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  1. Riding the M&A Wave • December 27, 2006

    Dear Capital & Crisis Investor, I know I said I wouldn’t write to you this week. But I thought I’d pass on the following piece, which I wrote a while ago after reading Bruce Wassertein’s book Big Deal and reflecting on the recent merger and acquisition (M&A) boom. The piece gives you some historical perspective for what [...]

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  2. Final Thoughts for 2006 • December 22, 2006

    “For every height that is gained new and more baffling dangers menace us. The coward is often buried beneath the very wall against which he huddled in fear and anguish. The finest coat of mail can be penetrated by a skillful thrust. The greatest armadas are eventually sunk; Maginot lines are always circumvented. The Trojan [...]

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  3. Walter Industries Spinoff • December 15, 2006

    Dear Capital & Crisis Investor, If you bought shares of Walter Industries (WLT:nyse) before Dec. 6, based on my recent special report, you now have 165 shares of Mueller Water for every 100 shares of Walter Industries you own. The conversion rate was 1.65-to-1 with fractional interests paid in cash. For purposes of tracking the position in [...]

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  4. Palm Oil, Russia and a Bubble in Ports • December 15, 2006

    “Unseen, in the background, Fate was quietly slipping the lead into the boxing glove.” – P. G. Wodehouse, English comic writer Dear Capital & Crisis Investor, It was a relatively quiet week for our portfolio companies. Some thoughts on themes we’ve hashed out in prior letters… *** Malaysian Palm Oil The booming palm oil business in Malaysia booms still. The [...]

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  5. 12/08/2006 A New Buy Recommendation • December 8, 2006

    Dear Capital & Crisis Reader, Read this carefully, because the stock I’m recommending is right at my “buy-up-to” price as I write. The stock was at about $14.75 when I seriously got interested in it. Since that time, the market — and the stock — rallied hard. As a result, the stock sits right around $17 per [...]

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  6. December 2006 Issue • December 1, 2006

    Anytime the price of anything drops two-thirds in a matter of months, it is worth checking out the story. Financial train wrecks like these can make interesting reading over boiled eggs and coffee – as long as your dollars weren’t riding on the train. For investors, though, it’s more than something to digest over breakfast. [...]

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  7. No Refuge in the Herd • December 1, 2006

    “There is a theory which states that if anyone discovers exactly what the Universe is for and why it is here, it will instantly disappear and be replaced by something even more bizarre and inexplicable… There is another which states this has already happened.” – Douglas Adams, The Restaurant at the End of the Universe Dear Capital [...]

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