Have you heard about The Manual of Ideas but are not quite sure what we do? Here is a quick look at the most recently published issues of our key subscription-based publications. Find out for yourself why our research team and our publications have won industry-wide acclaim in less than a year following the publication of our inaugural issue.
The latest issue of the monthly Downside Protection Report was published today, November 30th. Inside, editor John Mihaljevic presents his top two monthly stock picks, including a Jacksonville, Florida-based provider of ATM management services and a Canadian gold mining company with key assets located in EU member state Bulgaria.
The ATM management company highlighted in the report is experiencing strong profitability and has ample opportunities for organic growth, yet the shares trade at well below ten times earnings. The company has a strong management team, which appears poised to capitalize on opportunities to gain market share while expanding profit margins. This micro-cap company remains undiscovered by Wall Street and institutional investors, but that should not last long given management's strong execution.
The Canadian gold mining company featured in the report still trades for less than tangible book value despite a strong balance sheet with no net debt and a solid asset base. The company already has a large producing gold/copper mine -- the largest mine of its kind in Europe -- and is likely to double or triple annual production over the next several years. With the company trading at a discount to comparables based on current production alone, the shares offer a compelling risk-reward trade-off, in our view.
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The latest issue of the monthly European Value Report was published on November 27th. Inside, the acclaimed Manual of Ideas research team, which includes an on-the-ground presence in Europe, presents the team's top two monthly European investments.
One of the companies highlighted in the latest report is Dutch-based food producer and distributor Wessanen (WES NA). Writes the MOI research team: "Although the revelation of financial reporting “irregularities” at a U.S. subsidiary in June is only one of many problems the company faces, it has certainly led to more investors “throwing in the towel”. Wessanen’s shares are down by about 15% year-to-date and 60% over the last three years. With a new CEO, the announced exit of loss-making North American operations (representing nearly two-thirds of total revenue), and focus on a profitable European branded business, we think shares do not properly reflect the company’s potential for strategic change."
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The latest issue of the bi-weekly 10x45 Bargain Hunter was published on November 28th. As always, the report shows the Top 45 results for 10 essential stock screens for value-oriented investors. The screens include the following:
- "Magic Formula," based on Trailing Financials — Companies with high returns on capital employed, trading at high trailing EBIT-to-enterprise value yield
- "Magic Formula," based on This Year's EPS Estimates — Companies with high returns on capital employed, trading at high earnings yields (based on this FY EPS estimates)
- "Magic Formula," based on Next Year's EPS Estimates — Companies with high returns on capital employed, trading at high earnings yields (based on next FY EPS estimates)
- Contrarian: Shunned by the market, but not by insiders — Companies close to 52-week lows, with consistent insider buying and no selling
- Contrarian: Biggest Losers (deleveraged & profitable) — Non-financial companies with no net debt, positive analyst estimates for next year's EPS, and large YTD price drop
- Value with Catalyst: Cheap Repurchasers of Stock — Companies that may be creating value by reducing their shares outstanding at relatively cheap prices
- Profitable Dividend Payors with Decent Balance Sheets — Dividend-paying companies with no net debt and EPS estimates in excess of 75% of the indicated annual dividend
- Deep Value: Lots of Revenue, Low Enterprise Value — Companies that trade at low multiples of net revenue
- Deep Value: Neglected Gross Profiteers — Companies that trade at low multiples of gross profit
- Activist Targets: Potential Sales, Liquidations or Recaps — Companies that may unlock value through a corporate event
Subscribe to 10x45 Bargain Hunter and read it now.
The latest issue of the monthly Portfolio Manager's Review was published on November 20th. The "Superinvestor Issue" includes a proprietary review of the top holdings of more than twenty top investors. Also inside is a discussion of five superinvestor companies that offer compelling value, as judged by the Manual of Ideas research team.
The report also includes an interview with micro-cap value investor and Columbia Business School professor Paul Sonkin. In the interview, Sonkin discusses the secrets to success in microcap investing and outlines the thesis behind some of his top investment picks. Sonkin also cites his favorite books for investors: Hermann Simon's Hidden Champions, Ben Graham's The Intelligent Investor, and Paul Strebel's In the Shadows of Wall Street.
Superinvestor portfolios highlighted in the report include:
- William Ackman, Pershing Square
- Zeke Ashton, Centaur
- Brian Bares, Bares Capital
- Bruce Berkowitz, Fairholme
- Warren Buffett, Berkshire Hathaway
- Ian Cumming & Joe Steinberg, Leucadia
- David Einhorn, Greenlight
- Glenn Greenberg, Chieftain
- Brian Gaines, Springhouse
- Tom Gayner, Markel Gayner
- Mason Hawkins, Southeastern
- Chris Hohn, Children’s Investment Fund
- Carl Icahn, Icahn
- Seth Klarman, Baupost
- Eddie Lampert, RBS (NYSE:ESL)
- Dan Loeb, Third Point
- Steve Mandel, Lone Pine
- Mohnish Pabrai, Pabrai Funds
- Rich Pzena, Pzena Investment
- Kenneth Shubin Stein, Spencer Capital
- Prem Watsa, Fairfax Financial
- Wally Weitz, Weitz Funds
- Marty Whitman, Third Avenue
Companies mentioned in the report include Abbott Labs, Aetna, Alcatel-Lucent, Alleghany, Allegheny Energy, Alliance One, Allstate, AmeriCredit, ATP Oil & Gas, Baldwin & Lyons, Becton Dickinson, Boeing, BreitBurn Energy, Brookfield Asset Management, Brookfield Properties, CA, Campbell Soup, Capital Southwest, CapitalSource, Cardinal Health, CarMax, Chesapeake Energy, Citigroup, Columbia Banking, Contango Oil & Gas, Crosstex Energy, dELiA*s, Dell, DENTSPLY, Diageo, Dillard's, DineEquity, DIRECTV, Domtar, DreamWorks Animation, Enzon Pharma, Fair Isaac, Fairfax Financial, Forest City Enterprises, Forest Labs, Gastar Exploration, General Electric, Hartford Financial, Heritage-Crystal, Hertz, Humana, Huntsman, International Assets, International Coal, Investors Title, ITC Holdings, J.C. Penney, Jefferies Group, John Bean Tech, Johnson & Johnson, Kraft Foods, Leucadia National, Level 3 Comms, Lockheed Martin, Markel, McDonald's, MI Developments, Microsoft, MTS Systems, Multimedia Games, News Corp., Northrop Grumman, Omnicom, Orange 21, Overstock.com, Paychex, Pfizer, Pioneer Natural, Pool Corp., Resource America, RSC Holdings, Sears Holdings, Spirit AeroSystems, St. Joe, Syneron Medical, Theravance, Thomas Properties Group, TravelCenters, tw telecom, Tyco Electronics, United America Indemnity, United Parcel Svc, USG, Viad, ViaSat, Wal-Mart, Walt Disney, WellCare, Wells Fargo, Wendy's Arby's, Yum! Brands, Zenith National, Zoran, and more.
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The latest issue of the quarterly Equities and Tobin's Q report was published on September 21st. The full issue is available for FREE download.
Learn more about Equities and Tobin's Q and don't miss the next quarterly issue, expected to be published in mid-December.
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