Monday, May 29, 2017

Dreamland: Opiate Epidemic

I didn't quite know what to expect when reading Quinone's book about America's drug epidemic, Dreamland, but probably the last thing I would have anticipated is that it felt very much like a business book. The suppliers of drugs have evolved to emulate something like a highly efficient pizza delivery business, and this is their story.

Friday, May 26, 2017

Harvey Nash Goes Smash

Harvey Nash Group (HVN) is a recruitment business. The company is diversified (no customer concentration risk) and operates in a number of geographies (e.g. UK, Europe, US). It trades for 56 million pounds, and I expect them to earn (based on their history) about 7 million per year. Since they have a net cash position of 5 million, this gives them an adjusted P/E of just over 7.

Thursday, May 4, 2017

Canam Goes Private

It feels like just last month that I was discussing Canam Group (CAM) as a new potential value investment - because it was. Thanks to extraordinarily lucky timing, I no longer own any shares, as last week the company's management (in concert with private equity) decided to take the company private.

Monday, May 1, 2017

Destiny of the Republic

Relative to what I'd like to know, I know very little about American history. But I plan to spend the rest of my lifetime fixing that! Fantastic books like Destiny of the Republic: A Tale of Madness, Medicine and the Murder of a President really help.

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