Passerby37

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    • Thu Jun 26th 13:47 PM
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      Rating: 0 0
      Commented on:
      What Mohnish Pabrai Didn't Know Hurt Him Badly
      Patience...
      What has Pinnacle got that the others do not?

      Invert, always Invert.
      View article »
    • Sun Apr 27th 13:46 PM
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      Rating: 0 0
      Commented on:
      Moody's Skeptical of Airline Merger Synergies
      Oh, now... Moody's is skeptical.

      If only they had been - just a LITTLE - critical of subprime CDO/SIV originations.

      What if?...
      View article »
    • Wed Apr 9th 15:57 PM
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      Rating: 0 0
      Commented on:
      First Marblehead: Hostage to the Credit Market
      Thanks Jason,

      Great Commentary. The line about having "Goldman on your side" made me pause however.

      Goldman is on Goldman's side. No one else's. If sufficent returns cannot be generated from purchases at $11.24 - $15.00, a grab at the whole pie at under $5 would be the next logical move.

      It all depends... will the financial markets remain locked long enough to force management's hand? This TERI issue suddenly has taken on a whole new meaning for me.
      View article »
    • Mon Jan 14th 16:38 PM
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      Rating: 0 0
      Commented on:
      Sears Holdings' True Value
      Geez -

      The gallery sure hates this one.

      Buffett bought Berkshire, not because it was a great business - it was lousy - but for the cash flows. He then took the returns from the textile mill and reinvested them in growing enterprises with high Returns on Capital which eventually created the mountain of money that is Berkshire is today. Note: the original mill did eventually go under in the early '80s.

      I'm impressed with Lambert because he has managed to gain control of not one but two large cash generators(Sears and Kmart) and... their undervalued land holdings to boot. Sweet move. Now, these two entities will probably never develop the 'moats' that their competition have and grow effectively, but they don't need to. They are already providing, IMHO, what Lambert intends: Cash Flows. He runs tight operations not with the intention reinvesting profits for growth, but to maintain position.

      His challenge, as I see it: Can he find places to put this loot to work in new places for a better return - a la Buffett?

      Nice work Rich.
      View article »