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Nautilus Inc. Message Board

  • tsar_astral tsar_astral Mar 5, 2004 11:40 AM Flag

    Its amazing

    -what the shorts will resort to. I think that the piece of sh!t that is trying to highjack my ID. It is true I have gotten my MBA from Stern, but who knows how this sh!thead knew that. Good thing the Motley Fool is a pay site and my ID is different. Pretty sad wayto try to advance your point of view

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    • Ok, thanks. I don't think this is a likely case for liquidation anyway, I'm more using 2/3 of net current assets as a benchmark.

      (But I'm curious. Are you talking about evaluating your selling price or your buying price? And would you discount by 1/3 even in the case of gold jewelry carried at cost? Even during times of rising gold prices?)

      Also, I counted fixed assets at zero -- how did you guys handle those?

    • I used to work for a deep value hedge fund that bought companies trading at a discount to "liquidation" net asset value and tried to force a change to unlock that value.

      We valued receivables at 80 cents on the dollar, inventory at 65 cents on the dollar, unless we had a particular viewpoint on the quality of individual assets.

    • I agree w/you on Graham's diversification advice. Hey there's room for a lot of winners out there.

    • You make sense.

      However, Graham also advised to invest in a basket of these situations because not all of them work out. I tend to be much more focused so that's why sometimes I am too conservative.

      best of luck.

    • I do think that writing off half of current assets is very steep. Inventory is carried at cost and so it's usually fully realizable & unless one's in a hurry it should be realizable at more than stated value. (Unless issues like obsolescence arise, but this is jewelry.) Receivables are stated net of an allowance for doubtful accounts, and run about the same every year. So those are almost as good as the inventory, close to full value.

      Graham, sort of "the" traditional expert in liquidations and asset plays, recommended writing off a third of the net currents, a much smaller figure. But you gotta do what you gotta do of course.

    • My partner and I have been on numerous gay cruises and I'm wondering if there are some travel/entertainment related stocks who market to the growing gay community?

    • Agreed.

      It is just that if I cut current assets in half (a big (too big??)writedown in inventories and A/R) all we have left is PPE, after deducting all liabilities.

    • lol. Clever and yet pathetic. I guess now we know why the board is dead.

      • 1 Reply to astral_tsar
      • Hey Astral,

        Got your eye on any new value plays?

        I'm still bullish on COHT, YOCM, and PEAK. YOCM is a longer term project. I know that some of these may not match your deep-value criteria, so I was hoping you had some ideas in the deep-value space.

        Some of my growth holdings have had a good run this month and I'm looking to rebalance by adding some more value stocks to the portfolio. Any ideas are appreciated, of course I will perform my own due diligence.

        Hope all is well with you - amsterbri

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