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Chris DeMuth Jr.
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Chris DeMuth Jr. is the founder of Rangeley Capital LLC. Rangeley is an investment firm that focuses on event driven, value-oriented investment opportunities. Prior to founding Rangeley Capital, Mr. DeMuth spent his career as a securities analyst for several hedge funds and proprietary trading... More
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  • The Millionaire Next Train 12 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 (NYSE:GS) or Morgan Stanley (NYSE: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 (12)
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  • losbronces
    , contributor
    Comments (802) | Send Message
     
    It does beg the question as to why he is still working as a train conductor.
    9 Sep 2013, 06:57 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (7325) | Send Message
     
    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
  • oneotherfool
    , contributor
    Comments (293) | Send Message
     
    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
  • toonies
    , contributor
    Comments (440) | Send Message
     
    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
  • Chris DeMuth Jr.
    , contributor
    Comments (7325) | Send Message
     
    Author’s reply » Yep. Thanks. I love it when stuff like that happens.
    10 Sep 2013, 06:53 AM Reply Like
  • Miguel Marecos
    , contributor
    Comments (85) | Send Message
     
    Chris there is a specific SEC for mutual conversions? What is it ?
    10 Sep 2013, 04:52 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (7325) | Send Message
     
    Author’s reply » No, not that I know of.
    10 Sep 2013, 06:52 AM Reply Like
  • Miguel Marecos
    , contributor
    Comments (85) | Send Message
     
    I meant SEC filling... sorry!
    10 Sep 2013, 06:56 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (7325) | Send Message
     
    Author’s reply » No problem; that is what I assume you meant.
    10 Sep 2013, 07:07 AM Reply Like
  • martinvh13
    , contributor
    Comments (3) | Send Message
     
    That train guy is one smart dude!
    13 Sep 2013, 11:41 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (7325) | Send Message
     
    Author’s reply » Yes he is. He really knows his stuff.
    13 Sep 2013, 11:42 AM Reply Like
  • rwood46
    , contributor
    Comment (1) | Send Message
     
    I am now retired living in palm beach gardens florida investing in banks and living the good life
    11 Jun 2014, 03:06 AM Reply Like
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