I am an individual investor managing a small sum of money.
I hold a concentrated portfolio with 2-4 companies representing about 50% of my portfolio. These companies have in common:
- A good downside protection
- Potential to double in a 2 year timeframe
The other 50% of my portfolio is build up of 5-15 other positions, these include:
- Special Situations (mostly simple tender offers)
- Riskier bets
- Stocks with the potential to become a top 4 position (they require more research, or I need more evidence/certainty that the thesis is playing out)
At 26% return a year, your invested money doubles every 3 years. That's what I aim for.
I am interested in small capitalized companies with a high optionality to the upside compared to the relative downside risk. I am grounded in a value based approach but will also explore special situations. I am a trained CPA and continue to practice in industry.
Warning: my twitter account is very random but will have a lot of economic and business items sprinkled with Green Bay Packer comments.
Joe Cornell, CFA is the principal of Spin-Off Advisors, and the author of "Spin-Off To Pay-Off" (McGraw-Hill). Spin-Off Advisors is a Chicago based research boutique that provides independent research on spin-off situations. I have published "Spin-Off Research" since 1997. Spin-Off Research is a monthly institutional advisory report featuring continuous research on corporate spin-off activity.
Steven H. Goldman is a commercial litigation lawyer and senior partner in the Toronto law firm of Goldman Hine LLP. He is a former member of the board of directors of Tribute Pharmaceuticals Inc., a Canadian public pharmaceutical company which recently merged with Pozen Pharmaceuticals on February 5, 2016, and is now known as Aralez Pharmaceuticals (Nasdaq: ARLZ). He is currently on the board of directors of both Select Sands Corp. (TSX.V: SNS.V) as well as Comstock Metals Ltd. (TSX.V: CSL.V) which both trade on the TSX Venture exchange.
I am an investment advisor and advise individual clients on investing for long term. I have particular interest in macro-economic and top-line trends. Up-coming products and services also come under my research and interests radar.
I live in Stanford, CA and love investing. I am working on the creation of my hedge fund, Agloe Capital. If you live in the Palo Alto or San Francisco areas, feel free to message me if you'd want to meet up in person.
Boyar Research was established in 1975 to provide independent research utilizing a business persons approach to stock market investing. Through our various publications including Asset Analysis Focus and Boyar's Micro Cap Focus, we provide in depth reports profiling companies selling below our estimate of their intrinsic or private market value.
Boyar Research takes a company’s financial statements, tears them apart and reconstructs them in accordance with economic reality as opposed to generally accepted accounting principles. Boyar Research seeks possible investment opportunities across the market capitalization spectrum and within a diverse range of industries.
Since 1975, approximately 40 percent of the companies profiled in our flagship publication Asset Analysis Focus have been acquired.*
Stock selection strategies employed by Boyar Research Include:
The "Hidden" Asset Method
The Business Value Method
Restructuring Plays, Breakups and Spin-offs
The "Franchise" Approach
To receive a complimentary equity research report from the Boyar Value Group, please go to www.boyarresearch.com/SA1
To learn more about our firm, please visit www.boyarresearch.com or email Jonathan Boyar at firstname.lastname@example.org
*Past performance is no guarantee of future success.
Former broker, now an independent analyst/writer on Seeking Alpha and founder and editor of the Growth Stock Forum. Focusing on small-cap, mid-cap and biotech stocks. Looking for substantial sales and earnings growth potential and seeking the best risk-adjusted returns from my stock selection. Taking advantage of medium to long-term momentum.
My articles represent my personal opinion and analysis and should not be regarded as investment advice in any way. Readers and subscribers should do their own due diligence and/or consult their financial advisor before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.
Exclusive research: http://seekingalpha.com/author/oneil-trader/research
We want to give you the ultimate edge in banking market intelligence. That means timely articles on bank stocks that are under-followed and under-appreciated.
One of our specialities is to look at banks through the eyes of an acquirer. We look past the reality today and view a bank in light of its ultimate potential, what it could be worth to an acquirer, or what it might be worth as an acquirer.
As investors know the banking industry is rapidly consolidating. We went form 14,000 banks in the 1980s to ~6,000 banks today. And regulators have made it clear they would prefer if the US banking industry had closer to 1,500 banks. What happens to the excess banks? They'll be sold and rolled up as management teams retire, as Boards tire of endless regulation, or as these banks are outpaced by technology.
CompleteBankData pulls source data directly and digitally from US regulators meaning we don't introduce the possibility for human transposition error. But data is just a starting point. We've built top in class analytical and research tools that help users save hours of time researching and searching for hard to find data.
Beyond our standard tools we specialize in custom reporting and customized software solutions based on our platform. Please contact us for further details.
