Great ideas are the lifeblood of the investment business and the exclusive focus of The Manual of Ideas. Authored by investment and finance professionals who have grown up on the teachings of Ben Graham, Warren Buffett and Joel Greenblatt, and have studied under or worked with luminaries such as Yale Chief Investment Officer David Swensen and Economics Nobel Laureate James Tobin, MOI delivers timely, differentiated investment ideas. In a market flooded with data and opinion, we deliver clarity.
Value investor running a long-only partnership/SMAs, as well as a Marketplace subscription for objective buyside research. Pseudonymous to protect my IR access but I’m always up for a conversation with anyone interested in value investing or mental models. I also collaborate with a few well-known hedge fund managers and am open to swapping notes if we're looking at similar names.
My Marketplace subscription service, called “Outsourced Analyst,” provides small-mid-sized funds, family offices, or high-net-worth investors the workflow of an analyst for a hundredth of the price. I write objective coverage of high-quality, underfollowed small-caps that I'm working on / following. Subscribers also have early (sometimes exclusive) access to writeups of some of my best ideas like those I've posted on LQDT, CRAI, FC, LGIH, BOOM, CSWI, and so on. Bonus material is thought pieces - I place a lot of emphasis on learning and getting better - so if/when I make mistakes, I'll write up postmortems with what I learned, and maybe they'll help you as well... Membership will be limited to the first 250 subscribers.
Seeking Alpha T&C requires me to disclose that I'm a registered investment advisor; regulations require me to reiterate that nothing I say is investment advice - it's just my Monday-morning-quarterback opinion for your entertainment and amusement. Always do your own due diligence, consider your own financial position, and consult your preferred financial professional before making any investment decision.
2014 Magna Cum Laude graduate of Ohio Wesleyan University. Pursuing a career in investment management. Passion for value-oriented equity analysis. Specific interest in event-driven investing including spin offs, turnarounds, bankruptcies and M&A opportunities.
As an investment advisor for the past seven years, I've managed portfolios consisting of both growth and value and small and large cap stocks as well as bonds, REITs, MLP funds and other securities. Managing money for high net-worth investors my focus has been mainly on high quality stocks held for the long-term.
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.
In the early 1990s, during the middle of a secular bull market, I began work on "A Modern Approach To Graham and Dodd Investing," that was not particularly suited for the decade of the 1990s, but was ideally suited for the following "Lost Decade" of the 2000s.