AutoCanada is the largest publicly traded automotive dealership group in Canada. We discovered the company in 2009 when it (along with the entire auto industry) was facing an existential crisis.

Emperor Entertainment Hotel stock appears to be a weighted coin. The stock is extremely cheap — if the assets were sold tomorrow I estimate the proceeds would be four times the recent stock price.

We are short bond ETFs encompassing high-yield, investment grade, emerging market (high-yield), and bank debt. Structures with daily liquidity were not created for illiquid securities such as bonds and bank debt.

While there are countless variables in the banking business, a few have an outsized impact on long term value creation: deposits, scale, reach and diversity. We discuss the sea change in capital and liquidity throughout the banking system, which provide a strong foundation.

ENZ owns one of the largest independent non-hospital-based clinical labs on the East Coast of the U.S., in an industry dominated by non-hospital-based giants Lab Corp (LH) and Quest Diagnostics (DGX).

One of the biggest mistakes we made in 2017 was under-allocating to Shopify, Alibaba, and Arista. We knew they were bargains due to their growth prospects but were just not ready to pay high multiples.

I was first introduced to Radisson Hospitality, formerly known as Rezidor, by Brad Hathaway of Farview Capital. In brief, the company is a Swedish-listed hotel group with more than 80,000 rooms.

Majed Hashim A. Hashim, founder and chairman of Saray Capital, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Nils Herzing, investment professional at Active Ownership Capital, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Antonio Garufi, portfolio manager at Decalia Asset Management, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

There is strong demand for software development, but relatively few people who can develop software. Appian’s platform can accelerate developers’ speed by up to 20x, producing custom software in far less time.

Aimia is a collection of assets in the loyalty space, which I became familiar with last year when researching Points.com (PCOM). Aimia’s main asset is Air Canada’s frequent flyer program, known as Aeroplan.

Hill International provides asset light construction management and consulting services, with 47% of 2017 revenue from the U.S., 35% from the Middle East, and the balance from EMEA, LatAm, APAC, and Africa.

EZCorp continues to frustrate following the May 2018 issuance of convertible debt. To be clear there are other things not to like here, but as far as the sell off following the convert, the market is being shortsighted.

Rimini provides 3rd party maintenance for enterprise software. Their basic sales pitch to customers is, “we will save you 50% on your maintenance costs, while providing better service,” which is clearly attractive.

Bryan Lawrence, partner and principal at Yorktown Partners, joined the MOI Global community at Latticework London 2018, held at The Savoy on September 20.

On September 21, the day after Latticework London 2018, a group of eight investors from the MOI Global membership community participated in a series of company visits. These were kindly arranged by MOI Global members.

The following idea snapshots have been provided by the respective instructors or compiled by MOI Global using information provided by the instructors.

Edward Blain of Orbis Investments presented his in-depth investment thesis on Imperial Brands (UK: IMB) at European Investing Summit 2018.

Ori Eyal of Emerging Value Capital Management updated his thesis on Hilan Tech, shared a new thesis on Emet Computing, and discussed investing in Israel at European Investing Summit 2018.

Mustafa Hidir of Ehrke & Lübberstedt Management presented his in-depth investment thesis on HolidayCheck (Germany: HOC) at European Investing Summit 2018.

Brad Hathaway of Far View Capital Management presented his in-depth investment thesis on Radisson Hospitality (Sweden: RADH) at European Investing Summit 2018.

Dominic Fisher of Thistledown Investment Management presented his in-depth investment thesis on OMV Petrom (UK: PETB) at European Investing Summit 2018.

Oliver Sherman of Northern Trust presented his in-depth investment thesis on Vonovia (Germany: VNA) at European Investing Summit 2018.

Gregor Rudolph-Dengel of Allianz Global Investors shared his investment thesis on the European broadcast TV industry at European Investing Summit 2018.

Gokul Ponnuraj of Bavaria Industries Group presented his in-depth investment thesis on Norwegian Finans Holding (Norway: NOFI) at European Investing Summit 2018.

Santiago Domingo Cebrian of Solventis SGIIC SA presented his in-depth investment thesis on Akka Technologies (France: AKA) at European Investing Summit 2018.

Josh Shores of Southeastern Asset Management shared his wisdom and insights into value investing in Europe during a keynote Q&A session at European Investing Summit 2018.

Daniel Gladis of Vltava Fund presented his in-depth investment thesis on Crest Nicholson (UK: CRST) at European Investing Summit 2018.

Nils Herzing of Active Ownership Capital presented his in-depth investment thesis on Schaltbau Holding (Germany: SLT) at European Investing Summit 2018.