I’m an active portfolio manager running a private high-net–worth LLC and primarily utilizing discounted free cash flow arrays to determine equity valuations. My selection process is mostly ‘bottoms up’, and I emphasize balance sheet integrity, a strong franchise - whether global or domestic, demonstrably good corporate governance - evidenced primarily through return of capital via dividends and/or buybacks, and predictable and sustainable free cash flow. I prioritize my portfolios by income over capital gains. I trade infrequently and rarely make "market" calls. My career began in 1972: MBA; CFA; Series 7, 63.
My name is Phil Mause. I am a Senior Advisor with the Pacific Economics Group, focusing on energy, regulatory and valuation issues. I retired from 40 years of law practice earlier this year. I am a yield oriented investor and in the last two years, I have done reasonably well in junk bonds, BDCs, mortgage REITS, and dividend paying blue chip stocks. As an avocation, I dabble in stand up comedy.
I focus on investments in the oil & gas & MLP sectors with an eye for dividend income growth and long-term capital appreciation. I typically allocate a portion of my own portfolio and devote some of my Seeking Alpha articles to small and medium sized companies offering compelling risk/reward propositions. I am an engineer, not a qualified investment advisor. While the information and data presented in my articles are obtained from company documents and/or sources believed to be reliable, they have not been independently verified. Therefore, I cannot guarantee its accuracy. I advise investors conduct their own research and/or consult a qualified investment advisor. I explicitly disclaim any liability that may arise from investment decisions you make based on my articles. Thanks for reading and I wish you much success with your investments.
Old crusty fart who has been trading stocks for over 40 years. Worked in the industry for Dick Mayo and Jeremy Grantham at GMO until Dick left to start his own hedge fund. I retired at that point. Since then I have managed my own and my family's portfolio on a pretty much full time basis. Areas of interest, deep value, distressed entities, etc. I only invest long. I do not do options. I do not short. I do not do margin. I do equities and bonds. Some interest in CEFs. Most analysis is bottom up and not top down. I post on various stock boards under this name and have done so for over 15 years. I eat what I kill. That is the my only source of income. No stock letters, no advisory services, no manglement (sic) of OPM. My trading assistant is a Blenheim King Charles Cavalier Spaniel similar to the picture I use. And no, the firm does not exist, but you would be amazed at the junk mail I get at times. Some people never get it.
I am the Chief of Operations at Wolfram Solutions, the consulting arm of the large privately held software company, Wolfram Research. I manage teams of programmers developing custom applications for business and, government, applying advanced analytic methods to practical challenges. I played a major role in the development of many of the financial features of Mathematica and Wolfram|Alpha. I have been at Wolfram for over 15 years. My academic background is in the social sciences and analytic methods in the social sciences, including finance, economics, statistics, modeling, simulation, and operations research. I studied at the University of Chicago, both undergrad and grad. I am also an individual investor with 30 years experience, mostly using mutual funds and fundamental analysis, plus specific investments in the financial sector. My contributions on Seeking Alpha focus on the financial sector and monetary economics, and what analysis of those areas can tell us about other macro trends. I also discuss portfolio theory, formal methods in finance, modeling and simulation of financial prices and economic time series, government statistical releases, financial regulation, and monetary policy.
Heath Winter is the Managing Partner of ArbitrOption Capital Management, LLC and is responsible for research, trading, and portfolio management. Prior to forming ArbitrOption, Mr. Winter was Director of Research for the event-driven and special situations strategy of Silverado Capital Management from 2005 until 2009. Mr. Winter’s responsibilities at Silverado included generating investment ideas as well as researching positions and managing the portfolio. In addition, Mr. Winter was employed as an Analyst at M.H. Davidson, LLC in 2003 and as a Merger Arbitrage Analyst at Swidler Berlin Shereff Friedman, LLP from 2000 to 2002. He graduated with an MBA in Finance and Economics from Columbia Business School in 2004 and a BA in International Affairs from The George Washington University in 1997.
Portfolio Performance in 2016 as of October 21: +51.4%
S&P 500 at +4.8% => beat market by 46.7 percentage points.
I am a private investor and have been active in the stock market for 15 years. My horizon is medium to long-term or 2-7 years. I am a value / contrarian / yield investor and love to research and read up on companies to identify undervalued gems. I spend significant time tracking the market and I follow the companies I have in my portfolio closely. As I like to say: "I buy a share of a company - not just a piece of paper." I love dividends and distributions and see it as a way to grow my portfolio
In late October 2015, I reentered the stock market after years of absence. I think blue chips generally are way too expensive right now and am instead taking advantage of other opportunities in the market. such as midstream MLPs beaten down by weak oil and natural gas prices (e.g. CEQP, USAC and ENBL). These have been major successes. My bet on SunEdison, TERP and GLBL has not been a huge success though. I am running a modest profit overall, thanks to TERP, which has done very well for me. Got out of SunEdison in time with a minor loss. Also exited GLBL along the way.
