I am an experienced individual investor with a background in industrial and software engineering. I focus on macro trends and deep fundamental analysis to look for long/short opportunities in global equity markets.
Tenured investment professional with experience managing small cap portfolios. Managed +$500 million in mutual fund and institutional accounts. Long/short hedge fund experience as well. Skilled at developing unique insights, detailed Excel models, and discounted cash flow valuations.
I conduct long/short equity research. Mostly studying energy, utilities, financials, and consumer goods. During my free time, I investigate event-driven and special situations in search of value. The content I elect to provide on Seeking Alpha is completely unrelated to the topics I research for my employer. My opinions, conclusions and other information expressed on Seeking Alpha are not given or endorsed by my firm or employer unless otherwise indicated by an authorized representative independent of this message.
Elenchus Capital Management is a boutique asset management firm focused on deep value and special situation investing. At the heart of our philosophy is a partnership approach that ensures an open, collegiate relationship between the firm and its limited partners. Our investment objective is to ensure safety of principal and an attractive return for our partners while conducting our operation with the utmost integrity.
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 email@example.com
*Past performance is no guarantee of future success.
I run two investment strategies via my personal account as documented on www.seventeenmile.com. This Seeking Alpha account will reflect the ideas and trading tied to these two strategies. Strategy #1: Highly aggressive value-oriented, event-driven designed for no more than 5-10% of one's total portfolio. I describe it as "Loeb-style events + Druckenmiller-style portfolio management". Strategy #2: Same value-oriented, event-driven style as #1, but with far lower turnover and no portfolio leverage.
Disclaimer: The views and information I provide are for informational purposes only; are not meant as investment advice; are subject to change without notice of any kind; do not constitute an offer of products or services with regard to any fund, investment scheme, or pooled investment; nor do they in any way, shape or form represent the views of my employer.
Eric Nickolaison is a financial auditor who holds a BA in accounting and MBA. He provides investment analysis through Offshoot Investment Research on SA which focuses on equity spin-offs and event-driven deep value situations. Warren Buffet once said, "You have to turn over a lot of rocks to find those little anomalies", which can be prevalent in Offshoot Investment's areas of research.
I've spent considerable time working for a registered independent advisor, doing work such as structuring client accounts, researching stocks/bonds, and performing due diligence on external managers. My career shifted when I took a role at a major investment bank, where I've supported the front office in mortgage-backed securities and derivatives. I now work in an oversight and risk capacity, identifying areas of risk and control weakness when it comes to regulatory compliance. As for trading style, I lean towards small/mid-cap companies, as I believe they have the potential for greater risk-adjusted returns. I'm firmly contrarian, and look to buy out-of-favor equities that have an opportunity to revalue upwards in the medium term.
Michael Loftis is the founder of Ridgewood Capital Management LLC. His primary focus is value-oriented equity investing in the small and mid cap sectors. Michael is a former investment banker (Lehman Brothers and Barclays) and former M&A and securities law attorney (Mayer Brown and Keating Muething & Klekamp).
Lateral Capital Management, Inc. (“LCMI”) is a long/short credit & equity fund focussed on the infrastructure, mining & resources, oil & gas, renewables and utility sectors primarily in North America.
Follow us @lateralcapital on Twitter
Performance-focused, analytical, and profit-driven investment and asset management professional, with 20+ years of progressive experience in overseeing and executing fundamental research in equity, high-yield, and emerging markets, developing innovative investment strategies, and performing complex investment analysis.
I am interested in researching and writing unique articles that combine politics and finance. With a background in Political Science and Economics, I often look at the impact regulations have on the bottom line. I generally take a short perspective when looking at companies.
Too many companies get away with lying to investors and the public. I hope that my articles can shine some light on the misstatements made by various management teams and add to improved corporate governance in this country.
I'm a 24 year-old who has been interested in investing for the past 3 years or so
As of 5/29/16, I own:
Ritchie Bros (used equipment auctioneer, awesome new management, impenetrable moat)
Ametek (defensive industrial + awesome manager; huge R&D/product development advantage)
KMG Chemical (Intel and STMicro's captive chip cleaning company, check out EBITDA growth for last 8 quarters; also impenetrable moat)
SunRun Inc (residential solar installer - DCF exercise. currently trading below the NPV of cash flows of its installed base, even assuming 0% renewals [analysts estimate that a reasonable renewal rate would be ~90%, I think, but it's stil priced below NPV even if you use 0% renewal rate..the zero renewal rate assumption, plus purchasing for less than NPV of cash flows, gives a nice MoS]. they're growing quickly, and the recent extension of solar/wind energy credits is a huge boon). So, trading for less than NPV of contracted cash flows, and you get the development company (e.g., growth) for free - the development company generates like $50m in NPV per quarter or something, so your intrinsic value is growing, too.
