Discover the best ideas of more than 50 value-oriented investors, including Bill Chen, Sid Choraria, Chris Crawford, Jeremy Deal, John Lewis, Phil Ordway, Barry Pasikov, Bob Robotti, David Rolfe, Keith Rosenbloom, Jim Roumell, Sean Stannard-Stockton, Glenn Surowiec, Amit Wadhwaney, and other great investors — LIVE online on January 11-12 at Best Ideas 2018, our largest online investment conference ever. Stay tuned for additional featured instructor announcements in the coming weeks.
We are grateful to have assembled the most impressive instructor line-up in the history of ValueConferences, the MOI Global subsidiary that pioneered fully online investment conferences starting in 2012.
The convenience with which instructors share their best investment ideas and the ease with which our members discover those ideas — and then connect with the instructors — have fostered strong growth in uptake of the Best Ideas annual summit.
For the first time ever, the conference is available exclusively to members of MOI Global — as a complimentary member benefit. Members also enjoy unlimited session replays, putting a large library of compelling ideas and in-depth equity research at their fingertips.
Not an MOI Global member? Add your name to the waiting list and we’ll keep you informed should an opportunity to join become available.
To get a taste of the Best Ideas summit, enjoy selected presentations by Scott Miller of Greenhaven Road Capital. Also, read highlights of Best Ideas 2017.
Best Ideas 2017 — Scott Miller on EnviroStar and Limbach:
Scott’s original thesis: ENVIROSTAR (NYSE: EVI) and LIMBACH (Nasdaq: LMB) are two sub-$200 million market capitalization companies. Investor’s typically underestimate the power of compounding and overestimate the value of “sexy”. These two “boring” companies provide the opportunity for significant capital appreciation despite not “screening well”.
EnviroStar is a commercial laundry equipment distributor engaged in a buy-and-build strategy led by a highly aligned CEO with experience at an incredibly successful buy and build company, Watsco. The industry has attractive geographic monopoly dynamics with opportunity for expansion. With the stock trading at 12x EBITDA and an acquisition pipeline at 4-6x EBITDA, the company can potentially double earnings with minimal share dilution through the combination of share issuance and debt.
Limbach is one of the largest commercial air conditioning contractors in the U.S. It is a fundamentally healthy business that is growing revenue and backlog by 30%. The company has the opportunity to grow organically, expand margins through increased service offerings, and opportunistic acquisitions. Both the common stock and long-dated warrants provide an interesting risk-reward proposition.
Best Ideas 2016 — Scott Miller on Fortress Investment Group and Associated Capital:
Scott’s original thesis: Many investors, when looking at asset managers, underappreciate the balance sheet. Here are two asset managers at compelling valuations when the balance sheet is factored in:
FORTRESS INVESTMENT GROUP (NYSE: FIG) is an alternative asset manager that is 50+%-owned by insiders. More than half the value of the company is in cash and investments. There is another 15+% in earned but unrealized incentive fees. Despite the headlines of a closed macro hedge fund, the business grew in 2015 and has a very stable management fee revenue stream. The stub (factoring out cash, investments, and earned but unrealized incentive fees) trades at approximately 2x distributable earnings.
ASSOCIATED CAPITAL GROUP (NYSE: AC) is a spinoff from Mario Gabelli’s GAMCO. Associated Capital Group has no sell-side coverage and has not been written up in any of the traditional value investing forums. Shares trade at a 25% discount to adjusted book value while sitting on attractive assets with the opportunity to grow. Sometimes spinoffs are garbage barges filled with toxic waste that the parent company cannot get rid of fast enough. This is not one of those situations. Mario Gabelli owns 75% of the outstanding shares and has announced a substantial buyback.
Finally, here’s a terrific insight by Best Ideas 2018 instructor Chris Crawford into stock market values “hiding in plain sight”. Chris is an impressive equity analyst and portfolio manager whose research presented at MOI Global online conferences has been absolutely top notch (e.g., Ritchie Brothers in early 2016).