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Value Investor
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Saj Karsan founded an investment and research firm that is based on the principles of value investing. He has an MBA from the Richard Ivey School of Business, has completed all three CFA exams, and has an engineering degree from McGill University. Visit his blog, more

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Book Review: Alchemy, By Rory Sutherland
Sutherland makes a case for why we pay too much attention to logic and not enough to perception when it comes to marketing.
Book Review: The Art Of Thinking Clearly
n The Art of Thinking Clearly [Click and drag to move] , Rolf Dobelli discusses a number of our biases and suggests solutions for staying rational.
Book Review: The Misbehavior Of Markets
In The Misbehavior of Markets: A Fractal View of Financial Turbulence, author Benoit Mandelbrot offers a better way to model markets, using a math concept called a fractal.
Book Review: 'Billion Dollar Whale' By Wright & Hope
There's a lot about human nature in here. The desire of people to appear successful can override common sense.
Book Review: The Secret Of Our Success
In The Secret of our Success, Joseph Henrich makes the case that we are hardly more intelligent than primates, if at all, across a number of measures. What separates us is our culture.
Book Review: Modern Monopolies, By Moazed & Johnson
How to think about companies with monopolistic characteristics thanks to their network effects - and what to avoid.
You've Got RAIL
RAIL manufactures railcars, which is a highly cyclical business. Demand ebbs and flows, while costs are fixed. And so these stocks get heavily beaten down when the outlook is bleak.
Cooper Tire
Cooper Tire makes tires for vehicles. The industry is going through a difficult period, with recent sales below expectations, causing promotional pricing that further compounds the problem.
Alliance Aviates Well
Price momentum, which is a real thing, is solid, suggesting there are more profits to be had in this one.
Hibbett Sports
Despite losses in Q2, HIBB still expects earnings for the full year of $1.25 to $1.35, which gives it a P/E of 9.
ERA Group Pitching A Good Game
ERA trades at a 60% discount to book value, as revenues for offshore exploration and other oil and gas customer non-necessities have dried up. Impressively, however, the company has been able to generate cash as of late.
Euronavigating The Treacherous Waters
Euronav is the largest public company in the crude oil shipping business. The industry has taken a hit over the last two years amid overcapacity, but Euronav is a terrific operator that has remained profitable through this period.
Preferred Shares Of Dundee
Dundee is a holding company involved in a lot of businesses in Canada: real-estate, energy, wealth management and other investments. The market cap of the company is currently $160 million with a tangible book value of about 800 million.
Harvey Nash Goes Smash
Harvey Nash Group is a London-listed global recruitment business. The company is diversified. I suspect one reason the stock is so cheap is that there is uncertainty with regard to what will happen with contract workers and offshoring due to Brexit.
Canam Group
Canam Group is a previous holding of mine that has gotten very cheap again. Its shares have fallen to low levels, at just 0.5x book value. This is because they have had a tough year, with a couple of large projects having unexpected costs.
Selling Apple
When I bought Apple just over a year ago, I really thought it would end up being a long-term holding. A combination of market pessimism & rising intrinsic value were likely to force me to continually increase my estimate of the company's value.
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