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Ritchie Bros (bought in $20-25 range, now at $31; new CEO in 2015, first company i ever bought back in 2015, still one of my favorite businesses that I've ever seen)
KMG Chemical (bought in $20-25 range, now at $39; proud of this b/c it's an under the radar stock with a huge moat, and i found it myself - didn't read in an article or 13f. also gave me exposure to semiconductor industry, without having to take a directed bet on which semiconductor technologies will work and which won't - their job is to supply 100% pure solvents to wafer manufacturers to clean wafers prior to them becoming chips. they use basic solvents - the key here is that when i say 100% pure, i really mean it - i think they have a class 10 cleanroom, which has more stringent requirements than the clean rooms that they manufacture pacemakers in. just to give you an idea. niche market that bigger players cant enter[actually, bigger players divested these businesses to KMG), low cost, critical to performance of end product; Intel is a big customer, and KMG, as their chip cleaner, has access to serious trade secrets. And Intel isn't going to give those trade secrets to some random chemical company in China. Very well positioned in America, EU (mkt share of >50% in each, i believe), and expanding in Asia (to provide services to their american customers who open plants over there)
OmegaFlex (bought in $32 range, now at $50. Product liability litigation overhang. Basically figured out that the court was going to clear them, which also meant legal expenses would come down significantly, and boost income by a very material amount. And then, grows as fast as new home build mkt, and has something like 90% gross margins, with fixed operating expenditures. So, legal expenses going away, exposed to good industry, high incremental margins and operating leverage; will also massively benefit from tax cuts)
KLX Inc (bought in $32 range, now at $50; sold this at $50 or so. Aerospace biz worth maybe $42 per share, and was happy to get $8 per share from their energy services biz, since i really don't know how much that's worth).
BofI (bought in $17-18 range, now at $30; short seller attack. Went and read court documents, and all accusations were complete BS. Sold at $29, because determined i wasn't comfortable owning a bank with huge geographic concentration without knowing alot more about that geography (California housing, in this case))
Winnebago (bought in $20 range, now at $33; new CEO. Announced what he was going to do, all made sense; stock was trading at 10x p/e, now trading at 15x p/e or so. made a major acquisition)
Sunedision Semiconductor (bought in $4 range, acquired at $12; these guys make the wafers that KMG sells the cleaning chemicals to)
SPX Corp (bought at $9, now at $25; spinoff, had issues with cost overruns in Africa. These issues were de-risked in 2nd half of 2015, but nobody noticed. Picked the stock up at $9, and it shot to $18 on the next earnings call once it became clear that projects were derisked and mgmt gave guidance for next year)
Advansix (bought at $14, now at $30; lowest cost producer of it's commodity, potentially in the entire world. competitors convert coal to gas, and then make the chemical (e.g., in China). Advansix has direct access to Marcellus shale, and is fully backward integrated - I saw their cost curve graph, and I've never seen one of those where one firm is so much cheaper than everyone else, until i found advansix. and global mkt, so it matters that the marginal producers in China use coal).
Lee Enterprises (bought at $2, sold at $3) - amazingly run newspaper, high margins, paying down debt. Margins stable, sales declining slowly, so unlevered ebitda and FCF declining slowly, too. But, levered FCF is stable/increasing, because theyre paying off debt (and lowering interest payments) faster than unlevered FCF decreases)
Civeo Corp (bought at $1.1, sold at $3.3 or so) - not great explanation. just thought $1 was overkill to the downside, and i was right.
Companies I don't own, but which you might want to:
AME (high qual industrial compounder, had been buying in $40-45 range; now at just over $50)
Credit Acceptance (banking/insurance is a people biz, which is why Buffet likes them - because he's good at analyzing people. People are your asset. Same goes here, subprime auto lender. had been buying in $170 range, now at $200. They compound at 20% per year, and always trade at 10x p/e - part of the way they can compound like that is they can always buy back their own stock at a 10% yield. nice little dynamic)
Wabco Holdings (very unique position in mkt; capitalize on vehicle and trucking automation and environmental compliance; just beware of Europe!!)
CSW Industrials (post spin off, very special situation. 5 very high margin businesses owned by a BDC; while in BDC, they had to exist as separate companies. CSWI has now been spun out of the BDC, which means that they have redundancies across 5 different companies that they can consolidate. Look at their gross margin, then their operating margin - 1) GM is insanely high, and 2) OpEx very inflated. EV/EBITDA looks fair, but on a depressed ebitda - post consolidation synergies, this multiple comes down alot. Exposure to plumbing, comm/res construction, rail cars, and valve lubricants for pipelines)
RFP (pulp, wood products, and tissue should each generate $100m in ebitda per year. newsprint/specialty papers being run for cash. Catalysts on horizon = lower pension contributions and ramp up of new tissue business unit)
Och Ziff Mgmt (hedge funds generally having trouble, bribery scandal in Africa, AUM coming down. But, look at track record - they are a real "hedge" fund in that they actually "hedge" their positions - crushed it in 08/09, and money poured in after. i think this is a good example of an "anti-fragile company")
Currently owned companies
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.
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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.
My experience stems from the hedge fund industry beginning in the mid-90's, working as a Portfolio Manager, Domestic Equity Analyst and Trader. I was the Portfolio Manager of a domestic Long/Short Equity product with gross assets that peaked over 1 Billion dollars. I am a fundamental, bottoms up, value investor on 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 look to author articles concerning unconventional investments, and overlooked securities. I am also an investor and analyst in Cryptoassets.
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 is the jester at the Cash Flow Kingdom, the investment community where Cash Flow is King. He also owns ProActive Financial LLC where he provides Financial Planning and Analysis consulting services directly to corporations. Darren's education includes a Bachelors in Economics, an MBA, and a Certificate in Personal Financial Planning.
Steve Percoco founded Lark Research, an independent provider of investment research, in 1991. He published the Income Builder newsletter from 2001 to 2018. He is a generalist, but focuses on several key sectors, including housing, real estate, utilities (electric, water and gas), telecommunications, energy and technology. Lark Research also offers institutional research services, including company and sector research reports.
Steve chaired the CFA Institute New York's Committee for Improved Corporate Reporting from 1994-2004 and served on its Board of Directors from 1996-2002. 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 24 years, one of the longest periods of experience deploying an activist/relational investment strategy today. Mr. Shapiro’s engaged 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. He is presently Chairman of the Official Equity Committee in the Premier Exhibitions/RMS Titanic bankruptcy and Board Secretary and Investment Committee Chair of the Mill Valley Library Foundation, on whose board he has served for many years. 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, equity 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 corporate acquisition and recapitalization transactions for both Manufacturers Hanover Trust and the Spectrum Group, a private equity firm.
Mr. Shapiro received dual JD and MBA degrees from UCLA, where he was an Olin Fellow at the UCLA School of Law and a Venture Capital Fellow at the UCLA Anderson School of Management, and a BS in Business Administration from UC Berkeley's Haas School of Business, where he periodically guest lectures.
Mr. Shapiro was 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 calling him “The Gary Cooper of Governance”. Mr. Shapiro has been a frequent speaker/panelist on corporate governance and activist investing issues to the Council of Institutional Investors, National Association of Corporate Directors, Society For Corporate Governance, SEC Advisory Committee on Small Public Companies and the National Investor Relations Institute. Mr. Shapiro is on the faculty of UCLA Anderson’s Corporate Governance/Director Education Program and has presented at the Director’s education programs of Stanford Law School, the Wisconsin Business School and Yale’s Millstein Center for Corporate Governance, among others. Mr. Shapiro is a Contributing Author to 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.