Brief Portfolio Update Q1 2019

During the first quarter of 2019, my portfolio returned a positive 42%. Mean reversion is a hell of a thing. While quarter to quarter results are to be taken lightly given my long-term investment horizon, this was a happy result, and a welcome outcome following the back half of 2018. These results compared favorably to… Continue reading Brief Portfolio Update Q1 2019

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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

Skyline Champion Corp. (SKY) – an interesting setup in manufactured housing

Skyline Champion Corp. (SKY) is a manufactured home builder. The current public company was formed June 1st, 2018 as the result of the combination of Skyline Corporation and Champion Enterprises Holdings, LLC. In the company's words, SKY employs over 6,800 people and is one of the largest homebuilders in North America. With over 65 years… Continue reading Skyline Champion Corp. (SKY) – an interesting setup in manufactured housing

WageWorks (WAGE) – not as cheap as it looks

When searching for new investments to add to Greystone's portfolio, I try to seek out misunderstood or underfollowed businesses that dominate a niche product or service, possess a widening competitive advantage w/ underappreciated growth, have an aligned, experienced management team, and are able to be purchased at a value prices. WageWorks (NYSE: WAGE) is none… Continue reading WageWorks (WAGE) – not as cheap as it looks