Monday, November 30, 2020

Deaths of Despair

Something has gone horribly wrong in the US. Compared to other developed countries, it's not only unable to keep up with life expectancy improvements, but it appears to be regressing. This is despite the US badly outspending all other countries when it comes to healthcare, for outcomes that are worse.

Friday, November 20, 2020

Jeff, Unfrozen

Jefferies has been spending a lot of time approaching its book value lately, so my sell orders have filled. This is a stock that traded at a massive discount to book not long ago, as I wrote about here. I think this is a relatevely fair price for the shares, so I'm out.

Thursday, November 19, 2020

Waitr Holdings: Cheap, Growing, And Profitable, Unlike Its Peers

Waitr is profitable and capitalized safely. Nevertheless, it is very cheap, perhaps thanks to past share issuances that the market is having trouble absorbing. It is also an acquisition target. Three days ago, a director purchased over $700,000 worth of shares in the open market.
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Friday, November 13, 2020

Back in Perdoceo

I recently sold shares of Perdoceo as I worried about what complete Democratic Party control of the US government would mean for for-profit education companies. Free college was a very real thread to Perdoceo, in my opinion. As the Democrats failed to take complete control of the Senate, however, I think the biggest downside risk to the company is off the table for some time. As a result, I'm back in Perdoceo as I find it far too cheap, despite the fact that a President Biden is likely to bring back rules that make it harder for companies in this space to get away with not providing useful educations to their students. Read more...

Monday, November 9, 2020

Genesis Land: A Home Builder Left Behind By The Market

Home builders have been on an absolute tear since the market lows earlier this year. Even lower rates combined with fears of the pandemic have driven sales of new homes higher, and home builders have seen their stock prices react positively as a result. From the March lows, Toll Brothers (TOL) and Beazer Homes (BZH) have seen their stock prices triple, while The New Home Company (NWHM) has seen its stock price rise a whopping 400%, to name a few examples.

But there is one home builder that has been left behind in this market frenzy, despite benefiting from the same factors as its peers. That company is Genesis Land Development (GDC)
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Monday, November 2, 2020

No Rules Rules

Netflix is one of the most popular companies in the world, boasting almost 200 million subscribers, and is also a stock market darling thanks to its impressive growth; revenue is up almost three times in the last four years. In No Rules Rules: Netflix and the Culture of Reinvention, Netflix's CEO Reed Hastings describes the culture he believes is behind the company's success.

Friday, October 23, 2020

Off The RAILs

Shares of railcar maker FreightCar America have almost tripled from their market-panic lows of March, but they still represent a big loss for me, as I purchased the shares in 2018 when they were much higher. This past week, I crystalized that loss, as the company's prospects have become much more difficult to evaluate, for me anyway.

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