Interactive Brokers: A Stock Pitch
I have written about Interactive Brokers (NASDAQ:IBKR) before, most notably in Xinja’s Pivot. During the Covid Crash I purchased it on valuation grounds, but I think there are a lot of fundamental merits to, and opportunity in, the business. I recently pitched the stock and I’ve tidied up my notes to publish here: Stockbroking is …
Down 95%: Oliver’s Real Foods
There’s been some water (mostly radioactive) pass under the bridge since I last wrote about Oliver’s Real Foods (ASX:OLI). I’m sitting on I believe my first ever position that is down 95%. It’s worth a brief recap of how things got to this point. After my earlier presentation, I felt that the company was on the …
Despegar: Further thoughts
Following on from my recent post I have some further thoughts on Despegar (NYSE:DESP). The IPO The company was clearly IPO’d at precisely the right time. 53% holder Tiger Global sold four million shares at $26 in an IPO that I think was clearly overpriced. It may have been an interesting short for somebody that did …
Despegar: Thoughts so far
I don’t get a lot of time to research these days. After a month, I’m currently about halfway through researching one stock and I want to get some thoughts down on paper. My research is necessarily incomplete and I am writing this post from memory at an airport at 1am so do be aware there …
An update on Just Group plc
I recently posted to Twitter that I have been torched on my Just Group plc (LON: JUST) position so far: I recently pitched Just Group to a sophisticated investor with experience in complex financials and had the idea shot down pretty quickly (“too hard”). While that should serve as a warning to others considering investing here, …
Experience Co: Returns on capital
I received a couple of comments on yesterday’s post on Experience Co (ASX:EXP) regarding my estimate of an 8-10% ROIC. I thought I would provide justification as to why I selected the measure I did and also provide some alternative measures of returns on capital employed. How I calculated ROIC and why I selected that …
Solvency II and Just Group’s discount to NTA
The 10foot portfolio holds shares in Just Group plc (LON: JUST), a UK-based insurer that provides defined benefit de-risking programs, and ‘lifetime mortgages’, which are equity release mortgages (ERMs) with no negative equity guarantee, for retirees. Just has persistently traded at a discount to NTA that has puzzled me for some time and I wrote …
A Presentation to the Management of Oliver’s Real Foods
Last Friday I sent this presentation to Investor Relations at Oliver’s Real Foods with a request that it be brought to the attention of senior management. I wanted to give Oliver’s some advance warning and give them the opportunity to comment or correct me, if they chose. I did not receive a response from Oliver’s, …
#12: Oliver’s Real Foods – The Repurchasening
I’ve re-purchased Oliver’s Real Foods (ASX: OLI) after my prior sale. The primary reason I sold is that I didn’t have confidence that there would be action on what I perceived to be the company’s problems. The then-CEO is a founder and major shareholder and I considered it unlikely that he would step aside, which …
Sale #9: Sold Oliver’s Real Foods
I’ve sold Oliver’s Real Foods (ASX: OLI), hopefully not permanently, but I’ve seen a few things that made me uncomfortable. In a nutshell it appears to me as though this company is being managed for the short term, not a lifetime. The original thesis went like this: Oliver’s has great niche and underserved customers, minimal competition …
