In a reprise of a role from the 1980s, fictional Wall Street titan Gordon Gekko recently returned to the big screen in Wall Street: Money Never Sleeps. In the sequel to the original Wall Street, Gekko states that in investing, “It’s not about the money — it’s about the game.” And although it falls far short of his now-famous proclamation that “greed is good” in the original movie, he is on to something…
Investors are always on the lookout for a competitive edge. The ability to peer slightly into the future is a key edge to exploit, be it company guidance for the next quarter or analyst projections over the next couple of years. But one company has gone a step further than most and has provided an earnings [1] road map out to 2015 — where it projects an astounding $20 per share in earnings.
The first thing to note is the company sailed through the credit crisis. A look at its financial results proves it had minimal ill-effects from a housing bubble and credit crunch that sent a number of erstwhile well-respected firms down in flames. Its customer base was also hit, but it remained loyal.
Posted: Jan 22, 2010 07:50 AM by Ryan C. Fuhrmann
John Kenneth Galbraith’s indispensable text “The Great Crash: 1929″ describes the “basic and recurrent process” of investment bubbles.
A bubble comes from rising prices, whether of stocks, real estate, works of art or anything else. A price increase attracts attention and buyers, which results in even higher prices. Thus, expectations are justified by the very action that sends prices up. The process continues and optimism about the market effect is the order of the day. Prices climb even higher. Then, for reasons that endlessly will be debated, the bubble bursts. (For information about investing into a bubble, read Riding The Market Bubble: Don’t Try This At Home.)
In many aspects of life, be it pursuing a career or training to become an athlete, an individual can learn the secrets to success by studying up on an authority in the field. Investing is no exception. So let’s take a look at Anthony Bolton, who ran the value-based Fidelity Special Situations Fund for nearly three decades. His success has led him to become one of the best known investors in the United Kingdom and he draws frequent comparisons to Peter Lynch, a Fidelity colleague of Bolton’s from across the pond. (To learn about Peter Lynch, see our series on The Greatest Investors.)
Fortune Brands (NYSE:FO) announced third-quarter earnings last week that weren’t as bad as feared, as the company is seeing more stable trends in two cyclical business segments tied to the housing and golfing industries. The third sells alcohol and wine and is holding up as it should in a difficult consumer climate, and it makes one wonder if its value is fully being realized as it is tied to businesses with extremely low investment appeal and murky long-term trends.
December 10, 2008 | by Ryan C. Fuhrmann
http://www.fool.com/investing/value/2008/07/01/spinoffs-with-serious-value.aspx
Ryan Fuhrmann, CFA
July 1, 2008
Making money in the stock market is no easy task these days. There are a number of oft-cited reasons for the market’s fearful mood, but as any astute student of investing can tell you, uncertainty brings plenty of opportunity to earn outsized gains for those willing to look out past short-term turmoil. Read the rest of this entry »
http://www.fool.com/investing/value/2007/07/02/the-little-book-of-common-sense-investing.aspx
Ryan Fuhrmann, CFA
July 2, 2007
The “Little Book, Big Profit” series of short-but-sweet financial texts continues to offer up an all-star list of authors and tried-and-true investment strategies. What started with Joel Greenblatt’s The Little Book That Beats the Market and continued with Christopher Browne’s The Little Book of Value Investing has led to John C. Bogle’s The Little Book of Common Sense Investing, which was published earlier this year.
http://www.fool.com/investing/general/2007/03/13/dueling-fools-rule-makers-rebuttal.aspx
Ryan Fuhrmann, CFA
March 13, 2007
Finding companies with sustainable competitive advantages is a key step toward accruing market-beating returns. That makes the Ruler Maker’s guide to successful investing worth knowing.
Ryan Fuhrmann, CFA
December 12, 2006
What started with the deceptively simple and entertaining The Little Book That Beats the Market has quickly grown into the “Little Book, Big Profit” series. The second installment comes from another renowned investor and is aptly titled The Little Book of Value Investing.
http://www.fool.com/news/commentary/2006/commentary06083119.htm
By Ryan Fuhrmann, CFA
08/31/2006
Two years ago, a group of distinguished and highly respected investors and admirers got together and created a collection of essays, memoirs, interviews, and speeches regarding Warren Buffett’s closest friend and business partner, Charles T. Munger. Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger, is modeled after Benjamin Franklin’s Poor Richard’s Almanack, a popular collection of calendars, weather-related and astrological material that was published from 1733 to 1758. Charlie Munger is a huge fan of Ben Franklin and has worked to model his life after one of the architects of U.S. government and institutions. Poor Charlie’s Almanack is a must-read for any fan of Munger, Buffett, Benjamin Graham, Berkshire Hathaway(NYSE:BRKa)(NYSE:BRKb), and rational investing.
