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It’s very frustrating for value investors such as ourselves to watch our largest holding, Apple decline,  almost precisely the absurd amount of money that FaceBook paid for messaging app, Whatsapp.  Whatsapp reportedly had $20 million in revenue and Facebook has paid … Read more.

Yes, it’s a bold statement but Apple stock is already worth far more than its trading it based on discounted cash flow analysis with very modest projections of near zero revenue growth.  Any product category that Apple pursues that generates … Read more.

Almost all investment ideas related to the growing legalization of marijuana are making money for their investors. I expect this one to do so as well. http://www.businessinsider.com/silicon-valley-vape-marijuana-tobacco-tesla-firefly-2014-2

Interesting chart but Business Insider’s comments show their lack any understanding of Apple’s customer base or the company’s busines strategy. Churn is actually upgrade and there is a wide swath of people that are willing to pay for a product … Read more.

Small positive – the Fund is now positive for the year. Enjoy your long weekend. Harvey Sax harvey@saxangle.com www.saxangle.com “the insider’s fund”

http://www.cnbc.com/id/101405322 The FXI was up over 3.5% Tuesday. That’s a big move for the equivalent of China’s Dow Jones Industrial Average.

An interesting investment idea but one that has yet to be profitable for us is long dated in the money call option on the FXI.  The large cap China ETF is where it was in 2007 while US markets have … Read more.

How much do you pay for liquidity?  This is a question I’ve often asked myself.  I know at our Fund, Sax Angle Partners, we like to tell ourselves and our investors, that our exceptional liquidity (we have no lock-ups just … Read more.

If this was Google, stock would be up $20.   Apple Executives Met With F.D.A. to Discuss Mobile Medical Applications – NYTimes.com.

http://m.scmp.com/business/economy/article/1412369/why-recession-would-be-good-china I like the part where Buffett makes his point that rapid growth and inflation are much worse for stocks and the authors comparison to China

My favorite technical indicator is a tool that I have modified to show Wilder’s Relative Strength (RSI) divergence.  It’s a great way of spotting short term trend changes up or down. Anadarko (APC) is exhibiting text book bullish divergence right now.  … Read more.

Apple is our largest position so I thought you might want to hear my thoughts on the Apple’s earnings call.  I’m not going to reiterate any facts and figures; there is plenty out there.  Here’s my take and not necessarily … Read more.

First of all it wasn’t a rout.  It was barely a 2% sell-off.  It’s just that at these lofty numbers, the Dow drop of 318 points sounds bigger than it really is.  You’ll hear explanations from too much complacency, winding … Read more.

You really have to read this or at least skim it. Apple is our largest position too. Icahn ratcheted up the heat on Ebay yesterday and he’s back tweeting and bemoaning how undervalued Apple is today. I completely agree with him … Read more.

There hasn’t been a down month in the S&P for 7 months now and only 2 down months since November 2011. We are more than due. f I’d even lay odds that its is January as we are down .05% … Read more.

This chart from Barron’s doesnt’ paint a bullish picture in my opinion. Only one buy and the rest are sells. Does make you stop and wonder. The lack of insider buying is notable and lamentable for the long only investor. … Read more.

One of the more colorful quarterly earnings calls this season. Its refreshing to find someone who is buying their stock when all of the Googles, Linkedin, Yelps, Facebooks, etc of the world can’t sell it fast enough. http://blogs.wsj.com/corporate-intelligence/2014/01/16/why-oil-tycoon-rich-kinder-feels-undervalued/?mod=WSJ_qtoverview_wsjlatest

  By ERIC MORATH CONNECT The state making the fastest climb up the millionaire rankings doesn’t have a single Tiffany or Saks Fifth Avenue store. The closest BMW dealership is a six-hour drive from the capital. Welcome to North Dakota, … Read more.

  December 2013 Performance of the HFRX Indices   HFRX INDICES – STRATEGY 2014 Glocap Hedge Fund Compensation Report Monthly Performance Historical Performance DEC ROR NOV ROR 2013 INDEX VALUE (DECEMBER 31, 2013) Last 36 M (ann) Last 48 M (ann) Global … Read more.

No coincidence, Business Insider pumps this story when Apple is the rare up name in an ugly tape.  I do agree with the thesis and one up it, Apple is just plain cheap.  The Nest acquisition is a bit troubling, … Read more.

China overtakes US as world’s largest goods traderBy Jamil Anderlini and Lucy Hornby in Beijing©AFPChina became the world’s biggest trader in goods for the first time last year, overtaking the US for all of 2013 and finishing the year with … Read more.

Sax Angle Partners owns EEM, iShares MSCI Emerging Market ETF.  We prefer to invest in companies where management is buying but that information is not available in these markets and having just got back from China last month, I find … Read more.

This scary chart from the Washington Service provides a graphical view of the flight from equities by C level officers and directors.  There has not  been a time in recent years when insiders have unloaded as much stock as now. … Read more.

Beware of the black swan. Black swan events were introduced by Nassim Nicholas Taleb in his 2001 book Fooled By Randomness, which concerned financial events. His 2007 book The Black Swan extended the metaphor to events outside of financial markets. Taleb regards almost all major scientific discoveries, … Read more.

Only two names on this list grab me as having notable recent insider buying  They are Apache and Tenet Healthcare.   By Ben Levisohn Picking underperforming stocks has not been a winning strategy over the long term. It can, however, … Read more.

2013 – a look back at performance metrics for the year US equities saw gains across the board in 2013.  DJIA +26.5%, SPX +29.6%, SPR +30.12%, Nasdaq +38.32%, Wilshire 5K +30.45%, Russell 2K +37%. The DJIA, SPX, and RTY are … Read more.

This is the time you get 2014 predictions.  For the most part this is a completely worthless endeavor and a waste of your time unless you are a contrarian.   For me, it’s interesting reading and I am a contrarian. … Read more.