Ken Shubin Stein's Stocks

by: The Manual of Ideas

Why should you care about Ken Shubin Stein?

Dr. Shubin Stein is the founder of Spencer Capital, a deep value-oriented investment management firm. Previously he co-founded Compo Asset Management that later merged into Promethean Investment Group.

The Manual of Ideas estimates that Shubin Stein’s top three ideas at this time are Berkshire Hathaway (NYSE:BRK.A), Wendy’s/Arby’s Group (NYSE:WEN) and Crosstex Energy (XTXI). Our analysis is based on a recent Form 13F-HR filed by Spencer Capital with the SEC. We also consider his past 13F-HR filings, recent 13G and 13D filings as well as the latest market prices of the portfolio holdings. Please see below for an explanation of the MOI Signal Rank™ methodology.

Portfolio Metrics

Portfolio Size $54 million
Top 10 Holdings % of Portfolio 83%
Median Market Cap ($mn) $695 million
Average Market Cap ($mn) $13.5 billion
Average Dividend Yield 9%
Average P/E 11x
Average P/B 1.9x

Sold-Out Positions

  • Teekay Offshore (NYSE:TOO)
  • Winthrop Realty (NYSE:FUR)

New Positions

  • AnnTaylor Stores (NYSE:ANN)
  • Atlas America (NYSE:ATLS)
  • Berkshire Hathaway
  • Huntsman (NYSE:HUN)
  • Leucadia National (NYSE:LUK)
  • Mastech Holdings (NYSEMKT:MHH)
  • Wendy’s/Arby’s Group
  • Winthrop Realty Trust

About MOI Signal Rank

MOI Signal Rank answers the question, “What are this investor’s top ideas right now?” Rather than simply presenting each investor’s largest holdings as of the recently filed quarter end, MOI’s proprietary methodology ranks the companies based on the investor’s current level of conviction in each holding, as judged by The Manual of Ideas.

Our proprietary methodology takes into account a number of variables, including the size of a position in an investor’s portfolio, the size of a position relative to the market value of the corresponding company, the most recent quarterly change in the number of shares owned, and the change in the stock price of a position since the most recent quarterly filing date.

For example, an investor might have the most conviction in a position that is only the tenth-largest position in such investor’s portfolio. This might be the case if an investor invests in a small company, resulting in a holding that is simply too small to rank highly based on size alone. On the other hand, such a holding might represent 19.9% of the shares outstanding of the subject company, suggesting a high level of conviction. Our estimate of the conviction level would rise further if the subject company has a 20% poison-pill threshold, thereby suggesting that the investor has bought as much of the subject company as is practically feasible.

Disclosures: None

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