Global investor. I publish in-depth research on under-the-radar stocks and special situations. clarksquarecapital.com | specialsitsdigest.com
Austin, TX
- Tweets 10,380
- Following 3,013
- Followers 32,486
- Likes 25,892
1. Resources on Valuation - a Thread.
The purpose of this thread is to share helpful articles, notes, and presentations on the topic of valuation. Thanks to all those that have shared these resources with me! These are in no particular order, and I plan to keep adding:
55
539
1,692
How to get free sell-side research:
Evercore ISI - via Interactive Brokers (fee waived if you trade enough)
Morgan Stanley - open account via ETrade ($0)
Wells Fargo - open account via WF Securities ($30/yr)
BofA - open Merrill Edge account ($0)
Citibank - open Citi Self Invest acct (requires checking)
JPM - open self-directed JPM account ($0)
Stifel - sign up for Stifel Wealth Tracker ($0)
Special thanks to: @Kell_dog99 @timothychang01 @finance_sources @bingobongcap for sharing
Let me know what's missing / what else you can get for free or cheap.
66
150
1,610
317,249
Johnny
If you like industry primers, here are a bunch of them
dropbox.com/sh/5ixagmeivysin…
27
73
694
215,337
Now that we are all under quarantine and looking for stuff to do, it is time to share your all-time favorite investing related videos: speeches, talks, pitches, etc.. What are your favorites? Please add your recommendations!
29
196
619
For all the Mauboussin fans out there: a collection of most (if not all) of his reports:
drive.google.com/drive/folde…
7
108
555
Nick Sleep's 2005 write-up on Costco is what all stock pitches should aspire to be:
docdroid.net/cLuX3jt/nick-sl…
6
84
546
There are so many people on this platform creating and sharing great content.
I am starting a thread to highlight those who are doing great work in equity research and investing. Will keep adding to it over time.
I also appreciate any suggestions as to who should be on here
29
50
558
126,266
Here is a PDF with 1,000+ pages of Charlie Munger's accumulated wisdom (Wesco letters, speeches, etc.)
Thanks for all of your wisdom, Charlie. You will be missed. RIP 👑
[h/t to whoever compiled this]
drive.google.com/file/d/0BxT…
2
110
525
71,283
The masculine urge to set up an ETF with your own money so that you don't have to pay any capital gains.
17
32
509
123,250
On Monday, my wife and I welcomed our first child — a baby girl, Emma.
She came into the world at 1 pm, weighing 7 lbs 5 oz (3.3 kg).
Mom and baby are doing very well. We love the baby so much already.
If you have any fatherly advice, feel free to share!
83
1
446
22,081
If you like industry primers, here are a bunch of them (in case you missed this)
dropbox.com/sh/5ixagmeivysin…
14
42
432
114,837
The best part about small caps is the inherent asymmetry: 0% upside capture, 300% downside capture.
15
14
418
43,862
This is a fantastic list of investing resources by @StockJabber
I highly recommend you check it out.
4
42
412
55,740
Here are the responses to the question: "What's your favorite idea with a market cap below $500m USD right now?"
Thanks to everyone who contributed! 🙏
What's your favorite idea with a market cap below $500m USD right now?
US/International, anything goes.
Please RT so we can get more answers and I will compile a list.
10
46
393
112,335
10-K checklist from Credit Suisse. Highly recommended.
bit.ly/34v47Lo
3
53
388
Here's how to recreate ~70% of the functionality of a BBG terminal for dirt cheap:
@getBamSEC : quick doc search, cc transcripts, and keyword alerts
@theflynews : real-time stock news
@theTIKR : financial analysis, earnings calls, and a screener
@wisesheets : pull data and stock prices into Excel.
What else should I add?
28
34
398
175,202
Arthur Zeikel, president of Merrill Lynch Asset Management, sent his daughter a letter teaching her key investing lessons.
8
74
367
48,341
I learned today that if you use Interactive Brokers, you can get Evercore ISI research for free. Pretty cool.
10
19
344
103,699
Steve Cohen with great insights on risk management
(from the interview: Stray Reflections)
9
50
342
64,226
If you like valuation papers/methodologies, here are a bunch of them
gofile.io/d/3HbmYw
11
48
340
89,304
Gravity Co. $GRVY is a mobile game company trading at ~2.0x EBITDA with +70% of market cap in net cash by year-end and inflecting earnings.
Below is the summary thesis (link in the next tweet).
Any feedback / comments / pushback is appreciated!
39
30
339
180,700
Here are the answers to the prompt: "What's your favorite idea with the best risk/reward?"
Thanks to everybody who shared an idea 🙏
What's your favorite idea with the best risk/reward? And why do you like it?
I will compile the results and share them!
I would appreciate a retweet for visibility. 🙏
8
33
338
143,530
Here are all the cheap (and free) resources that were mentioned. Thanks to everyone who shared! 🙏
Here's how to recreate ~70% of the functionality of a BBG terminal for dirt cheap:
@getBamSEC : quick doc search, cc transcripts, and keyword alerts
@theflynews : real-time stock news
@theTIKR : financial analysis, earnings calls, and a screener
@wisesheets : pull data and stock prices into Excel.
What else should I add?
2
46
318
48,210
One mistake I made early in my career was trying to be precise rather than trying to be accurate.
Creating a multi-tab, 300-line model in Excel feels good, but it won't make you a better forecaster.
Identify the 2-3 things that matter and spend your time on those instead.
13
18
287
71,455
Friendly reminder to always use limit orders when trading low-liquidity stocks (especially OTC)
14
12
283
37,032
A thread on Mytheresa $MYTE, one of my favorite opportunities in the market today.
