Take sides as you must, but do pay homage to the personal sacrifices demanded by the skirmishes of this grand conflict. Seems a decent strategy and allows abundant storylines. It teases with envy. Yes, p. Case closed, right? Yet, in this case, the proxy notes reveal some truths that may be even more interesting than standard fiction. Papa again has some serious work to do to realize any compensation from these. Papa has satisfied this obligation. All in all, I will not disagree—Mr.
Of course, if that price stays around here, or if it only manages to double in the next four years, it would seem that Mr. It was the least Graham-like stock imaginable—owned, studied and followed by all, valued fairly, with as little potential as it had risk. Was something going on? A company in the energy sector? Plenty of unsecured debt outstanding? Unsecured trading substantially below par? No signs of relief on the horizon… check.
We also provide two of our services coiled tubing and wireline services offshore in the Gulf of Mexico. These notes Mr. Market currently values at roughly 60 cents on the dollar. On the equity side, Pioneer had For those so inclined, it would appear there is no cost to borrow. In the recent Q results conference call , management candidly described the challenges for Pioneer in this low energy price environment:.
From Dr. Cloud Peak enjoys the privilege of being one of the only U. Its 6. And their 8. So it would seem that Mr. So the market value of the enterprise today is less than their availability on the credit line. After all, it appeared as veritable catnip to the enterprising value investor—a spinoff, insurance float, aspirations of growth…. Admittedly the story of would seem to be only in its first chapters, which is why I was surprised to see Kingsway recently terminate its management services agreement with It does leave one to wonder though—what services will now be foregoing?
This site should not be construed as investment advice, either on behalf of particular stocks or in regard to overall investment strategies. It is a site aimed at understanding competitive advantages and valuing businesses. The information provided here comes from publicly accessible sources, but errors in these sources and in transcription may occur.
Any investment decisions you make should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs. Wide Moat Investing. Skip to content. Leave a comment Posted in General. Keep on Trucking Posted on December 13, Leave a comment. Respectfully, Robert E. Disclosure: No position. Joe Papa Gets Paid? Posted on March 24, Leave a comment. If a tree falls in the woods, does it make a sound? Perhaps, if you are that brand of journalist who tweets, baits clicks, and makes myths.
As Dr. Michael Burry might say… ick. Payday for Kingsway Posted on February 28, Leave a comment. Search for:. Copyright All rights reserved. To contact us: widemoatinvesting [AT] gmail. Learn anything useful while here? All tips through Paypal go to the kids' college fund: widemoatinvesting [at] gmail. Blog at WordPress. Create a free website or blog at WordPress. By continuing to use this website, you agree to their use.
Another toll bridge example is the Chicago Mercantile Exchange. Burlington Northern Santa Fe Railroad is another example of this type because pretty much all the railroads in America have some sort of a monopoly. The next moat is found in business which make it costly to switch to different suppliers. This occurs when the cost of shifting from one supplier or product to another is too expensive for companies to consider.
Costs like redoing all of your software that links your network together are often so high, CEOs would not consider making a change. Another company that has a nice switching moat is Intel. The cost to switch services is just too much. The fifth moat is centered around price.
Walmart of course is the king of price moats, as the company can create or sell products much, much lower than anybody else. You might notice that a lot of these companies have multiple moats. Certainly, businesses can have multiple durable advantages. But you will find that every good company has at least one of these kinds of moats: brand, secret, toll bridge, switching, or price.
Mark your calendars and join us for this exclusive workshop on 24th September, Monday. Registration starts at 6. B Investing T. Like many of us, he has his fair share of mistakes at the start of his investing journey. The worst was when he used up all his saving to bet on warrants, losing half of the saving. It was only after reading the book, Value Investing: Tools and Technique for Intelligent Investment by James Moniter, in that he realise the need for a more consistent value-focus strategy.
He tried reading more books, but it became apparent that the more information he gather, the more he got confused. Subsequent investments resulted in more hits than misses, giving him the confidence to declare that he has found his own unique way of investing. Currently, his investment methods has evolved significantly.
He uses a few different methods to invest. However, all these methods are always centred around value-investing concepts and fundamental analysis. He is the veteran blogger behind the popular blog, tubinvesting. Simple Investor SG Investing is all about the company behind a stock. He viewed the stock market as a place for him to acquire good business when they become irrationally priced by the market.
He is also a firm believer that anyone can invest, as long as they acquire the right knowledge and mindset. The Fund's assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors. The Fund is also subject to the risk that the companies identified by the Index provider do not operate as expected when addressing ESG issues.
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Beyond the expense of moving, they can also be measured by the effort, time, and psychological toll of switching to a competitor. Though not always easy to quantify, intangible assets may include brand recognition, patents, and regulatory licenses. They may prevent competitors from duplicating products or allow a company to charge premium pricing. A network effect is present when the value of a product or service grows as its user base expands. Companies that are able to produce products or services at lower costs than competitors are often able to sell at the same price as competition and gather excess profit, or have the option to undercut competition.