ADF Group

ADF Group is engaged in "the design and engineering of connections, fabrication, including industrial coating, and installation of complex steel structures, heavy steel built-ups, as well as miscellaneous and architectural metalwork", having been originally founded as a blacksmith in 1956. It trades under the ticker symbol DRX in Toronto.

Very Important People

My memories of my trips to Vegas are bittersweet. On the one hand they have been a lot of fun, but on the other hand a number of incidents leave me feeling ripped off. None more so than going to a club and having to fork over obscene amounts of money at markups of thousands of percent. I don't find this to be good use of either money or time, but the friends I have gone with usually do, so I end up paying my share despite realizing what a racket this is. So it was with great interest that I read former model Ashley Mears' expose of this industry in her book, Very Important People: Status and Beauty in the Global Party Circuit

The Biggest Bluff

I'm not that into poker, but Maria Konnikova's The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win has inspired me to enjoy this game again after a multi-year hiatus.

Summit Midstream

While many parts of the market have somewhat recovered towards or even above their pre-COVID highs, the energy industry has not fared as well. Over-capacity has resulted in product pricing that is still low. Unfortunately, predicting cash flows in upstream energy companies is very difficult. Not only is it hard to determine the price the company will receive for its product, but it's also tough to know what it will cost to pull the product out of the ground.

But midstream companies can offer a little bit more cash flow certainty. The fees for gathering and processing are set out in contracts, which often specify minimum usage requirements and last many years. In a lot of cases, the product continues to flow through existing wells and pipes, without much need for capex. And yet, one can find companies in this space whose stock prices are as decimated as any solvent upstream company. Consider Summit Midstream Partners (SMLP).

Kane & Abel

Historical fiction is probably my favourite genre right now, and within that context Jeffrey Archer's Kane & Abel does not disappoint! The plot is terrific, spans several fascinating historical events including Poland's role in World War I, America's role in World War II, and economic issues in America in between.

The Innovation Stack

The co-founder of $60 billion-valued Square Inc has written an intriguing book called The Innovation Stack. Like most books based on a single idea, I think this book should have been an article, as it's repetitive and drawn out. You can't blame the author: who's going to pay $15 for an article? But at the same time, I think the idea is so important that I'm still glad I read it cover to cover.

Wa Un-Bashed

It feels like just 80 days ago that I wrote about Wabash as a beaten down ($7 share price) manufacturer of trailers that is capitalized to weather a possible multi-year storm. Last week, however, the company traded for $13, which is around what I believe it to be worth and so I sold all my shares.