Mid America Management Corp

2 Buys for Canada's Chou Associates Management

Summary: Chou Associates Management Inc., a Toronto based mutual fund headed by Francis Chou, manages $800 million in assets, including $340 million in U.S. equity assets and another $100 million in Canadian, Asian and European traded equities. Two attractive buys from his portfolio include generic and branded drug manufacturer Watson Pharmaceutical Inc. ( WPI ) and paper products manufacturer Abitibibowater Inc. ( ABH ). There are no conviction sells in its portfolio. U.S. equity assets are managed under the Chou Associates Fund that over the last 15 years has returned 14.1% compounded annual return or 623% cumulative vs. 8.0% annualized or 217% cumulative for the S&P 500. Mr. Chou is widely regarded as a Canadian investment giant. A business acquaintance of Mr. Prem Watsa of Fairfax Financial, another Canadian investment veteran, both Mr. Chou and Mr. Watsa immigrated to Canada from India. Mr. Chou famously, with just a 12th grade education, worked as a telephone repair man and technician for seven years at Bell Canada and came across Ben Graham’s Security Analysis in the late 1970s. He started an investment club with seven co-workers and $51,000 in capital and by 1986, it had grown to $1.7 million when the investment club was converted into a mutual fund, Chou Associates.
The fund holds a concentrated portfolio of 24 positions, with more than a quarter in large caps, just over one-half in mid caps and the remaining 20%-25% in small caps. Its portfolio turnover is around 15% implying an average holding period of over six years. Based on the Service sector: Chou’s position in the service sector remained unchanged at $110 million, with no significant cuts or additions to any position in the sector. Its largest positions in the sector include a $28 million position in wireless services provider Sprint Nextel Corp. ( S ), $35 million in close-out and discount e-commerce provider Overstock.com ( OSTK ), and $28 million in department and discount store retailer Sears Holding Corp. ( SHLD ) that operates Sears and Kmart Stores. The position in OSTK was opened probably in the high-$20s at the end of 2007, the stock has performed poorly since and is currently trading in the mid-teens, so Chou is not taking any losses and reducing its large position in this stock is a sign of its conviction in this hold. Furthermore, it holds 9.6% of the OSTK outstanding shares which is also indicative of its conviction in this position.

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