Category: Investing
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Leon’s Furniture (LNF) – A business currently trading at a 50% discount with an upcoming catalyst to close the gap
About The Furniture Business The furniture business is competitive with low barriers to entry and few firms have a competitive advantage. The industry has a lower priced segment (IKEA), mid priced segment (Leon’s) and a luxury segment (Williams Sonoma). Online players like Wayfair are also a significant presence. Online purchasing in general (from any player)…
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US Public Equity Research: Backtesting Ben Graham’s net-net investment strategy in US markets from 2004-2024
Abstract Using Nasdaq’s Sharadar public equity API, which includes data on fundamentals (from sec filings) and price (from nasdaq and NYSE), I back-tested an investment strategy that invested only in US common stock equities (with no preferred) trading below 65% of net current asset value, a debt to tangible ratio below 1 and selling after…
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The Attractive Project Economics of BOC’s Broadband Segment
To better understand a business I find it helpful to break down the relevant unit (or project) economics. Here I looked at the project economics of 3 project types in Boston Omaha’s broadband segment. This exercise helped me to better understand future cash flows and management’s stated IRR figures. Greenfield Projects Management shared: Which when…
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My Favorite Investing Book: Value Investing From Graham to Buffett and Beyond, 2nd ed.
by Bruce Greenwald, Judd Kahn, et al. Regrettably I found this book late in my investing journey. This is far and away the best book on investing I have yet read. Often investing books will get lost in formulas, specific examples or not contextualize the ideas with economics well. With a focus on valuation and…