I am not a permabull and believe that one has to get out of the market or reduce holdings during booms and reenter in bad times when even blue chips are trading at ridiculously low prices (IT crisis, financial crisis, ... )
Successes: 1) Probably my best buy was BAC in late Feb. 2009 @ $3.28 (even fell into $2.50s same day!!!!!) during the financial crisis - sold in July for $17 (probably my best return ever given the short amount of time I held the stock); and 2) buying GMLP at $8 and selling for $12 within a few days.
Mistakes: 1) Believing in the management of LDK Solar when they were stubbornly maintaining their positive and bullish outlook on shipments and revenues when PV prices were in free fall due to overcapacity. I took a significant loss and sold in the $5.20s when management finally told the truth. I knew then I had to get rid of the stock quick as management could not be trusted. LDK is now trading in the OTC market @ 5 cents a share. I am amazed they got away with misinforming the market like that, but I also should have been more knowledgeable about the PV industry. I learned a valuable lesson. 2) Buying DRYS in late 2008. I got out with a big profit but not because DRYS was a good buy. I just got lucky buying low and selling high and got out when the company announced a dilutive equity offering. 3) SunEdison. Got out with a small loss but I could have gotten burned quite bad. Again, I got out in time. What I am good at: 1) Buying at rock bottom prices during bad times when most people are panicking and selling at ever lower prices; 2) when I make a bad call, I get out in time before things get ugly (see LDK, DRYS above).
On December 3, 2015, I held stock in the following companies (A-Z): FSLR (avg. price paid: $49.07), GLBL ($4.59), SUNE ($3.66), SXCP ($7.11), TERP ($8.06), and VOW3.DE (€98.30).
On January 4, 2016, I held stock in the following companies (A-Z): CLD (avg. price paid: $2.34), CNXC ($8.91), GLBL ($4.52), MT ($4.09), SUNE ($3.87), SXCP ($6.46), TERP ($8.06), USAC ($11.57), and VOW3.DE (€98.30).
On January 26, 2016, I held stock in the following companies (A-Z): CLD (avg. price paid: $2.03), CNXC ($8.03), CEQP ($13.28), FELP ($1.85) - small lottery position, GLBL ($4.12), GMLP ($8.21), MT ($3.95), NMM ($2.16) - small lottery position, SUNE ($3.20), SXCP ($6.29), TERP ($8.92), USAC ($10.25), and VOW3.DE (€98.30).
On February 4, 2016, I held stock in the following companies (A-Z): CLD (avg. price paid: $2.03), CNXC ($8.03), CEQP ($12.77), FELP ($1.85) - small lottery position, GLBL ($4.12), GMLP ($8.21), HNRG ($4.71), NMM ($2.16) - small lottery position, SUNE ($3.20), SXCP ($6.29), SXE ($0.59) - small lottery position, TERP ($8.92), and USAC ($10.25).
On March 4, 2016, I held stock in the following companies (A-Z): CNXC ($7.74), CEQP ($11.43), GLBL ($3.59), NMM ($1.39) - small lottery position, SUNE ($2.49), SXCP ($6.29), SXE ($0.59) - small lottery position, TERP ($8.89), and USAC ($10.04).
On March 24, 2016, I held stock in the following companies (A-Z): CNXC ($7.74), CEQP ($11.43), ENBL ($6.56), GLBL ($3.59), PEGI ($18.35), SXCP ($6.29), TERP ($8.89), and USAC ($10.04).
On April 22, 2016, I held stock in the following companies (A-Z): CNXC ($7.74), CEQP ($11.43), ENBL ($6.56), GLBL ($3.27), PEGI ($18.57), SXCP ($6.29), TERP ($8.89), and USAC ($10.04).
On May 27, 2016, I held stock in the following companies (A-Z): CEQP ($11.43), DHT ($5.70), ENBL ($6.56), GLBL ($3.27), NNA ($1.77), OSG ($1.94), PEGI ($18.57), SXCP ($6.29), TERP ($8.89), TNK ($3.96), TNP ($6.06), and USAC ($10.04). Note: I have closed my position in CNXC.
On July 1, 2016, I was 9% cash and held stock in the following companies (A-Z): CEQP ($11.43), CETX ($2.86), CPLP ($2.95), DHT ($5.58), ENBL ($6.56), FRO ($7.87), HRTG ($12.49), NNA ($1.72), PEGI ($18.57), SXCP ($6.29), TERP ($8.71), TNK ($3.72), TNP ($5.49), and USAC ($10.04). Note: Closed my position in GLBL @$3.21 - aiming to buy back near $2.90. Bought TERP @7.64 sold again @10.76 => 41% profit. Sold OSG. Opened position in CPLP. Added TNP, TNK, DHT, NNA. Opened small position in FRO. Opened position in CETX, sold 1/3 at 33% profit. Opened position in HRTG.
On July 21, 2016, I was 15% cash and held stock in the following companies (A-Z): CEQP ($11.43), CETX ($2.86), CPLP ($2.95), DHT ($5.44), ENBL ($6.56), HRTG ($12.44, PEGI ($18.57), SXCP ($6.29), TERP ($8.71), TNK ($3.72), TNP ($5.49), and USAC ($10.04). Note: Added CPLP, DHT, HRTG. Closed positions in FRO and NNA at a loss. Reduced DHT, SXCP, TERP.
