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 seek to liberate investors from the chains of borrowed opinions by teaching metric awareness that leads to the formation of your own opinions. I am a retail investor that gathers, processes and analyzes significantly more data than average. I share that data in my articles. I let the data do the talking. I am only taking dictation as the data tells its message.
I've spent 15 years in the midstream oil and gas industry, which allows me a unique perspective on energy fundamentals. I enjoy bringing in-depth fundamental analysis to equities in the energy space, especially midstream and MLPs. www.level2energy.com.
Michael A. Gayed, CFA, winner of the 2016 Dow Award and 2015 NAAIM Wagner Award, is chief investment strategist and co-portfolio manager at Pension Partners, LLC., an investment advisor which manages mutual funds and separate accounts according to its ATAC strategies. Prior to this role, Gayed served as a portfolio manager for a large international investment group, trading long/short investment ideas in an effort to capture excess returns. From 2004 to 2008, Gayed was a strategist at AmeriCap Advisers LLC, a registered investment advisory firm that managed equity portfolios for large institutional clients. In 2007, he launched his own long/short hedge fund, using various trading strategies focused on taking advantage of stock market anomalies. Follow him on Twitter @pensionpartners and YouTube youtube.com/pensionpartners. He has re-released his father's 1990 book Intermarket Analysis and Investing, now available on Amazon.com.
Hi, I'm Sarfaraz A. Khan. I have got an MBA from University of Aberdeen, located in the heart of UK's oil industry. My specialties lie in energy and materials stocks, but I occasionally cover services sector, emerging markets and ETFs. My work appears mainly on TheStreet and Seeking Alpha.
I am not based in the US, which is why I do not have any position in the US listed stocks that I write about. I do, however, own shares of funds that usually hold a long position in either Exxon Mobil, Chevron, Royal Dutch Shell, Schlumberger, Halliburton, ConocoPhillips, Honda Motor Company, GlaxoSmithKline, Unilever, or their subsidiaries that trade on non-US markets.
Individual investor focused upon a limited number of diversified stocks. Seeks stocks selling below fair value; favors dividend growth. Advocates fundamental investment analysis, supplemented by the technical charts. Options strategies primarily employed to generate additional income or hedge risk.
I'm a self-directed investor who shares my experience in investing. I read, learn, and apply every day.
I write about value, dividend, and growth investing from the perspective of a Canadian. I invest in individual stocks on the US stock exchanges and the Toronto Stock Exchange.
As I write, I reflect on my own actions and results, which is an amazing exercise. I encourage individual investors who enjoy writing to try it.
I appreciate the work done by SA staff & authors and love the SA community that engages in meaningful discussions.
If you’re on my profile page, you probably want to know a little more about me before signing up for the Mortgage REIT Forum. That seems reasonable.
Why My Name Is Hidden
I see things that are problems in the world and I work to correct them. I shine a light on places where companies don't want anyone looking. A few CEOs have reached out to me because they appreciated the thorough analysis; others have taken great offense because I go against the grain by calling out poor investments. Most analysts simply apply hold ratings or move on to find a different company to discuss. Executives of companies that are performing poorly on a fundamental level don’t want extra attention, so ignoring them is the safer course. Since I choose to highlight those problems, I keep my name off the site. Hiding my name makes it a little more difficult for those companies to try to silence me with nuisance suits.
Why I Picked Mortgage REITs
As I learned the sector, I began building more and more complicated models to estimate the fluctuations in value and performance across different mortgage REITs. I became even more interested as I found certain economic theories, such as efficient market prices, clearly did not apply. The lack of high quality public analysis meant investors were often poorly informed which set the stage for price failures. Economics would suggest that the rewards from this analysis must be the fair compensation for the talent that goes into finding them, but efficient markets still requires that the adjustment be immediate. It is not. Do you want an example? Look at the price movement in Resource Capital Corporation leading up to and following the earnings release (03/14/2017). There was a gap, even the morning of the earnings release, because the other professionals covering them needed time to update their expectations.
