לכל החברים סוף חג שמח. מי שאכל כמוני בלי סוף במהלך החג ולא יכול לזוז מהספה, זה הזמן לחזור לספורט :-) ממחר...

אתר משקיעי הערך "גורו פוקוס" יצא בפרוייקט שבו הפנה שאלות לאחד ממשקיעי הערך המצליחים בעולם, "דונלד יאקטמן". דונלד החל את דרכו ב-ב-1968, אך הצלחתו נרשמה מאז הקים את קרן ההשקעות "יאקטמן פוקוס" בשנת 1991. לא מדובר על משקיע שהיה חבר לספסל הלימודים של באפט וחבריו אבל בהחלט מדובר על משקיע וותיק שמיישם את השיטה שנים רבות בהצלחה רבה.

הביצועים שלו מדברים בעד עצמם. ומי שמעוניין מוזמן לקרוא בהרחבה כאן

גם אני הצטרפתי לשאלות וקיבלתי תשובה תהנו:

Mati Alon : According to the last YAFFX report the second-largest position is News Corp. (NWS) I guess the scandal with the UK news created the opportunity. Can you please share the fundamentals that attract you to invest in this company?

[Mr. Yacktman]: We studied News Corp for many years before purchasing shares in 2008 below $10 per share. We used the challenges last year to purchase additional shares. We got to know the company especially well as it was an important component of value for Liberty Media (LCAPA), one of our larger portfolio positions several years back. News Corp is one of the few newspaper oriented companies to successfully transition to newer media. Today the cable and television content divisions are where the most significant value exists. On a stand-alone basis, the cable content unit has been growing pre-tax profits at more than 25% a year for more than a decade, a claim few other large businesses or business units can make.

News Corp generates significant free cash flow and sells at a low multiple of free cash flow. The cable content business offers significant predictability with more than 2/3rds of the unit’s revenues from predictable monthly fees. News Corp also has significant value in non-core investments which we think the company does not get full credit for in its share price.

We think News Corporation has significant growth opportunities in the future. The core cable content should experience solid growth in the U.S. and especially overseas where pay television and content have much lower penetration and consumption rates than the United States. In the last few years, News Corporation and other network television companies successfully negotiated monthly transmission fees. The monthly payments will be increase earnings and create more predictability for The Fox Network and Fox television stations.

היו עוד הרבה שאלות ותשובות מומלץ בחום לקרוא אותן כאן

מתי,תודה על ההמלצה על השאלות והתשובות.איש חכם.

אפרופו הדיון בקהילה על אפל,דעתו של יאקטמן קצרה וקולעת לטעמי.

[Question]: There has been so much written analyzing Apple (AAPL) and its stock. Many seem to believe it is still massively undervalued. How do you view Apple and what is your opinion of the stock price? [Mr. Yacktman]: Apple is a company that has executed brilliantly and looks inexpensive if you believe its sales will continue to be robust and profit margins will stay at current levels. Is the business is more durable than cyclical? We do not think that Apple will be able to sustain its profitability over time as the rate of product innovation slows and/or competition catches up. Consumer electronics, computers, and the cell phone markets all have had rapid boom/bust cycles previously. In addition to potential business challenges, at the current size, the high rate of growth is likely over.

היי מתי תודה רבה על הקישור והפוסט,אני חולה על הבן אדם הזה ועל כל מה שהוא כותב ואומר. יש גם הרצאה שלו ביו טויב על השקעות ערך

http://www.youtube.com/watch?v=KWUK_fzVlro