Podcast: Why Ron Nussbaum sees value in Comcast’s (CMCSA) breakup
Podcast: Why Ron Nussbaum Sees Value in Comcast's (CMCSA) Breakup I recently had the opportunity to speak with Ron Nussbaum of Maverick Value about his high conviction investment thesis on Comcast (CMCSA). Comcast just [...]
September 2024
Talking Spin-offs with James Early
Talking Spin-offs with James Early Last week, I had the opportunity to talk spin-offs with James Early. Here's what we covered: 1:09: My quick autobiography and how I got interested in spin-offs 3:31: Difference [...]
Joel Greenblatt Explains Option Prices
Joel Greenblatt Explains Options Prices You probably know my favorite investment book is Joel Greenblatt’s You Can be a Stock Market Genius. In chapter 3, Greenblatt dedicates a glorious 61 pages to investing in spin-offs. [...]
August 2024
Spin-off Mailbag: Do you trade “when issued” spin-offs?
Spin-off Mailbag: Do you trade “when issued” spin-offs? Recently, a subscriber asked me about trading in the when issued market. Specifically, he wrote the following: “I’m looking at Seaport Entertainment (SEG) trading in the when [...]
3 Spin-offs with Insider Buying
3 Spin-offs with Insider Buying One factor that I closely follow in the spin-off universe is insider buying. Here’s what Peter Lynch wrote about insiders and spin-offs in One Up on Wall Street: [Spin-offs] are [...]
What’s the Big Deal
What’s the Big Deal? I’ve been a bit perplexed by the recent market decline…. Given I published an article last week titled Why the Small Cap Rally is Just Getting Started, you can safely assume [...]
July 2024
“Is the Small Cap Rally Just Getting Started?”
“Is the Small Cap Rally Just Getting Started?” Over the long term, small cap stocks have outperformed their large-cap peers. According to data from 1936-2023, small cap stocks outperformed their large cap peers by 285 [...]
How Mohnish Pabrai Made 30x his Money in Turkey
How Mohnish Pabrai Made 30x his Money in Turkey Mohnish Pabrai is one of my favorite investors to follow. Not necessarily for his investing insights, but more because he’s a great story teller. I love [...]
Steve Cohen and Options
Steve Cohen and Options Quick, name a billionaire that doesn't have his or her vocal detractors. Musk, Gates, De Voss, Walton, Koch, etc. You get the idea; I can throw out a last name and [...]
Buy Medexus Pharma
Buy Medexus Pharma (MEDXF) Market Cap: $34MM Price: $1.38 Price Target: $4+ Upside: 189%+ Summary Medexus Pharma (MEDXF) truly represents an asymmetric opportunity. The stock trades at 2x FCF and 5.2x EBITDA. Does the company [...]
June 2024
3 High Conviction Buys From China
3 High Conviction Buys From China In May, I attended the Berkshire Hathaway annual meeting for the first time. It was awesome. A bit of a circus / cult gathering? Yes. But it was quite [...]
Is There an Opportunity in LSXMK?
Is There an Opportunity in LSXMA?? In December ‘23, Liberty finalized a plan to merge Liberty Sirius tracking stocks with Sirius XM Holdings (SIRI). The merger was announced to collapse a ~39% discount that existed [...]
May 2024
The Founding of a Spin-off Machine
The Founding of a Spin-off Machine Danaher (DHR) is one of the best performing stocks of all time. The stock has compounded at 21% per year for four decades. That works out to a 1,800x [...]
Spin-off Links – May 2024
Spin-off Links - May 2024 By my count, there have been 7 new US spin-off announcements in 2024. Meanwhile 4 new spin-offs have started trading in the US YTD. Performance as measured by the S&P [...]
Off to Omaha
Off to Omaha I generally hate to travel for work. It’s exhausting, and I miss my kids. It also puts 100% of the child care burden on my lovely wife. So I generally don’t travel. [...]
April 2024
Turo: The Next Airbnb?
Turo: The Next Airbnb? One of my favorite stocks is IAC Inc (IAC). It’s a holding company with many different ownership stakes. To value IAC, you need to do a sum-of-the-parts analysis (SOTP). Investment cases [...]
