by Matt Brice | Jul 27, 2017 | Ideas, Investment Journal, Special Situations
This post is too long. I will highlight a few things at the top as a sort of summary: Owner's Earnings is the best number to focus on when valuing a business. We often use shortcuts that are horrible measures of value (comparable valuation, Bull Shit Earnings...
by Matt Brice | Jul 7, 2017 | Investment Journal, Special Situations
The difference between an amateur photographer and a professional is that you only see the best images of the later, but the former displays a lot of not so flawless images on his path to understanding what he needs to do better. John and I wanted to create this...
by Matt Brice | Jan 6, 2017 | Ideas, Special Situations
Potentially the worst title ever (check). “I would have written a shorter letter, but I did not have the time.” Pascal Most people dismiss brief ideas out of hand. Charlie479 did a write up on VIC of NVR in 2001 that clocked in at 873 words. The return since then is...
by John Huber | Dec 7, 2016 | Ideas, Investment Theory, Special Situations
There are three main “buckets”, or categories of investments where most of the stocks I buy tend to come from: High-quality businesses with a long runway of opportunities to reinvest capital at high rates of return Durable, well-managed mature businesses that are...
by John Huber | Sep 7, 2016 | Ideas, Investment Journal, Special Situations
Like most value investors, I perk up when I see something that appears to be trading at a large discount to a readily identifiable net asset value or otherwise intrinsic value. I look at many different special situation investments, but often pass for one reason or...
by John Huber | Aug 26, 2016 | Ideas, Special Situations
Just a quick post to comment on the results of the LMT/LDOS exchange. To quickly recap, LMT sold a subsidiary business to LDOS using a Reverse Morris Trust. LMT shareholders were given the option to tender their shares of LMT in exchange for shares of LDOS at a 10%...
