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Post by liane on Nov 15, 2013 10:08:02 GMT -5
www.valuewalk.com/2013/11/mannkind-and-atlanticus-top-chou-associates-holdings/MannKind And Atlanticus Top Chou Associates’ Holdings Chou Associates Management Inc. filed its 13F for the quarter ended 30th September 2013 with the Securities and Exchange Commission. The regulatory filings show that Chou Associates increased its stakes in 2 stocks and reduced holdings in 5 stocks. The top ten holdings of Chou Associates represent a substantial 94.20% of its portfolio. Francis Chou founded Chou Associates Management in 1986. Francis Chou is a well-known value investor who was named Morning Star Fund Manager of the Decade in 2004. Chou Associates Management Inc currently has a market value of $1.80 billion. Chou Associates’ Top Positions Biopharmaceutical company MannKind Corporation (NASDAQ:MNKD) was the biggest position of Chou Associates Management as of 30th September. Chou held 7,300,000 shares in MannKind for $722 million representing a significant 39.98% of its overall portfolio.Financial services major Atlanticus Holdings Corp (NASDAQ:ATLC) was the second largest holding for Chou Associates Management as it held 12,300,000 shares in Atlanticus valuing $497 million comprising 27.52% of its total portfolio. Chou Associates’ third largest holding was Level 3 Communications, Inc. (NYSE:LVLT), a facilities-based provider of a range of integrated communications services company. Chou held 1,470,000 shares in Level 3 valued $220 million representing 12.21% of overall portfolio. Global forest product company Resolute Forest Products Inc (NYSE:RFP) was the fourth largest holding for Chou Associates Management as it held 4,127,259 shares for $54 million that represented 3.02% of Chou’s overall portfolio as of 30th September 2013. Chou Associates’ fifth largest holding was Warren Buffet’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) Chou Associates Management held 300 shares in Berkshire valued $51 million during the quarter ended 30th September 2013. Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) constituted 2.83% of Chou Associates’ overall portfolio. The sixth big position for Chou Associates was the retail major Sears Holdings Corp (NASDAQ:SHLD) (Holdings). Chou Associates held 803,256 shares of the retail major for $47.922 million representing 2.65% of its overall portfolio. Computer major Dell Inc. (NASDAQ:DELL) was the seventh large position for Chou Associates as it held 2,500,000 shares valuing $34.42 million as of 30th September 2013. Dell constituted 1.90% of Chou Associates’ total portfolio. Chou Associates Management Inc. has neither added any new position nor closed any major position during the quarter ended 30th Sep 2013.
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Post by StevieRay on Nov 15, 2013 11:26:57 GMT -5
I believe we are in great company. Great minds think alike or is it misery loves company. www.nasdaq.com/symbol/mnkd/institutional-holdingsI noticed B of A is has a long position even though they have borrowed about 9 million shares. Not sure what to make of that. Just curious. Even though we’ve been beaten down pretty bad lately I’m not feeling too down & out over the share price. I’m not a trader. I’m pretty much buy & hold until the real value is achieved. I have accumulated a few more shares while we were dunked under 5. I also believe that when the FDA issues the 74 Day Letter it will be a turning point and will provide the feedback everyone is anxiously waiting for including our potential partner(s). Looks like just after Christmas we should hear from the FDA and hopefully it will be good news indicating everything is on track and progressing on schedule without issue or the need for additional information. Best of Luck Everyone! Have a great weekend!
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Post by babaoriley on Nov 15, 2013 11:50:59 GMT -5
As Andrew Lloyd Weber (well, actually Tim Rice) may have said, "Chou has fallen for the charms of Afrezza!" In a rather huge way. My guess, he doesn't hold more than half of those shares through PDUFA, he's just got to take some off the table, hopefully for about 8 bucks! That position is breathtaking, especially considering the percentage of overall assets.
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Post by StevieRay on Nov 15, 2013 12:20:31 GMT -5
As foolish as it sounds, I have quite literally gone “ALL IN” with MannKind! I feel very comfortable with this position and will continue to hold until Afrezza has successfully reached the masses. Attachment Deleted
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Post by mrv on Nov 15, 2013 12:23:32 GMT -5
Good morning everyone. I am new to this Board, though I have been a follower for some time (since Agora). I find this Board very knowledgeable, and informative. No unnecessary hype, and no unnecessary bashing.
Being an accountant, I couldn't help myself but compute the MNKD share price of the Chou shares: 7,300,000 shares valued at $722,000,000 comes to $ 98.90 per share. I wish that was the price now, but apparently there must be an error somewhere.
