Nautilus (NLS) – value destruction could lead to an opportunity

Nautilus is a fitness equipment manufacturer. The company makes consumer fitness products such as cardio and strength equipment, and owns some of the most recognizable fitness brand names in the industry, including Bowflex, Schwinn and Universal. Nautilus operates in two segments, direct to consumer and retail. Each segment has a separate distribution channel, with direct to… Continue reading Nautilus (NLS) – value destruction could lead to an opportunity

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Can’t get comfortable with Duluth Holdings (DLTH)

Duluth Holdings is a clothing retailer. The brand has a long and storied history dating back to Duluth, Minnesota in 1989, when the business was founded by two brothers who wanted to invent a better way for workers to carry tools. The company IPO'd in 2015 w/ an initial store base of six, as well… Continue reading Can’t get comfortable with Duluth Holdings (DLTH)

Burford Capital (BRFRF/BRFRY) – leader in litigation finance with attractive economics

This is a shorter than normal post. I'm not really doing a deep dive on the business, but I wanted to share some surface-level notes after studying the company for a few weeks. For those that want to dive deeper, I can point you to Artem Fokin's excellent write-ups from MOI Best Ideas, and would… Continue reading Burford Capital (BRFRF/BRFRY) – leader in litigation finance with attractive economics

Nobility Homes (NOBH) – Illiquid, under-followed, cash generative home builder

Ticker: NOBH Price: $18.8 Shares Out: 3.9mm Market Cap: $73.3mm Cash: $35mm Debt: $0 Enterprise Value: $38.3mm TTM Earnings: $5mm TTM P/E: 14.6x Avg. Volume: 118 (not thousand, just 118 shares) I've been doing some work in the home building industry, particularly as it relates to manufactured home builders. During my research into SKY and… Continue reading Nobility Homes (NOBH) – Illiquid, under-followed, cash generative home builder

Rimini Street (RMNI) – A high quality business going through some temporary issues

The market hates uncertainty. It's within this context that opportunities can be found. Rimini Street is one such opportunity in the form of a high quality business trading at a cheap valuation, caught up in some - what I believe to be - temporary issues. This idea came from my small ecosystem of like-minded investors,… Continue reading Rimini Street (RMNI) – A high quality business going through some temporary issues