March 2024
What will happen to Atmus Filtration (ATMU) after the exchange concludes?
What will happen to Atmus Filtration (ATMU) after the exchange concludes? One situation that I’m closely following is Cummin’s (CMI) spin off of Atmus Filtration (ATMU). The situation is/was a fun one to watch because [...]
January 2024
How to Buy Your Favorite Stock at a Discount
How to Buy Your Favorite Stock at a Discount One of my favorite strategies for adding to a favorite stock is by selling puts. When you sell a put, someone is paying you cash today [...]
Spin-off Mailbag: How do you get in touch with Investor Relations
Spin-off Mailbag: How do you get in touch with Investor Relations? One of the reasons that I love investing in small and micro-cap companies is that generally it’s easy to get in touch with management [...]
December 2023
A “SOTP” Horror Story
A “SOTP” Horror Story Sum-of-the-part or SOTP analysis is a key tool that I use when analyzing a spin-off. Most conglomerates trade at a “conglomerate discount” and so SOTP analysis can be useful to understand [...]
October 2023
Spin-off Mailbag: Why Don’t Investors Short All Spin-Offs?
Spin-off Mailbag: Why Don’t Investors Short All Spin-Offs? I got a great question in my Twitter DMs related to shorting spin-offs.... Here's my answer: First, it’s hard to short spin-offs right when they come out. [...]
Spin-off Calendar
Spin-off Calendar Danaher (DHR) spun off Veralto Corporation (VLTO) on September 30. You can read my deep dive on Veralto here (paywall) Aramark (ARMK) spun off its uniform services business, Vestis (VSTS) on Sept 29. You can read my deep dive on Vestis here (paywall) On [...]
Spin-off Links – October 2023
Spin-off Links - October 2023 There has been a TON of spin-off activity. Let’s get right into it…. New Spin-off Announcements On September 21, 2023, W. P. Carey (WPC) announced that it will exit the [...]
September 2023
Seth Klarman Special Situations Investing Case Study
Seth Klarman Special Situations Investing Case Study Seth Klarman, famous value investor and CEO of Baupost Group, was recently interviewed on the “Capital Allocators” podcast. It was a terrific interview, and I recommend listening [...]
August 2023
Talking Spin-offs with Schroders The Value Perspective
Talking Spin-offs with Schroders The Value Perspective I recently had the opportunity to talk spin-offs with Juan Torres Rodriguez, host of The Value Perspective. I had a blast! Here's what we covered: 3:02: My [...]
July 2023
Options Case Study: “Poor Man’s Covered Call”
Options Case Study: “Poor Man’s Covered Call” One of the main motivations that Rich Howe and I identified when we were discussing launching the Stock Spin-off Investing Ultra Options Trading Advisory service (“SSI: Ultra” for [...]
June 2023
3 Biases to Avoid as a Special Situations Investor
3 Biases to Avoid as a Special Situations Investor I was recently interviewed for a podcast, and the host asked me about behavioral biases. Specifically, the host asked: What are the behavioral biases most commonly [...]
Joel Greenblatt Podcast Interview
Joel Greenblatt Podcast Joel Greenblatt is my favorite investor. He specializes in special situations and generated 50% annual returns for a decade. Whenever he’s interviewed, I drop everything and listen in. Greenblatt was recently interviewed [...]
May 2023
Spin-offs Links – May 2023
Spin-offs Links - May 2023 It’s been a busy five months in the spin-off world. Let’s get right into it…. Recently Announced Spin-offs On May 18, 2023, Alibaba (BABA) announced that it will be spinning [...]
5 Ways That I Use BamSEC
5 Ways That I Use BamSEC One of my favorite investing tools out there is BamSEC. Here are the 5 ways that I use it: 1) Let's start with spin-offs.... Months before it starts trading, [...]
April 2023
Updated Spin-off Calendar
Updated Spin-off Calendar Star Holding (STHO) was spun off of iStar (STAR) on Friday, March 31. You can read my thoughts here. Imminent Spin-offs: 1) Crane Co (CR) will be spun off from Crane NXT on Monday, April 3. You can read my notes here. 2) Madison Square [...]