Sunday, April 29, 2012

Stocks DD Cites: Bank of America - TARP warrant thesis


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Investors that are betting on housing recovery, no big dilution(warrants seem to have some anti-dilution adjustments) in banks to support higher capital requirements due to adoption of basel standards, are buying the unique 8 year warrant(expires 2018 i think) with strike price of $13. It last exchanged hands for ~$4. While probably no investor can understand the complexity of bank of america's financials, the bet is more grounded from macro standpoint.

Bruce Berkowitz's thesis -> http://www.scribd.com/doc/91742813/bac

Another investor's thesis -> http://variantperceptions.wordpress.com/2012/04/01/tarp-warrants-let-every-eye-negotiate-for-itself/

BAC warrant chart -> http://finance.yahoo.com/q?s=BAC-WTA


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Saturday, April 7, 2012

Stocks DD Cites: Bill Ackman's Burger King Thesis


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Ackman's Burger King Thesis

 Will be reading it over the next few weeks.

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Thursday, April 5, 2012

TARO's filings 04/05


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Lot to read. Did a quick scan. A big positive I see is Pipeline update(7 ANDA Approvals+4 Tentative Approvals b/w Jan2011 and Feb 2012- see below). No comments on where the status of the "independent" evaluation of TARO's fair value.

6k  -> Link
Annual report - 20F-> Link
TARO chart today - almost went to ~$46 today -> Link

The 6k has this verbiage
"Recent Market Activity in Taro's Common Stock
HAWTHORNE, N.Y.--(BUSINESS WIRE)--April 5, 2012--Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro,” or the “Company”), today announced that in view of the unusual market activity in the Company’s stock, the New York Stock Exchange (“NYSE”) has contacted the Company in accordance with its usual practice. The NYSE has asked the Company to respond by press release to the unusual activity.The Company’s policy is not to comment on unusual market activity, rumors or speculation."


Pipeline Update - Positive. Received (7 ANDA approvals b/w Jan 2011 and Feb 2012 Tentative ANDA approvals - Excluding this as of Feb 29th additional 23 ANDA's pending with FDA)


Potential NDA


Last 5 years - Income statement (Very Impressive)








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