Fall 2022

The investor believes that Planet Fitness has strong growth potential due to its unique business model and increasing demand for affordable fitness options. They see the company benefiting from a growing health and welln…

CATL is positioned to lead the battery industry due to its product innovation, strong R&D capabilities, and management expertise. The stock is undervalued with a current P/E of 22x, which is near all-time lows, while exp…

Planet Fitness is well-positioned for growth with a strong business model and competitive advantages, including a large footprint and attractive pricing. The stock is undervalued following a market overreaction to guidan…

Collectors Universe is a good business that can generate attractive returns even without changes, but it has potential for extraordinary returns with improved capital allocation. The company has been criticized for its p…

Enlabs AB was involved in a situation where the management accepted a takeover offer that was deemed inadequate. As a significant shareholder, the firm opposed the deal, believing it was not in the best interest of share…

The investment thesis was based on the expectation that Atlas Air would experience a significant increase in free cash flow as capital expenditures related to Amazon's fleet build-out would decline. The company was also …

The investment in Bombardier was driven by the anticipation of a catalyst from the sale of its trains business to Alstom, which would reduce debt and pension obligations while providing a cash infusion. This strategic mo…

The investment was based on the expectation that Avaya would successfully raise funds to pay off a convertible debt, which would stabilize its financial position. The company was in the process of raising $500 million to…

The investment in ZIM was prompted by its IPO and the recognition that Danaos had a significant stake in the company, which indicated potential value. The stock was expected to rise significantly following the IPO, refle…

Danaos was discovered as one of the cheapest stocks in the shipping sector, trading at 0.7x PE, which presented a significant opportunity given the historical context of the industry and the potential for recovery post-C…

BFF Bank is positioned to benefit from rising interest rates due to its factoring business and exposure to Italian sovereigns, making it a compelling investment opportunity in the current economic environment.

CATL is a leading manufacturer of lithium-ion batteries for electric vehicles and energy storage applications, with a significant market share and strong growth prospects driven by increasing global EV penetration. The c…

Planet Fitness is positioned for significant growth with a target of 3,000 stores by 2025, driven by its strong value proposition and resilience during economic downturns. The company has a unique opportunity to expand b…

IDT is a small cap conglomerate that has successfully used cash flows from its telecom business to incubate and spin off other businesses, leading to significant value creation. The company has compounded value per share…

Ryan Pape, the CEO of XPEL, has demonstrated exceptional capital allocation skills and is fully invested in the business, which has resulted in significant value creation. The company treats its shares with great care, n…

Berkshire Hathaway is undervalued relative to its intrinsic value and is conservatively run, making it a reliable investment. The earning power is predictable, and it behaves like a fixed income holding with a yield of 1…

Costco is a strong business that generates over 20% returns on new store openings, making it a brilliant use of capital. The stock is rarely cheap, but the company pays special dividends when cash builds up, providing ad…

Olin has been a strong performer in the portfolio, and the ability to move capital around based on intrinsic value allows for maintaining a low overall portfolio valuation.

Transocean was identified as a high-quality asset during a downturn in oil prices, leading to significant returns when the market recovered. This demonstrates the importance of understanding the business and valuation.

Diamond Offshore was another high-quality asset identified during a downturn in the oil market, resulting in substantial returns when the market improved. This highlights the value of thorough research and understanding …

The merger with CBS has the potential to significantly increase revenues and profitability, with a target of reaching $50 billion in market cap. The management team is strong, and the balance sheet is being repaired, whi…

Disney is known for producing high-quality content and has a strong brand. The suggestion is to avoid overbuilding content and instead focus on maintaining the quality of their offerings, which could lead to better long-…

Despite the high amount spent on share repurchases, the stock is currently undervalued at $97 compared to previous repurchase prices. The company has a strong profit generation capability, which could lead to a recovery …