How I Built My System
I was good at math and decent (certainly not great) at excel. I spent a great deal of time theorizing about how things worked and building models to represent that view. Then I would pull historical data from a company and see if my model was correct. If it was, great, I could expand the sample size. If it was wrong, I would look for the reason. I try to nail down as many variables as possible. The result of working long hours and constantly reassessing my beliefs as I tested them against the historical data was a deeper understanding of how the parts actually worked. This is why you may see me criticize analysts that put in a weak effort or try to cut large corners.
My View on Risk
There is a world of difference between the ways an investor can generate their returns. The traditional view is to see earning excess returns as compensation for taking on high levels of risk. I believe it is far better to focus on earning returns from catching market failures. These failures happen due to poor liquidity and investors (including analysts) working with incomplete information. I believe that by knowing the individual companies well, the investor can step in when the “risk” is heavily skewed in favor of “returns”. They should hunt for opportunities where there should be sufficient room for positive returns and very low probabilities of any major decline.
That theory guides my investment decision making. I do not try to generate higher returns, I try to generate more consistent returns by reducing the downwards risk. Occasionally that results in exceptionally high returns when something corrects, but it also means I am willing to pass on several decent opportunities because I want the risk/return profile skewed heavily in my favor.
It is also a reason you’ll see me emphasize preferred shares as an investment strategy. Some of these have very stable valuations and strong yields. At the same time, I will also look to sell the shares if I believe they are overvalued. This can be challenging for many buy and hold investors, but it is another way to take advantage of liquidity. I pay less attention to setting up those limit-sell orders on the preferred shares if I have a large cash position already, but if I see several things at attractive prices then I don’t want to stay in a share if I could reallocate the capital to something that is materially more attractive.
The subscription platform allows me to do a few things very well. It allows me to share the research I’m doing for my own investment decision making. It allows me to communicate rapidly with investors that are willing to pay for my best work. The editorial process takes time, but subscription articles can be posted as quickly as I can write them and upload the file. This is critical for updating investors to a liquidity event.
It also allows me to diversify income streams. With the growth in ad-blocking technologies and widespread use of mobile devices, I want more sources of revenue for my work. This is the only method I’ve found that works. Don’t take my word for it though, consider reviews from my subscribers. I’m still maintaining a perfect 5 star average rating.
Want Recent Examples?
Look at the tickers for RSO, ORC, and WMC. I was able to call a buy rating and two sell ratings. I would consider RSO and ORC homeruns (price movement over 15% within a month) and WMC a solid double (falling 7% to 8% to land within my suggested range for closing shorts). Disclosure: Long RSO.
I've been a financial advisor for the past 7 years. Currently hold my CFP and a struggling CFA candidate. I created The 5 Funds initially to provide friends with good investment advice for free. The 5 Funds is a portfolio of 5 low cost ETFs that are updated quarterly. I have 3 portfolios based on risk tolerance: The Conservative 5, The Moderate 5, and The Aggressive 5.
Matthew Sauer, Esq. is the President and Chief Investment Officer of the Mutual Fund Investor Guide. Each month he publishes the Investor Guide to Fidelity Funds, Investor Guide to Vanguard Funds and ETF Investor Guide. On a weekly basis he publishes the Global Momentum Guide, focusing on sector specific mutual funds and ETFs.
Before launching the Mutual Fund Investor Guide, Matt served as the President and Chief Investment Officer for the Fidelity Independent Adviser family of newsletters. Under his tenure, over 30,000 subscribers followed his investment commentary.
From 2004 to 2013, Matt served as the Chief Operating Officer and Managing Partner of Dion Money Management, an independent wealth adviser that managed over $900 million in assets.
