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Weekend reading

The growing up of Brian Moynihan: Great piece on his missteps at BoA

Daily Journal Meeting Notes: Great stuff for Charlie Munger fans

The Big Short War: Story on Ackman’s strong confidence and arrogance

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Categories: Reading
  1. brett
    April 9, 2013 at 11:19 am

    Looks like you have continued to be right on TARO. Looks like your portfolio is slightly outdated. What are your best ideas currenlty? I assume one is still TARO? Thanks.

    • paras
      April 9, 2013 at 6:15 pm

      Yes Taro is doing well. I expect it to do appreciate lots more if it stays public. I think you will have a discount in the price since investors will always be concerned that Sun might take it private. Although the longer Taro is public, there is chance that fear goes away.

      Taro has a huge cash hoard with no capital requirements. If Taro is truly going to stay public then I would expect to see some acquisition in 2013.

      As for the portfolio, it hasn’t changed much. I have sold out of Goldgroup, just a few days ago. I wanted to get more concentrated. So I bought more MBIA in Q1. The rest of my holdings are the same. I expect to hold them over a long period of time.

  2. brett
    May 7, 2013 at 12:15 pm

    Finally made the plunge into TARO. Hopefully better late than never. What is your current favorite holding? Great work on MBIA. Thanks.

    • paras
      May 7, 2013 at 10:15 pm

      Taro should do well in long run. I think Sun will use Taro as an acquisition engine. We should see some signs of this in 2013.

      I’m currently looking at NatGas industry. I like some players in the producer market. I have bought a small position in Chesapeake. I’m looking at other companies as well and I’m also looking at other industries that will get positive impact from the growth in NatGas usage. I would like to make huge bets in this industry, just need to find stuff that is cheap. UPL is another company to look at, low cost producer, no short-term debt maturities, CEO owns stake in company, and in position to acquire more land position.

  3. brett
    May 9, 2013 at 11:48 am

    Is there any value left in MBIA post this large runup? Thanks.

    • paras
      May 9, 2013 at 9:17 pm

      Plenty of value in MBIA. The stock still has a long road to go. BV is in mid-20s. Plus a company like MBIA, w/ A rating, dominant player in mono-line should get valuation higher than BV. We should see the stock keep moving up for the rest of this year and more.

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