Investment Articles


AutoNation (AN): A Cheap Cannibal with Minimal Downside

Member write-up by Dave Rottman   Introduction and Overview AutoNation (AN) is the largest automotive retailer of new and used vehicles in the United States. As of the end of 2017, they owned and operated 360 new vehicle franchises with 33 different new vehicle brands through 253 dealership locations concentrated in major metropolitan areas primarily…...

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Computer Services Inc. (CSVI): An Unlisted, But Super Predictable Company Trading at an Unleveraged P/E of 15 times Next Year’s Earnings

Member write-up by Jayden Preston   Introduction   Computer Services Inc (often called “CSI”, the ticker is CSVI) is an unlisted stock in the US. It does not file with the SEC. But it does trade over the counter. The Company also publishes annual reports and quarterly earnings reports. You can find more information about…...

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ExxonMobil (XOM): A Blue-Chip Energy Company Likely to Provide Double-Digit Returns

Member write-up by Trey Henninger   Exxon Mobil (XOM) is one of the oil majors. Traditionally, being an oil major has meant being a fully vertically integrated company from oil exploration, drilling, refining, and chemical production. ExxonMobil continues to fulfill that role, but they are much more than an oil company today. Although they are…...

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EM Systems: The Japanese Industry Leader in Pharmacy Software

Member write-up by Clayton Young.   Thinking Points EM Systems (TSE: 4820) is an industry leader in pharmacy software looking to leverage its strengths in closely related industries. The company’s biggest strength is its business model, which lowers industry standard system implementation costs and better aligns cost structure to its customers’ operating performance. Share price…...

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Why I’ve Passed on Keweenaw Land Association (so far)

Trey had a good question in response to my Keweenaw Land Association article: “Are you willing to share your reason for not investing at this time? My first pass analysis leads me to also not choose to invest at this time. For me, it’s a matter of opportunity cost. Simply beating the S&P500 is insufficient…....

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Keweenaw Land Association: Buy Timberland at Appraisal Value – Get a Proxy Battle for Free

Keweenaw Land Association (KEWL) is an illiquid, unlisted stock. It trades something like $15,000 to $20,000 worth of stock on an average day. The company does not file with the SEC. However, you can find plenty of information – including investor presentations, annual reports, quarterly reports, and other news – at the “company reports” section…...

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Summerset (SUM): A New Zealand Retirement Village Developer with “Float”

Member write-up by: André Kostolany Investment Horizon: 5+ years Market Cap: 1,494MM NZD Type: Compounder Net Debt: 348 NZDMM Target Upside: 150% (ability to compound 20%+ p.a.) Price/Net Tangible Assets: 1.95x Country: New Zealand Price/Underlying TTM EPS: 18.0x Industry: Senior Living Price/IFRS TTM EPS: 6.8x   Summerset (SUM) is a retirement village developer and operator…....

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Amadeus: An Aggregation Platform and IT Business That Will Grow Along with Airline Passenger Volumes

Member write-up by Philip Hutchinson   Amadeus is a large, Spanish-headquartered IT company serving customers in the travel industry, tied to the long-term growth of transactions in the global travel industry.   First, let’s talk a bit about what the company does. Although all of Amadeus’ activities relate to the travel industry, the company is…...

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Pendrell (PCOA) Follow-Up: Reading into a CEO’s Past and the Dangers of “Dark” Stocks

A member commented to the write-up I did yesterday on Pendrell. I think the comment and my response are worth making into a full follow-up “memo”. So, here they are: “Geoff, This company definitely seems promising. I saw the blog post from Hidden Value that you retweeted and ended up buying a small starter position…...

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