134 documents showing 121–134
Orient Paper Inc. ONP
Orient Paper is a fraud — revenues overstated 27x in 2008 and ~40x in 2009, assets inflated 10x, ~$30M of investor raises misappropriated; fair value under $1 vs. $8.43.
General Growth Properties GGP
GGP is worth ~$20/share sum-of-parts ($15 PF GGP + $5 GGO) vs. $14 price — 43% upside by year-end
Corrections Corporation of America CXW
CXW trades at a 12% cap rate vs ~7% for Health Care REITs with near-identical attributes
US/Japan Sovereign Debt & Fiat Currencies (Macro)
Bernanke and Geithner's short-termism has institutionalized too-big-to-fail and will debase fiat currencies — hedge with gold and long-dated options on higher US and Japanese rates.
General Growth Properties GGWPQ
GGP's assets materially exceed liabilities — this is a liquidity bankruptcy, not insolvency
Target Corporation TGT
Target owns 95% of its buildings — more real estate than any big-box peer, worth $39bn replacement value
Lehman Brothers LEH
Lehman is using fair-value accounting tricks to hide CDO losses and inflate Level 3 marks; the firm is over-levered, opaque, and needs to recapitalize before the Fed has to step in.
Wendy's International WEN
Wendy's is 93% a brand-royalty and real-estate business masquerading as a restaurant chain
Lehman Brothers LEH
Lehman quietly disclosed $6.5bn of previously hidden CDO exposure but took only a $200m write-down
Time Warner Inc. TWX
Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium.
McDonald's Corporation MCD
McDonald's real estate is worth ~$46bn, ~94% of enterprise value, but trades like a restaurant stock
Allied Capital ALD
Allied appears to flout SEC fair value rules by using SBA-style accounting to overstate NAV
Kao Corporation 4452.JP
Kao, a 'sleeping giant' of premium FMCG brands hamstrung by a management allergic to growth, should refocus globally and rebuild the board, unlocking 76-97% upside.
Hess Corporation HES
Hess has underperformed every relevant peer over every time frame of John Hess's 17-year CEO tenure