Research

  • Comprehensive Knowledgebase

    Signet Jewelers Ltd (SIG)

    On the surface Signet is a growing retailer that maintains a dominant position within the jewelry industry. GAAP earnings are growing quickly, management is buying back stock, and a transformational acquisition just took place.

  • Comprehensive Knowledgebase

    Seagate (STX) $32.54

    Seagate is a cyclical value trap disguised as a cost-competitive, dividend growing company. Investors believe that the hard disk drive (HDD) market has oligopolistic characteristics. Things do look good, on a backwards looking basis.

  • Comprehensive Knowledgebase

    Communications Sales & Leasing Inc (CSAL) $19.55

    Communications Sales & Leasing (CSAL) represents an attractive investment at current prices. Thanks to a confusing spin-off investors have run away from Windstream and CSAL over fears of too much leverage, a declining revenue base, and unclear corporate structure.

  • Comprehensive Knowledgebase

    Calpine (CPN) $14.61

    Calpine is an independent power producer that owns and operates gas-fired and geothermal power assets. The company has best in class management who are focused on per share returns above all else.

  • Comprehensive Knowledgebase

    Theravance Biopharma (TBPH) $13.40

    Over the past year biotech and pharmaceutical investors have been richly rewarded amid a speculative frenzy that pushed questionable companies to new valuations and took the IBB (biotech index) up more than 32% from August 2014 to August 2015.

  • Comprehensive Knowledgebase

    Ambarella (AMBA) $115.00

    Ambarella has attracted a number of Wall Street analysts and retail investors. The company has exposure to a number of companies and trends that Wall Street is quick to rate higher and higher.

  • Comprehensive Knowledgebase

    Xtreme Drilling and Coil Services Corp (TSE: XDC) $2.43

    Xtreme Drilling and Coil Services Corp (Xtreme) is an oil service company that owns and operates land drilling rigs and coiled tubing services.

  • Comprehensive Knowledgebase

    Keppel Corp (SGX:BN4) SGD8.76

    Keppel Corp is one of the leading rig builders for the energy industry and a timely short. The company currently trades off of peak earnings, while free cash flow has been non-existent for the past four years.

  • Theme Installation

    Calpine (CPN) $21.00

    Calpine is an independent power producer that owns and operates gas-fired and geothermal power assets. The company has best in class management who are focused on per share returns above all else.

  • Amazing Customer Support

    Atlas Energy (ATLS) $29.55

    Atlas recently sold off a majority of their assets through a complex transaction. New Atlas offers investors a >40% distribution and plenty of growth options.

  • Incredible Design

    Rand Worldwide (RWWI) $1.66

    Rand Worldwide just completed a large tender offer that reduced shares outstanding by 47%. The tender offer also resulted in Peter Kamin purchasing a large block of shares and gaining majority control.

  • Incredible Design

    Transocean LTD (RIG) $28.78

    Transocean is the owner of older rigs heading into a long downturn. As utilization across the ultra-deepwater space drops, Transocean will be forced to lock-in day rates well below current rates or idle rigs.

  • Perfect for Businesses

    Paragon Offshore PLC (PGN) $6.22

    Investors who look backwards will like Paragon, a recently spun-off collection of oil drilling rigs from Noble Corp. Paragon screens well, enjoys plenty of backlog, and has initiated a dividend that would yield 8% at current prices.

  • Very Flexible

    JG Wentworth (JGW) $11.30

    If it’s your money and you need it now – you should call J.G. Wentworth. If it’s your money and you want more of it later - you should invest in JG Wentworth.

  • Very Flexible

    Lancashire Holdings LTD

    I believe Lancashire Holdings is an attractive short. With a share price of 6.52 GBP (June 13, 2014 closing price) and a book value of 4.41 GBP(at current exchange rates), the market is pricing in significant returns for this global reinsurer.

  • Very Flexible

    Imperial Holdings (IFT)

    As the market rises to new all-time highs, investors must seek margins of safety that are hidden from plain sight and uncorrelated to other common investments. With valuations where they are, these companies are often in industries that are troubled, misunderstood, and off the radar for most investors.

  • Very Flexible

    Atlas Financial Holdings (AFH)

    Atlas Financial Holdings is a well run niche insurance provider currently entering a prolonged hard market. Current valuations fail to account for a well capitalized company that prudently writes risk through the Property & Casualty insurance cycle.

  • Very Flexible

    BFC Financial (OTC:BFCF)

    BFC Financial is a convoluted, confusing, and completely misunderstood company trading at marked discount to fair value. While I am excited at the prospects for the company, there were many investors burnt by Chairman Alan Levan during the financial crisis.

  • Very Flexible

    United Insurance Holdings Corp (UIHC)

    Quantifying risk is perhaps one of the most difficult tasks and fortunately for patient investors, complacency reigns when there is a perception that money will not be loss. Reinsurance is seeing growing complacency and more risk is being taken on by a larger group of individuals than ever has before.

  • Very Flexible

    Roundy's (NASDAQ:RNDY)

    Roundy's is an underappreciated and undervalued grocer in the Midwest. In this beaten down industry Mr. Market believes the threat from Wal-Mart and Target will drive out grocers like Roundy's(RNDY).

  • Very Flexible

    Yellow Media (TSE:Y)

    I believe Yellow Media is completely misunderstood. The recent recapitalization has left scars on both debt and equity owners. The shareholder base is confused, the sell-side is too scared to initiate coverage, and nobody is looking at the business as a going concern.