AbbVie Buys Half a Drug for Big Money

Current portfolio holding AbbVie (ABBV) is taking a hit today after announcing a $21 billion cash and stock deal to buy Pharmacyclics (PCYC). The sell-off is due in part to the terms of the deal. The shares being issued in the deal could potentially dilute current shareholders by 10%. The other reason is the high [...]

12 Lessons Learned From Warren Buffett

From the Financial Times what Seth Klarman has learned from Warren Buffett. Value investing works. Buy bargains. Quality matters, in businesses and in people. Better-quality businesses are more likely to grow and compound cash flow; low-quality businesses often erode and even superior managers, who are difficult to identify, attract, and retain, may not be enough [...]

Beer Never Goes Out of Fashion

Beer has been with mankind since its accidental discovery some 6,000 years ago. The leading global seller of this 6,000 year old staple is Anheuser-Busch InBev (BUD). BUD's U.S. listed ADR hit an all-time high last week based on several things. 1) The company announced a 26% increase to its dividend as management continues to [...]

A Bear Market is Still a Market

A portion of a reproduced Seth Klarman letter discussing bear markets and how to manage them. https://twitter.com/herbgreenberg/status/572108646286548992 Have a process and stick with it. Good times and bad. When your process says its time to buy for better long-term returns then do so. You won't be able to time the bottom of a bear market [...]

On Friday, February 6, 2014 Harris Corp. (HRS) made an offer to buy Exelis (XLS) for $4.75 Billion or $23.75 per share. The deal is a cash and stock deal which means an Exelis shareholder will receive $16.63 per share in cash and 0.1025 share of Harris Corp for every share of Exelis they own [...]

This is from the AMM Dividend Letter released February 5, 2015. If you want to see the latest "Dividend Stock in Focus" as soon as it's released then join our mailing list here. One of our favorite drawings is the one below by Carl Richards of Behavior Gap. It is a beautifully simple representation of [...]

Systems Versus Goals & Year-End Review

This is from the AMM Dividend Letter released January 8, 2015. If you want to see the latest "Dividend Stock in Focus" as soon as it's released then join our mailing list here. It’s that time of the year again. When we sit down and make our New Year’s Resolutions. A fancy way of saying [...]