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
I'm an investment professional with more than 15 years of trading experience.
My current and upcoming articles will contain a short synopsis of overall market developments on a weekly basis. Particular focus is on VIX-related instruments.
Professional investor managing a value-based special situations fund. Formerly managed a proprietary trading portfolio of equities and credit for a global investment bank. Prior to that, worked at a $10 billion multi-strategy hedge fund. Career training in merchant banking, private equity and M&A.
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
40 years in business and consulting. Broad array of experience in manufacturing, energy, environmental. I've worked on power plants, pipelines, railroads, drill rigs, and more. Spent more time permitting facilities and working on environmental impact studies than I care to remember. Started life as a young idealistic liberal. Evolved to a practical business person with a jaundiced eye of the role of government in our lives.
Bay Area Biotech is a group of self-organized life science graduate/medical/business students and postdoctoral scholars who are interested in utilizing our scientific training to evaluate biotechnologies and identify investment opportunities. Opinions published here are those of the authors.
-I am an RIA located in NYC and have over 30 years of experience in the investment business from both the dealer and investor side of markets.
- I have developed an any asset class yield style using high yield municipal bonds, closed end funds, master limited partnerships, dividend stocks, and REITs.
-My focus in this style for clients is to obtain high cash flow after tax with an attractive risk profile.
- For retirement portfolios my investment style is less focused on income except where client preferences would dictate high cash flow. -In retirement accounts I usually invest in ETFs as my core style.
- A big focus of my investments in both cases is managing risk to match client's risk appetite and ability to take risk
Forlorn Investor has managed his own investment portfolio since 2001 with performance that best can be described with a word survival. His interests range from mining to shipping, from agriculture to biotech, from energy to technology. His investment strategy is long-term positions supported with swing trading (long, short and options).
Forlorn also believes that transparency and truthfulness are important in financial writing. Based on that belief one of his hopes is to be able to educate his fellow investors about the methods some writers use to mislead their audiences.
His motto: Skepticism is a healthy attitude.
Saj Karsan founded an investment and research firm that is based on the principles of value investing. He has an MBA from the Richard Ivey School of Business, has completed all three CFA exams, and has an engineering degree from McGill University. Visit his blog, Barel Karsan (http://barelkarsan.com/).
Hospital based interventional radiologist located in New London, CT. with special interest in event driven investing and biotechnology companies with breakthrough therapies.
Sheldon Robbins, M.D.
Lawrence and Memorial Hospital
Dept. of Radiology
365 Montauk Ave.
New London, CT 06320
I have been investing in John Fredriksen companies since 2002 and began managing my IRA in 2004 upon retirement at age 55. While living off those funds I have since then also tripled them. I prefer dividend paying investments and usually buy and hold long term ..
Bill Simoes is an independent researcher whose focus is applying his technical and financial expertise to energy stocks involved in exploration and production. Bill has an engineering degree, MBA and 35 years of experience in petroleum production, reserves estimation and properties evaluation. He worked for a number of large multi-national exploration and development companies before becoming president of a private oil and gas company. In these capacities he was involved in acquisitions, mergers and divestitures.
I am an activist investor in US and Chinese stocks. I was previously an investment banker in New York Hong Kong and London for 9 years, focused on Equity Capital Markets. I look at both long ideas and short ideas and typically focus on a small number on names where I can spend the time to conduct very deep research. I spend my time living between Los Angeles and Beijing, China.
Growth Stock Insider is the leading source of investment information about emerging high potential growth companies. The website focuses on “Post Venture – Pre Institutional” stocks where a track record of success already exists, but the big mutual funds haven’t moved in and bid up the prices yet. The reports provide brief overviews of what is going on at the companies, and where they appear to be headed. They should not be considered complete. Links to each company’s website and to Google Finance are available in the “Companies” section, enabling readers to conveniently find additional information. Diligent investors also should read the company’s SEC filings, press releases, webcast transcripts, and other data before committing funds.
Growth Stock Insider is available without charge. The material itself is copyrighted, though, so it can’t be used without permission. We are sure you will find the website informative and fun, and hope you use it on a regular basis.
I have over 17 years experience in the hedge fund industry working as a Portfolio Manager, Domestic Equity Analyst and Trader. I was the Portfolio Manager of a domestic Hedged Equity product with gross assets that peaked over 1 Billion dollars, and I have over 18 years experience generating both long and short ideas in domestic equities. I am a fundamental, bottoms up, value investor in long investments, and catalyst oriented short investor. I like to employ technical analysis as a balance to my fundamental work, and also as a risk management characteristic to my overall investment philosophy. I am currently investing my own capital in a similar manner I employed while working in the hedge fund industry.
