Chris Crawford presented his in-depth investment thesis on AMERCO (NYSE: UHAL) at Best Ideas 2017.
AMERCO holds a dominant #1 position in moving rentals, with a trusted brand and important competitive advantages. The company has attractive internal reinvestment opportunities and is building value in the synergistic self-storage business. AMERCO has a superior owner- operator CEO, with operational focus, and a culture of long-term value creation. The shares have been out of favor recently due to cost overruns and fears of rising interest rates. However, AMERCO is not a widely understood company due to complexity and lack of street coverage. Chris sees 50+% upside to his $550 per-share value appraisal. Fair value appears poised to grow over time.
About the instructor:
Chris Crawford is the Managing Partner and Chief Investment Officer of Crawford Fund Management, LLC, a Boston-based Registered Investment Advisor. The firm manages a long/short fund that invests in equities and options with an emphasis on underfollowed public companies. Prior to co-founding Crawford Fund Management in 2009, Chris was Managing Director, Portfolio Manager and head of the Boston office with Stark Investments, a $10B multi-strategy global hedge fund. At Stark, Chris built the firm’s equity long/short team and managed $1.5B in equity long/short assets as well as a $200M short-biased portfolio. From 2003-2006, Chris was Senior Vice President and Portfolio Manager with Putnam Investments, and co-Portfolio Manager of the $3B Putnam International Capital Opportunities Fund and related client accounts. From 2000 to 2003, Chris was a Partner and Senior Analyst with ABRY Partners on a team managing a $400M TMT-focused hedge fund. From 1996 to 2000, Chris was with Wellington Management Company, where he served as a Global Industry Analyst covering the media industry and as a Portfolio Manager for $600M in client sector-fund and institutional assets. Chris holds an MBA from The Wharton School of Business and graduated magna cum laude from University of Pennsylvania with a BA in Physics, BS in Economics, BAS in Systems Engineering and an MA in International Relations.
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