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I am an "extreme value" investor, focusing mostly on micro and nanocap companies selling for a steep discount to price/book, price/sales, and other traditional measures of value. (Price-to-book is my favorite.) My emphasis is on low priced stocks, since the marketplace is very inefficient in valuing them. I am a dyed-in-the-wool contrarian, and like to invest in the most unloved and out of favor sectors of the market, and numerically screen for the best relative values in those out of favor sectors. (As of March 2015, coal and junior gold miners are currently 2 such sectors.) I like to buy companies where the insiders are buying in the open market, to "confirm" the underlying value proposition. I like ...More to buy stocks trading near a multiyear low, and average down aggressively if the stock moves against me (assuming the circumstances for my purchase haven't changed.) I also like special situations, including highly leveraged turnaround situations, that I can catch at their "inflection" point. I have averaged consistently outsized annualized returns over the last 20+ years...returns that place me in the top 1% of all investors. I also take 5%+ positions in companies, and engage in selective shareholder activism, to hold accountable the insular and/or corrupt boards that are sadly all too common, especially in smaller, "family run" public companies.
- Description: Full-time Investor. Trading frequency: Daily
- Interests: Commodities, Options, Stocks - long, Stocks - short
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