Adecoagro S.A.

listed since 2010. too short history. pass

Acuity Brands, Inc. (Holding Company)

impressive earnings. just too expensive. put on watch list.

Accenture plc

consulting, outsourcing. short history. pass.

Access Midstream Partners, L.P.

Pipeliners sounds like an industry hefty profitable. Hefty investment, high risk, high return. However, ACMP has only two years of history. Pass.

Security Analysis Chapter 40

1. the selection of an appropriate capitalization rate  is as important in determining a common stock's investment value as is a correct forecast of earning
2. capitalization rate fluctuates widely, but electric-utility has recurrent central tendency
3.  

"Old" industry may provide great opportunity

Analysis of Railway Industry

"Old" industry doesn't have great growth anymore, but they may still have stable income, and their price may be ridiculous cheap comparing to the income, so it may still provide great investment opportunity.

The "Numbers Game"

http://www.sec.gov/news/speech/speecharchive/1998/spch220.txt
by former SEC chairman Arthur Levitt

Terex 2010 10K

Terex owes a lot debt. The covenants limit the company's operation in so many prospects.

The 4 Questions to Ask Before Buying a Stock

ref: http://www.gannononinvesting.com/blog/the-4-questions-to-ask-before-buying-a-stock.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+gannononinvesting+%28Gannon+On+Investing%29

1. Is it safe?
2. Is it a great business?
3. Am I getting a great price?
4. Can I hold this stock for as long as it takes?

Terex 1994 10K

ref: http://secfilings.nyse.com/download.php?format=PDF&ipage=37380&cik=

1. gross profit is about 10%.
2. net profit from operation is big negative or tiny.
3. net profit from operation cannot cover interest expense at all, so it had to sell Fruehauf to cover the interest expense.

4. regarding the engineering, selling and admin expense, why is it for 3rd party?

5. why is "gain on sale of Fruehauf" part of the operating actitities? Even though somewhere the company claims acquisition is the growth strategy so we can treat this sale as a normal operating activity, there is conflict in the investing activities which has the proceeds from sale of Fruehauf. Shouldn't these two items be grouped together in either operating or investing?
or, I misunderstood how the statement of cash flow should be organized?
Yes, I did misunderstand the statement of cash flow.
gain on sale of Fruehauf = proceeds from sale of Fruehauf - price paid to purchase Fruehauf
it affects net income, so it should be listed in operating activities.

6. senior notes bears interest at 13%, which is really high! It means lender is concerned of the company's capability to cover it.
I need to check how much the company's income can cover the debt.

7. page 38, "the assumed rate of compensation increases is 0% thru 1999". How could you assume it never grows in 5 years?

8. projected return on pension is as high as 9% even though it has been losing money two years in a row!

Is BOA still a buy?

Man, my old post about BoA is a buy looks like a slap on my face now. The share price is 6.46 now, and I said it was a buy when it was around $12. I am not very confident with my analysis now.

I have bought BoA at $11, $8 and $7. Not sure when its share will come back.

The CEO is selling assets to cover possible loss. Hopefully he can turn the company around. His background is a lawyer. I can only guess he was hired for law suits BoA is facing a lot now. Once the company get out of all of those major law suits. I assume he will be out of job.

Terex was way under the water in 1993 and 1994

I am reading the 10k of 1994. The total stockholders investment is (55,738) and (62,261) in 1994 and 1993. I don't recall I have seen any company is under water like this. It would be quite interesting for find out who and how turn the company around.

Lincoln National Corporation

except for 2008 and 2009 losing money, EPS in other years averages to about $40, so it can be valued at about $80.

However, the liability is very close to asset, that means shareholder can be wiped out very easily if anything goes adverse.

Lin TV Corp.

liability > asset, so shareholders' equity is deficit....

Limited Brands, Inc.

quite stable income from 2001 to 2009 about $1 EPS. no lost in any year. impressive. but the price is a little bit expensive. put on watch list

Lexmark International, Inc.

the EPS is good
2007 3.14
2008 2.69
2009 1.86
but the trend is downward.

liability/equity > 2

and there are bigger player in the printing market, such as HP

Leucadia National Corporation

2004: 0.67
2005: 7.14
2006: 0.85
2007: 2.10
2008: (11.00)
2009: 2.25

Avg EPS: 1.5

Lentuo International Inc.

new IPO. China element may add some price, such as RMB may increase exchange rate, China is the 2nd largest auto market. This company actually is relatively old dealership in Beijing...

Should I touch IPO company? probably not.

Lennox International Inc.

2004 (2.24)
2005 2.11
2006 2.26
2007 2.43
2008 2.11
2009 0.90

Price (Jan 28, 2011) 48.38. too expensive.

Lennar Corporation

lost hell a lot of money.