Waiting for the partnership and FDA approval news!!!
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Post by liane on Nov 15, 2013 12:26:09 GMT -5
mrv,
Welcome! Good catch! I too wish that was that price.
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Post by alcc on Nov 15, 2013 12:43:42 GMT -5
My guess is he doesn't. Judging by his track record and his holdings he is a patient value investor. And the fact he has 40% of his portfolio in MNKD shows he has strong conviction. Patient investors do not sell core holdings on non events or price target. They only adjust their positions on material changes at the company. They sell on the way down, not on the way up. Not to say this works every time, or that it is possible to tell with certainty which way the stock is going. My guess is he would let his profit run. Imo this is the better strategy on average and in the long run.
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Post by babaoriley on Nov 15, 2013 13:30:39 GMT -5
You know, something sounded pretty fishy about that article (hardly anyone does what that article indicated Chou had done), and when mrv posted that little math error, I went and looked up Chou Funds and you can look at the link below. Not sure that they own any shares of MNKD, but they do have debt maturing in December worth about $7,300,000. Check out page 31 and 36 of the June 30, 2013 report. Unless I've missed something, which is possible, as I looked at the report quickly, that article is bogus and, further, with the egregious math error that at least one of us caught (way to go, mrv!), is stupidly bogus. However, this does show that when something supports your belief, it's pretty easy to fall for it! Learn from this. Better yet, show me I'm wrong, and that this apparently astute investor really does have almost half his funds in MNKD stock! I will eat crow, but it will taste good! choufunds.com/pdf/Semi-AR13.pdf
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Post by liane on Nov 15, 2013 14:11:20 GMT -5
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Post by Chris on Nov 15, 2013 14:54:17 GMT -5
You know, something sounded pretty fishy about that article (hardly anyone does what that article indicated Chou had done), and when mrv posted that little math error, I went and looked up Chou Funds and you can look at the link below. Not sure that they own any shares of MNKD, but they do have debt maturing in December worth about $7,300,000. Check out page 31 and 36 of the June 30, 2013 report. Unless I've missed something, which is possible, as I looked at the report quickly, that article is bogus and, further, with the egregious math error that at least one of us caught (way to go, mrv!), is stupidly bogus. However, this does show that when something supports your belief, it's pretty easy to fall for it! Learn from this. Better yet, show me I'm wrong, and that this apparently astute investor really does have almost half his funds in MNKD stock! I will eat crow, but it will taste good! choufunds.com/pdf/Semi-AR13.pdf www.valuewalk.com/legal-disclaimer-valuewalk/THE DATA AND INFORMATION PRESENTED ON THIS WEB SITE IS BELIEVED TO BE ACCURATE BUT SHOULD NOT BE RELIED UPON BY THE USER FOR ANY PURPOSE. ANY AND ALL LIABILITY FOR THE CONTENT OR ANY OMISSIONS FROM THIS WEB SITE, INCLUDING ANY INACCURACIES, ERRORS, OR MISSTATEMENTS IN SUCH DATA OR INFORMATION IS EXPRESSLY DISCLAIMED.
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Post by Chris on Nov 15, 2013 14:58:31 GMT -5
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Post by vdhingra on Nov 15, 2013 16:04:35 GMT -5
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Post by vdhingra on Nov 15, 2013 16:23:37 GMT -5
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Post by nemzter on Nov 15, 2013 16:25:20 GMT -5
As foolish as it sounds, I have quite literally gone “ALL IN” with MannKind! I feel very comfortable with this position and will continue to hold until Afrezza has successfully reached the masses. I'm so tempted to do this myself. GLTA!!
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Post by babaoriley on Nov 15, 2013 16:27:32 GMT -5
It's a $7,300,000 position, and certainly not $723,000,000; they made an error in that filing, apparently, certainly not intentional. You can look at some earlier filings where they did not mess up so badly. Beyond that, I'm sure Chou is a fine guy; it's value walk which is either crooked or stupid or both.
Look, if some here have a disproportionate share of your net worth in MNKD, that's fine, your call, but you can't do that with other people's money and live free for long, other than in the most unique of circumstances, of which this is NOT!
Just another example of what we have seen forever in this stock, developmental biotech and the stock market in general, so many scumbags out there; it's awful, it's shameful. This one takes the cake over all those reports of Al Mann investing millions more of his cash to buy stock, when he was buying it by canceling debt. This one is so brazen, even if unintentional, value walk ought to be out of business.
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