Harry C. Johnson
Highlights 1978 - 1995
Founder and CEO of Red Eagle Resources Corp., Oklahoma City, OK., an oil and gas exploration and production company listed on the American Stock Exchange. Experience includes private and public offerings, taxation, litigation, and the solution of problems attendant to a 400-employee work force. In 1980, started 11 rig drilling company, heavy oil field trucking company and an oil well service company. Merged Red Eagle and subs with small public company in 1987 and listed Red Eagle Resources on American Stock Exchange. In 1995, sold Red Eagle to Range Resources (formerely Lomac Petroleum).
1976 – 1977 President and CEO of Shawnee Oil and Gas Corp., an independent oil company in Oklahoma City, OK, owned by Swiss and West German investors.
1975 President of Brighthaven Exploration Partners, New York City, NY., specializing in tax sheltered investments.
1970 – 1974 Partner in charge of Corporate Finance*, Advest, Hartford, CT.
1964 – 1969 Vice President & Commercial Loan Officer*, Liberty National Bank, Oklahoma City, OK.
1955 – 1963 Senior Evaluation Engineer, Mergers & Acquisitions, Headquarters Staff* Humble Oil and Refining Co. (Now ExxonMobil) Houston, TX.
*Position at Time of Resignation
January 1955 Received Bachelor of Science Degree in Petroleum Engineering University of Oklahoma. Member Pi Epsilon Tau, Petroleum Engineering Honor Society.
1953 – 1955 Worked as a roughneck on drilling rigs for various contractors in Texas, Oklahoma, and Wyoming, and as an oil field roustabout in Texas and Oklahoma, during school years and summers.
At various times between 1960 and 2001, served as a director of the following companies:
Consolidated Production Corp.
Deer Trail Mines, Inc.
Knight Industries, Inc.
Red Eagle Resources Corp.
Shawnee International, S.A.
Thor Energy Corp.
Zydeco Energy, Inc.
Cleary Petroleum Corp.
Lakeshore Bank, N.A.
Lear Motors, Inc.
Pacific Energy Corp.
Red Earth, Inc.
Humble Employees Federal Credit Union
1980 – 1987 Board Chairman and founder of Cimarron Helicopters, Inc., Oklahoma City, OK.
Organized and managed helicopter operating company with ten light helicopters, charter, EMS, and TV News transport. Sold in 1987 due to drop in charter business and loss of EMS contracts.
1980 – 1998 Board Chairman, MillionAir Oklahoma City.
Purchased fixed-base operator at Oklahoma City’s Wiley Post Airport. Later converted to Million-Air franchise offering ramp services, jet charter, and related aviation specialties. Sold to partners.
1986 – 1991 Board Chairman and owner of Lakeshore Bank, N.A. Oklahoma City, OK.
Purchased failing bank, recapitalized it (without government assistance), returned it to profitability, and sold it to larger bank.
1980 – 1987 Farmer/Stockman, Oklahoma.
Operated 4,000 acres of cattle ranches with 400 mother cows, and 1,200 acres of wheat farms. Sold farming assets to meet the capital needs of Red Eagle Resources after change in tax laws in 1986 jeopardized Red Eagle’s capital sources.
Commercial Instrument Pilot with Multi-Engine Jet & Single-Engine Helicopter Ratings.
Formerly a Registered Principal with the NASD and an Allied Member of The New York Stock Exchange.
Registered Professional Engineer In Texas & Oklahoma.
Darren owns ProActive Financial LLC where he provides Financial Planning and Analysis consulting services. Darren's education includes a Bachelors in Economics, an MBA, and a Certificate in Personal Financial Planning.
Steve Percoco founded Lark Research as an independent provider of investment research in 1991. He has been the publisher of the Income Builder newsletter since 2001. He is a generalist, but focuses on several key sectors, including housing (and the homebuilders), real estate, utilities (electric, water and gas), telecommunications, energy and technology. Lark Research also offers institutional research services, including company and sector reports and market commentary.
Steve is a member of the New York Society of Security Analysts. From 1994-2004, he chaired NYSSA’s Committee for Improved Corporate Reporting. From 1996-2002, he served on NYSSA’s Board of Directors. He received the Society’s Volunteer-of-the-Year award in 1995, 1996, 2001 and 2002.
Prior to founding Lark Research, Steve was Vice President in the High Yield Corporate Bond Research Department at Salomon Brothers (1987-1990) and investment officer at Bank of Boston (1983-1987).
