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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 […]

Some Thoughts on Stock Dilution Part 2 $RLJE

Posted On July 25, 2017
Note: this is part two in a series that started discussing stock dilution and Turning Point Brands (TPB); please see part 1 here. RLJ started as an SPAC by Robert L Johnson, who founded BET. The results have been a disappointment, but in the past year there were some signs that the company was turning […]

Some Thoughts on Stock Dilution Part 1 $TPB

Posted On July 25, 2017
Note: this article started out as one article, but I decided to split it into two separate articles and link the two of them to 1) make it easier to link to specific ideas in the future, 2) break up what was becoming a long article, and 3) because #pageviews. You can find Part 2 […]

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 […]

Case study: Tangoe acquisition $TNGO

Posted On June 22, 2017
So sorry for the lack of posts recently; I have been working on a few things that, for one reason or another, I didn't want to post on the blog. I'd expect a few more in the near future. Last week, Marlin closed on its deal to buy Tangoe (TNGO) for $6.50/share. We had acquired […]

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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