tag:blogger.com,1999:blog-5047589739793284303.post2108213848841348412..comments2008-04-01T23:23:20.370+02:00Adrian Savillehttp://www.blogger.com/profile/17515711156351841708noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-5047589739793284303.post-85017676668920497902008-04-01T23:23:00.000+02:002008-04-01T23:23:00.000+02:00Hi Adrian:<BR/><BR/>Hope you had a good weekend. I read your diamonds and dogs research over the weekend. It's definitely informative and interesting.(I love the night at dog racing story). If i remember correctly, Ben Graham also pointed out that in general sense that low PE stocks usually outperform high PE stocks in his Intelligent Investor book. Do you happen to follow Walter Schloss? here is the link about him recently: http://www.forbes.com/free_forbes/2008/0211/048.html<BR/>I tracked his four picks in the article, since Jan 08, 3 out of 4 are already in the on plus side already.(esp in this environment). He is definitely one those "anomalies" in your research. I think he returns 16% annually in like 60 years of investing, which is 6% better than the market. <BR/><BR/>It's interesting to point out that the two companies that you raised in your holdings perhaps save the US financial crisis, BAC bought CFC and JPM bought out BSC. <BR/><BR/>Great day here in the US. Market is up almost 400 points. It's interesting to point out that this is second 400 points rally in the last 30 days.Si Yuan(Sam)http://www.blogger.com/profile/00800602602267760985noreply@blogger.comtag:blogger.com,1999:blog-5047589739793284303.post-49973523147319597842008-03-28T12:29:00.000+02:002008-03-28T12:29:00.000+02:00I am aware of the Firefox problem as I use Firefox. But thanks for pointing this out. <BR/><BR/>Regarding the US market - there is a tremendous amount of noise right now. However, rather than call the market, I'd emphasise strategy. The high volatility has produced some fantastic pricing differentials. For instance, the price-book ratio on financial stocks versus resource stocks has not been as low as it currently measures since 1950. Crisis presents opportuity. In my global equity fund I recently have raised holdings in financials significantly, including Bank of America and JP Morgan to mention just two. Each of these is a strong business with wide moats (Buffet's franchises), sound management, health balance sheets and cash flow and undemanding ratings. A value manager's dream.Adrian Savillehttp://www.blogger.com/profile/17515711156351841708noreply@blogger.comtag:blogger.com,1999:blog-5047589739793284303.post-39626285764332324952008-03-27T23:18:00.000+02:002008-03-27T23:18:00.000+02:00Hi Adrian:<BR/><BR/>How funny!!! Giving earplugs to your clients. Well I finally got a chance to visit your company's website, the researches that you've done seem to be very interesting. I havent gotten a choice to read the diamonds and dogs one yet, but I will definitely read it over the weekend. I totally agree that Greenblatt's book is a humorous, simple and yet practical read. Since you are a pro, i just want know your opinion on the US market. Do you think it has bottomed? A lot of noises came out after JPM bought out BSC. (I am trying very to block them out, perhaps i need one of your earplugs), but it seems to me that history has taught us that market bottoms when event such as this happens?<BR/><BR/>One comment on your company's website. When I use my FireFox browser (instead of IE) to view the website, it doesnt display correctlySi Yuan(Sam)http://www.blogger.com/profile/00800602602267760985noreply@blogger.comtag:blogger.com,1999:blog-5047589739793284303.post-58617207663218166302008-03-26T15:21:00.000+02:002008-03-26T15:21:00.000+02:00Sam, <BR/><BR/>I agree with you - the world is filled with noise. Last year we did a roadshow for clients where we gave out earplugs. <BR/><BR/>I follow many of the authors you mention. Greenblatt's book is great. Have you read my research in this vein on the South African market - Diamonds and Dogs? (Go to (www.cannonassets.co.za and look under research tab). <BR/><BR/>I'll sort out the font - thanks for the great feedback. <BR/><BR/>AdrianAdrian Savillehttp://www.blogger.com/profile/17515711156351841708noreply@blogger.comtag:blogger.com,1999:blog-5047589739793284303.post-18037675048145869732008-03-25T16:07:00.000+02:002008-03-25T16:07:00.000+02:00Hi Adrian:<BR/><BR/>You're very welcome, I am just expressing my opinion. In today's world, there is so much noise/crap out there that it's so hard to find something that's insightful to read and follow (your blog is an exception, the article from Seth Klarman was absolutely joyful to read). As a fan of Klarman, Mohinish Pabrai (Dhandho Investor), Joel Greenblatt (Little Book that Beats the Maket), and Tom Brown (bankstocks.com), I really enjoy reading their investing philosophies. I wonder if you happen to know any of them? Anyhow, in terms of the website, i think the font should be bigger, because it's difficult to read those long articles with the small font. <BR/><BR/>Cheers!!!!<BR/>SamSi Yuan(Sam)http://www.blogger.com/profile/00800602602267760985noreply@blogger.comtag:blogger.com,1999:blog-5047589739793284303.post-54805115352502516712008-03-24T22:23:00.000+02:002008-03-24T22:23:00.000+02:00Sam,<BR/><BR/>Thanks for the feedback - it's great to know that you rate the site so highly. I'd welcome any other feedback. <BR/><BR/>Regards, AdrianAdrian Savillehttp://www.blogger.com/profile/17515711156351841708noreply@blogger.comtag:blogger.com,1999:blog-5047589739793284303.post-81732418943828996082008-03-24T17:02:00.000+02:002008-03-24T17:02:00.000+02:00this is one of the best investing blog i've ever seen. I enjoy many articles in it. Keep up the good work.Si Yuan(Sam)http://www.blogger.com/profile/00800602602267760985noreply@blogger.com