I am a CPA, CFE and have a BA in finance. I don't like to lose money.
If there are any bank stocks you would like to have regular quarterly/semi-annual coverage on let me know, I add a lot of names throughout the year but want to provide regular coverage for interested readers.
Bert Hochfeld is a convicted felon and former hedge fund manager. He was convicted of mis-appropriating funds from his hedge fund in 2012. .Bert started his business career at IBM working in the areas of product planning and pricing after completing military service Bert worked for IBM in the late 1960's and early 1970's before he took as a post as head of sales and marketing for Memorex Telex and worked there for most of the 1970's until he joined Raytheon Data Systems in a similar capacity in the 1980's. Bert briefly became a real estate developer in the Boston area before joining BMC Software as a product planning director in the late 1980's and early 1990's. Subsequent to that he entered the brokerage business where he became an enterprise software analyst, first at Louis Nicoud and then at Josephthal.&; Co. After Josephthal closed Bert started his own independent research consultancy specializing in enterprise software, storage and IT outsourcing. Bert also ran a small hedge fund. After his arrest and conviction, Bert closed both of those ventures and have been on a sabbatical the past few years. Bert currently manage his own money and those of a few close friends. All of these investments are in tech and we also take positions in small start-up ventures. ..
“The authority of those who teach is often an obstacle to those who want to learn.” - Marcus Tullius Cicero
The contributions here are DEFINITELY NOT an advice or recommendation to buy or sell. I would not act on all ideas shared here and do not expect anything different from the readers.
Have an academic and practical background in finance and investing (including hedge funds), please discount the same.
Jim Roumell is Founder and President of Roumell Asset Management, LLC. Mr. Roumell founded the firm in 1998 after more than a decade as a financial advisor. Mr. Roumell is highlighted in, “The Art of Value Investing: How the World’s Best Investors Beat the Market” by John Heins and Whitney Tilson. Martin J. Whitman, Founder of Third Avenue Value Funds, says, "Jim's investment philosophies and his actual investments snugly fit into my criteria for securities investment." Mr. Roumell was selected to participate in, and won, two consecutive Wall Street Journal stock picking contests (in 2001 and 2002) before the contest was discontinued. He is a graduate of Wayne State University, Detroit, Michigan.
Andrew Shapiro is Founder, President and Portfolio Manager of Lawndale Capital Management, an investment advisor that has managed activist hedge funds focused on small- and micro-cap companies for over 23 years, one of the longest periods of experience deploying an activist/relational investment strategy today. Mr. Shapiro’s proactive ownership approach has been effective in directly creating and unlocking shareholder value in Lawndale’s portfolio companies and has contributed to Lawndale’s activist funds often being ranked among the top event-driven and small-cap value funds in peer databases for long-term performance. In addition to leading Lawndale, Mr. Shapiro has also served as a Director or Observer on portfolio company boards and debt and equity bankruptcy committees. Mr. Shapiro is a member of the National Association of Corporate Directors (NACD) and, via Lawndale, has been a long-time Sustaining Member of the Council of Institutional Investors (CII).
Mr. Shapiro has more than two decades of portfolio management and analytically varied experience from a number of "buy-side" positions, employing a rare combination of credit, legal and equity analytic and workout skills. Prior to founding the Lawndale organization in 1992, Mr. Shapiro managed the workout and restructuring of large portfolios of high-yield bonds, distressed equities and risk arbitrage securities for the Belzberg family's entity, First City Capital. Before joining First City, Mr. Shapiro was involved in numerous highly leveraged corporate acquisition and recapitalization transactions for both Manufacturers Hanover Trust and the Spectrum Group, a private equity firm.
Mr. Shapiro received his JD degree from the UCLA School of Law where he was an Olin Fellow, an MBA from UCLA's Anderson Graduate School of Management where he was a Venture Capital Fellow and a BS in Business Administration from UC Berkeley's Haas School of Business, where he has taught finance courses and frequently guest lectures.
Mr. Shapiro was recently selected to the 2012 NACD Directorship 100, a list of the most influential leaders in the boardroom and corporate governance community. He is often quoted on matters of corporate governance, fiduciary duty and activist investing and has been the subject of several articles, including a Business Week article in 2000 calling him “The Gary Cooper of Governance”. Mr. Shapiro frequent speaks and panels on corporate governance and activist investing issues at a broad range of prestigious forums that include the Council of Institutional Investors, National Association of Corporate Directors, American Society of Corporate Secretaries, SEC Advisory Committee on Small Public Companies, and the Director’s education programs of Stanford Law School, UCLA Anderson Grad. School of Mgmt., the Wisconsin Business School and Yale’s Millstein Center for Corporate Governance, among others. Mr. Shapiro is a Contributing Author at Seeking Alpha.