Resolute Forest Products - Basically an asset-based valuation; check out Chou Associates recent letter for breakdown. Additionally, RFP has raised prices on both it's pulp and newsprint by a huge % YTD'16, and that is all straight to the bottom line. They also have exposure to wood products for single family home construction in NE USA, and are building a tissue plant that i believe is going to supply tissue for Amazon's new private label initiatives. Only business that i don't know what to make of is uncoated/coated papers. But, the other 4 - wood products, newsprint, pulp, and tissue, all look like theyre ready to rumble.
LEE Enterprises - Buffett owns convertibles on this (I think, i might be wrong - Berkshire does own some stock, though, interestingly, and we know buffet loves tiny local newspapers, which is LEEs thing) - after they finish burning their NOLs, acquisition target. Best-managed newspaper company like ever - their margins are insane. Margins stable, revenue declining, so EBITDA declining. But they're retiring debt, and lowering interest payments, faster than ebitda declines. So, unlevered FCF is declining a couple percent per year, but levered FCF is actually increasing. Currently trades at 4.5x ebitda. Stock at $2. Should retire $1.20 in debt over NTM. don't think multiple can compress much more - assuming no change to the multiple, and $1.20 in debt retirement in NTM, >50% upside in 1 yr just from converting debt to equity.
Innoviva - Owned by GSK and Baupost. Basically, royalties from GSK's BREO/Anoro COPD/asthma medicine. Potential to generate $100s of millions in royalty revenue a few years out, and super low cost structure - implies hundreds of millions in FCF.
Omegaflex - $350 mkt cap, $16m in reported NI for 2015. They are 1 of 2 manufacturers of csst, which is flexible steel hosing that connects gas utility lines to homes - levered to single family home construction. NI depressed by legal expenses arising from product liability court cases - all of the cases against them, they've won (6 in a row). in fact, Pennsylvania supreme court changed product liability law just for OFLX. An Ohio judge threw out a case, and told the lawyer he was not allowed to correct the lawsuit and refile. Total claim exposure has decreased 40% in last 4 quarters, but legal expenses haven't followed yet. Eventualy, legal expense will be gone, adding $3.5m to NI. Additionally, growing revenue by high single digits per year, and GM is like 90% - contribution from sales to after-tax NI is like 55%+. So, grow sales by $8m, implies NI growth of $4-5m. 2015 NI of $16m, plus legal costs (should go away) gets us to ~$19m after tax NI. Then, if 2016 sales grow by $8m, which is the same as 2015 growth, we get another 4-5m in NI by end of 2016. Gets us to $23m in ttm NI at YE 2016. If sales grow by $8m in 2017, and NI by 4-5m, looking at $27-28m in NI in 2017. On a 20x forward multiple, that's a $560m market cap, or 60% upside, and growing.
SunEdison SemiConductor - one of 4 major wafer producers in the world. 2 of the other 3 have 30% MS each, and SEMI and one other each have 10-15%. OVercapacity meant declining prices until 2015.2015 saw cap utilization breach 85% or something, which means prices shouldve gone up; but, their major competitors are Japanese, and the yen devalued significantly in 2015. This brought further pricing pressure. However, no new capacity has been added for a long time, wafer demand has continued to increase (IoT, datacenter, cloud, etc), so supply/demand dynamics are good. Also, japanese yen has appreciated considerably in 2016, which coupled with tight supply conditions, means massive price increases coming. On top of all of this, SEMI and Siliton (the other 15% MS player) are about to merge, and since they do the exact same thing, sell to the exact same customers, etc., there should be HUGE cost savings from reduced backoffice, reduced selling expense, and reduced R&D - the two companies will basically be able to cut OpEx in half after merging.
NIHD - owned by Aurelius and Capital World, two BK investors who own >50% of the company. They have $650 in debt, and $650 in cash (some of it restricted). They have $1b worth of spectrum licenses, per their fresh start accounting, and at least $700m worth of depreciated network infrastructure. In May 2016, the largest shareholders registered their 50% stake for sale, and they also updated the CEO separation agreement - he is set to leave by Nov 2016, which I think means a sale is coming prior to that. Who would want to buy the company? Any telecom in Brazil that needs spectrum.
