Category Archives: Value Investing

Cambria Automobile: the art of performance

Cambria Once in a while, when I come across an interesting investing idea that is not actionable for Eden, I’ll happily share it with the readers of this blog. I came across Cambria Auto a few months ago and unfortunately, the trading in the stock is too thin and doest not enable us to build a… Read More »

2015: when heroes fall from grace

The year is coming close to an end and one of the emerging themes of this year is the many blow-ups that fund managers experienced in the face of a market that is broadly flat year-to-date. Usually, those blow-ups happen at times of turmoil, panic and bear markets. To use Buffett’s lingo, it usually happens… Read More »

Goldman Sachs: FICCxed Income

Goldman’s third quarter earnings left some people disappointed and as usual, people who follow the company wonder what the future holds for the FICC business. Here is a typical question that was asked over and over again in the past few calls: Good morning. Harvey, maybe we pick up where you left off on the whole… Read More »

Eden’s Perspective

From time to time I’m being asked about my approach to investing or for my comment about an investment-related topic. At Eden, we already wrote about many such topics in our letters to investors and I thought it would be a good idea to collate these writings into one post so here goes: Eden is a… Read More »

The Sequoia Fund, Valeant and some other thoughts

The Sequoia Fund Most of you are familiar with the Sequoia Fund but here is a brief intro for the uninitiated: when Buffett chose to shut down his partnerships at 1969 he recommended his investors to invest with Bill Ruane, another super investor from Graham-and-Doddslville. Sequoia was actually set up in order to take on… Read More »

Berkshire Weekend: business and pleasure

“I was pretty obnoxious when I was young. The only way I got people to like me was by getting rich and giving a lot of donations” — Charlie Munger, Berkshire AGM, 2015. Charlie was at his best, Warren was sharp and tens of thousands of people flocked to Omaha to see this amazing duo… Read More »

What do the leading hedge fund managers invest in? Q3 Review

It isn’t easy to find decent investments nowadays. Recently I was asked about investments in multiple “exotic” vehicles from “investment grade” wines, art and real-estate in Africa. I kid you not. I believe in investing in viable businesses that produce strong cash flows and are traded below their intrinsic value is the way to go, it’s… Read More »

What does Alibaba, Twitter and Facebook have in common?

The answer: Goldman Sachs. This weekend’s financial papers well plastered with articles about the blockbuster Alibaba IPO. But before we get to that you should know that I never invest with highflier stocks such as the ones mentioned on the title. It’s just too risky — an investor who participates in those IPOs pays both for rosy… Read More »