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(Ep.25) The Acquirers Podcast: Ian Cassel – Intelligent Fanatic, A Masterclass In Microcap Investing

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  • Tobias Carlisle: Well, that’s a good time to do it because there are lots of opportunities, and I did the same thing at around about the same time.
  • There’s not many of them out there but you can find them and when you do those are kind of those really special good to great businesses and that’s kind of what is that first bucket of opportunities that I look at.
  • Ian Cassel: You don’t do it all at once.

When CEOs Resign

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  • Our interest in Byrne and Overstock.com began innocently enough when a good friend and the best short-seller we have ever known suggested looking at Overstock.com as a short.
  • For another, your editor actually visited the company, long after the dust had settled on the naked short-selling conspiracy battle, at its then-new peace-symbol-shaped building at the suggestion of the short-seller who long ago had suggested looking at Overstock.com as a short ...only this time, he was, correctly, long the stock.

Some links

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  • John Hempton on Bank margins – Part 1 and Part 2 Ben Evens explains why Tesla and Netflix are NOT Tech companies The Long Term Value blog likes “cigar butt” Gamestop A good reminder on the potential threat from the “passive” boom in stock investing Must Read: The Network effect manual An honest analysis why a small cap investment has gone wrong The funniest take down of WeWorks S-1 clearly comes from Scott Galloway

Upping the ante on GameStop (GME)

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  • More than twice the number of shares were tendered at the bottom of the range ($5.20) than were provided for in the auction purchase (12 million).
  • Recent attention to the stock comes from the fact that Scion Asset Management (Dr. Michael Burry of The Great Short fame) sent a letter to the GME board on August 16 in which he states that he owns 3 million or approximately 3% of outstanding GME shares and urges management to accelerate the repurchase of shares under their existing $300 million share repurchase program.
  • Will the Board or management listen?

Video of the Week: Dividend Investing is Fun and Exciting

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  • A couple weeks ago, I wrote an article on Dividend Investing is Fun and Exciting .
  • As a complement to the article, here is a video about Why Dividend Investing is so much fun!
  • What if you could earn money and have fun?

Old School Value Nugget Fest (August 22nd Edition)

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  • I’m on vacation this week, and I’m really enjoying not paying as much attention to the daily market gyrations as usual.
  • Along those lines, I read more than my usual number of takes on the WeWork S-1, some of which I’ve included in the links.
  • Antithesis: it’s a real estate company that’s trading high overhead for a high multiple in order to gull VCs with more cash than ideas, real estate investors with tech company FOMO, and RobinHood investors with margin accounts.”

TAM Stock Screener – Stocks Appearing in Greenblatt, Pabrai, Spier Portfolios

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  • Part of the weekly research here at The Acquirer’s Multiple features some of the top picks from our Stock Screeners and some top investors who are holding these same picks in their portfolios.
  • The company also owns Teksid and Comau.
  • Superinvestors who currently hold positions in Fiat Chrysler include:

This Week’s Best Investing Reads 8/23/2019

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  • Here’s a list of this week’s best investing reads:
  • This week’s best investing research reads:
  • This week’s best investing podcasts:

Net Net Stocks: Singapore’s Unique Challenges

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  • With the controlling shareholders, who are mostly part of management, owning almost 70% of the company (90% for a compulsory acquisition), minority shareholders have little say in the delisting decision of net net stocks in Singapore.
  • This is definitely a major issue in investing in net net stocks in Singapore.
  • This is good news for net net stocks Singapore investors!

Seth Klarman – Top 10 Holdings Q22019

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Value Investor Insight: Alexander Roepers Interview

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  • While he spends considerable time and effort on “constructive activism” with his portfolio companies, Alexander Roepers is quick to highlight the basic impetus for all of his investment ideas.
  • Describe where you will and won’t look for ideas.
  • We avoid high tech due to the risks of technological obsolescence.

The Secret To An Outstanding Growth Strategy Is To Prune Those Growth Ideas That Are Not Working Out

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  • Daniel Grioli: So if you think about fishing, if you know what you want to catch, you know what sort of fish you have some idea of its habits, you know what its habitat is, you know the time of day when it’s active and the title conditions when it’s more likely to be searching for food and things like that.
  • Daniel Grioli: So you go out fishing and you’re not necessarily … you can’t guarantee that you’ll catch a fish, but you’re trying to look for a certain set of conditions.

Kinder Surprise – KML taken out by PPL

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  • With regards to the preferred shares, I will point out that PPL has two preferred share series with minimum rate resets: PPL.PR.K (575bps, resets at +500bps with a 575bps mininmum rate) and PPL.PR.M (575bps, resets at +496bps with a 575bps minimum rate).
  • Both trade above par value and both reset in the middle of 2021.
  • Holders of KML preferred shares can keep clipping their coupons and have a little more confidence that the size of PPL will back it up.

Avenue Therapeutics: Two-Step Merger with Cipla, CVR

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  • Tramadol is currently only approved in oral/pill form in the U.S., Avenue (via their controlling shareholder Fortress Biotech - FBIO) owns the exclusive license to develop and commercialize an intravenous ("IV") version of Tramadol, IV Tramadol is widely approved and used (~10% of IV painkiller market share in Europe) internationally but hasn't been approved for use in the United States.
  • Currently the company is putting together their new drug application ("NDA") to submit to the FDA for approval.

Industrial Services of America: Tiny Liquidation, Assets Sold to Nucor Sub

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  • On August 19, the company announced the sale of substantially all of their assets to River Metals Recycling, a subsidiary of the large steel producer Nucor Corporation (NUE), for $23.3MM and following the sale, the dissolution of the company with proceeds being distributed to shareholders.
  • IDSA's balance sheet is a bit of a mess and the company was facing de-listing, but following the liquidation, IDSA expects to distribute $1.15-$1.35 per share, with the stock trading at ~$1.10 that's an attractive 13.5% spread to the mid-point.

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