Conor Mahlmann is the Chief Executive Officer and Chief Compliance Officer of Kippington Capital Management. Prior to the firms founding, Conor worked as a commodity trader for The Scoular Company. He later transitioned his skills into various advisory roles within TD Ameritrade Investment Management, LLC. Conor holds a B.S in Agricultural Economics from the University of Arkansas.
King Rat: Title of a James Clavell novel as well as the antagonist in the novel. People do not want to see themselves as King Rat but we must all be careful not to let ourself become one anyway.
A short (and true) story of the opposite type of character in the same situation is in Geoffrey Bingham's "The Story Of The Rice Cakes".
King Rat used to be a group of investors that grew to 8.
4 entrepreneurs, 2 MBAs, 1 stock broker, and 1 housewife (who was the most successful of the group). 4 of the 8 were (legal) immigrants into the US, and 1 a US expat. Between us, 17 languages were spoken. Our combined investment experience was over 200 years.
As of February, 2017, only 1 of us, the expat, is still an active investor and posting to SeekingAlpha. I grew up in California and now live in Asia, spending most of my time doing volunteer work because my clients let me.
I am never short. I am often wrong (formerly long KGC, GPRO) but learn from mistakes.
My investment style fits my needs. What people need to learn before they invest is 1) who they are
2) what they need.
3) figure out risk tolerance and comfort zone
4) find a strategy that meets their needs
5) find stocks that meet their strategy within the scope of their comfort level
6) be ready to sell whenever stocks no longer meet their needs, fit their strategy, or fit in their comfort levels
7) understand tax consequences of a given security before they buy
8) be able to admit when a mistake is made
9) analyze failures and successes
10) have fun
A stock may be great for one person but terrible for the next. People need to remember to apply knowledge to their personal context and act accordingly. Application of knowledge is the cultivation of wisdom. Copying is convenient but rarely leads to understanding.
I run a fund focused on REIT preferred stocks with over 35 years of experience in various aspect of real estate valuation, investment banking, principal investing in hard assets, and long/short investing in a wide range of publicly traded real estate securities. Academically, I am a JD/MBA and was admitted to practice law in the State of New York.
I run a small fund. I became interested in investing when I read an article about Warren Buffett and my fund and my investing style reflect his teachings and those of Charlie Munger. Unlike many value investors, I am not impressed with Ben Graham as an investor.
Just a small time private investor that is currently investing in oil & gas related energy names. Both from Canada and the US. Since I cannot generate enough in dividends from Canadian producers anymore, and now that I am retired, I'm having to invest much more in the Permian in order to find any names worth owning for growth. Subscribing member to HFI Research, and The Upstream Oil Hub, and enjoying what we get to learn there. (updated on 6/29/2017)
I am an "extreme value" investor, focusing mostly on micro and nanocap companies selling for a steep discount to price/book, price/sales, price/earnings, EV/EBITDA and other traditional measures of value. (Price-to-book is my favorite, by far.) My emphasis is on low priced stocks (especially under $5), since the marketplace is very inefficient in valuing them, as both institutional investors and brokerages increasingly shun them. I am a dyed-in-the-wool contrarian, and like to invest in the most unloved and out of favor sectors of the market, and numerically screen for the best relative values in those out of favor sectors. A key to my success is to buy companies where the insiders are buying in the open market, to confirm the underlying value proposition. I like to buy stocks trading near a multi-year low, and average down aggressively if the stock moves against me (assuming the circumstances for my purchase haven't changed). I like to look for stocks that are being "dumped" from indices (Russell 2000 or S&P 600 Small Cap, most commonly), or subject to tax-loss selling, creating arbitrary selling pressure in a tight time window. I also like special situations, including selective leveraged turnaround situations, that I can catch at their "inflection" point. I have achieved outsized annualized returns, over the last 27 years, with these strategies. I also take 5%+ positions in companies, and engage in selective shareholder activism, to hold accountable the insular and/or corrupt boards that are sadly all too common, especially in smaller, family-run public companies. I HATE, and decry, index investing, as stocks that are "over-demanded" are going to be over-PRICED, which offsets the miniscule savings of avoiding the "extra cost" of an active manager.
A native of Chicago, I have a B.S. in accounting (1990) from DePaul University, am a former federal financial institution examiner, and am currently an elected City Councilman in my adopted home town of La Porte, Indiana. I love old houses, live in one designed by architect Franklin Burnham (who also designed the Georgia State Capitol), and currently sit on the board of directors of the Parents Television Council, a nationwide non-profit, and the most consequential and compelling charitable organization known to man.