http://www.fool.com/news/mft/2006/mft06081417.htm
By Ryan Fuhrmann, CFA
08/14/2006
Cisco Systems(Nasdaq: CSCO) appears to be one of the few large-cap technology firms able to grow somewhat consistently on an organic basis. And like some other tech giants, it is able energize that growth with outside acquisitions. The market liked what it saw when the company released fourth-quarter and full-year earnings last week, sending the stock up nearly 10%. Read the rest of this entry »
http://www.fool.com/news/commentary/2006/commentary06072721.htm
By Ryan Fuhrmann, CFA
07/27/2006
Below is Part 4 of a five-article write-up regarding legendary investor Bill Miller, CFA, during the 2006 Financial Analysts Seminar, hosted by the CFA Institute. Read through for a history of his career, current musings, and a number of stocks Mr. Miller currently finds interesting, as well as a comparison of his style to another legendary investor, John Neff, CFA, who also spoke at the conference. Read the rest of this entry »
http://www.fool.com/news/commentary/2006/commentary06072721.htm
By Ryan Fuhrmann, CFA
07/27/2006
Below is Part 4 of a five-article write-up regarding legendary investor Bill Miller, CFA, during the 2006 Financial Analysts Seminar, hosted by the CFA Institute. Read through for a history of his career, current musings, and a number of stocks Mr. Miller currently finds interesting, as well as a comparison of his style to another legendary investor, John Neff, CFA, who also spoke at the conference.
http://www.fool.com/news/commentary/2006/commentary06072605.htm
By Ryan Fuhrmann, CFA
07/26/2006
Below is Part 3 of a five-article write-up regarding legendary investor Bill Miller, CFA, during the 2006 Financial Analysts Seminar, hosted by the CFA Institute. In this installment, we compare Miller’s style with that of another legendary investor, John Neff, CFA, who also spoke at the conference.
http://www.fool.com/news/commentary/2006/commentary06072418.htm
By Ryan Fuhrmann, CFA
07/24/2006
Last Thursday evening, I heard Bill Miller, CFA — recently honored as one of “The World’s Great Investors” by SmartMoney — speak at the Financial Analysts Seminar. What’s more, I had the rare opportunity to meet with him briefly to discuss his stellar track record and his current thoughts on the market.
http://www.fool.com/news/commentary/2006/commentary06072517.htm
By Ryan Fuhrmann, CFA
07/25/2006
Below is Part 2 of a five-article write-up regarding legendary investor Bill Miller, CFA, during the 2006 Financial Analysts Seminar, hosted by the CFA Institute. In case you missed it, be sure to check out Part 1 of the series.
http://www.fool.com/news/commentary/2006/commentary06072413.htm
By Ryan Fuhrmann, CFA
07/24/2006
We’ve come to the final installment of a three-article write-up regarding legendary investor John Neff, who spoke at the 2006 Financial Analysts Seminar, hosted by the CFA Institute. (If you missed them, check out parts 1 and 2.) Here’s the best of the rest, including two stocks Neff currently finds interesting.
http://www.fool.com/news/commentary/2006/commentary06072119.htm
By Ryan Fuhrmann, CFA
07/21/2006
Below is Part 2 of a three-article write-up on the presentation by legendary investor John Neff, CFA, during the 2006 Financial Analysts Seminar, hosted by the CFA Institute. Read through for a history of his career, current musings, and a number of stocks Neff currently finds interesting. Read the rest of this entry »
http://www.fool.com/news/commentary/2006/commentary06072018.htm
By Ryan Fuhrmann, CFA
07/20/2006
Below is Part 1 of a three-article write-up on legendary investor John Neff, following my visit to his presentation at the 2006 Financial Analysts Seminar, hosted by theCFA Institute. Read on for a history of his career, current musings, and a number of stocks Mr. Neff currently finds interesting.
http://www.fool.com/news/commentary/2006/commentary06062921.htm
By Ryan Fuhrmann, CFA
06/29/2006
President Franklin D. Roosevelt signed the Social Security Act into law back in 1935. Since that time, Social Security has been an invaluable safety net for those who are unpleasantly surprised by how much they need to retire. It also helps those who have suffered an unfortunate financial mishap that may have snatched their nest egg away, just when they needed it most.
http://www.fool.com/news/commentary/2006/commentary06042105.htm
By Ryan Fuhrmann, CFA
04/21/2006
Are you are a growth investor or a value investor? The investment profession does its darnedest to fit fund managers into one camp or the other, and many investors do likewise when determining whether a company is a growth or value play. However, as Warren Buffett counsels, growth and value are joined at the hip. To invest successfully, a Fool must understand both concepts.
http://www.fool.com/news/commentary/2006/commentary06032902.htm
By Ryan Fuhrmann, CFA
03/29/2006
Fools should keep their eyes peeled for at least one item on a company’s balance sheet: long-term debt. Since the dawn of time, it seems, both academics and investment professionals have studied capital structure in an attempt to determine a company’s optimal level of debt versus equity. Here’s what you should know.
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