Friday, February 14, 2025

Trusting in Claros Mortgage



  • Claros Mortgage Trust trades at an 80% discount to book value, despite a more measured decline in book value per share.
  • The company's high debt level amplifies the impact of asset write-downs on equity value, contributing to the stock's decline.
  • Management's expertise and low exposure to troubled office space, along with a focus on multifamily projects, offer some stability.
  • The recent dividend cancellation likely caused a non-financial share price drop, presenting a potential buying opportunity for undervalued shares.

Read more...

Friday, January 17, 2025

Sachem Capital

First mortgage real-estate lender Sachem Capital (SACH) has seen its shares annihilated as of late, having declined almost 80% from their 2022 high. This puts it at a 73% discount to book value, making it a very enticing investment from a value standpoint.

Friday, January 3, 2025

Karsan Value Funds: 2024 Q4 Results

Karsan Value Funds (KVF) is a value-oriented fund, as described here. Due to securities regulations, the fund is not open to the public at this time. Should that change in the future, there will be an announcement on this site.

Thursday, January 2, 2025

On The Edge

I'm an avid consumer of Nate Silver's work, so I was excited to read his new book On the Edge. It's a book about mastering risk, and the people who seek to gain advantages through superior risk management.

Wednesday, October 9, 2024

Deep Nutrition

My dive into the world of health and nutrition continues as I recently read Deep Nutrition by Catherine Shanahan, MD. The book covers a lot of topics about nutrition, ranging broadly from our evolutionary history to the nitty gritty of how to make a healthy salad dressing.

Friday, October 4, 2024

Karsan Value Funds: 2024 Q3 Results

Karsan Value Funds (KVF) is a value-oriented fund, as described here. Due to securities regulations, the fund is not open to the public at this time. Should that change in the future, there will be an announcement on this site.

Friday, August 30, 2024

Little 5 Sporting Goods

Big Five Sporting Goods is no longer worthy of its name, its stock price having been harpooned more than 95% from its 2021 high. The sporting goods retailer of 425 stores trades for just $40 million, or about $94,000 per store. But the company's inventory averages $680,000 per store, so this is worth a closer look!