Selling American Capital, Ltd. (ACAS)

I am starting to sell my American Capital, Ltd. (ACAS) shares today. ACAS showed a strong performance in book value growth for 1Q13 at 6.7% or 27% on an annualized basis and those gains could continue. However in my view the risks have increased sufficiently to exit the position. Reason #1 we have a nice […]

American Capital (ACAS) Reports 1Q13 Results

American Capital (ACAS) reported 1Q13 earnings on 4/30/2013 [Source]. Net operating income after income taxes, for 1Q13 was $46 million, or $0.14/share. This was below the analysts’ consensus estimate of $0.27 per share and, of course, missing analysts’ estimates to the negative impact stock prices, even if the estimates are not meaningful. In this case, […]

American Capital Ltd. (ACAS) Update: Share Purchases; Investment; and Sale

American Capital Announces the Purchase of 9 Million Shares American Capital Ltd. announced [Source] that during the first quarter of 2013, it purchased 9.0 million shares of American Capital common stock, or 3% of the company’s outstanding shares.  The shares were purchased at an average price of $14.23 per share, totaling approximately $128.3 million. The […]

American Capital (ACAS) Reports Good 4Q12 Results

American Capital (ACAS) reported 4Q12 earnings before the market open on 2/11/2013. It was a good quarter and an outstanding year. Although the rate of improvement has slowed from the extraordinary (but unsustainable) rates we experienced recently there continues to be encouraging signs of further returns. Our investment thesis continues to play out well. We centered […]

Value by George Portfolio 2012 Results

Investment results for 2012, our first year, were good on an absolute and a relative basis when compared to the Standard & Poor 500. Calendar year and annualized results are presented below. The investments are made at the time the investment idea is posted. Because the portfolio was built over the course of the year it […]

American Capital Share Repurchases and Cambridge Major Laboratories Buyout

Two positive news releases from our holding American Capital Ltd: American Capital Share Repurchases: American Capital announced on December 27, 2012 that in the fourth quarter of 2012 it made open market repurchases of 8.8 million shares of American Capital common stock or 2.8% of the outstanding shares.  At an average price of $11.72/share totaling […]

American Capital (ACAS) Reports 3Q12 Results

American Capital (ACAS) reported 3Q12 earnings after the market close 10/29/12. It was another solid quarter: our investment thesis is playing out well and as a bonus we can anticipate continued gains as intrinsic value increases. You will recall in our thesis ACAS after many years of successful performance was severely punished during the financial crises. The […]

American Capital (ACAS) Reports 2Q12

American Capital (ACAS) reported 2Q12 earnings after the market close 7/31/12 and held the conference call at 10 CT on 8/2/12. It is a good report and our investment thesis remains on track. After successive quarters of consistent improvement the company remains an attractive investment in my view trading at a 38% discount to the improving book value […]

American Capital (ACAS) Reports 1Q12

American Capital LTD (ACAS) reported 1Q12 earnings after the market close 5/1/12 and held the conference call today at 10 CT. It was another good report from ACAS. Our investment thesis remains on track and the only disappointment from last quarter is being addressed. ACAS remains an attractive investment  in my view trading at a […]

American Capital (ACAS) Reports 4Q11

American Capital LTD (ACAS) reported earnings after the market close 2/14/12. It was a good report and our investment thesis is on track but there is one disappointment. More on that later. Our Net Asset Value (NAV) estimates of $13.48/share by yearend 2012 was exceeded yearend 2011 as the company reported $13.87 NAV per share […]