Some links


Bruce Berkowitz Comments on Individual Holdings in Mid-Year Letter (link)

The Funds own senior bonds of Atwood due 2020 with a 17% yield to maturity. Year-to-date, Atwood has retired over 30% these bonds due 2020 via open market purchases and a $150 million cash tender offer announced in late June. These events indicate that management believes it has the financial wherewithal to meet all obligations and take advantage of market mispricing. An existing $220 million cash balance, available credit line, and current contractual backlog provide ample liquidity.

Atwood Oceanics is a leading offshore driller


FPA Capital

FPA Capital Fund 2nd Quarter 2016 Commentary (link)



First look at Fiserv

Fiserv, Inc., is an American provider of financial services technology. The company’s clients include banks, thrifts, credit unions, securities broker dealers, leasing and finance companies, and retailers, among others. I see Fiserv as a high quality buisiness with good predictability.

This are Fiserv’s Sales (left) and Earnings (right) per Share (provided by


This is the PE Ratio for which FISV was selling for since 2000 (provided by

Fiserv_PE Ratio.PNG

The expected EPS-Range for 2016 is $4.38 to $4.45 per share. The stock is selling for about 105 USD. So the expected PE-Ratio is now at about 24 to 23,6 – which is normal for a company of this quality.


4 thoughts on “Some links

  1. I haven’t looked closer at Stericycle yet, their PE-Ratio is still to high for my taste. I know that Eddy liked it and that it is on a 52W-Low at the moment. I can imagine that the business of handling special waste have some hard barriers to enter – once a functioning structure is enabled. I think Shred-It has not that kind of moat.
    Accounting issues sounding bad, always – (I have just read the WPF stuff for the moment ) – haven’t looked closer at it but that could turn out to be a big red flag.

    Thank you for your informations!


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