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Chris DeMuth Jr.
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"It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a misplaced bet - that they can occasionally find one." - Charlie Munger I look... More
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  • The Millionaire Next Train 11 comments
    Sep 9, 2013 6:40 PM | about stocks: GS, MS

    I was taking the train in to New York City from New Canaan with my typical stack of fat SEC filings and various offering documents. "Mutual conversion, eh?" came a voice from behind. However, it wasn't the typical Fairfield County finance guy heading in a job at Goldman Sachs (GS) or Morgan Stanley (MS). It was the train conductor. He had recognized the offertory document that I was pawing through and launched into a detailed conversation about conversions, pricing, and post-conversion M&A. Apparently, he has made over eight million dollars through the years investing in financials in this way. It was very clear that he knew what he was talking about and it turned out that we have significant overlaps in our portfolios. It is a small world and a world where experts are hidden in some unexpected places.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Additional disclosure: Chris DeMuth Jr is a portfolio manager at Rangeley Capital, a partnership that invests with a margin of safety by buying securities at deep discounts to their intrinsic value and unlocking that value through corporate events. In order to maximize total returns for our partners, we reserve the right to make investment decisions regarding any security without further notification except where such notification is required by law.

    Stocks: GS, MS
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Comments (11)
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  • It does beg the question as to why he is still working as a train conductor.
    9 Sep 2013, 06:57 PM Reply Like
  • Author’s reply » Indeed it does. We talked about that a bit. He still needed something to do and, as was apparent, liked talking to people and riding the trains.
    9 Sep 2013, 07:12 PM Reply Like
  • Maybe he's keeping it a secret so that his x-wife doesn't sue him for half of it?
    I liked the title btw!
    10 Sep 2013, 12:59 AM Reply Like
  • I think it was moment, which will stay in memory for long time. Interesting man. Thumb up.
    10 Sep 2013, 04:27 AM Reply Like
  • Author’s reply » Yep. Thanks. I love it when stuff like that happens.
    10 Sep 2013, 06:53 AM Reply Like
  • Chris there is a specific SEC for mutual conversions? What is it ?
    10 Sep 2013, 04:52 AM Reply Like
  • Author’s reply » No, not that I know of.
    10 Sep 2013, 06:52 AM Reply Like
  • I meant SEC filling... sorry!
    10 Sep 2013, 06:56 AM Reply Like
  • Author’s reply » No problem; that is what I assume you meant.
    10 Sep 2013, 07:07 AM Reply Like
  • That train guy is one smart dude!
    13 Sep 2013, 11:41 AM Reply Like
  • Author’s reply » Yes he is. He really knows his stuff.
    13 Sep 2013, 11:42 AM Reply Like
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