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Geoff Gannon's Articles

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Friendly's CEO Resigns; Largest Shareholder Requests Seats On September 28th, Friendly Ice Cream Corp. (FRN), announced CEO John L. Cutter had resigned. It was not immediately clear whether Mr. Cutter had been forced out. I mention the possibility that Mr. Cutter was forced out, because Friendly's largest shareholder, Sardar Biglari, included this disclosure in a recent 13-D: "The Reporting Persons have consulted with the Chairman of the Board of Directors and management of the Issuer concerning the business, operations and fu... An Analysis Of Lenox (LNX) Below is a letter from Mr. John L. Morgan, beneficial owner of approximately 7% of Lenox (LNX), to Ms. Susan E. Engel, Chairwoman and CEO of Lenox. Dear Susan, When your board offered me a directorship on September 18, 2006, we discussed the reasons that made it unacceptable. At that time, I reiterated that I could best serve the shareholders of Lenox Group by assuming a leadership role on the Board of Directors and playing an active role in formulating and guiding the ... The Human Index As the Dow approaches a new all-time high (the record close was 11,722.98), now would be a good time to take a break from the financial news found on your televisions, in your newspapers, (and yes) even on your computers. A new high is an empty headline. I'm not writing to tell you that; you already know that. What you may not fully appreciate is just how arbitrary an index the Dow Jones Industrial Average really is. Most notably, it's no longer very industrial. Only ab... An Analysis Of Nintendo (NTDOY) Even before last week's announcement from Sony (SNE), it seemed nearly certain that company's dominance in the PlayStation 2 generation of video game consoles would give way to a much more level playing field for the PS3 generation. This time around, Sony faces much stiffer competition from both Microsoft (MSFT) and Nintendo (NTDOY). While the Nintendo name is most closely associated with a video game platform (the NES), the company's real focus has always been the games r... Sony Delays Playstation 3 As a result of problems related to the mass production of a key component of its Blu-ray DVD player, Sony (SNE) will delay the European launch of its next generation video game console, the PlayStation 3 (PS3). Sony will also reduce the number of PS3 units immediately available in both the U.S. and Japan. In the U.S., the PS3 will launch on November 17th, with approximately 400,000 consoles available for sale. The U.S. launch will come almost a week after the Japanese laun... Sumner Redstone Fires Viacom CEO Tom Freston On Monday, Sumner Redstone fired Viacom’s CEO, Tom Freston. Yesterday, Viacom announced that its Board of Directors had appointed Philippe Dauman President and CEO and Thomas Dooley Senior Executive V.P. and Chief Administrative Officer (a newly created position). Mr. Dooley’s role is expected to be similar to that of a Chief Operating Officer. Both Dauman and Dooley are members of Viacom’s Board of Directors. They served in key positions within the previous incarnation of... The Importance Of Maintenance Cap-Ex Maintenance Cap-Ex The nice thing about having low capital spending, is the pleasant surprise it creates. You find a company that is earning more (economically) than other companies with the same GAAP numbers. So, the P/E ratio tends to exaggerate how expensive the business is. This is kind of like finding a business with excess cash. While it's true that a business can have too much cash from an efficiency point of view, finding more cash on the balance sheet than you ... On Valley National Bancorp Valley National Bancorp (VLY) is a conservative bank with a strong position in northern New Jersey and a presence in Manhattan. The bank, founded in 1927, has about $12 billion in assets. Valley has consistently earned extraordinary returns on assets and equity. Over the last twenty years, Valley has averaged a 1.74% return on assets and a 21.12% return on equity. Valley’s worst two-year performance occurred in 1990 and 1991. During that period, Valley’s return on equit... On Banks Superficially, banking appears to be a commodity business. In fact, it appears to be a particularly poor commodity business, because capacity is not constrained by the need to invest in a substantial physical infrastructure. True, whatever investments are made in tangible assets are usually intended as a means to acquire more intangible assets; however, a branch is hardly comparable to an oil well. A bank’s ability to lend money (and thus produce income) is not completely ... The Danger Of Inflexible Enterprises Whenever a large investment has been made in a particular area, whenever there is a lot capital, people, and ego tied up with some operation, the transition away from that operation is apt to be far slower than what an objective observer would have expected. As an investor, it’s easy to look at a corporation from afar and see the business the way a rational capital allocator would see it. But, very few people within the organization are able to take such a farsighted view.... Mismanagement At The New York Times The New York Times Company (NYT) isn’t just reporting the news – it’s making the news. At yesterday’s annual meeting, shareholders withheld 28% of their votes for the four directors elected by holders of the company’s common stock. Nine other directors are elected by holders of the Class B shares, effectively granting control of the company to a group holding less than a 1% economic interest in the business. Most of the large newspaper companies have not done a great job o... Investing With Confidence Most people’s beliefs about investing are very tenuous. There are, of course, people who are very passionate about investing. They don’t view investing as some esoteric subject, but rather as a field intimately connected to the human behavior they observe in their everyday lives. For everyone else, however, beliefs about investing come in the form of passive knowledge. The tendency is simply to accumulate an inventory of conventional dictums. Investing beliefs are formed m... Stocks Look Pricey The first quarter of 2006 is over. Now is a good time to reflect on stock prices and the opportunities they present. Bargains are scarce. Equities are expensive. In recent weeks, I’ve heard several fund managers say valuations are still attractive. I don’t agree. Generally speaking, valuations are unattractive. Returns on equity are higher than historical levels. A market-wide return on equity of 15% is unsustainable. Price-to-earnings ratios may not fully reflect how expe... Buffett's Big Bet Over the past few days, there have been several stories written about Warren Buffett’s $14 billion bet on global stock markets. I believe these stories are all in reference to this excerpt form Berkshire Hathaway’s annual report: “Berkshire is also subject to equity price risk with respect to certain long duration equity index put contracts. Berkshire’s maximum exposure with respect to such contracts is approximately $14 billion at December 31, 2005. These contracts genera... What Is Value Investing? Different sources define value investing differently. Some say value investing is the investment philosophy that favors the purchase of stocks that are currently selling at low price-to-book ratios and have high dividend yields. Others say value investing is all about buying stocks with low P/E ratios. You will even sometimes hear that value investing has more to do with the balance sheet than the income statement. In his 1992 letter to Berkshire Hathaway shareholders, War... The Wonders And Horrors Of Compounding Google Price Target: $16,578.90 Some of you will immediately recognize this headline is a joke. For the rest of you, I was kind of hoping the ninety cents part would give it away. If you’re reading this because you’re interested in what I have to say about Google (GOOG), you can stop now. I’m not going to say anything interesting about Google. Rather, I’m going to say something (that I hope is) very interesting about the wonders of compounding. Warren Buffett’s annua... Some Lessons From Warren Buffett's Annual Letter Warren Buffett’s annual letter to Berkshire Hathaway shareholders was released over the weekend. Readers will find plenty of investing lessons among the twenty-three pages. Warren began this letter as he begins each letter, by stating Berkshire’s change in per-share book value: "Our gain in net worth during 2005 was $5.6 billion, which increased the per-share book value of both our Class A and Class B stock by 6.4%. Over the last 41 years, (that is, since present managemen...

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