March 17, 2008 by Joe Ponzio

When the markets are flying high, value investors tend to sit back and let things happen. When they crash, we must start looking for opportunities – dissecting information, scouring annual reports and proxy statements, and evaluating which companies will survive and which ones will die. (That’s why I haven’t been…

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March 10, 2008 by Joe Ponzio

I have to admit – going to the EDGAR database every day to look for new filings is not one of my favorite tasks. When engaged in workouts, I find myself checking EDGAR multiple times a day to see if there is anything upsetting my applecart. Then there’s the issue…

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March 5, 2008 by Joe Ponzio

In late July, I posted an analysis of Amylin Pharmaceuticals (AMLN) that was not exactly a favorite of Michael’s. I figured that my response belonged in a post rather than in the comments because it was more of a “noise vs. news” debate, and Michael responded in turn with some…

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February 29, 2008 by Joe Ponzio

A few weeks back, I sent an e-mail to our advisers talking about the “no-brainer” type investments we are looking for. I wrote a nice, long e-mail (in true Joe fashion) about discounted cash flow and valuing businesses, about speculation versus investing – it was practically a novel in and…

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February 26, 2008 by Joe Ponzio

I don’t want to focus this blog solely on workout situations; still, I think a majority of visitors never even dreamed of finding workouts until we walked through the various steps, the timeline, and the potential profits and risks. So, let’s add another chapter to the workouts/arbitrage discussion. Question: Should…

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February 21, 2008 by Joe Ponzio

I want to invest like Warren Buffett. Who doesn’t? To understand how he invests, I have purchased and read every book ever written on the man. A good starting point. The problem is that they all talk about the same few investments (e.g., Coca-Cola, American Express, GEICO). The no-brainer type…

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February 19, 2008 by Joe Ponzio

For seven months now, I’ve been talking about “going straight to the source” to find information and financial statements to analyze companies. Websites like Morningstar are great starting points and usually have accurate financial information; still, nothing beats reading quarterly and annual reports, proxy statements, and contracts as they were…

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February 15, 2008 by Joe Ponzio

While I respect everyone’s opinion, the overwhelming majority said they would rather see an update and some ads. I don’t think the web designer went overboard at all. I’ve decided against a donate button simply because I would feel bad accepting donations from my friends on this site. The Workout…

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February 15, 2008 by Joe Ponzio

There had been a considerable amount of discussion about the acquisition of Penn National Gaming, both in these comments and in a few other comments around the site. As the deal stands right now, Wall Street appears to be leaving $18 a share – or 38% – on the table…

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February 13, 2008 by Joe Ponzio

Ask and you shall receive. My web designer got back to me regarding some ideas that have been posted here for forums, discussion boards, etc. He also gave me a price and, well, ouch. Here’s where we are at.

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