Enlightened-American Portfolio Results YTD +11.2%

As always, you can find the portfolio page here. YTD through 03/31/2008, i.e. the first quarter, our portfolio is +11.2%.  This compares favorably to the major US averages which range from -7.6% (DJIA) to -14.1% (NASDAQ). The bulk of our gains have been driven by our commodity plays, despite the recent “bubble bursting.”  Even our [...]

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The Other Side Of The Story

I’m sure many of you have seen the Barron’s cover story this week [$], claiming that the commodities upside is driven mostly by speculators. On a basic level, this is true — all investors are basically “speculating.” But we know that’s not what the author meant. I don’t mind if someone presents a bearish case [...]

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Division In the Ranks?

As much as I’d love to tackle the infighting among the Democrats, I’m actually referring to the divergence among some prominent value investors. Whitney Tilson, of T2 Partners / Value Investing Insight / the Value Investing Congress / Financial Times, posted a piece on Seeking Alpha about a possible dead-cat bounce in financials. In it, [...]

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Chesapeake Energy Announces Even More Potential Plays

I’ve been a little lax on keeping tabs with Chesapeake Energy (guess it demonstrates my faith in Aubrey McClendon and his team).  I read some stories on their Q4 2007 results, which looked good on the surface.  This morning, they held a conference call to announce eight possible new plays.  You can find an informative [...]

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Follow-Up On Housing

The Wall Street Journal has a lengthy tome on US foreclosures[$] in today’s edition.  Here are a few points from it I’d like to add to yesterday’s post. Ivy Zelman, probably the preeminent housing analyst in the US (see what a snarky Kool-Aid comment and being right all the time does for your reputation?), predicts [...]

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It All Comes Back to Housing

An article in today’s Financial Times talks about the equity market’s incessant need to call a bottom and outlines the pro/con arguments. Nothing you haven’t heard before if you’ve been paying attention but after hundreds of words, the article boils it all down to one factor: the housing market. More on this topic (What's this?) [...]

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