Everything You Need To Know About The Carvana (CVNA) Saga

“Never forget the 6-foot-tall man who drowned crossing the stream that was 5 feet deep on average.” – Howard Marks  If Donald Trump were a stock, he would be Carvana (CVNA).  Bulls believe the stock is worth >$600/share. The bears think it’s a zero. Somewhere in between lies the truth about the company, its value, […]

The Evolution of Emerging Markets: A Framework

Today we’ve got a guest post from Srivatsan “Sri” Prakash. Sri is the host of the Market Champions podcast dedicated to interviewing the best and the brightest in finance and economics. His thoughts can be found on Twitter @SrivatsPrakash. The stories coming out of Sri Lanka and Pakistan are absolutely devastating. Yet, it may provide […]

Why I’ve Changed My Mind on POWW

POWW reported earnings on June 29, and there’s a lot to unpack.  In my last note, I explained what I wanted to see from the company’s upcoming earnings:  GunBroker Marketplace Growth  Improved Inventory Control  Improved Accounts Receivable Collections And a cursory glimpse at the company’s ER would have you believe things are going exceptionally well. […]

Dance Like It’s 1970, Baby

Today we’ve got a guest post from Srivatsan “Sri” Prakash. Sri is the 18-year-old host of the Market Champions podcast dedicated to interviewing the best and the brightest in finance and economics. His thoughts can be found on Twitter @SrivatsPrakash.  Please enjoy …  Everyone’s comparing today’s inflation to the type experienced in the 1970s. The […]

3 Complexity, Chaos and Markets

Brandon here.  Today we’ve got a guest post from Srivatsan “Sri” Prakash. Sri is the 18-year-old Host of the Market Champions podcast dedicated to interviewing the best and the brightest in finance and economics, His thoughts can be found on Twitter @SrivatsPrakash.  Anyways, before dive into Sri’s piece, I want to let you know about […]

3 Big Things: Short Selling 101 w/ Robert Prather

“It’s amazing how many long-only investors fail to actually read things like the footnotes, disclosures, etc. This is stuff that reveals important things about the business that go mostly unnoticed. And that’s our opportunity.”   Robert Prather is an Investment Analyst and the founder of Vision Research. Vision Research is a Fundamental Research shop dedicated to […]

3 Big Things: How To Evaluate Management w/ Ben Claremon

“If there’s one thing I’ve learned from interviewing 25+ CEOs and operators, it’s this: culture, incentives, and management teams really matter.”  Ben Claremon is the portfolio manager at Cove Street Capital and hosts one of my favorite investing podcasts, The Compounders Podcast (listen here). Ben spends his time reading, thinking, interviewing, and investing in the […]

Value Hive: 3 Big Things with Alex Morris (TSOH_Investing)

“The reason I love studying retail businesses is because it’s so graspable. If you understand very basic business concepts, you can wrap your mind around how these companies can build very strong, very profitable businesses over time. And it all starts with simple unit economics.”  Alex Morris is one of my favorite writers and Twitterers […]

Value Hive: 3 Big Things with Jay Singh III

“The SPAC landscape provides some of the greatest short opportunities we’ve ever seen in markets.”  I can’t think of a better time to uncover and invest in special situations than in today’s market. We’re seeing micro-cap stocks trading at less-than cash and de-SPAC companies with actual earnings trading like a Chamath IPO.  My latest podcast […]

My Three Favorite Crowdsourced Micro-Cap Investment Ideas

In late May, I took to Twitter to crowdsource my followers’ favorite micro-cap ideas. I received a ton of great feedback with dozens of company-specific responses. I also created a Google Sheet with all the names mentioned in the thread, which you can find here. This short post reviews my Top 3 Favorite Ideas from […]