J Mintzmyer
Global shipping and trade, Deep Value, short ideas, portfolio strategy

Teekay Corporation: Our Highest Conviction Long Idea Ever

Overview: Current Sentiment vs. Valuation Reality

Teekay Corporation (TK) is our current top idea at Value Investor’s Edge. I believe it is the best common equity risk/reward proposition I’ve seen in my entire career. A world-class value investor, which has compiled a nearly 25-yr average annual return of 16% has also recently bought heavily into TK, paying up to $9/sh to build a cornerstone position.

Although the full length thesis can get quite complex, and has hence scared away many retail investors, the underlying idea is quite simple: Teekay has heavy upside leverage to cash flow from its daughter companies, namely Teekay LNG Partners (TGP). I believe this catalyst is under a year away from

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