InvestorAlmanac -

Firefly Value Partners Send Letter to Gulfport: Gulfport is Worth More Than $30/Share

January 17, 2019January 17, 2019 InvestorAlmanac

Firefly is an investment partnership focused on fundamental primary research and business analysis Have substantial experience in the natural gas industry, particularly with low-cost Appalachian natural gas producers Over the past 6 years, invested in industry-related public equites and private mineral rights Maintained a significant investment in Gulfport since 2013 Own 8.1% of the outstanding […]

SQN’s Presentation on Yelp: Yelp is Worth $65/Share

January 16, 2019January 16, 2019 InvestorAlmanac

Yelp has dramatically underperformed with no meaningful accountability to stockholders Underperformed Russell 2000 Technology Index by -117% and its own proxy peer group by -74% over the last 5 years; missed investor expectations in 12 out of the last 19 quarters Board is stale, with no new members added since May 2012; failed to hold […]

Silvercrest 2019 Investment Strategy: 9 Leading Indicators

January 13, 2019January 13, 2019 InvestorAlmanac

S&P 500 index fell -6.2% by year’s end, down -14.5% from its peak in late September, erasing virtually all of its gain since September 2017 12-month trailing P/E for S&P 500 has fallen from 21.5x at the beginning of 2018 to 16.0x, its lowest valuation multiple in nearly 6 years 9 leading indicators that frequently […]

Anatomy of Distressed Debt Markets

January 12, 2019January 12, 2019 InvestorAlmanac

Table of Contents Introduction Size of the Distressed and Defaulted Debt Market Distressed Securities Investors Investment Strategies Active Control Investors Active Non-Control Investors Passive Investors Valuation of Distressed Securities Literature Review Measuring and Investing in Defaulted and Distressed Debt Securities Market-to-Face Value Ratios Post-Default Experience Volatility of Defaulted Bond Returns Performance by Seniority Defaulted Loan […]

Market Cheat Sheet Jan. 12, 2019

January 12, 2019January 12, 2019 InvestorAlmanac

“An ESL spokesman said in a statement Friday that through an affiliate, Transform Holdco LLC, the firm submitted an offer for roughly 425 Sears stores, for a total value of $4.4 billion… The bid includes a $1.3 billion financing commitment from three financial institutions, ESL said. The banks that agreed to extend the maturity on […]

The MLP and Midstream Investment Thesis

January 9, 2019January 9, 2019 InvestorAlmanac

Key to the investment thesis for midstream is the expectation for growing energy supply from the US and Canada to meet rising global energy demand Connecting growing domestic energy production with local and global demand requires midstream energy infrastructure – pipelines, storage, export terminals, and processing capacity Midstream MLPs and corporations generate fees from their […]

Facebook is Undervalued

January 8, 2019January 8, 2019 InvestorAlmanac

Currently, fear is creating an opportunity with Facebook; at $140/share, is trading around 18x earnings (16 P/E excluding net cash) This is a company that grew its revenue by 49% last year and while growth will obviously slow from that level, Facebook is one of the most profitable businesses in existence and still has a […]

Macquarie 2019 Real Assets & Alternatives – Themes & Outlook

January 6, 2019January 6, 2019 InvestorAlmanac

Investments in physical assets like real estate, infrastructure, commodities, and natural resources may provide absolute and risk-adjusted returns that exceed those of many equity and fixed income investments Many real asset classes also generally share inflation protection as a common trait Even with inflation, infrastructure asset demand can persist Concerns about economic conditions and other […]

2019 Outlook: The End of Easy (Wells Fargo)

January 5, 2019January 5, 2019 InvestorAlmanac

Mixed Picture for the Global Economy Firms are investing more in their businesses, while household borrowing and spending are growing; tight labor market conditions finally have ended years of wage stagnation, and employers are finding it difficult to hire qualified workers Tax reform and government spending stimulus should pass their peak in 2019, and rising […]

Byron Wien 10 Surprises for 2019

January 4, 2019January 4, 2019 InvestorAlmanac

The weakening world economy encourages the Federal Reserve to stop raising the federal funds rate during the year. Inflation remains subdued and the 10-year Treasury yield stays below 3.5%. The yield curve remains positive. Partly because of no further rate increases by the Federal Reserve and more attractive valuations as a result of the market […]