Greenlight Capital: David Einhorn Q2 2014


Greenlight Capital, logo, David Einhorn

The SEC for Greenlight Capital shows us the American companies that David has bought and sold during Q2 2014. The activity as always has been high and this time he even jumped back into a company that he had stepped out of in Q1.

The new additions to his stock portfolio were:

Stocks of Interest: August 2014


Stocks of Interest, August, 2014

It took some time but now I have finally managed to get the list up and running with the Google Docs / Drive and I have it open for everyone to see and follow. The update in the share price will be made every 20 minutes or so and I will (hopefully) once per month take a snapshot of the stocks and post that in the Stocks of Interest page. There you can also find the permanent link to the Google spread sheet. Unfortunately the list does not sort itself automatically with changing share price but I will try to do also that once per month.

As always some analysis of the companies can be old meaning that it is not based on the previous annual report. If you want the corrected information then please just poke me so that I can make the fresh analysis of the company and so that I can change the data in the spread sheet.

In the spread sheet there are also links going to the last analysis that was made of the companies so by simply clicking on those links you will find out a bit more about the company and you also get direct access to the link to their home page to be able to make your own investigation of it and to get a feeling for a potential moat of the company.

Several companies have been kicked out from the Stocks of Interest list and I will over time build another spread sheet with those. For the moment they are simply out and I am sorry about this but they will soon be brought back on another list so that they can still be followed and the principle there is also that each analysed company that were kicked out should be brought to that new spread sheet.

I will also create a list with the 30 DAX companies that can be accessed also on the Stocks of Interest page but I will again make a post to inform when that has been done so that you can follow them with live updates of their figures based on the previous annual report.

I must of course also put in my own shares in a list with this live update and I am currently working also on this and that will then be accessed on the Stock Portfolio page but without the snapshots since I there use a different approach of publishing the development.

If you have any suggestions and ideas on what else I should implement or changes to what I have and will implement then please just let me know!


 

Analysis of Posco


Posco, a Korean steel company

Company: Posco

ISIN US6934831099 | WKN 893094 (analysis is however based on KRW)

Business: A Korean steel company. Posco is divided into a couple of family members (as they call it): Steel (high quality steel for all kind of applications), E&C (an engineering & construction company in various steel containing projects such as skyscrapers ), Trade (global trading and investing), ICT (IT and engineering services), Energy (energy production with large focus on renewable sources), Material-Chemistry (refractory production for steel and glass industry) and finally Support (somehow asset management but they only had homepage in Korean)

Active: Main focus is Korea and Asia but they are present on each continent and in several countries on each continent.

P/E: 21.2

Asian Bamboo report Q2 2014


Asian Bamboo, Q2, 2014, report, front page

The answer of the market was more or less -3% on the Q2 report from Asian Bamboo. Lately I have very frequently been unhappy with the reports and conducted similar activities to them as Mr. Creosote does to buckets. This time was no different.

Dalal Street: Mohnish Pabrai Q2 2014


Dalal Street, Mohnish Pabrai

Mr. Pabrai decided once again that it was high time to bring in another company into his portfolio and this time he decided to step into Korea and a very special steel company there...

The new investment was:

POSCO - A Korean steel producer that start up business in the 60´s. Today they are one of the few steel companies that are still making a profit.

If you want to take a look at the previous summary then please see Dalal Street: Mohnish Pabrai Q1 2014.


Conclusion: Not only did he buy Berkshire last quarter but this quarter he also bought a holding that Berkshire have had and probably still do have. The reason for why I say "do have" is due to the issue that there is no requirement according to SEC to file international ownership and for that reason Berkshire does not show their international holdings. However every international holding above 1 billion USD is being reported in the Berkshire letters and 2013 POSCO was no longer included which was either due to the 1 billion limit or because it was sold... Either way Mr. Pabrai started a holding in it. He also decided to decrease his holding in Chesapeake Energy so according to him the fair value must have been reached in that holding.

Additional comment: I decided to make an analysis of Posco that will arrive shortly and there in their annual report from 2013 they mentioned every shareholder above 2% and Berkshire and Warren is not in there (they used to have around 5%). I therefore now draw the conclusion that Berkshire walked out on the investment or have significantly decreased it.

 

Berkshire Hathaway: Warren Buffett Q2 2014


Warren Buffett, Berkshire Hathaway, Q2, 2014, SEC

This was in my opinion an active month for Berkshire Hathaway with plenty of changes in their stock portfolio with the addition of two new companies (one a spin-off though...), one company was kicked out and one is very close to be sold out. I guess that will be the case in the next quarter report.

The new companies were:

E.On. report Q2 2014


E.On., report, Q2, 2014, front page

My largest energy producer and distributor arrived with their 2nd quarter report and the market accepted it with standing ovations and the share price jumped up around 4 to 5% on the day it was published. That was the markets answer and this is my answer...

Analysis of Uzin Utz


A German supplier of flooring systems

Company: Uzin Utz

ISIN DE0007551509 | WKN 755150   

Business: A German supplier of flooring systems. The Uzin Utz group contains several brands that are either producing floors or equipment for working with floors. The brands are: Uzin (floor covering and wood flooring), Wolff (Machinery and special tools for floor installations), Pallmann (products for surface treatment of wood flooring), Arturo (making synthetic resin flooring), codex (stone and ceramic flooring), RZ (cleaning products for floors) and finally Ufloors Systems (specialised in providing the clients with combined floor solutions from the in-house producers)

Active: Main activity is in Europe, some activity in the middle east and little activity in the US, China, Australia and Indonesia.

P/E: 12.9