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SA Interview: Event-Driven Investing With Panther Investments

Jun. 30, 2018 7:30 AM ETXPEL, Inc. (XPEL)AIMT, SRG6 Comments
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  • Panther Investments is focused on long/short investing with a value-oriented, event-driven focus.
  • How to develop mental filters to evaluate mispricings, what makes a credible takeover thesis and profiting on the long and short side of roll ups are topics discussed.
  • Panther Investments shares a long thesis on Xpel.

Feature interview

Panther Investments is focused on long/short investing with a value-oriented, event-driven focus. We emailed with Panther Investments about when to follow (and not to) high profile investors and management teams into a stock, how to determine if the only one to benefit from a spin-off is the parent company and why there are no shortcuts in the idea gen process.

Seeking Alpha: Can you discuss your investment-decision making process? How do you find special situations? What creates the mispricing? Can you give an example or two?

Panther Investments: My investment process is peripatetic in a sense - I don't have any particular methodology or approach for finding the situations I find interesting. I aim to simply read broadly across the news, SEC filings, value investing blogs, Seeking Alpha, and Twitter, among other sources. If you follow enough situations over the years, you get a sense for when a situation might be interesting and worth looking at further - I think this can only be done through reading over many years and following a lot of different situations and watching how they play out - this allows you to develop the necessary mental filters for characterizing situations.

The mispricing can be created by any number of factors - whether that be a spin-off with an interesting shareholder dynamic (i.e., shareholders of the RemainCo not wanting to hold on to the spin-off shares and being forced sellers and the spin-off market cap being much smaller than that of the RemainCo), or a time arbitrage where you are willing to hold on to an asset for a longer period of time than most investment managers who are judged quarterly and generally unwilling to own something that they think will trade poorly in the short-term (an example of this would be many people being scared of owning Seritage

This article was written by

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This account publishes the weekly PRO fund manager interview, which is available only to PRO subscribers. These are interviews Seeking Alpha authors and fund managers in the industry about their investing philosophy, recent ideas they have published on Seeking Alpha and elsewhere, and their current favorite ideas. The account will also occasionally repost other interviews we have done with authors or investors.

Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Check with individual articles or authors mentioned for their positions. Panther Investments is long XPLT and AIMT.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given that any particular security, portfolio, transaction or investment strategy is suitable for any specific person. The author is not advising you personally concerning the nature, potential, value or suitability of any particular security or other matter. You alone are solely responsible for determining whether any investment, security or strategy, or any product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. The author is an employee of Seeking Alpha. Any views or opinions expressed herein may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank.

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Comments (6)

Understood. Thanks, I am aware of the lack of liquidity with micro caps. It’s difficult as hell to build a meaningful position.

I went through the docs on XPEL’s website, but you answered my question on unavailability of other info sources.

Good work. I think you found something pretty big here.
I enjoyed your article of EXPEL. I’ll admit I’m a newb when it comes to OTC securities (never invested in one). I’m accustomed to investing in microcaps that are registered with the SEC and where much more info is readily available and easily accessible. Could you tell me where you could find pertinent documents for OTC’s such as EXPEL?


Panther Investments profile picture
first, one note is you should always be careful when trading OTC because liquidity tends to be lower so you would be probably do well to use limit orders and be more tactical should you decide to put on a position. I don't know of an aggregated source, but generally you should search the company name + investor relations and should be able to find it. Or go to the corporate website and look for 'filings'. Here is Xpels':

Gosh, Oh My! profile picture
Another worth while firm to follow, Thanks!
preterist profile picture
So what are some of the blogs you read?
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