in the research reports. Research reports are not investment advice or a recommendation or solicitation to transact any securities. Mako Research is not a registered investment advisor. You agree to do your own research and due diligence before making any investment decision with respect to securities covered herein. You should assume that Mako Research stands to profit in the event the issuer’s stock declines. Research reports may contain opinions, which are based upon generally available public information, field research, inferences and deductions through due diligence and analytical processes. All information is believed to be accurate and reliable, and has been obtained from public sources. Mako Research makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information. All expressions of opinion are subject to change without notice, and Mako Research is not obligated to update or supplement any reports or any of the information, analysis and opinion contained in them. You should assume that Mako Research has and/or will submit findings with the Securities Exchange Commission, and other entities that may find the information useful.
Anthony is currently an MBA student in University of North Carolina at Chapel Hill. He was a software engineer at the early stage of career. He then worked as a sell-side equity research associate covering Hong Kong listed infrastructure companies before joining the business school. He had 8 years of personal investment experience in China, Hong Kong and US market applying long term value investing.
Jeff is the President of NewArc Investments Inc., manager of both individual and institutional investments. Jeff is a registered investment advisor, and portfolio manager for NewArc's investment programs. Jeff is a former college professor with a hands-on, real world attitude. His quantitative modeling helped inform state and local officials in Wisconsin for more than a decade. A Public Policy analyst, he taught advanced research methods at the University of Wisconsin, and analyzed many issues related to state tax policy. Jeff began in the financial business as Research Director for trading firm at the Chicago Board Options Exchange. He investigated anomalies in the standard option pricing models, taught classes for beginning options traders, and developed new forecasting techniques. In 1991 he established a general research consultancy, working with professional traders at all of the Chicago financial exchanges. In 1998 he started NewArc Investments, Inc. Jeff has a commitment to the specific needs of individual investors. It is not a one-size-fits all approach, but one that emphasizes the unique circumstances of each client. Jeff also serves on the board of two small technology companies (currently Chairman at one). He is occasionally as an expert witness in legal cases involving financial markets and hedging.
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QTR's ARTICLES ARE BOUND BY SA'S CONTRIBUTOR POLICY IN ADDITION TO THIS ENTIRE LENGTHY, YET EXTREMELY PERTINENT ADD ON DISCLOSURE, WHICH SERVES AS BOTH A STANDALONE DISCLOSURE AND AN AMENDMENT TO ANY AND ALL DISCLOSURES ALREADY PRESIDING OVER SEEKING ALPHA:
Quoth the Raven's ("QTR") articles are the sole product of QTR and his personal, individual opinions. These articles are not associated with, in any way, the opinions, strategies, or works of QTR's employer, associates, or entities in any way otherwise related to QTR.
(i.e. This are solely my personal thoughts and opinions)
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QTR most always holds a position in any of the securities profiled in his pieces and he constructs his SA disclosures in accordance with SA's Contributor Policy, to the best of his knowledge in order to maintain transparency and also to uphold and respect pertinent securities laws. QTR may or may not report when a position is initiated or covered. Each investor must make that decision based on his/her judgment of the market.
I am not a stockbroker or financial adviser. I am a casual investor making casual observations for the purpose of discussion and open communication and analysis of companies and stocks. All articles are my opinion only and are not suggestions to buy or sell any equity, bond, option or other financial instrument. QTR may have long or short positions in any tickers mentioned at any time and reserves the right to open, close, or modify positions at all time without notice. My conclusions are the result of my personal due diligence and have been wrong in the past. There are tons of unqualified people out there offering up financial advice and its your responsibility to sort through the BS. You don't hit the button to fill my orders and I don't hit yours, so no whining or praising over stocks covered by me.
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David J. Waldron is a Seeking Alpha Performance Award winning author. Check out his popular article series exclusively on SA: Value Investing for Main Street, where investors learn to achieve potentially superior returns to the titans of Wall Street with limited capital, lower costs, and less risk™.
Chris DeMuth Jr. is the founder of Rangeley Capital LLC. Rangeley is an investment firm that focuses on event driven, value-oriented investment opportunities. Rangeley Capital and his value investing forum, Sifting the World (StW), search the world for misplaced bets. Rangeley exploits them for its investors and then Mr. DeMuth writes about them on StW.