Mr. Sauer earned his Juris Doctor from Albany Law School of Union University, Albany, NY and is a licensed attorney in the State of New York. He received his Master of Business Administration, from the State University of New York at Albany and graduated from Bucknell University, earning his Bachelor of Arts in Political Science and Economics. Having passed the Uniform Investment Adviser Law Examination, Mr. Sauer is an Investment Adviser Representative licensed in the Commonwealth of Massachusetts.
I am a retired college faculty in Philosophy, with specializations in Ethics, Socio-political Theory and Rational Choice/Decision Theory. My teaching focus was on Business Ethics, Medical Ethics and Logic. After retirement I freelanced as a Grant Writer/Fund Raising Consultant. I have taught at Washington University in St. Louis, the University of Missouri - St. Louis, and St. Louis Community College.
I believe that potential investments ought to be evaluated through an examination of their fundamentals - i.e., fundamental analysis. Those investments can then be analyzed with respect to whatever criteria an investor may wish to bring to bear, but at least the investments they make will be more or less fundamentally sound. For me, one of the more important features of an investment (after fundamentals are satisfied) is dividend yield. I expect my investment to earn money for me.
I also believe that the day of the "traditional" investment strategy based on one's age/proximity to retirement is over. To be sure, one wants to put one's money in places where it is more secure, but in the day and age of internet-based investment services, a variety of ETFs, and reasonably safe investment vehicles, there is no need for retired people to stick the bulk of their assets in relatively unprofitable treasury notes and bonds.
Michael Hooper is a freelance writer and value investor. Hooper was previously business editor of The Topeka Capital-Journal for nearly 10 years, then worked four years as a trust officer. He has been a stock market investor since 1993.
With more than $3 trillion in assets under management and offices around the globe, Vanguard is among the world’s largest investment management firms. In serving the needs of financial advisors, individual investors, and institutions, we are guided by one constant: to put clients first.
Welcome to my author's site.
I hope you find my articles interesting and informative.
A man-with-a-plan, I am utilizing knowledge gained from my business degree 25+ years in the business world and a similar number of years of investing experience, to manage my investments.
I have created and maintain a stable and growing portfolio of individual US listed dividend growth stocks, over 30% of which are non-US based but headquartered in Canada, Great Briton, the Netherlands and Australia.
I believe that asset allocation is the primary decision an investor must make considering his objectives, time frame and risk tolerance. I am fully invested and 90% of that is in stock.
I believe that the small individual investor is often best served by low cost index funds. Stock picking, attempted market timing and frequent trading usually work to the disadvantage of the average small investor. However, you may define small as you like and nothing prevents any investor from emulating the market greats of our time such as Warren Buffett or Peter Lynch. Greater rewards can be obtained by buying and holding individual securities if one has background, the interest, the time and the disciplne to do so in an effective way.
There are many ways to make money in the stock and bond markets. My approach to is to take ownership positions in successful large cap companies and hold them a number of years. Dividend Growth Investing is a conservative approach which involves lower than average risks and higher than average rewards.
My writing experience began when I was a senior in high school. I was a local stringer for Maine's largest newspaper and covered school and amatuer sports. Concurrent with a successful career in the business world I wrote magazine articles, journal articles, short fiction, poetry and a devotional book.
A long time student of security markets I immensely enjoy the opportunity to write for Seeking Alpha, which is a very high quality well run organization with excellent editorial support. It is also possibly the best business forum on the internet and I am proud to be a part of it.
Most of my articles focus on several topics:
Income Portfolio Strategy
Canadian Banks and Telecoms
Best regards and good luck!
-- Bob J
Markos N. Kaminis generated a 23% average annual return on "Strong Buy" stock selections over 5 years and ranked 2nd among a group of 60 analysts in-house as a Senior Equity Analyst over a seven-year period at Standard & Poor's. After proving his value in-house, he was promoted into a special role as an idea generator, supporting the portfolios of institutional clients as well as driving performance within S&P's recommended lists and portfolios. At times, Markos was responsible for up to 10% of the firm's entire "Strong Buy" list and is due a great deal of credit for the group's outstanding performance during his tenure.