Also own: BOFI, CSW Industrials, Fenix Parts, Gamestop, KLX Inc, OZM, S&W Seed, Schwab, and Wells Fargo
Buyside analyst / sector PM with over 14 years of experience now running my own fund. Formal equity and credit experience (will always look at all levels of the capital structure even when investing in equities). Focus on relative value.
Chris DeMuth Jr. is the founder of Rangeley Capital LLC. Rangeley is an investment firm that focuses on event driven, value-oriented investment opportunities. Rangeley Capital and his value investing forum, Sifting the World (StW), search the world for misplaced bets. Rangeley exploits them for its investors and then Mr. DeMuth writes about them on StW.
Investing has been my passion for decades. This resulted in my leaving a top-flight position in the field of hospitality. I began investing my personal funds full-time in 2006. Using a primary research-driven approach I generated an annualized gross return of 15.7% (cumulative 328.8%) during the last ten years.
By comparison, during that same period of time (December 31, 2005 to December 31, 2015) the market experienced an annualized return of only 4.9% (cumulative 61.1%) as measured by the S&P 500 price return.
In 2008, I seeded and opened a hedge fund with a personal investment of seven figures and the acceptance of clients. I also earned the Chartered Financial Analyst® designation in 2011.
John Huber is the portfolio manager of Saber Capital Management, LLC, an investment firm that manages separate accounts for clients. Saber employs a value investing strategy with a primary goal of patiently compounding capital for the long-term.
John also writes about investing at the blog www.basehitinvesting.com, and can be reached at firstname.lastname@example.org.
Head of Equity Research at StockViews and independent valuation consultant specializing in practical application of valuation techniques. Mr. Insko has acted as a consultant to global hedge funds, independent portfolio managers, analysts, and high net worth investors in a variety of capacities including public and private business valuation, M&A valuation, foreign market investing, and proxy contests.
Feynman Investment Research LLC is an independent investment research firm that utilizes the value investing methodology to provide actionable and timely investment ideas on undervalued and under- recognized companies.
We focus primarily upon discovering positive asymmetric risk/reward opportunities in the micro,small and mid cap sectors.
Contact us at: www.feynmanresearch.com or e-mail: email@example.com
Nicholas Marshi is the Chief Investment Officer of Southland Capital Management (SCM). The Company is a Registered Investment Adviser in Santa Monica, California. SCM's principal expertise is in the area of publicly traded leveraged finance to U.S. private companies, including the Business Development Company industry ("BDC"), high yield bonds and floating rate loans.
SCM manages two "hedge funds" devoted to equity investments in BDCs and other specialty finance lenders. The Company's first fund-BDC II-was launched in October 2009, and a second fund-BDC III- in January 2011.
Mr Marshi also edits the leading website devoted to regular updates on the BDC industry entitled the BDC Reporter, with regular analysis on over 36 companies and on trends in this under-known sector. Check out www.bdcreporter.com.
Prior to forming Southland Capital Management with Mr Hansen, Mr. Marshi managed two private equity firms: Kensington Capital Corporation ("KCC") and Southland Capital Partners "SCP"). Starting in 1990 and 1995 respectively , both firms were active in acquiring lower middle market private companies, principally in Southern California, in leveraged buy-out transactions.
Before founding KCC, Mr Marshi was the head of the Los Angeles office of Kleinwort Benson Limited, a British merchant bank, from 1987-1990. Mr Marshi was involved in leading investment banking, lending and principal investing activities (both directly in middle market companies and in funds managed by Kleinwort Benson and other institutions). Prior to joining Kleinwort Benson, Mr Marshi held various positions with Citibank at locations worldwide including Athens, Dubai, Puerto Rico and London.
Mr Marshi is a graduate of Tufts University (B.A.) and Harvard University (M.A.).
The name cauchy: Augustin-Louis Cauchy was a French mathematician reputed as a pioneer of analysis. He was one of the first to refute and prove the theorems of Calculus.
Cauchy will be dedicated to in-depth contrarian research on selected stocks. My primary focus will be on credit closed-end funds and may dive into technology and Chinese stocks.
Respected investment heroes: Kyle Bass, David Einhorn, Howard Marks, and Bill Gross.