Former buyside analyst now running my own fund for accredited investors. Pseudonymous to protect my IR access but if you send me your email address and show me your LinkedIn, I'll show you mine. I'm not like anyone you've ever met and am not doing this for the traditional reasons. I’m always up for a conversation with anyone interested in value investing or mental models.
Starting in late August or early September, I will run a Marketplace subscription service called “Outsourced Analyst” targeted at small-mid-sized funds, family offices, or HNWs who want the workflow of an analyst for a hundredth of the price. I will provide objective coverage of high-quality, underfollowed small-caps. Subscribers also have early access to writeups of some of my best ideas like those I've posted on LQDT, CRAI, FC, LGIH, BOOM, CSWI, and so on. Bonus material is thought pieces - I place a lot of emphasis on learning and getting better - so if/when I make mistakes, I'll write up postmortems with what I learned, and maybe they'll help you as well... Membership will be limited to the first 250 subscribers.
I'm required to disclose that I'm a registered investment advisor but nothing I say is investment advice - it's just my Monday-morning-quarterback opinion for your entertainment and amusement. Always do your own due diligence, consider your own financial position, and consult your preferred financial professional before making any investment decision.
This is a pseudonym. Started my career in structured finance, moved into corporate debt, and now equities. My investment style is focus on the fundamentals and figure out what the company is worth. Writing is a way for me to gather feedback and information, rather than convincing someone else to buy or sell. Please feel free to message me. thanks
Value investor focused on finding strong businesses with high ROIC and barriers to entry that generate strong FCF at all times during the business cycle, effective and shareholder-aligned management teams and low Street coverage that are trading at prices well below their intrinsic value. Typically look for misunderstood / special sits names that have a substantial margin of safety, preferably with a catalyst to realize true intrinsic value.
Favorite Quotes aka 'Bull Market Sanity Checks'
"It's only when the tide goes out that you learn who's been swimming naked." - Warren Buffett
“The stock market is filled with individuals who know the price of everything, but the value of nothing” - Phil Fisher
"It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities." - Charlie Munger
"Those who cannot remember the past are condemned to repeat it" - George Santayana
“If you want to shoot rare, fast-moving elephants, you should always carry a loaded gun." - Warren Buffett
"Doing what everyone else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all." - Phil Fisher
“It is impossible to produce superior performance unless you do something different from the majority.” - John Templeton
"The single greatest edge an investor can have is a long-term orientation." - Seth Klarman
“In the short run, the market is a voting machine, but in the long run it is a weighing machine.” - Ben Graham
"In the world of investing, being correct about something isn't at all synonymous with being proved correct right away." - Howard Marks
"I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.” - Warren Buffett
“Bull markets are born on pessimism, grown on skepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” - John Templeton
"If it’s close, we don’t play.” - Ben Graham
“There can be considerable opportunity as the perception of value pivots from the balance sheet to the income statement.” - J. Carlo Cannell
"Money is made in the dark, not in the light of day. Rejoice in the gloom and fear and consider adding to your investment.” - J. Carlo Cannell
"Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world." - Charlie Munger
"To buy when others are despondently selling and to sell when others are euphorically buying takes the greatest courage, but provides the greatest profit." - John Templeton
"Just because you buy a stock and it goes up does not mean you are right. Just because you buy a stock and it goes down does not mean you are wrong." - Peter Lynch
"Individuals who cannot master their emotions are ill-suited to profit from the investment process." - Ben Graham
"It just seems logical that sticking to investing in only a small number of companies that you understand well, rather than moving down the list to your thirtieth or fiftieth favorite pick, would create a much greater potential to earn above-average investment returns." - Joel Greenblatt
"The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell." - Ben Graham
Favorite Books (abridged list):
"Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor" [out of print] - Seth Klarman
"Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports" - Howard Schilit
"The Intelligent Investor: The Definitive Book on Value Investing" - Benjamin Graham
"The Most Important Thing: Uncommon Sense for the Thoughtful Investor" - Howard Marks
"Value Investing: From Graham to Buffett And Beyond" - Bruce Greenwald
2010 CFA Level 2 - Book 2 "Financial Statement Analysis" ... just kidding.
I am a former private equity and venture capital attorney with many years of investment management experience as a sideline. I've recently retired from legal practice to concentrate on fund management on a full-time basis. I now manage separate accounts for a small group of high net-worth clients.
New to the investing world as previously our accounts were in mutual funds offered by employers. Attempting to carefully select strong dividend payers, entering on pullbacks to increase yield. Goal is to provide stable income in retirement. Also dedicating part of the portfolio to a few select closed end, high yield funds and strong growth companies to increase the portfolio size. Eventually, the high growth/yield investments will give way to steadier income producers down the road.
Really enjoy learning and have done so reading SA. Thanks, all!
About Three Knights Capital:
Three Knights Capital, Inc. is an investor relations and independent investment research firm located in Port Jefferson, New York. A powerful Investor Relations program is essential for any on market or pre market company.Three Knights Capital encourages companies to be proactive in this arena, providing dedicated services to achieve robust and effective investor relations.
About The Real Estate Stock Review:
The Real Estate Stock Review is an Independent Investment Research Website and Newsletter featuring Stocks, ETFs and Mutual Funds in the Real Estate Sector. Real Estate Stock Reviews' Top Performing Real Estate Stock List is compiled by the Real Estate Stock Review, which is a collaboration between Institutional Analyst Inc. and Three Knights Capital, Inc. Each week, the Real Estate Stock Review issues a Top Performing Real Estate stock list, with percentages gained for varying time periods, along with a brief corporate description.
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