LC

Thanks deep, I've been curious about whether they are worth it.

Nice write up :) Who are their competitors? Are their any large players in this industry that could scoop SPAR up? Can you go into more detail about the business? Who does SPAR need to make connections with? Is it the box stores themselves (the targets, walmarts, safeways, whole foods, mom & pop supermarkets, etc.), or the distributors, or the manufacturers (unilever, P&G, etc.)? I think the business is a good one. It certainly has advantages over using traditional in-store employees. Is SPAR the best in the industry, or will they get squashed by an in-house team @ Unilever or Walmart?

No, don't keep a zero cash balance, you might have some fees to be paid to IB and then you might get liquidated if excess liquidity is not enough (IB do not issue margin calls, they just liquidate). It's less of an issue with p.margin due to how excess liquidity is calculated but anyhow just play it safe if it's something you are worried about. You might also have payable interest from previous trades or on foreign currency etc. Fair enough...I think though they would just take the fees on margin. That is how my broker handles it. Usually the fees are pretty small AFAIK...not enough to trigger a margin call/liquidation I wouldn't think. I may be wrong, though!

Not a bad idea! I would say, I am sure a google hangout meeting would garner many more attendees...it could be difficult to follow. Perhaps a useful idea would be to "register" times to present an idea, pose a situation, etc.

We have cable: my girlfriend's choice more than mine...I will say I do enjoy the educational channels (Nat'l Geo, Nova, etc.) but everything else is pure trash.

How is it that the cost to roll is cheaper when the stock is above the strike? Eric, you mention "skewness". Can you elaborate on that?

Also a good exercise is to think about the business connotations when this question is inverted. As well, when this "self-fulfilling" trend breaks down and reverts.

I think at some point, competition will eat into their margins. I don't think the LEGO brand is all that important...especially for parents who don't want to pony up for "premium plastic blocks". I think their only defense of their castle is the licensing deals with popular brands.

I always thought banks actually performed better in a low NIM environment as they wind up making more loans. Can anyone comment on that?

I think great historical records are only useful as a gauge of whether management and operating structure can properly monetize favorable business/industry conditions. Take two companies, both with equally favorable future business prospects. One has a ten year track record of exceptional operations. The other has only been in existence for two years. That situation is when the track record is important. But the most important thing is having favorable future prospects. "If past history is all there was to the game, the richest people would be librarians"

You can do it in the same poll... 1mm and under 25 1mm and 25-40 1mm and 40-50 Etc

Thanks for posting, walt

lot of 'bam' usage in that post :)

Thanks for your thoughts, SD. SAN has been on my watch list since it traded in the $6.00 range. It's S.A. operations keep it somewhat buffered from the Euro problems. Much in the same way Chrysler/Brazil insulate Fiat to an extent.

Cheers to all my fellow Canadians! I am missing you all! :)

I agree. "Value" investing is simply the rationalizing of why one should buy low and sell high

Italian assets siezed: http://www.sec.gov/Archives/edgar/data/1342803/000110465913071735/a13-21176_1ex99d1.htm

I'll throw my hat in the ring: I ignore buybacks in "modelling". I just calculate FCF or Owner Earnings or whatever you want to call it. What the company does with that cash afterwards I treat as a different story. So I separate the analysis into two sections: what the business operations generate, and what management does with those proceeds afterwards.

Shouldn't the proxy tell you that for major holders?

Plan, I think you are a bit aggressive with your ROA assumptions: http://research.stlouisfed.org/fred2/series/USROA I think they can earn 1% ROA...I peg the price between 25-30

Perhaps a link to the relevant SEC filing? I am a huge fan of your site, btw :) also perhaps a "date announced" cell?

Interesting...I'm looking forward to your reasoning, SD.

Paulson moves into Greek banks: http://www.cnbc.com/id/101090421

http://mashable.com/2013/10/05/mongodb-startup

Average ROA do Mediterranean banks from 2005-2010 was .8%