October 31, 2012

Inside This Issue


Critical Path

Jeffrey Smith, Peter Feld, Starboard Value LP

Starboard Value’s Jeffrey Smith, Peter Feld, Mark Mitchell, Gavin Molinelli, Tom Cusack and Jon Sagal describe where they spend the majority of their research time, how they assess whether an activist “path” is open, how they hedge risks, and what they think the market is missing in Office Depot, Wausau Paper, Progress Software and Regis Corp.

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Coveting Obscurity

James Vanasek, Don Noone, VN Capital

James Vanasek and Don Noone of VN Capital explain how they unearth ideas that are typically well out of plain sight, what virtues they see in portfolio inactivity, the lesson they learned from getting frustrated by management, and why they see unrecognized value in AirBoss of America, Breeze-Eastern, Big Rock Brewery and Ceres Global Ag Corp.

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Strategy: Bestinver

How one of Europe’s foremost value investors is navigating today’s difficult environment.
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Uncovering Value

What happens when a venerable activist investor takes over the reins of one of its targets.
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Editors’ Letter

On investors’ preference for bonds over equities; A timely parable from Warren Buffett.
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Who's Behind VII?

John Heins, Co-Founder, Editor-in-Chief
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John Heins co-founded Value Investor Media, Inc. in 2004 and since then has served as its President and as the Editor-in-Chief of Value Investor Insight. In 2016 he took on an additional role as a Professor of Value Investing at the University of Alabama and is now the Director of the university's C.T. and Kelley Fitzpatrick Center for Value Investing.