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Tuesday, July 25, 2017

Some Thoughts on Stock Dilution Part 2 $RLJE

Note: this is part two in a series that started discussing stock dilution and Turning Point Brands (TPB); please see part 1 here.

Some Thoughts on Stock Dilution Part 1 $TPB

Note: this article started out as one article, but I decided to split it into two separate articles and link the two of them to 1) make it easier to link to specific ideas in the future, 2) break up what was becoming a long article, and 3) because #pageviews. You can find Part 2 here.

Thursday, July 13, 2017

Brave deeper into the Liberty complex $BATRA

I’ve got a few other companies I wanted to write about, but given their shareholder webcast is early next week, my last post was on LVNTA (which I am very long), a tweet on them drew a nice response, and I am trying to convince Greg Maffei to let me race the Freeze at the next shareholder meeting, I thought now was as good a time as any to talk about Liberty Braves (BATRA/BATRK; disclosure: long).

Thursday, July 6, 2017

Liberty Ventures GCI merger set to unlock significant value $LVNTA $GNCMA

  • Liberty Ventures (LVNTA) trades at a deep discount to net asset value (NAV)
  • NAV is certainly understated
  • After the GCI deal goes through, LVNTA should become a share repurchase machine and will likely be acquired at a nice premium in the next few years

Wednesday, June 28, 2017

Charter: A levered return of capital story for the ages $CHTR

  • Charter is undervalued versus peers
  • Insiders are very bullish on Charter and the company is buying shares back like crazy
  • I don’t think the market realizes just how wild (in a good way) these share buybacks are yet

Friday, June 23, 2017

Why the big decline, AMC? $AMC

Key investment thesis: AMC (disclosure: long) shares have recently dramatically under performed peers RGC and CNK (disclosure: short a non-life altering amount of both as a hedge), providing investors with an opportunity to invest in the company at a below peer valuation despite better growth prospects.

Thursday, June 22, 2017

Case study: Tangoe acquisition $TNGO

So sorry for the lack of posts recently; I have been working on a few things that, for one reason or another, I didn't want to post on the blog. I'd expect a few more in the near future.
Last week, Marlin closed on its deal to buy Tangoe (TNGO) for $6.50/share. We had acquired a position in the stock in late March at ~$5/share (unfortunately, it was a rather small position). Because historical case studies can be educational, I've posted my rough working thesis from late March below. Enjoy!