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  1. Capital & Crisis: Bidding for “Margin of Safety” • March 25, 2005

    Dear Fleet Street Investor, I’ve been looking for a copy of Seth Klarman’s book Margin of Safety for several years. If you don’t know who Seth Klarman is, let me just tell you that he is one of best value investors around. His Baupost Group partnerships have returned nearly 20% annually since 1983, and Klarman has [...]

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  2. Anatomy of a Fleet Street Pass • March 18, 2005

    Dear Fleet Street Investor, I want to tell you about a company that I almost recommended, but didn’t. And even though the stock rose 16% on Wednesday on news that the company may be up for sale (or taken private, among many other strategic alternatives being considered), I have no regrets about taking a pass. [...]

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  3. Capital & Crisis: The Guilty Pleasures of Speculation • March 11, 2005

    Dear Fleet Street Investor, For months, I’ve been telling you about CrisisPoint Trader, my new trading service. Well, it’s finally arrived. I’ve already sent my first dispatch to subscribers this week, opening with a view of the market using the venerable Dow Theory and putting in our first trade, a fascinating speculation on one of [...]

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  4. Capital & Crisis: Grab your 95% Gains on Questar • March 4, 2005

    Dear Fleet Street Investor, I’ve got lots of things to pass on to you this week, so let’s get right to them. First, let’s take profits on our two utility companies, Questar (STR:nyse) and Piedmont Natural Gas (PNY:nyse). We’ve got gains of 95% on Questar and 52% on Piedmont. Congratulations to all of you who [...]

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  5. Capital & Crisis March 2005 Issue: Concrete Slabs With 300% Profit Margins • March 1, 2005

    Concrete slabs with 300% profit margins? It’s true. This company owns 120 hydroelectric dams on various river systems located primarily in the United States and Canada, and also in Brazil – essentially concrete slabs that ooze with profit. The operating costs of these dams run about 1 cent per kilowatt hour, and the company charges [...]

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