Contrarian & Deep Value Investing

Since 1994, The Contrarian Research Report has employed a value-oriented investment strategy based upon the unique investment philosophy created by Murray Stahl. The research process begins by identifying depressed and out-of-favor companies that possess certain “predictive attributes” such as long product lifecycles, owner-operator management teams, dormant assets, or a potential/ongoing restructuring.

The Contrarian Research Report also uncovers equities which, due to liquidity characteristics or industry categorization, have not benefitted from the influx of assets into passive investment vehicles such as exchange traded funds. The research team believes that many companies “trading on the wrong side of The ETF Divide” are presenting significant opportunities to value investors. Investment ideas are generated through the identification of companies that fit this qualitative framework. This subset of companies is then moved through a detailed quantitative and fundamental assessment of their business.

The Contrarian Research Report identifies the following companies: U.S.-Listed / Small-cap 

  • > October 22, 2015
  • Teck Resources Ltd
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  • > July 12, 2012
  • Oaktree Capital Group, LLC
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  • > October 18, 2011
  • Brookfield Residential Properties Inc.
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  • > July 1, 2010
  • June 2010 Contrarian Compendium
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  • > July 7, 2009
  • General Growth Properties, Inc.
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  • > June 18, 2008
  • Jarden Corp.
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  • > May 8, 1995
  • Texas Pacific Land Trust
  • Summary
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Since 1994, The European Contrarian Research Report has employed a value-oriented investment strategy based upon the unique investment philosophy created by Murray Stahl. The research process begins by identifying depressed and out-of-favor companies that possess certain “predictive attributes” such as long product lifecycles, owner-operator management teams, dormant assets, or a potential/ongoing restructuring.

The European Contrarian Research Report also uncovers equities which, due to liquidity characteristics or industry categorization, have not benefitted from the influx of assets into passive investment vehicles such as exchange traded funds. The research team believes that many companies “trading on the wrong side of The ETF Divide” are presenting significant opportunities to value investors. Investment ideas are generated through the identification of companies that fit this qualitative framework. This subset of companies is then moved through a detailed quantitative and fundamental assessment of their business.

The European Contrarian Research Report identifies the following companies: European-Listed / Small to Mid-Cap

  • > December 15, 2016
  • Obrascon Huarte Lain S.A.
  • Summary
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  • > June 25, 2012
  • Ferrovial SA
  • Summary
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  • > March 7, 2012
  • Bolloré S.A.
  • Summary
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  • > February 1, 2012
  • Hellenic Exchanges S.A.
  • Summary
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  • > November 8, 2011
  • Grupo Bimbo, SAB de CV
  • Summary
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  • > March 30, 2011
  • Lai Sun Garment (International) Limited
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  • > November 17, 2010
  • Grupo Aeroportuario del Sureste
  • Summary
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  • > August 1, 2010
  • August 2010 Global Contrarian Report Compendium
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  • > May 26, 2010
  • Television Broadcasts Limited
  • Summary
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The Stahl Report focuses on U.S. mid cap equities and derives investment decisions based upon a philosophy consistent with value investing. Accordingly, recommendations will typically have low valuations based on earnings, sales, book value, cash flow or some other appropriate valuation measure. However, the research process begins by identifying depressed and out-of-favor companies that possess certain “predictive attributes” such as long product lifecycles, owner-operator management teams, dormant assets, or a potential/ongoing restructuring.

Investment recommendations are published when valuations of such companies reflect a consensus view of permanent business impairment, whereas our analysis indicates the company's problems are transitory in nature with a high likelihood of financial improvement. Companies recommended for purchase often operate businesses which exclude them from inclusion in popular equity indices and therefore their stock prices have not benefitted from the influx of assets into passive investment vehicles such as exchange traded funds.  

  • > October 24, 2014
  • DreamWorks Animation SKG, Inc
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  • > October 1, 2013
  • Royal Caribbean Cruises Ltd.
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  • > May 1, 2012
  • May 2012 Stahl Report Compendium
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  • > November 17, 2011
  • The Walt Disney Company
  • Summary
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  • > November 1, 2011
  • November 2011 Stahl Report Compendium
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  • > May 10, 2011
  • D.R. Horton, Inc.
  • Summary
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  • > February 1, 2011
  • February 2011 Stahl Report Compendium
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  • > October 18, 2010
  • MasterCard Inc.
  • Summary
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  • > July 12, 2010
  • CarMax, Inc.
  • Summary
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  • > February 4, 2010
  • Thermo Fisher Scientific Inc.
  • Summary
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  • > September 23, 2005
  • Awaiting the Manifestation of Value
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  • > June 29, 2005
  • The Misapprehension Towards The Earnings Of The Defense Companies
  • Summary
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  • > June 14, 2004
  • Is Cash Flow Better Than Growth?
  • Summary
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  • > March 31, 2004
  • Investing In the Aftermath of the Energy Trading Debacle
  • Summary
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