Markos followed a group of 30-40 Small and Mid-Cap firms, and was charged with finding new buy and sell candidates across industry sectors. He generated a 23% average annual return over five years on his "Strong Buy" recommendations, and 26% over three years ended 2004. He was ranked 1st of 60 analysts in-house for his "Strong Buy" performance over 4 years (2nd over 5). Markos also authored IPO research and wrote for high-level newsletters, The Outlook, Equity Insights and Emerging Opportunities, as well as for BusinessWeek Online. He represented his firm as an analytical expert commentator for major media, including television, Internet and through quotes and interviews in reputable publications.
Besides predicting the stock market correction of 2015 through a series of prescient reports here in August. (see proof here: http://seekingalpha.com/article/3482226-investor-who-predicted-the-stock-market-correction-offers-an-update ), Markos also advised investors to buy stocks at the bottom of the market in mid-February 2016 and again post-Brexit at the trough, and to buy gold in January 2016 before the commodity started its move higher. While not perfect, over the years, Markos has made countless correct market and security calls for his followers, including forecasting the demise of J.C. Penney on the heralded CEO hire's disruptive plans, the bankruptcies of Washington Mutual and Pilgrim's Pride in the $30 and $20s, respectively, as well as the purchase of Facebook in the mid-$20s when it was considered a pariah post its IPO (today it is a market darling). Markos also warned of the real estate market collapse and the financial crisis in the early days of his blogging.
What I personally want you to know about my plans: After witnessing the worst of Wall Street firsthand and having the ideal vision of my childhood career choice corrupted by reality, I almost switched to full-time charity work at age 40 and still have plans for several non-profit endeavors. The future is somewhat unknown, and I am open to employment offers for portfolio management or other ideas. While continuing to publish regularly, I expect to begin work on several book ideas that I believe are important for business, for our nation and for society.
I may put my stock selection skills, earned through blood, sweat and tears, to better use, and to make my own way. I would like to give investors something rare, a dignified partner who can manage money with integrity and a clear conscience about the degree of due diligence behind investment decisions... someone who cares more about your money than your wife. I hope readers will become followers of my column here & at my blog, so that when our numbers are substantial, we might start an investment fund or two.
Prior to his Wall Street career, Mr. Kaminis spent time in the back-office, as a mutual fund accountant, where he managed for a time the work of two men. Before this, from age 11 to age 25, he worked as a carpenter's apprentice and carpenter with his father, in both commercial and residential projects. Mr. Kaminis has an intimate knowledge of the real estate (undergraduate degree in Real Estate and Finance) and construction market, as well as the restaurant industry.
However, as a generalist stock analyst, he showed the ability to learn any and the most complicated of industries in short time - and he gamed every challenge presented to him. Mr. Kaminis earned his MBA at the Katz Graduate School of Business at the University of Pittsburgh, and his BA at Temple University in Philadelphia. However, Markos has been studying the stock market since age 13, when he determined his career path.
He made his first investment at age 16, and funded much of his undergraduate education with the proceeds of his investing success. Mr. Kaminis continues to keep busy forecasting the economic path and securities market activity. Markos is considering the eventual start-up a long/short capital appreciation hedge fund. Such a fund would limit risk through beta reduction, using a diversification strategy targeting sector & industry and long & short position inclusion. At the same time, Markos' theoretical fund would seek maximum capital appreciation through the exploitation of Mr. Kaminis' inherent economic & market discernment gift and proven stock selection skills.
Mr. Kaminis also has a team of a select few analysts, technicians, strategists and economists that he has been impressed by over the years, which he expects to tap for the project when the time is right. Mr. Kaminis welcomes your interest in such a potential forward effort, and looks forward to discussing his plans with those appropriate and within legal constraints.
