Freecashflow
Forgive me for being blunt, but… Most folks don’t know the first thing about measuring how cheap a stock is. Which is a shame… because buying dominant stocks on the cheap is probably the easiest and lowest-risk way to grow your wealth in the markets. Especially today. Because many dominant disruptors are trading for multiyear-low valuations. Q2 2022 hedge fund letters, conferences and more If you’ve ever been bewildered by stock market valuations, it’s not your fault. Few things are more confusing than stock market valuation metrics—which are supposed to tell us how expensive or cheap stocks a...
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Crescat Capital commentary for the month of March 2021, titled, “A Collision of Macro Narratives.” Q4 2020 hedge fund letters, conferences and more Dear Investors: Two diverging schools of macro thoughts are prevalent today. One calls for a “Roaring 20s” redux while the other believes in a forthcoming liquidity crisis. Both narratives have valid points and flaws. To be clear, we find ourselves right in between the two. Let us elaborate. The central argument of the reflationary thesis is that a pent-up demand from consumers will likely cause explosive growth in the economy similar to the early ...
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The Cleveland Browns are playing in the postseason for the first time since 2002. But this almost didn’t happen because of a COVID-19 outbreak at their training facility. Q4 2020 hedge fund letters, conferences and more The Browns didn't miss a moment of practice time. Rather than hit the field, players and coaches huddled over Zoom (ZM). And they went on to win their matchup with the Pittsburgh Steelers that made this 17-years-in-the-making victory possible. Even if the Browns don't make it to the Super Bowl on February 7, their MVP moves will go down in history as a sign of these unusual tim...
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The Broad Market Index was down 0.53% last week and 61% of stocks out-performed the index. The third quarter financial statement update is underway now with 90 companies reporting last week. It is still too early to perform a macro analysis but interesting that those 90 names generated 19 buys and 4 sells.Q3 2020 hedge fund letters, conferences and moreMost of the improvements are in industrial companies where sales growth is still negative but higher than last period. That improvement in sales growth is commonly the first sign of a cyclical recovery among industrials.At the stock level - A qu...
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Arquitos Capital Management commentary for the third quarter ended September 2020, discussing how their historical holdings MMA Capital (MMAC), Westaim (WED.V), and Enterprise Diversified (SYTE) are historically undervalued.Q3 2020 hedge fund letters, conferences and moreThere is nothing noble about being superior to your fellow man; true nobility is being superior to your former self. - Ernest HemingwayDear Partner:Arquitos returned 2.1% net of fees in the third quarter of 2020, bringing the year-to-date return to -23.7%. Please see page four for more detailed performance information.There ha...
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