On Sept. 2, 2016, I was 17% cash and held stock in the following companies (A-Z): CEQP ($11.43), CETX ($2.86), CPLP ($2.95), DHT ($5.17), ENBL ($6.56), HRTG ($12.44, LEE ($1.94), PEGI ($18.57), SXCP ($6.29), TERP ($8.71), TNP ($5.31), and USAC ($10.04). Note: Opened position in LEE @1.94 avg. Closed position in TNK at a loss @3.00. Added DHT, TNP. Reduced CEQP, DHT, LEE, SXCP, TNP.
As of October 21, 2016, I am 18% cash and hold stock in the following companies (A-Z): CEQP ($11.43), CETX ($2.86), CPLP ($2.99), DHT ($5.17), HRTG ($12.44), PEGI ($18.57), SXCP ($6.29), TERP ($8.71), TGP ($12.72), TK ($6.64), TNK ($2.46), TNP ($5.31), and USAC ($10.04). Note: Closed positions in LEE @58% profit and ENBL @112% profit. Opened positions in TNK @2.46, in TGP @12.72 and in TK @6.64. Added CPLP. Reduced SXCP.
Risk Tolerance: High.
Trading Frequency: 2-3 trades per week on average.
After graduating cum laude with a BA in economics from Harvard, I worked in hedge funds and investment banking for ~6 years before leaving to manage my own money full time. I am a CFA charterholder and focus mostly on microcaps / event-oriented trades as that is where I think the market tends to be least efficient. I also started a website to track interesting arbitrage opportunities for individual investors (link below) - check it out!
I use value investing methods of analysis to search out undervalued companies using a combination of financial analysis and a qualitative assessment of management, industry & company fundamentals and circumstances to evaluate the odds of a successful investment. Emphasis is currently on consumer non-durables with strong brands and market shares, but there is no limit to such investments only. Past investments have included oil companies, consumer retail and consumer durables.
----->Top Idea #1: Zooplus, publ. Oct. 24th 2014, return since: +116.3%
----->Top Idea #2: Coca-Cola Bottling Co., publ. May 20th 2015, return: +72%
(calculated as of Sept 30th 2015)
I try to generate a couple of high probability ideas (2-3) every year and take very concentrated positions based on those ideas. Over the past 8 years this strategy has generated a 22,87% compounded average return net of all costs and taxes on my investment portfolio, with the strongest returns mostly during the past five years.
Current sectors under coverage by me at Seeking Alpha:
-personal & household goods
Disclaimer: all investment analyses and information written and published by me, as well as all comments, should not be considered as investment advice or used as such. All readers are strongly urged to perform their own research and due diligence on the equity shares and other investment products I have written about. I have no business or any other forms of relationship with the companies featured in my analyses, unless explicitly stated so in the article disclaimer.
Let's trade trade trade, and then trade some more! Love the ladies on FOX business, and Fidelity loves me. OK, well Trish does anyway, some of those other people maybe not so much. I think that's enough. No book, No paid articles, No premium content, No company, just my own personal hedge fund - dammit. I'm such a failure.
In case you don't GROK "GGjr" - that's Gordon Gekko Jr. A reflection of my net worth being several decimal points to the right of his....
Andrew Walker, CFA, is a portfolio manager at Rangeley Capital LLC with a focus on small cap special situations investments. Mr. Walker also contributes to Sifting the World, a value investing forum.
Wall Street Breakfast, Seeking Alpha's flagship daily business news summary, is a one-page summary that gives you a rapid overview of the day's key financial news. It's designed for easy readability on the site or by email (including on mobile devices), and is published before 7:00 AM ET every market day.
Wall Street Breakfast readership of over 900,000 includes many from the investment-banking and fund-management industries.
Sign up here to receive the Wall Street Breakfast in your inbox every business day: http://seekingalpha.com/account/email_preferences
For the past 30 years, I have been involved in startups, as a founder, and active investor. My first company was purchased by Johnson & Johnson, which set the foundation for future investments.
My level of trading escalated after graduating from college, primarily as a result of my relationship with the founder of the Silicon Valley venture capital firm, Institutional Venture Partners, (Netflix, Twitter, Oracle). By focusing on VC backed companies, I soon learned the advantage of investing in promising companies before they became household names. My interest in startups has never waned, and has become my primary focus today.
If you like what you read don't hesitate to message me. My research is self directed and my views are completely my own. No requests from Investor Relations personnel please.
“The way to win is to work, work, work, work and hope to have a few insights.”
– Charlie Munger
“People err who think my art comes easily to me. I assure you, dear friend, nobody has devoted so much time and thought to compositions as I. There is not a famous master whose music I have not industriously studied through many times.”
- Wolfgang Amadeus Mozart
"It is better to be roughly right than precisely wrong."
- John Maynard Keynes
My time frame for looking at an investment would generally be between two to five years.