I was mistaken when I posted that the T Rowe Price Capital Appreciation Fund (PRWCX) had a down year last year. It did not, and that makes for 18 positive years in a row which I find quite amazing. Gabelli ABC (GABCX) and First Eagle Overseas (SGOVX) both have 14 positive years in a row.
Likewise, an investor could do a lot worse than owning the funds held in the New Century Alternatives Fund (NCHPX). (Fact Sheet)
With another currency carry ETF launching, why haven’t the providers launched the currency momentum and value strategies?
David Einhorn, “Private Profits and Socialized Risk” (Via Whitney Tilson)
What Warren Buffett thinks (Fortune)
Lots of reading to keep you busy at the Journal of Financial Transformation.
One of my favorite screens is to look for companies trading below cash. While you have to be careful because there are plenty of landmines, an enterprising analyst can find some real gems with very little risk. Burn rate is obviously a huge consideration, as is debt levels and insider buying. The below companies are trading below cash, below book value, and over $10m market cap:
A little bluegrass to take you into the weekend, from Ed Seykota over at the TradingTribe. . .