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Thursday, May 31, 2018

Some things and ideas: May 2018

Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later in the month.

Tuesday, May 29, 2018

Senvest could be hitting an inflection point $SVCTF

Small upfront disclaimer: Despite a ~$500m market cap, the company this write up will ultimately  focus on, Senvest (SVCTF in the US; SEC in Canada; disclosure; long the US shares), is on the illiquid side (~1k shares trade a day) as insiders own ~50% of shares. Be aware of that illiquidity, and (as always) do your own due diligence.

Thursday, May 24, 2018

Now could be the time to tune into $MSGN

I’ve mentioned MSGN (disclosure: long) a few times on this blog (here and here); I did a fuller write up in the wake of sports betting legalization and thought I'd share it here as well. Enjoy!

Monday, April 30, 2018

Some things and ideas: April 2018

Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later in the month.

Tuesday, April 24, 2018

CorePoint / La Quinta Ira Sohn Contest Winner $LQ

My investment thesis for CorePoint Holdings, the taxable spinoff from La Quinta (LQ, disclosure: long), was selected as the winner of the Ira Sohn Contest. It was a really cool experience to present at the conference; if my presentation ever makes it on youtube or CNBC I'll be sure to share a link (and if a reader sees the video somewhere, I'd be grateful if you shared it with me!). Till then, you can view the slides I presented here. I've also copied the investment thesis I submitted below (the thesis was limited to four pages; you can find a longer version of my investment thesis over on VIC). Enjoy!

Sunday, April 1, 2018

My failed April Fools' post $NFLX

I spent the morning trying to write a combo April Fool’s post / prank*. I’ve put the summary of the idea in the footnotes if you’re interested in it; ultimately I decided not to finish / post the article. But spending time on the article did get me thinking about April Fool’s and investing, and it reminded me of this April Fool’s post on Barel Karsan (a site and author I very much enjoy; that I could remember a post from 7 years ago should speak to that).

Monday, March 26, 2018

Some things and ideas: March 2018

Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later in the month.

Wednesday, March 21, 2018

Comcast and the "curse" of "diversified holdings" companies $CMCSA

I was swapping thoughts back and forth with a few people on Comcast (disclosure: long) and the cable industry in general last night and thought I'd put some pen to paper.

Monday, March 19, 2018

Lennar Share Class Arbitrage $LEN

In my annual letter, I included a section on finding opportunities to take advantage of the rise of indexation. I know that simply saying “we are taking advantage of increased indexation” is a bit of a nebulous statement and something that almost every small / value fund manager says; in general, they simply mean “we invest in companies that aren’t in the indices.” That’s certainly true to a large extent for me too, but I think there are a few investments we’ve made that are designed specifically to take advantage of the rise of indexation that separates us from such broad stock talk. To show that, I wanted to highlight a specific example to show how we look to take advantage of indexation, so let me present my favorite “take advantage of the index” idea today: Lennar share class arbitrage (disclosure: Long Lennar B shares, short Lennar A shares).

Tuesday, February 27, 2018

Some things and ideas: February 2018

Some internet links and ideas I've liked or found interesting in the past month

Tuesday, February 20, 2018

$YUME $RTHM merger update

Late last year I posted a two part idea (part 1 and part 2) on the YUME / RTHM (disclosure: long) merger arbitrage. The merger closed earlier this month and I’ve got a few new thoughts so I wanted to do an update post. This update will focus on two things: first, some new fundamental info we got on the combined company, and then some thoughts around just how crazy the trading dynamics were heading into the end of the merger.

Monday, February 12, 2018

Venturing through the GCI proxy $LVNTA

Note: I wrote this LVNTA / GNCMA (disclosure: I'm long both) update in late September; however, I didn’t want to post it till the shareholder votes went through. As we inch towards the deal closing / as hordes of investors post the idea on Sumzero (and I’m sure posts on VIC, Seekingalpha, etc. are coming soon), I figured now was as good a time as any to #releasethepost. I’ve mainly left the original post unchanged (except for updating some stock prices) and have included an update insert when I’m adding something I think is new / relevant. I believe everything in the post should be fully up to date but there is a chance a stale number or two slipped through.

Friday, February 9, 2018

Markets in (semi)Panic

As I write this, markets are down ~5% on the year and maybe 11% from their all time highs reached in late January. Markets are up around 11% over the past year.

Wednesday, February 7, 2018

Checking into Rezidor $REZT

Upfront note: Rezidor (trades in Stockholm under REZT; disclosure: long) is an international and relatively illiquid stock. Please do your own research and remember that I am often a bagholder.

Friday, January 19, 2018

Thoughts on the market and where we see upside and opportunity

As I sat down to write my annual letter, I had just read "Are We in a Bubble? - Honestly: Yes" (from the always sublime Geoff Gannon), so I wanted to put some thoughts on market valuations down. My views ended up sharing a lot with this post from Albert Bridge Capital (I had already written my first draft before reading that post and was dismayed to see how many viewpoints we shared, something that happens quite often in investing!). Anyway, the excerpt on market valuations and where we see opportunity is below; enjoy!

Thursday, January 11, 2018

Some things and ideas, January 2018

Some internet links and ideas I've liked or found interesting so far this month.