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Now is the Time to Buy, Not to Bail

Posted on August 8, 2011, 9:50 pm. 1 Comment

It’s somewhat mystifying to me that the market had such a broad sell-off today after the announcement by S&P on Friday of their downgrade of U.S. debt. If you’re an investment professional who pays attention, S&P has broadcasted the possibility of a downgrade for several months. So I ask myself, “Why is now  a great time to sell stocks?” I have trouble coming up with a good reason.

Currently, there are lots of companies out there selling at bargain prices. I’ve written about Berkshire Hathaway (BRK-A) several months ago. I thought it was a good bargain then and now its an even better bargain. The stock is trading at a mere 4% above book value. It’s trading at a mere 7.7 times free cash flow (I annualized the past 6 months of FCF)—that’s a FCF yield 13%!

Or you can look at Markel (MKL), which is also trading at a mere 4% above book value. This is a company that has grown book value at an annualized rate of 10.93% over the past 11.5 years.

You could look at Ensco, a deep sea drilling company, which is trading below book value and which now has a dividend yield of 3.46%.

I could go on and on with a long list of companies trading at a large discount to intrinsic value. Though it feels awful to see your current holdings down over 10% these past several weeks, now is the time to buy, NOT the time to bail out.

1 Responses to “Now is the Time to Buy, Not to Bail”

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  • Gordo
    August 9, 2011 at 10:47 am

    Could not agree more. This is the underlying message I am now spreading to one and all. Market activity and pack-mentality enmass-stock selling is just not logical. I work in the lower end of banking and finance in Australia, grass-roots level, but I have to do something. Very frustrating.

    Regards,
    Gordo.

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