I have spent over thirty years in the financial services industry and I am the author of Dead Companies Walking: How a Hedge Fund Manager Finds Opportunity in Unexpected Places, an Amazon Best Book of the Month.
In my professional life I am a senior equity analyst. In this role I am responsible for analyzing European listed companies and their peers on strategy and financial performance. In addition, I execute research in the field of finance and investing. I am especially interested in (back) testing the risk and rewards of value strategies.
I have completed several Master programs in the field of economics and finance, and I am a Certified European Financial Analyst (CEFA, this is the European equivalent of the CFA). Although I learned a lot and these studies form the basis of my knowledge and skills, many of the subjects were quite theoretical and not of much use for investing in practice (I had to learn the Greek alphabet to grasp all the unnecessary complicated math formulas…).
However, in one program at Columbia Business School (Value Investing) I learned about the simplicity and power of the value approach (invented by Benjamin Graham and further developed by Warren Buffett/Bruce Greenwald). So in my articles I will usually use the value approach to describe what I see as attractive or unattractive investments.
Personally I have been investing in equities for over 15 years and I focus primarily on value stocks that are listed in Europe.
Desmond Lachman joined AEI after serving as a managing director and chief emerging market economic strategist at Salomon Smith Barney. He previously served as deputy director in the International Monetary Fund's (IMF) Policy Development and Review Department and was active in staff formulation of IMF policies. Mr. Lachman has written extensively on the global economic crisis, the U.S. housing market bust, the U.S. dollar, and the strains in the euro area. At AEI, Mr. Lachman is focused on the global macroeconomy, global currency issues, and the multilateral lending agencies.
Steven Connell is founder and CEO of Diamond Head Financial Advisors LLC, an asset management company that specializes in investing in the stock market for clients.
Prior to founding Diamond Head Financial Advisors, Mr. Connell was a partner at the Capital Group, the largest asset manager in the world. Two years after joining Capital, he relocated to Japan, where he managed $5 billion in the global electronics industry with a concentration in technology in general and semiconductors in particular. Mr. Connell was the top-ranked analyst at Capital in 1999. In 2006 he was distinguished for having outperformed one of his benchmark indexes for five years in a row. Mr. Connell’s biggest investment success at Capital was a 20-fold profit from the company’s $1 billion investment in Samsung Electronics starting in 1998.
Suhail Capital Management is a Cayman Domiciled Private Investment Firm. We focus on event driven long/short opportunities in what we believe to be seriously mispriced global listed securities.
Mr. Roe has over 20 years of US and international investment experience, on the sell side, buy side, and as an individual investor. On the long side, he looks for value and compelling catalysts. On the short side, his current interest is in various US and Chinese companies worth zero.
Kerrisdale Capital is a private investment manager that focuses on value and special situations investments. We manage investment partnerships and separately managed accounts.
If you like what you read don't hesitate to message me. My research is self directed and my views are completely my own. No requests from Investor Relations personnel please.
John Gilliam holds a BBA from Millsaps College and a JD from the Cumberland School of Law. He is the manager of Point Clear Strategic Holdings in Point Clear, Alabama. Point Clear Strategic invests in value oriented small cap technology companies.
Visit: Point Clear Strategic Capital (http://www.pointclearstrategiccapital.com/)
Andrew Left's Citron Research (http://www.citronresearch.com/) (formally known as Stocklemon.com) seeks to expose companies whose management is in some way misleading investors. Left digs into SEC filings, financials, management histories and other data to uncover such situations, and he is usually short the stocks he writes about. Mr. Left has been publishing for 7 years and has created a track record that is unrivaled in short selling. Mr. Left has been cited in Barron's, Wall St Journal, CNBC and other major publications repeatedly for his work. Mr. Left was also an invited speaker at the reknown Master Investor Conference.
Visit: Citron Research (http://www.citronresearch.com/)
I am an activist investor in US and Chinese stocks. I was previously an investment banker in New York Hong Kong and London for 9 years, focused on Equity Capital Markets. I look at both long ideas and short ideas and typically focus on a small number on names where I can spend the time to conduct very deep research. I spend my time living between Los Angeles and Beijing, China.
