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  • International Investing | Doddsville
    investing Stocks Also tagged Europe foreign stocks international diversification value investing seminar Comments 2 Doddsville podcast June 9th 2011 June 9 2011 1 11 pm Welcome to the Doddsville podcast for the 9th of June 2011 Our analysts are joined by special guest fund manager Wayne Peters of Peters MacGregor Join the team as they discuss international investing sectors to watch and the the world as a fund manager By Gaurav Sodhi TII Posted in Doddsville Podcast Also tagged Berkshire Hathaway podcast Comments 0 Intelligent Investor Analysts Nathan Bell research director works alongside Gareth Brown James Greenhalgh Gaurav Sodhi and Jason Prowd This blog is where they share their thoughts and gather feedback about their ASX research at Intelligent Investor Search Connect with us Recent Posts The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/international-investing-2/ (2013-02-03)
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  • Lloyd Khaner | Doddsville
    Investor Search Connect with us Recent Posts The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap 25 Uncategorized 11 Value investing theory 7 Wayne Jones guest contributor 1 About Nathan Bell research director works alongside

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/lloyd-khaner/ (2013-02-03)
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  • Tom Russo | Doddsville
    Investor Search Connect with us Recent Posts The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap 25 Uncategorized 11 Value investing theory 7 Wayne Jones guest contributor 1 About Nathan Bell research director works alongside

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/tom-russo/ (2013-02-03)
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  • Value Investing Seminar | Doddsville
    Analysts Nathan Bell research director works alongside Gareth Brown James Greenhalgh Gaurav Sodhi and Jason Prowd This blog is where they share their thoughts and gather feedback about their ASX research at Intelligent Investor Search Connect with us Recent Posts The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/value-investing-seminar/ (2013-02-03)
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  • Ideas from the 8th Italy Value Investing Seminar—Part 1 | Doddsville
    three telecom player Less parent debt he gets an intrinsic value of almost triple today s 0 70 share price and believes that justifies the political risk Philip Best Argos Managers Argonaut Micro Cap Fund Philip focuses on European micro caps with 20m 100m companies being his sweet spot He presented four micro cap ideas First was Carlo Gavazzi a manufacturer of electronic control components The Swiss listed company has its operations centred in Italy and seemingly attracts little investor interest in either country The company s market cap is CHF141m but it has almost CHF60m in net cash so the enterprise value is CHF84m It trades on a 6 2 historic earnings multiple reasonably attractive ROE and has experienced rapid earnings growth recently Chargeurs is a French cigar butt on its way to a wind up according to the analyst Apparently you can make seasoned French investors shudder by merely mentioning the company s name which says everything you need to know about the past track record Chargeurs owns three remaining entities This isn t the place for a detailed sum of the parts valuation but the analyst believes the stock has a break up value for more than four times the current 70m market capitalisation EPH is listed in Switzerland but owns property in Moscow and St Petersburg Russia It trades at a 50 plus discount to net asset value and recently attracted the attention of activist investor Storm Capital Tanfield is a fallen angel listed in the UK Its current market capitalisation is 40m and it has net cash of 13m One of its investments a 49 stake in Smith Electric Vehicles US probably justifies the current enterprise value That means the core business Snorkel Elevating Platform is available free of charge The analyst thinks the core business might be worth 100m Rahul Saraogi Atyant Capital Rahul believes Indian equities should be in every value investor s portfolio His focus is on the other 9 000 companies listed in India those outside the well watched top 300 stocks His idea Godrej Industries is another family controlled conglomerate Its enterprise value is a little over US 1 5bn which is almost fully justified by the company s stake in other listed enterprises Godrej Consumer Products and Godrej Properties That means the unlisted assets are being acquired for free These include more than 300 acres near Mumbai and a stake in several joint ventures including Godrej Agrovet Godrej Chemicals and Godrej Tyson Foods The analyst values these unlisted assets at more than US 1 5bn Keep an eye out for parts 2 and 3 over the next few weeks VN F 1 9 20 1166 please wait Rating 0 0 5 0 votes cast This entry was written by Gareth Brown II posted on at 5 26 pm filed under Currency Gareth Brown International investing Stocks and tagged Europe foreign stocks international diversification international investing value investing seminar Bookmark the permalink Follow any comments here with the RSS feed

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/ideas-from-the-8th-italy-value-investing-seminar-part-1/ (2013-02-03)
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  • Are ‘constant currency’ results a conjuring trick? | Doddsville
    fictitious number For example Sonic reported constant currency revenues of 3 259m in 2010 compared with the statutory actual revenue of 2 995m But this 3 259m number isn t real It might be useful for comparative purposes but it won t appear again in 2011 Sonic s baseline will be the 2010 statutory number of 2 995m Instead of adjusting the current year s numbers then we d prefer companies adjust the prior year s results to eliminate currency effects Foster s Group used our preferred method in 2010 because it adjusted its 2009 results Adjusting the prior year s results means a company isn t focusing on a fictitious number for the current year Of course a cynic might note that companies only report constant currency numbers when the unadjusted numbers are unfavourable It will be interesting to see what companies do if the Aussie dollar headwind becomes a tailwind at some stage if the dollar falls sharply for example In theory they should continue to report constant currency numbers In the meantime remember the lesson this reporting season Results in constant currency terms might be useful for comparative purposes but they aren t real numbers While the currency effect on profits should even out over the very long term it s the statutory results that matter in the end VN F 1 9 20 1166 please wait Rating 0 0 5 0 votes cast This entry was written by James Greenhalgh TII posted on at 3 29 pm filed under Currency James Greenhalgh Stocks and tagged constant currency reporting season Sonic Healthcare Bookmark the permalink Follow any comments here with the RSS feed for this post Post a comment or leave a trackback Trackback URL Once again corporate Australia quit the bull dust Previous Entry What s Facebook worth Next Entry 2 Responses Add Yours Discussion Shum Ghumman said Posted January 7 2011 at 8 40 pm The key point re constant currency figures is that they are only useful for comparative purposes In saying that you prefer FGL s approach of adjusting PY figures over the more common approach of adjusting CY figures is tantamount to saying that you prefer a fictitous denominator to a fictitious numerator The expression half a dozen of one six of the other springs to mind Reply Gareth Brown TII Reply January 8th 2011 at 1 41 am Half a dozen of one six of the other is certainly true for investors who really know what they re looking at But for the benefit of everyone else I agree with James It provides a more useful context for non analytically minded shareholders to re frame last year s earnings in terms of the current average or closing exchange rate than to re frame this year s earnings using last year s exchange rate Anything that appears to inflate current earnings based on an outdated exchange rate has the potential to lead some investors astray Reply Leave a Comment Your email is

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/are-constant-currency-results-a-conjuring-trick/ (2013-02-03)
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  • Constant Currency | Doddsville
    with us Recent Posts The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap 25 Uncategorized 11 Value investing theory 7 Wayne Jones guest contributor 1 About Nathan Bell research director works alongside Gareth Brown James

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/constant-currency/ (2013-02-03)
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  • Reporting Season | Doddsville
    blog is where they share their thoughts and gather feedback about their ASX research at Intelligent Investor Search Connect with us Recent Posts The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap 25 Uncategorized 11

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/reporting-season/ (2013-02-03)
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