Posted On February 20, 2019
Last week I tweeted out about Pershing Holdings (PSH; disclosure: long) NAV (Net Asset Value) discount widening out, and it got me thinking about closed end funds.
Posted On February 11, 2019
I've been spending a lot of time on the three major publicly traded timeshare companies (HGV, WYND, VAC. Disclsoure: Long HGV) recently. At its core, the time share business is pretty simple (you lure a bunch of tourists in with the promise of a cheap vacation, you put them into a high pressure sales situation, […]
Posted On February 5, 2019
I'm happy to do work on (and possibly invest in) just about anything, and I think the stuff I post on this blog reflects that "openness". Microcap pharma company after a failed phase II? Check. Airline loyalty company after it's lost its airline? Why not? Hairy take-unders where the majority controller is screwing / stealing […]
Posted On January 31, 2019
Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later […]
Posted On January 30, 2019
One of my New Year's Resolution was to post more "work in progress" articles. In general, my "work in progress" articles tend to be on smaller positions where I still have lingering questions. My goal with "work in progresses" articles are to initiate a discussion around the company / position where people who have more […]
Posted On January 23, 2019
One of my New Year's Resolution was to post more "work in progress" articles: articles on companies where I think there could be something interesting happening but I've still got a lot of open questions. Often, I'll have smaller positions in these stocks because, while I have open questions, my preliminary work is telling me […]
Posted On January 17, 2019
Below is an excerpt from our 2018 annual letter. Unfortunately, I can't share the whole letter due to #compliance, but you can contact my colleague Rob (his email is [email protected]) if you're interested in seeing the whole letter or learning more about us.
Posted On January 3, 2019
This is the fourth post in this year's (well, I guess last year's at this point) Christmas Ideas series (other posts include the “honorable mentions,” the first Idea Radisson (RADH; disclosure: long), and the second idea (Telecom Italia Savings; Disclosure: Long). Admittedly, this post is coming a bit late; obviously Christmas and the New Year have already passed, […]
Posted On January 1, 2019
I've never been a big New Year's Resolution person. If there's a big change you want to make, I always thought using the flip in the calendar as a "catalyst" to make the change was pretty silly. Why not just go out and make the change immediately?