I am a research analyst for a long/short value-oriented hedge fund. Most of my attention is focused on the tech, telecom and media sectors although I occasionally look for value (or its opposite) in other areas.
Note that I take long and short positions in the stocks I discuss on Seeking Alpha. Although I disclose my positions at the time of publication, these may change at any time without notice. Nothing I write should be construed as investment advice or a recommendation to buy or sell specific securities. Please do your own research and/or consult with a financial adviser. While everything I write is factually correct to the best of my knowledge, I encourage you to notify me in the comments section when you think I may be in error.
Sam Antar is a convicted felon and a former CPA. As the CFO of Crazy Eddie, Mr. Antar helped mastermind one of the largest securities frauds uncovered during the 1980s.
Today, Sam Antar is a forensic accountant. His primary work focuses on identifying and investigating public companies engaged in securities fraud by performing an in-depth (deep-dive) forensic analysis. His clients include law firms, research firms, hedge funds, and certain other entities. He advises law enforcement agencies and professionals about white-collar crime and trains them to catch the crooks.
His views on white-collar crime are frequently quoted in the print news media, online news media, TV media, professional journals, books, and blogs. He has appeared on Fox News, Fox Business Channel, WSJ Live, CNBC, Canadian Broadcasting Corporation, Canadian Business News Network, National Public Radio’s Planet Money, Progressive Radio Network, Reuters TV, RT News, and other media outlets to give insights on white-collar crime. His articles have been published by Business Insider, CNBC, Newsweek, Seeking Alpha, TalkMarkets, and other publications.
As an investor, I look for companies with excellent long term economics and capable, honest management that can reinvest earnings at an attractive rate.
My view is that it is best for to find companies that can compound earnings internally at a market beating rate rather than relying purely on the arbitrage profit gained from buying assets at a discount from their intrinsic value. I hold this view for two reasons:
1. The market has become more efficient as more value investors rise having gained exposure to Benjamin Graham's teachings either directly or indirectly though knowledge transmission in the industry. Therefore there are fewer severely mispriced securities.
2. The approach of finding excellent companies allows the investor to park his money within the stock for longer, as the company will increase by value autonomously through the virtue of the company increasing its business value year over year. This prolonged holding period has a multitude of benefits such as: (A) reduced transaction costs as fewer trades are needed for the portfolio, (B) An interest free loan from the government, as capital gains tax will only be paid when the security is sold and gains are realized (For a more detailed discussion see section "Taxes" in http://www.berkshirehathaway.com/letters/1989.html), (C) the ability to follow fewer securities and expend more resources researching and understanding each better, as fewer investment decisions will be needed to be made over any time period. This leads to investing in the investor's best ideas.
As I believe the goal of compounding capital at an attractive rate primarily falls on the management of companies held in the portfolio, my view of my job as an investor is focused on these roles:
I. Identification and Diligence: The first and foremost job of the investor is identifying attractive companies with excellent long term economics and capable management, and then doing the full diligence to understand the economics of the company and address any potential red flags that comes up during the investor's research.
II. Price monitoring: Even a great company is not a good investment at certain prices. Therefore the investor must monitor the price to buy at a fair or preferably a discounted price. Also, if a security begins to have a market value far beyond the business value of the company, the investor should sell his holdings to return capital to reinvest in more reasonably priced excellent companies.
III. Business monitoring: Not only does the market price of the business need to be monitored, so does the business value of the investment. If the economics or situation changes at the company, the investor must know and continuously reevaluate the investment thesis.
IV. Portfolio Diversification: the investor as a capital allocator has the job of eliminating individual industry risk of the portfolio. Each portfolio company's management can focus on providing excess returns within their industry. The investor must also look at it from a higher level and diversify away from industry risks by holding a portfolio of non-correlated securities operating in different segments of the market.
Adam Xiao graduated with a degree in Operations Research and Management Science from UC Berkeley. He currently works as an Equity Research Associate at a major Investment Fund.
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