Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security. Ituran's subscriber base has been growing significantly since the Company's inception to approximately 1 million subscribers distributed globally. Established in 1995, Ituran has over 1,500 employees worldwide, provides its location based services and has a market leading position in Israel, Brazil, Argentina and the United States.
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.
A.J. D'Asaro is a Alternative Strategies Analyst on an alternative manager research team, where he covers international currency, hedge fund replication, long/short equity, and market-neutral strategies. He co-manages a small-cap value investment partnership with the Chicago Investment Association during his spare time. Prior to that, D’Asaro worked at Parallel Advisors LLC, a San Francisco based registered investment advisor. D’Asaro holds bachelor’s degrees in economics and business administration from the University of California-Berkeley and the Haas School of Business. During his time at Haas, he managed an investment pool of more than 200 investors using a bottom-up fundamental value strategy. All articles reflect my personal opinion only and not the views of my employer or any of its subsidiaries.
My work consists in procuring investment situations for clients where the estimated monetary value of a quoted financial security is significantly higher than its market cost; thus establishing a margin of safety in investments that allows for market outperformance and a lower risk profile in the long term. During this time I have successfully identified and invested in inefficiently priced financial securities that with few exceptions have outperformed global equity markets.
My experience is further divided into two types of investments:
1.) General Equity Investments: Investments in companies whose true value is unrecognised by equity markets.
+Asset Value. Shares of companies selling for much less than their net asset value, liquidation value or those that have substantial hidden assets.
+Earnings Power Value. Shares of companies selling for much less than their cost of capital times their earnings, normalised earnings or their earnings potential.
+Great businesses at great prices. Shares of companies with excellent ROIC levels and competitive advantages selling for a price unreflective of such characteristics.
2.) Special Situations: Financial opportunities characterised by an unlocking of value via a complicated or uncommon financial structure that tend to be disregarded by market participants.
To realise the aforementioned investments, I read a great number of financial documents, reports and news articles daily and analyse and model my findings. While doing so my strategic framing and approach is two-fold:
+ Defensive Strategy: Monitoring and analysing the composition of the client’s securities portfolio and acting accordingly when the estimated value of a financial security changes.
+ Offensive Strategy: Exploring the global marketplace in search for investment opportunities, analysing them quantitatively and qualitatively and comparing them to the client’s opportunity cost (i.e. cash, current portfolio positions or other potential investments).