From 1994 to 2010, Steve chaired the Springfield NJ Investor Education Group of the American Association of Individual Investors (AAII). He served as a member of the FASB’s User Advisory Council from 2004 to 2006.
Steve is a graduate of Bowdoin College and Harvard Business School.
Zack Buckley is the founder and President of Buckley Capital Partners, a value-focused long/short equity hedge fund. BCP employs a fundamental approach that is research intensive and concentrated, generally with 10-15 core positions focused primarily in small cap equities. While BCP is long-biased, the fund occasionally shorts companies in situations with highly asymmetric risk-reward potential. Mr. Buckley is a contributing writer for Thestreet.com and Seekingalpha.com. Prior to launching Buckley Capital Partners, Mr. Buckley was an analyst at Baker Street Capital Management.
Background in corporate finance at multiple Fortune 200 companies including real-estate, media, and banking. Believe strongly in detailed analysis of company balance sheets and income statements, going into deeper detail than the average investor. Look to identify companies whose fundamental financials or outlook, differ significantly the the market value afforded to that company at a particular point in time. As a rule, beginning May 2013, I very rarely will hold any position in a stock that I cover on Seeking Alpha. This is done solely to protect the integrity of my research and opinion expressed in any article contributed to the site. In the rare case that I do hold a position in a stock I discuss, it will be clearly noted in the customary disclosure as well as the article itself.
We are a team of economics professors in the NY area with a passion for financial markets.
In our blog "BubbleBustInvesting.com", we write about individual stocks as well as macroeconomics events. We believe that most of the returns in financial markets can be made during the blow and bust of financial bubbles, provided that investors learn how to spot them ahead of the crowd and place their bets accordingly.
Make sure that you visit our blog at http://bubblebustinvesting.blogspot.com/.
I only look at stocks that have the possibility to double over a twelve month period and stocks in which the risk/reward ratio payout is high. In addition I focus on swing trade opportunities.
I focus more on valuations and risk/reward metrics as opposed to what make companies tick.
I have been a professional investor for over 20 years and during the past several years an economics analyst and financial writer for capital.gr, the biggest economic news portal in Greece.
I have managed money from time to time and have also done some seed venture capital projects in the past.
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 worked in New York's financial sector for almost exactly 20 years, mostly as a healthcare analyst (drugs, biotech, and medical devices), but also as an assistant research director, portfolio manager, and options strategist. My last formal job had me in charge of Value Line's premium priced "Select" and "Special Situation" products. The former highlights the company's top stock pick of each month and the latter introduces relatively small companies. I quit that job in June, 2009 for reasons that a dozen or so confidentiality agreements preclude my discussing. In September of that year, I launched 3DimensionalResearch.com (3DR), which allows me to continue doing what I was doing previously.
I am a strong believer in maximum transparency, in both personal and business relationships. So, in that vein:
A google search will show that my former employer sued 3DR and me in November, 2009 for copyright infringement, hot news misappropriations, and the proverbial kitchen sink. Although a search won't show this, unfortunately, I represented myself in a federal courtroom in December and, in accordance with the judge's instructions, the case was settled in a matter of minutes.
Additional Disclosure: 3DR has been a financial failure thus far, in terms of getting subscribers. I detest marketing and few people want to pay for information anymore, least of all from a no-name website. That said, the vast majority of my recommendations have done very well and my personal portfolio is doing extraordinarily well (65.5% in 2013) since I tend to follow most of my own recommendations, the "event driven special situations," in particular.
Glen Bradford MBA is a born again independently wealthy accredited private investor and prior hedge fund titan that enjoys the process of discovering where and why he's wrong as soon as possible. He contributes to Seeking Alpha primarily to read people's negative feedback so that he can avoid generating unnecessary losses.
The absolute best you can do is give someone an opportunity and incentive to take it.
Take upon yourself worth carrying and enjoy as your own.
"Uncertainty will certainly work for me." - Glen Bradford March 2009.
I worked at Ernst & Young in Audit, focusing primarily on real estate companies. I now work at a local public accounting firm in Indianapolis, IN.
I focus primarily on small cap companies with few analysts following them, as I believe individual investors may be able to compete at the small cap level. Bull's Eye Investing by John Mauldin and books written about Warren Buffet's investing style have significantly impacted how I view investing. I am a proponent of company analysis more than technical analysis. While technical analysis can tell us a fair amount about what a stock is doing in the short term, company analysis gives us a much clearer picture of what a stock/company will do long term.