December 12, 2007 by Joe Ponzio

Last month I discussed selling options against positions when the markets are high and everyone is happy. The markets can do anything on a minute by minute basis; still, they tend to stay within certain ranges from month to month – even if those ranges are hard to predict. As…

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December 4, 2007 by Joe Ponzio

Late last week, the FCC approved Tribune Company to own print and broadcast media in the same market. Why was this important? Tribune Company (TRB) is going private and the FCC approval was critical to this transaction. Without FCC approval, the deal might not have gone through. With that hurdle…

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December 2, 2007 by Joe Ponzio

Valuing companies and looking for deep discounts is pretty boring. For the most part, companies are generally priced right around their intrinsic business value which makes finding steals a difficult and often disappointing venture. In fact, it would make for a fairly boring TV show-even if you had bells, whistles,…

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November 22, 2007 by Joe Ponzio

Just wanted to wish everyone a Happy Thanksgiving! There is some interesting discussion going on in From Free Cash Flow To Earnings And Back. I just had to chime in. Eat up. Lounge on the couch. And most importantly, have fun today! Joe

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November 19, 2007 by Joe Ponzio

I’m just getting caught up on the slew of comments here and I wanted to jump in again on this string over on What The Heck Is CROIC? There seems to be some confusion as to how free cash flow and GAAP earnings are related and I figured that this…

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November 15, 2007 by Joe Ponzio

When you sell stock short, you are essentially selling the stock today with the hopes of buying it back at a later date – and a lower price. We know that price follows value; still, management can do a lot to mess with the company’s stock price and screw up…

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November 12, 2007 by Joe Ponzio

Last week was a wild one for stock prices. The Dow lost 4.1% (threatening 13,000); the S&P 500 was down 3.7%; the NASDAQ lost 6.5%. It was crazy enough to make most investors quake in their boots. I don’t try to predict the direction of the markets on a daily…

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November 7, 2007 by Joe Ponzio

When asked how to value financial institutions, I’ve always taken the cop out plea: They’re outside my sphere of competence. What makes that statement extremely interesting is that I own and operate one and I still can’t value them! Robert posted one of the finest, most eloquent, and thoroughly researched…

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November 6, 2007 by Joe Ponzio

People are always asking me about “must read” books on business, investing, and other topics to help with their investing. One of the finest “Buffett” books on the market is Lawrence Cunningham’s The Essays of Warren Buffett: Lessons for Corporate America. Unlike most books that try to pick apart Buffett’s…

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November 2, 2007 by Joe Ponzio

Sorry all – the Chicago cold kicked my butt for two days. Let’s get back to business. The Federal Reserve cut the federal funds rate by 25 basis points (0.25%) and pumped $41 billion of short-term reserves into the markets – the biggest liquidity infusion since September 11, 2001. One…

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