Mr. Shapiro started Lawndale’s funds in 1993 with only $188,000 under management and through performance and added capital has grown the firm’s managed assets substantially. Lawndale applies a private equity approach through active and relational ownership of public company securities. In most investments, Lawndale plays a constructive relational role by actively working with boards and management teams to help them achieve their strategic and operating goals. In other instances, Lawndale is a direct value-unlocking catalyst, utilizing a range of tools that include aggressively promoting improvements in a company's governance and operational structures, proxy actions, asserting shareowner’s legal rights and taking active roles in restructuring and buyout proposal negotiations..
I am a former hedge fund portfolio manager that trades for my own personal account. I espouse Graham and Dodd/Buffett style investing, always on the lookout for value equities or bonds. A graduate of Northwestern's Kellogg School of Management, I lived in NYC for a decade before relocating with my family to the Charlotte, NC area in 2007.
Currently I am the Chief Analyst at sharpeequities.com.
For more information on my current endeavor, feel free to find me on LinkedIn.
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And remember to always invest wisely.
Associate PM at a Hedge Fund. I am a CFA charterholder with over 10 years of industry experience. Spent the first 5 years of my career in the private equity buyout space, but moved into public equities around 2010. Based in Toronto, Canada.
I focus on the microcap space (market cap below $250 million) because it is one of the most inefficient and "alpha rich" areas of the global equity market, which provides the greatest opportunity to generate alpha through fundamental research.
I use a bottom up, investment decision making process. The ideal investment has an asymmetric risk/return profile with a limited downside (e.g. high net cash balance, strong cash flow) and significant upside (e.g. asset value extraction, overlooked business model transition).
Microcaps are particularly attractive to the following groups:
Activist investors. A small absolute investment (on a dollar basis) can be leveraged into a relatively large position (as a percentage of shares outstanding), which provides a greater ability to demand change.
Private equity firms. The persistent microcap discount can be “arbed away” via an LBO with the new owners accruing all of the gains for themselves. The small absolute size of many microcaps on an EV basis significantly expands the number of firms able to pursue this strategy.
This inefficiency exists for several reasons.
A lack of analyst coverage due to lower trading volume (less soft dollars from HF/MF), the global settlement that permanently severed the link between research/banking and the rise in electronic trading/decimalization. Moreover, none of these trends are likely to reverse for the foreseeable future (if ever).
A lack of institutional products given the natural capacity constraint for new/existing managers.
An inability to effectively implement a passive approach (e.g. ETFs, index funds) due to the lower liquidity and wider bid/ask spread. However, each of these obstacles can be overcome by using a combination of electronic trading tools (e.g. algos) and patience in building a positive size.
Inaccurate and persistent misconceptions about microcaps (e.g. they are riskier than larger cap stocks).
I currently trade for my personal account but would like to move into the investment management side of the industry.
MBA student at the Wharton School, WG '18. Formerly summer hedge fund analyst at Rangeley Capital, focusing on value and event-driven investing. Former investment banking analyst at Goldman Sachs and Business Operations at LinkedIn. Graduated magna cum laude in Applied Mathematics from Harvard. Interested in value and event-driven investing.
My work in the investment field spans over 30 years. I first became Series 7-licensed in 1980, and again in 2012 (now inactive), and have maintained a spotless regulatory compliance history throughout my career. I am a retired CPA and hold an accounting degree from Babson and Harvard MBA, along with CFA (Chartered Financial Analyst), and CFP (Certified Financial Planner) designations.
Data Driven Investing, a book I co-authored in 2004, may be viewed through Google Books at http://bit.ly/11uTzq6 . The book fully documents (with Fidelity statement excerpts) the 788% returns earned between 7/00 and 3/04 in my highly diversified, small cap value stock portfolio. Note that past performance does not guarantee future results.
In fact, my returns since 2004 have been significantly lower and are unlikely to ever approach 2000-2004 levels, due to my adoption of a more conservative style and the unusually high returns of small cap value from 7/00-3/04. As of 6/25/2016, my compounded annual returns for the past 16 years were 23.5% (including gains of 24.0% since 6/30/15). My recent returns have been boosted by synergies between crowdsourced research (i.e. Seeking Alpha) and the quantitative algorithms I've developed.
Neither DDIM nor I provide personalized investment advice or act as fiduciaries.
Senior Portfolio Manager and individual investor who started in high school and has been at it ever since. I have an MBA and have earned the right to use the Chartered Financial Analyst designation. I have worked in the business for over 15 years. My specialties include fixed income closed-end funds for generating income during retirement, micro and small-cap value investing, and macro analysis.