Netflix Earnings Multiple Still 26x

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Netflix stock’s stunning collapse continues even after the company decided not to break the company up into two pieces.  The stock is extremely close to breaking the $100 barrier, which is almost 70% lower than its peak.  Amazingly though, despite … Continued

RIP Steve Jobs

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In memoriam, two clips of Jobs: the first–about the think different campaign as Apple’s soul and the second–on passion as the key to success.Think Different: On Success:

October 2011 Investment Letter

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I write this letter monthly for the benefit of Avondale Asset Management’s clients.  It is reproduced here for informational purposes for the readers of this blog. Dear Investors, Needless to say, September was another extremely difficult month for investors. The … Continued

Bank Price to Book Multiples

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Banks are cheap.  Extremely cheap.  Below are the price to book multiples of the largest banks in the world and the US ranked by total assets.  If the world doesn’t go into a coordinated depression, surely there is tremendous value … Continued

Sitting on the 200 mma

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Watching the tide roll away… Not only did we end the day sitting at 1100 on the S&P, which is an important psychological level if nothing else, we’re also sitting here on the 200 month moving average, which is a … Continued

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