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Category: A-M

Conversation on $MSG

Posted On August 24, 2017
I went on Hedgeye to discuss our investment in MSG (disclosure: long). The video is ~17 minutes long; I have a feeling you'll like it if you follow this blog.

Do insiders think $DFRG sell-off is a rare opportunity?

Posted On August 7, 2017
It’s pretty rare these days to find a U.S. stock that simply no one has heard of or taken a look at. When I stumble on a stock, the first thing I do is search my email to see if I’ve emailed anyone about it and then check VIC and Sumzero to see if it’s […]

$AMC : That escalated quickly

Posted On August 2, 2017
Well, that escalated quickly. I mentioned AMC (disclosure: long, unfortunately) on the blog ~a month ago. Last night, the company provided preliminary Q2’17 and FY17 guidance that could only be described as disastrous. The stock has certainly responded today, down ~25%, and the rest of the movie theater sector is performing much better (NCMI down […]

More questions at FranklinCovey $FC

Posted On July 27, 2017
Bill Ackman coined (or perhaps stole, IDK) the “return-on-invested-brain-damage” calculation. His basic thought is to figure out what the potential return from an investment is and weigh it against the effort and complexity required to unlock that value. If it’s a super complex and difficult situation with limited return, pass. If it’s massively difficult but […]

Brave deeper into the Liberty complex $BATRA

Posted On July 13, 2017
I’ve got a few other companies I wanted to write about, but given their shareholder webcast is early next week, my last post was on LVNTA (which I am very long), a tweet on them drew a nice response, and I am trying to convince Greg Maffei to let me race the Freeze at the […]

Liberty Ventures GCI merger set to unlock significant value $LVNTA $GNCMA

Posted On July 6, 2017
Liberty Ventures (LVNTA) trades at a deep discount to net asset value (NAV) NAV is certainly understated After the GCI deal goes through, LVNTA should become a share repurchase machine and will likely be acquired at a nice premium in the next few years On April 4, Liberty Ventures (AKA Ventures; ticker: LVNTA / LVNTA; […]

Charter: A levered return of capital story for the ages $CHTR

Posted On June 28, 2017
Charter is undervalued versus peers Insiders are very bullish on Charter and the company is buying shares back like crazy I don’t think the market realizes just how wild (in a good way) these share buybacks are yet Charter (CHTR; disclosure: I am net long this through different pieces of the Liberty complex) is a […]

Why the big decline, AMC? $AMC

Posted On June 23, 2017
Key investment thesis: AMC (disclosure: long) shares have recently dramatically under performed peers RGC and CNK (disclosure: short a non-life altering amount of both as a hedge), providing investors with an opportunity to invest in the company at a below peer valuation despite better growth prospects. AMC is the largest movie theater exhibitor in the […]

Hill International: 2017 Update $HIL

Posted On May 6, 2017
This is a follow up to my Jan. 2016 piece on Hill With Claims sold and activists taking control of the board, Hill is likely undervalued as a standalone and and interesting target for a variety of acquirers I wrote this in mid-April before the Claims sale officially went through and Richter left in early […]

Hill International: January 2016 Investment Thesis $HIL

Posted On May 5, 2017
Note: I wrote the below way back in January 2016. Over the weekend, I'll be posting a long update on the company (update: that post is now live), but the update doesn't make sense without this background, so I needed to get this out first. Enjoy! In May 2015, DC Capital offered to buy Hill […]
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