Investing

Special Situations Newsletter: April 2021

Special Situations Newsletter: April 2021

SPAC IPOs hit another record in March 2021 with 111 new SPACs formed during the month compared to the previous record of 96 IPOs in February. To put this in perspective, we had only 3 SPAC IPOs last March and… Please check out the full newsletter from the attached PDF.

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Special Situations Newsletter: September 2020

Special Situations Newsletter: September 2020

The music has not stopped and the Pied Piper continues to lead investors along a merry path that saw the Nasdaq gain 9.59% and the S&P 500 register gains of 7.24% in August. There are two ways to think about the divergence of the market with main street. Please check out the full newsletter from the attached PDF.

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American Homes 4 Rent (AMH) on Sale

American Homes 4 Rent (AMH) on Sale

American Homes 4 Rent (AMH) $22.49 The U.S. housing market, as represented by the S&P Case Shiller Index, peaked nearly a year before the stock market started its sharp decline during the great recession of 2008-2009. While the stock market bottomed in March 2009, it took an additional three years for the housing market to bottom in early 2012 as you can see from the chart below. American Homes 4 Rent (AMH) ...

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The Ideal Position Size

While having dinner with a fund manager in Portland, Oregon a few years ago we got to discussing position sizes in a portfolio and what he said has stuck with me since then. When asked what his ideal position size was he said that he prefers to have no more than 4% of his overall portfolio in an individual position.  This implied that he preferred to hold about 25 positions ...

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A Tale of Two IPOs

The stock of electric car company Tesla Motors (TSLA) has been more breathtaking to watch than one of its expensive $100,000+ roadsters that I happened to come across earlier this week near the post office in my city. Following its  June 29 IPO priced at $17, the stock hit a high of $30.42 the next day before promptly losing more than half its value the following week, bottoming just under ...

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Can Microsoft Kinect and Sony’s Move Revive Electronic Arts?

With the biggest conference for the video game industry E3 2010 concluding last week, interest in the video game industry is high as both gamers and investors look towards the crucial second half of the year. Beyond the standard racing and war games as well as the umpteenth iteration of Donkey Kong, gamers got a glimpse of two new innovations from Microsoft (MSFT) and Sony (SNE) that take the concept ...

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Insider Weekends – June 18, 2010

Welcome to the second edition of Insider Weekends and thank you for your positive feedback after reading the Introduction to Insider Weekends. Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider buying in that week. The adjusted ratio for last week was 30.11. In other words, insiders sold more than 30 times as much stock as they purchased. ...

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Introduction to Insider Weekends

I am pleased to introduce a new weekly service called Insider Weekends that highlights buying and selling of stock by company insiders. Numerous academic studies have found that insiders as a whole tend to outperform the general market. A 2007 study by Alan D. Jagolinzer, an assistant professor at the Stanford University Graduate School of Business, found that even insiders that were enrolled in “automated” 10b5-1 plans where they periodically ...

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Christmas Comes Early to Apple Investors

Apple (AAPL) reported fiscal second quarter results yesterday crushing estimates of both Wall Street analysts and as well as industry research groups like IDC. Apple reported their highest quarterly iPhone sales ever with 8.75 million units sold worldwide, leading Kaufman Bros analyst Shaw Wu to remark, “The iPhone numbers nearly match the Christmas sales numbers. You have to ask whether Christmas has come again for Apple in March.” Apple reported ...

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The iPad Revolution: Naysayers are Missing the Big Picture

About a decade ago, in the quest for a convergence device that could do email, browse the internet, manage task lists, etc., I decided to check out the smartphone offerings from Verizon in Oregon. Besides the fact that most phones offered by Verizon back then were unappealing in general, the only device I could find was a Kyocera smartphone that felt like a brick, cost more than $500 and was ...

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