Default to Optimism: Our Investment Outlook in a Complex World
Predicting where the S&P 500 is going to be one month from now is hard enough, so trying to predict where prices will be a full year from now is almost pointless.
Surveying the SVN Capital Portfolio
We own good businesses that 1) are run by competent teams (many of them are owner-operators), 2) have opportunity to redeploy their earnings back into the businesses…
Highlights from Best Ideas 2020
We are delighted to bring you the following investment idea highlights from Best Ideas 2020, held LIVE online from January 8-11.
Booking Holdings: Wide-Moat OTA in Healthy Coopetition with Google
Sean Stannard-Stockton of Ensemble Capital Management presented his in-depth thesis on Booking Holdings (US: BKNG) at Best Ideas 2020.
Two Canadian Small-Caps: Indigo Books and Music, Hamilton Thorne
David Barr and Don Walker of Pender presented their in-depth investment theses on Indigo (Canada: IDG) and Hamilton Thorne (Canada: HTL) at Best Ideas 2020.
Domino’s Pizza Group: Operational Improvement to Drive Rerating
Josh Shores of Southeastern Asset Management presented his in-depth investment thesis on Domino’s Pizza (UK: DOM) at Best Ideas 2020.
Alimentation Couche-Tard: Compounder with Favorable Growth Outlook
Jean Pierre Verster of Protea Capital Management presented his in-depth thesis on Alimentation Couche-Tard (Canada: ATD.A/B) at Best Ideas 2020.
Restoration Hardware: Pivoting Toward Luxury Brand Status
William Brewster of Sullimar Capital Group presented his in-depth thesis on Restoration Hardware (US: RH) at Best Ideas 2020.
Avid: Leading Audio/Video Editing Software Supplier to Professionals
Edward Chang of Pledge Capital presented his in-depth investment thesis on Avid Technology (US: AVID) at Best Ideas 2020.
Megacable: Strategic Assets, Attractive Growth, Strong Balance Sheet
Patrick Brennan of Brennan Asset Management presented his in-depth thesis on Megacable (Mexico: MEGACPO) at Best Ideas 2020.
Info Edge: Online Platform with Startup Investment Optionality
Ashish Kila of Perfect Group presented his in-depth investment thesis on Info Edge (India: NAUKRI) at Best Ideas 2020.
Borusan: Turkey-Based Investment Holding at Steep Discount to NAV
Mesut Ellialtioglu of Talas Turkey Value Fund presented his in-depth thesis on Borusan Investment (Turkey: BRYAT) at Best Ideas 2020.
Concrete Pumping: Owner-Operated Firm With Strong Unit Economics
Rimmy Malhotra of Nicoya Capital presented his in-depth investment thesis on Concrete Pumping Holdings (US: BBCP) at Best Ideas 2020.
GigaMedia, Trilogiq, Charle: Three Net Current Asset Value Bargains
Juan Matienzo of Mercor presented his theses on GigaMedia (US: GIGM), Trilogiq (France: ALTRI) and Charle (Japan: 9885) at Best Ideas 2020.
Macro Enterprises: Owner-Operated Pipeline Construction Firm
Michael Melby of Gate City Capital Management presented his in-depth investment thesis on Macro Enterprises (Canada: MCR) at Best Ideas 2020.
Rosetta Stone: Value Realization Possible Due to Potential Sale
Travis Cocke of Voss Capital presented his in-depth investment thesis on Rosetta Stone (US: RST) at Best Ideas 2020.
Contingent Value Rights: Investment Tutorial, and Celgene Thesis
Jacob Ma-Weaver of Cable Car Capital presented his in-depth thesis on Celgene contingent value rights (US: BMY-R) at Best Ideas 2020.
Terravest Industries: Rollup Done the Right Way, Aligned Management
Mike Kruger of MPK Partners presented his in-depth investment thesis on Terravest Industries (Canada: TVK) at Best Ideas 2020.
Stelco, Clarke: Two Canadian Small-Caps at Discount
Curtis Jensen of Robotti & Company presented his in-depth investment theses on Stelco (Canada: STLC) and Clarke (Canada: CKI) at Best Ideas 2020.
Diamond S Shipping: Recently Formed, With Highly Capable CEO
Brian Hennessey of Alpine Woods Capital presented his in-depth investment thesis on Diamond S Shipping (US: DSSI) at Best Ideas 2020.
Grupo Jereissati: At Discount to Stake in Brazil’s Shopping Mall Leader
Mathias Wagner of LIS Capital presented his in-depth investment thesis on Grupo Jereissati (Brazil: JPSA3) at Best Ideas 2020.
Mohawk Industries: Low-Cost Flooring Producer with Incentivized CEO
John Heldman and David Hutchison of Triad Investment Management presented their thesis on Mohawk Industries (US: MHK) at Best Ideas 2020.
Gestamp: Owner-Operated Tier 1 Auto Supplier at Low Valuation
Javier Echevarria of Invexcel Patrimonio presented his in-depth thesis on Gestamp Automoción (Spain: GEST) at Best Ideas 2020.
Gruma: Well-Managed, World-Leading Tortilla and Corn Flour Producer
Francisco Carrillo of Mexico Value Partners presented his in-depth investment thesis on Gruma (Mexico: GRUMAB) at Best Ideas 2020.
Time Technoplast: Dominant Position in Plastic Industrial Packaging in India
Gaurav Aggarwal of Metis Capital Management presented his in-depth thesis on Time Technoplast (India: TIME) at Best Ideas 2020.
Formula Systems: Software-Focused Holding Company at Discount to NAV
Omri Velvart of Legacy Value Partners presented his in-depth investment thesis on Formula Systems (Israel: FORTY) at Best Ideas 2020.
KVH: Transitioning to Subscription Model, with Growth Ahead
John Barr of Needham Funds presented his in-depth investment thesis on KVH Industries (US: KVHI) at Best Ideas 2020.
Cashmere Valley Bank: Attractively Valued, with Growth Prospects
Daniel Baldini of Oberon Asset Management presented his in-depth investment thesis on Cashmere Valley Bank (US: CSHX) at Best Ideas 2020.
OL Groupe, AFC Ajax: European Football Ideas with Real Asset Backing
Michael Morosi of MAPFRE AM presented his in-depth investment thesis on OL Groupe (France: OLG) and AFC Ajax (Netherlands: AJAX) at Best Ideas 2020.
IPL Plastics: Post-IPO Setbacks Create Inflection Opportunity
Kyle Mowery of GrizzlyRock Capital presented his in-depth investment thesis on IPL Plastics (Canada: IPLP) at Best Ideas 2020.