Word: cheaping
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Dates: during 2000-2009
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...what should the patient bargain hunter be buying in Asia today? Wadhwaney suggests looking at out-of-favor Japanese stocks such as Asatsu-DK Inc., an advertising agency that's "extremely cash rich," well positioned in an industry that's ripe for consolidation, and "very cheap." He also likes Nichicon Corp., a producer of aluminum capacitors?ubiquitous components in electronic products. It's an acutely cyclical industry that's deeply depressed, but Nichicon?like every company Wadhwaney owns?is so well capitalized that it will undoubtedly survive while he waits for the downturn to pass. In the meantime, he adds...
...well-financed Hong Kong bank, as well as property in mainland China. The stock, listed in Hong Kong, trades at a 50% discount to its net asset value. It could take years for other investors?or acquirers?to notice how undervalued it is, but when you find something this cheap, says Wadhwaney, "you buy and buy and buy?and then you wait...
...contrarians like Wadhwaney, 51, investing is a matter of avoiding manias and searching instead for bedraggled castoffs that are cheap precisely because the in-crowd won't touch them. "I don't buy prime merchandise," he says. "I buy stuff that's fraught with discomfort. I buy some terrible things." Yet these terrible things produce terrific returns. Wadhwaney's $1.26 billion mutual fund has racked up annualized gains of 22.5% since its birth three-and-a-half years ago?double the rise of a comparable index of non-U.S. stocks. (I've entrusted his firm, Third Avenue Management, with...
SENATOR JOHN MCCAIN: Senator, asking a question is a cheap shot...
...West Point, with the idea that Pae would study business and build his management and leadership skills. "After growing up in a Korean family, West Point is a breeze," says Pae's roommate, Steve Kim. Stripped of their civilian lives, cadets cherish what they have, polishing cheap shoes to perfection and meticulously caring for each of the five items of civilian clothing that Firsties--as seniors are called at West Point--are allowed to own. In Pae's case, those are immigrant values as well. It may be an imagined past or an idealized vision of the immigrant present...