Published: September 06, 2016
Dan Chen has been a professional investor for almost 20 years, and a disciple of Warren Buffett even longer. In his search for permanent value in great companies, nothing catches Chen's eye like Visa (V:US), the world's largest electronic funds transfer company. Though Visa is massive (nearly 200...
Published: January 23, 2014
So Bad Its Good - JCP will stabilize and valuation will come back to reflect ongoing concern. JCP has seen unprecedented same store sales drops as it tried to change its image. This has ended and they have bottomed on the sales losses. If JCP can stabilize sales and margins then they would have E...
Published: September 13, 2013
Special situation: merger between OMX and ODP enhances competitive position and unlocks value; deal risks overblown; Valuation obscured by "hidden" assets and "phantom" liabilities.
Published: May 24, 2013
The initial taste in people’s mouths when they hear of a Sears’s spinoff is what initially drew us to the situation. Over the last seven years, many value investors have fallen into the “SHLD” trap hoping that the market will value the assets on a “sum of the parts” / liquidation value higher tha...
Published: September 26, 2012
We have the opportunity to invest in a simple retail business that is misunderstood by the market. We recommend going long the stock, ABS bonds and ASC bonds as yield to event will offer a nice return.