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Stock misconception: listen to experts (II)

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It is reported that Pequot Capital will go out of business in next few months (from CNBC). Pequot was headed by Art Samberg (one of the Barrons Rountable 2008 expert), who would have dismal performance if he followed his Barrons Roundtable pick. Quote his best and worst picks (loss > 80%):

Company Ticker 1/4/08 12/31/08 Change

MEMC Electronic Materials WFR 81.40 14.28 -82.5
Qualcomm QCOM 37.03 35.83 -3.2
Focus Media FMCN 55.71 9.09 -83.7
Dogan Yayin DYHOL.Turkey 4.44 TRL 0.66 TRL -85.1

Interestingly, the latest WSJ article still brags about his success. (If he is really that successful, why not stay in the business?) Quote WSJ:

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Stock misconception: listen to experts

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A guranteed way to lose money: listen to so-called experts. Barrons is a pretty reputable magazine in investment community. I read them, but I don’t listen to them. Here is an example: the reporting card of Barrons Roundtable 2008. Every year (Jan) Barrons will assembly a group of experts, from famous money managers to analysts such as Bill Gross (Pimco) to Abey Cohen (Goldman Sachs), discussing the outlook of the year, and each expert will share some picks.

Here is an example how things go terribly wrong (I hope no one copied his strategy).

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Cal-Maine: egg company Buffett may like?

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Amid the terrible market and paper loss in my brokerage account, I was doing some soul search: general market condition aside, what went wrong in my investments; new ideas?

I came across this Cal-Maine foods from the latest Barrons, Egg Fight: The Yolk’s on the Shorts. We all know the egg price went up quite a bit recently, so as the stock of Cal-Maine (Nasdaq: CALM). From July 6 2007 to July 3 2008, the stock was up 75%.

eggs back light pic

So I went to Cal-Maine Investor Relationship web site and started reading. Some interesting facts from reading its fiscal 2007 annual report, and its investor presentation.

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Weekend thoughts w/e 051008

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Baidu, Google China
Keso wrote this Chinese article a while back Who is Google China’s opponent? He is talking about the difference between Baidu (Nasdaq:BIDU) and Google, and he thinks Baidu has created a brand and a series of products, and consequently built a moat to fend off Google and other competitors.

This is confirmed by gseeker baidu from readers series: “baidu” real estate, “baidu” fashion apparel, “baidu” KTV. Don’t know how Robin Li (Baidu CEO) feels about people using his company’s name? By the way, gseeker is the best blog about Google in China, in my mind.

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Reading Barrons Feb 16 2008

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Starting this year I got the Barrons’ subscription from my frequent flier miles (Northwest).

Barrons cover page
(picture from

1) Joe Rosenberg is an investment guru, and he shared his insights on various stocks from MSFT, YHOO to PFE. He likes MSFT the stock, but he does not like the decision of buying YHOO, and he thinks Baller’s decision does not make sense financially. (P. 34)

He does not like PFE at this moment. Same as yours truely 🙂

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