Markos toys with very early stage entrepreneurial efforts in the testing of certain business models, all of which he intends to tie to a planned non-profit project serving the most helpless among us. The tie will be that the businesses will give employment opportunity to individuals who would otherwise have difficulty finding gainful employment. It will house and heal the homeless, ex-convicts, those completing rehabilitation efforts for drug and other addictions, and others in need of help.
Markos is currently Directing the widely syndicated blog he founded, "Wall Street Greek," and is writing for other well-known publications besides advancing several big ideas. Markos' column is syndicated across sites like the Boston Globe, Kiplinger Magazine, UPI and other reputable newspaper and TV websites, as well as private networks, Amazon Kindle, iPhone and more. In the past, he has written for RealMoney.com, Motley Fool and others.
Requests to research specific companies are welcome, as we serve our readers. You may contact us via this blog's contact info. Mr. Kaminis welcomes you to follow him here at Seeking Alpha, where he is proud to be a long-time contributor to this strong team of writers. He considers the Seeking Alpha team and management close friends, and for you, people worth knowing and following. Visit his site: Wall Street Greek (http://www.wallstreetgreek.blogspot.com/)
David McEwen is author of the McEwen Investment Report stock market newsletters. Free trials are available from www.littlebluevilla.com. He has over 25 years’ experience in the financial services industry, predominantly in financial writing, securities analysis and portfolio management. A qualified investment analyst, his writing career has included positions with the Financial Times newspaper in London, Reuters News Service in Africa and The National Business Review.
Joseph Ori is founder and President of Paramount Capital Corporation, a real estate investment, financing and advisory firm that provides strategic advisory services, debt and equity capital financing, capital solutions, brokerage, corporate finance and work outs and restructurings for the commercial real estate industry. The firm has completed more than $3.2 billion in real estate transactions.
Bishop Research & Analytics delivers comprehensive investment analysis on small and mid-cap companies, equity research, market trends, and valuation models. Our professional research provides investment managers with in-depth insights, detailed research, and timely market intelligence to outperform the benchmark indices and gain the advantage of leading the markets.
I am a market enthusiast and part-time trader. I started writing for Seeking Alpha in 2011, and it has been a tremendous opportunity and learning experience. I have been interested in the markets since elementary school, and hope to pursue a career in the investment management industry. I have been active in the markets for several years, and am primarily focused on long/short equities.
I hold a Bachelor of Science Degree from Lehigh University, where I double majored in Finance and Accounting, with a minor in History. My major track focused on Investments and Financial Analysis. While at Lehigh, I was the Head Portfolio Manager of the Investment Management Group, a student group that manages three portfolios, one long/short and two long only. I have had two internships, one a summer internship at a large bank, and another helping to manage the Lehigh University Endowment for nearly a year.
Disclaimer: Bill reminds investors to always due their own due diligence on any investment, and to consult their own financial adviser or representative when necessary. Any material provided is intended as general information only, and should not be considered or relied upon as a formal investment recommendation.
I have a PhD in Finance (ABD), a Masters in Economics, and a B.S. in Industrial Engineering. All three of my degrees have largely been focused on data analysis, and that’s what most of my work experience has dealt with. I’m a professor at a major US university now where I teach classes on data analysis and do research on the financial markets, but before that I worked for a major Wall Street bank as a bond trader, and before that I worked for a hedge fund as a quant developing investment strategies.
Charles (Chuck) C. Carnevale is the creator of F.A.S.T. Graphs™. Chuck is also co-founder of an investment management firm. He has been working in the securities industry since 1970: he has been a partner with a private NYSE member firm, the President of a NASD firm, Vice President and Regional Marketing Director for a major AMEX listed company, and an Associate Vice President and Investment Consulting Services Coordinator for a major NYSE member firm. Prior to forming his own investment firm, he was a partner in a 30-year-old established registered investment advisory in Tampa, Florida. Chuck holds a Bachelor of Science in Economics and Finance from the University of Tampa. Chuck is a sought-after public speaker who is very passionate about spreading the critical message of prudence in money management. Chuck is a Veteran of the Vietnam War and was awarded both the Bronze Star and the Vietnam Honor Medal.
