Told you I was almost done with 12! This was a fun issue with many insights into industries I haven’t studied. Newspapers are no longer the gems they used to be, oilfield services & equipment seem to be in a boom cycle for the industry, and the petroleum producers all seem to operate with negative WC while not having very efficient assets. There were few great businesses and I’m sure you’ve heard of most of them:
- 3M Company
- H&R Block
- Polaris Industries
- Disney (Walt)
The business closest to underlying value in this issue, other than Noble Corp (I own it), is H&R Block. They happen to also be on my “Great Businesses” list, but I don’t think they’re close enough to warrant a purchase unless you were managing billions & needed somewhere to park your money. I’ll be keeping an eye on it, however.
This post concludes my “Value Line Issues” for the larger companies. I will now go through the small/midcaps & post the companies I think are great from each issue, as well as any thoughts that I have. I already finished Issue 4, but I’m going to wait until tomorrow to post my findings- I have places to be tonight.