The Stingy News Weekly (09/02/2012)
Graham's Net Net in London
"In this paper we focus on the early value metric devised and employed by Benjamin Graham - net current asset value to market value (NCAV/MV) - to see if it is still useful in the modern context. Examining stocks listed on the London Stock Exchange for the period 1981 to 2005 we observe that those with an NCAV/MV greater than 1.5 display significantly positive market-adjusted returns (annualized return up to 19.7% per year) over five holding years."
Inside Warren Buffett's private poker game
"Warren Buffett is a famously world-class bridge player, putting in 12 hours a week at the table, often with Bill Gates, and sponsoring the Buffett Cup, which mimics golf's Ryder Cup, except with cards. 'Every hand fascinates me,' he recently told me, in explaining this obsession. But relatively quietly, over the past seven years he's emerged as the host of one of the planet's most exclusive poker games."
How Eric Sprott got solar burn
"The story of Timminco - which concluded early this year with the bankruptcy of the company and the delisting of its stock on the TSX - has, since its beginning, inspired doubters and believers. The company never delivered on its promise to produce cheap solar-grade silicon on a commercial scale. The believers maintain Timminco never got the chance to prove itself because the solar industry collapsed and demand for high-purity silicon dried up almost overnight. The doubters insist the company could never have made the breakthrough."
China's growing economic crisis
"One problem is that China has run out of obvious ways to kick-start its $7.3 trillion economy. It was easy in 2008: Pump tens of billions of dollars into a sweeping stimulus project and 10 percent growth followed. China's success gave markets the impression that its leaders could wave some magic wand and growth would be the result. Magic is in short supply now. Local governments are cash- strapped and awash in debts that could turn bad. The euro zone seems locked into permanent-crisis mode while the U.S. is bogged down with debt, economic stagnation and political paralysis. China proved it can live for a few years without U.S. and European customers, but not forever."
Buffett pledges $3 Billion more
"Billionaire Warren Buffett has pledged an additional $3 billion of shares in his Berkshire Hathaway Inc. to his three children's foundations."
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