WideMoat Capital is a consulting firm in Guadalajara, Mexico focused on supporting small and medium-sized companies with their capital raising needs, finding strategic partners, developing and improving their business models, and evaluating investment opportunities.
Based in Singapore, David is an advisor to public and private companies on their corporate activities as well as a private investor. He currently serves as Managing Director of Thaler Group. His previous roles have included Founding Director of Business Development for Sir Richard Branson's Virgin Group in Asia, Vice President of the DBS Bank’s Private Equity Group, and Vice President of UOB Kay Hian’s Equity Capital Markets Group.
A former equity analyst with HSBC, David is a charter holder with the Chartered Financial Analysts Institute (USA) as well as the Institute of Chartered Accountants (Australia).
I'm a capital projects manager and process design engineer at a large-cap biotech company. I love the financial world because it is like one big puzzle and I hope we the Seeking Alpha Community help each other out to solve the puzzle to help us realize our dreams.
Tim Travis is a veteran deep value investor and money manager. Travis has extensive experience in traditional investments such as stocks and bonds, in addition to having a unique methodology of combining options and distressed investing with value investing to generate income, reduce risk, and to add an element of timing. Currently Tim Travis is the founder, Chief Executive Officer, and Chief Investment Officer of T&T Capital Management. T&T Capital Management is an Irvine, California based Registered Investment Advisor that manages accounts for both individual and institutional investors.
Travis was born in Laguna Beach, California and became captivated with the value investment philosophy in his early teens through reading books written by Benjamin Graham, and the shareholder letters from Berkshire Hathaway, and the Buffett Partnership L.P. Tim Travis became intrigued by the notion that stocks aren’t just pieces of paper but instead are fractional shares of a business that can be analyzed by comprehensive analysis of the balance sheet, income statement, and statement of cash flows. He majored in Business and Economics at the University of California Santa Barbara, graduating in 2004, and he also had the privilege of studying international economics at the University of Richmond in Florence, Italy. Tim Travis got his feet wet in finance working for both Scottrade and AG Edwards & Sons during his college career. Upon graduation Travis worked at the Vanguard Group in Scottsdale, Arizona. It was there that he learned that most mutual funds underperform their respective indexes, and he became disappointed at the overwhelming diversification in most mutual funds, that really makes most of them function as “closet” index funds.
After leaving the Vanguard Group, Travis worked for a small futures and commodities firm in Mission Viejo, California. It was there that Tim developed an adept knowledge of options, particularly the selling of options to take advantage of the higher probabilities involved. It was also during this time in his life that Travis began reading everything he could possibly find on value investing. Some of his role models in the field are Warren Buffett, Martin Whitman, Bruce Berkowitz, Seth Klarman, Peter Lynch, Glenn Greenberg, etc. After working with clients from around the world Travis broke away and started T&T Investment Management L.L.C.
At T&T, Travis refined his unique methodology combining value investing, with the selling of options to generate income and reduce risk. T&T experienced explosive growth by partnering with a local commodities firm. After several years Tim Travis realized that without controlling the majority of the company any longer, he didn’t have full control over the company’s strategic direction. Divergent business principles caused Tim Travis to break away and form T&T Capital Management. At TTCM which Tim Travis is the sole owner, he is allowed to offer only the best products and services, at a reasonable price, without conflicts of interest.
T&T Capital Management’s goal is build wealth for both individual and institutional investors, and to accomplish these goals Travis as Chief Investment Officer employs his deep value investing techniques. Each account is managed on a day to day, personal basis, and there are no cookie cutter portfolios defined only by one’s age and risk tolerance. Every security is researched and hand selected by Travis and his research team. T&T Capital Management takes pride in first class customer service and research which is regularly communicated to clients for education purposes.