We seek value plus multiple overlapping catalysts, sourced using proprietary tools. We will create our own catalysts with the fundamental goal to put assets to their highest and best use with the optimal financial structure to maximize long term business value. Founded in 2009 by Ryan J. Morris - as a founder of a bootstrapped software company prior to being a full time investor, I have a great appreciation and respect for the operational details and entrepreneurial efforts underlying the financial numbers of a business.
I am a research analyst at Sullimar Capital Group, a long only, value based investment firm. The state of the current market tends to lead us "cigar butt" investments.
“Fully aware that wonderful businesses make wonderful investments only at wonderful prices, I will continue to seek out the bargains amid the refuse.” - Dr. Michael Burry
Long Cast Advisers (LCA) is a Brooklyn based RIA that provides concentrated small cap investing to individuals, endowments and family offices. We do this with the most differentiated approach - individual stock selection - that is apart from and indifferent to the markets.
Our goal is to maximize the long term returns on client funds by allocating an agreed upon portion to small cap stocks balanced against cash. Then we seek to buy great companies that are changing and if we are right, we hold them. If we are wrong - and that will inevitably happen - we sell them.
With +12 years institutional research experience and +20 years investing our own funds, we know that we are not smarter than the market. But we are more patient and that allows us to envision opportunities unfolding over time, beyond the immediate present or next quarter.
Because we focus on smaller companies, we consider ourselves part owners of the businesses we invest in. We tend to engage with management at least minimally (and occasionally more), we also engage with customers and competitors, and notably, we won't invest in companies that sell products or services we would be ashamed to discuss: As best we can, we avoid businesses that drop bombs on people’s heads, despoil the environment, profit on suffering or await a bigger fool.
We are not market prognosticators. We view prognostication as Marx viewed religion; it is the opiate of the investment masses. Apart from using a benchmark for comparative purposes, and unless there is a direct corollary to a company or its valuation, we are generally indifferent to the overall market.
LCA is licensed and state registered. We use Interactive Brokers as a platform and third-party custodian for separately managed accounts. We describe our business as "the food truck version of a hedge fund" in that we select stocks and manage the portfolio like a fund, but the costs are lower and the approach is completely transparent. We manage appropriateness by allowing the client to select the target allocation between cash and stocks.
LCA's CIO is Avram ("Avi") Fisher and the firm's investment philosophy is informed by his >10 years experience as a sell-side analyst covering large-cap industrials, business services and E&C's, taking only the best parts - the in-depth research - while avoiding the short-term next-quarter beat-raise insanity. He has additional experience in private equity, as a private investigator and as a former cub reporter and writer. He continues to write, here and on his blog, as a way to organize his thoughts and to share some of his ideas with other like-minded patient, small cap investors.
Disclaimer: All content written on Seeking Alpha by Long Cast Advisers is for informational and educational purposes only and should not be construed as a solicitation or recommendation to buy, sell, or hold any specific security or class of security. LCA's opinions expressed herein address only select certain aspects of the companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, and is for discussion purposes only. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, LCA cannot guarantee its accuracy. Any opinions or estimates constitute the author's best judgment as of the date of publication, and are subject to change without notice. Equity investing is subject to various risks including the total loss of capital.
Boyar Research was established in 1975 to provide independent research utilizing a business persons approach to stock market investing. Through our various publications including Asset Analysis Focus and Boyar's Micro Cap Focus, we provide in depth reports profiling companies selling below our estimate of their intrinsic or private market value.
Boyar Research takes a company’s financial statements, tears them apart and reconstructs them in accordance with economic reality as opposed to generally accepted accounting principles. Boyar Research seeks possible investment opportunities across the market capitalization spectrum and within a diverse range of industries.
Since 1975, approximately 40 percent of the companies profiled in our flagship publication Asset Analysis Focus have been acquired.*
Stock selection strategies employed by Boyar Research Include:
The "Hidden" Asset Method
The Business Value Method
Restructuring Plays, Breakups and Spin-offs
The "Franchise" Approach
To receive a complimentary equity research report from the Boyar Value Group, please go to www.boyarresearch.com/SA1
To learn more about our firm, please visit www.boyarresearch.com or email Jonathan Boyar at firstname.lastname@example.org
*Past performance is no guarantee of future success.
I am professionally a real estate lender/investor in mortgage workouts in distress. My edge is an area undiscovered, not easy to move around more than a few million at a time and is largely a fragmented, although after 8 years of stimulus, value is becoming scarce. Recreationally, I am a private pilot, sailor and skier. I speak some Japanese and Spanish and have lived and worked on most continents. I manage friends and family self directed 401K's, IRA's, and HSA's as well as my company investments. About 80% of my net worth is in mortgages or real estate, the remaining is in public exchanges.