Question-and-Answer Session Operator Operator Instructions Your first question comes from [Alec Swanson] for Michael Linenberg - BofA Merrill Lynch. [Alec Swanson] for Michael Linenberg - BofA Merrill Lynch I just had a couple of quick questions. Phil, you mentioned earlier about the pilot agreement with ALPA on the...
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The past eighteen months were difficult for many investors and fund managers across a variety of strategies. The credit crisis resulted in major market stress that yielded correlations of nearly one across equities such that performance was largely dictated by the net long exposure of investors. Nearly halfway through 2009, investors seem willing to view 2008 as a “six sigma” year and probably have little interest in attempting to learn much from it. While in many cases, all investors can do is throw their hands up in exasperation, the past 18 months have provided some interesting lessons to those in value investing circles. Continue reading "Value Investing's Comeuppance"[More...]
Monish Pabrai’s Q1 filing showed over 3.2 million shares of Pinnacle Airlines (PNCL). I highlighted his rationale in a previous posting and said you need to have a strong stomach to get into this stock and not to rush into it. Obviously, airline stocks have been hammered as a result of high oil prices and [...]
I had read about this a few months ago and have been watching it from 11 to now $6.5. Insiders are buying at this price and in large amounts at market (an indicator I always like). This regional carrier is an outsource for the majors and as such sign long term contracts regardless of passenger utilization they get paid. I do worry about fuel, and am looking into how they handle their fuel hedging. Also the pilot contract issue could be important. Overall for 5 years into the future cash flow and profits should increase as it makes less and less sense for large planes to make flights.
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