(1/x)
13
29
284
328,922
This is a fantastic list of resources if you're interested in emerging market investing:
emergingmarketskeptic.com/
5
34
265
37,810
Another great investor letter by @Whit_Huguley. Recommend a read.
drive.google.com/file/d/1Uxe…
5
25
258
70,060
Here is David Einhorn's Q4 Letter
Greenlight Capital Q4 2024 Investment Letter
drive.google.com/file/d/13tT…
7
25
264
92,476
Just discovered 13f.info
It's a pretty cool little website for viewing 13Fs without any of the extra clutter.
Definitely worth a bookmark.
5
29
261
28,625
The list of Magic Formula stocks (Joel Greenblatt).
Does anything look interesting?
43
25
250
123,320
This is a tiny little arb.
The Tile Shop (US: $TTSH) is going private — another Peter Kamin special — and will cash out shareholders holding fewer than 2,000 shares at $6.60.
The stock is currently at $6.26, so the play is to buy 1,999 shares and profit from the delta ($0.34 x 1,999 = ~$680). Almost $700.
16
7
257
56,294
This was excellent.
River Oaks Capital H1 2023 Letter
h/t @Whit_Huguley
drive.google.com/file/d/1-km…
11
34
251
50,791
Economists Reinhart/Rogoff wrote a paper to justify cuts to government spending... but they made some super basic mistakes in Excel
bloomberg.com/news/articles/…
4
15
235
60,947
10-K Navigation Guide - A Primer on Reading Annual Reports
docdroid.net/x98gkB9/a-prime…
4
24
244
48,685
As promised, here are the ideas from the thread with the question "What's your favorite non-US idea at the moment? + Explain why you like it."
Thanks to everyone who responded! 🙏
Would appreciate a RT/like if you found this helpful!
Time for an idea thread!
Here goes: what's your favorite non-US idea at the moment? Add a sentence explaining why you like it + valuation.
As per usual, I will take the responses and compile them for everyone. Please retweet for visibility.
11
37
244
66,674
Great site to find a lot of investor letters:
buysidedigest.com/hedge-fund…
7
23
241
30,481
Notes from Joel Greenblatt’s Special Situation Class at Columbia.
(h/t @FocusedCompound, thanks for the awesome content!)
focusedcompounding.com/wp-co…
4
51
235
Friendly reminder that once you start feeling like a genius, it's likely a good time to take some risk off the table.
17
15
233
41,578
What are your favorite tips and tricks for using AI to research a stock?
Which AI agents are you using?
19
13
233
75,245
A quick thread on one of the best risk/reward opportunities I see in the market today: $CBD
CBD is a Brazilian holdco (GPA) that is set to crystallize significant sum-of-the-parts value through the upcoming spin (on track for 1H 23) of its Colombian grocery chain, Grupo Exito.
18
35
235
140,331
An absolute treasure trove of interviews with legendary venture capitalists.
bancroft.berkeley.edu/ROHO/p…
5
38
232
This guy is my hero.
finance.yahoo.com/news/flori…
15
8
234
55,383
What's your favorite idea with a market cap below $500m USD right now?
US/International, anything goes.
Please RT so we can get more answers and I will compile a list.
122
40
224
281,571
Pay attention, young analysts, the next time somebody calls you boss or chief. So you can use that as your title at your hedge fund. 😂
3
208
21,653
This is Howard Mark's best memo hands down: "Dare to be Great II"
It's worth re-reading every once in a while.
oaktreecapital.com/docs/defa…
6
42
220
Charlie Munger in Conversation with Todd Combs (April 2022).
h/t @FocusedCompound
drive.google.com/file/d/132A…
3
29
210
30,392
As promised, here are the responses to the prompt: "What's your favorite idea at the moment?"
Thanks to all those who shared ideas! 🙏
Alright, it's been a while since the last one.
What's your favorite idea at the moment and why? Any geography, any market cap, any style.
Please include the ticker and a few sentences on why you like it. I will compile the results and share.
Please RT for visibility!
5
16
224
67,091
Here are the responses to the idea thread, which asked the question: "What's your favorite special situation at the moment?"
Thanks to everyone who commented! 🙏
It's time for an idea thread!
Here goes: what's your favorite special situation at the moment?
Add a sentence explaining why you like it + valuation.
As usual, I will compile the responses and share them with everyone.
Please retweet for visibility. Thx in advance!🙏
14
11
217
70,558
Bill Miller's letters from 1995 to 2010
h/t @JimmyDaGreek76
dropbox.com/sh/xl2ecrj9a483x…
7
24
212
51,596
Here are the responses to "What's your favorite non-US stock heading into 2025."
Thanks to everyone who shared! 🙏
What's your favorite non-US stock (US-listed is OK) heading into 2025? Why is it compelling? (Be sure to include a brief pitch).
I will compile the results and share them.
Please retweet to get more responses🙏
11
24
223
62,288
As promised, here are the responses to the question, "What's your favorite European idea at the moment?"
Looks like there are some good ones here, so take a look. And thanks to everyone who responded! 🙏
Idea thread! This time, let's focus on Europe.
What's your favorite European idea at the moment? Please provide a sentence or two explaining why you like it + valuation.
Please retweet this so we can collect more responses. I will compile and share🙏
10
27
214
69,550
Took a position in $WISH for a trade. Activist fund, Cannell Capital, is urging the company to liquidate.
While the company burns LOTS of cash, they have >$20 per share in net cash vs. the current px of ~$4.
Cannell urging the company to evidence action before Sep 27 (Wed).
24
18
204
275,324
Alright friends, it's been a while since the last one.
What's your favorite non-US stock, growing earnings at a reasonable price? Add a sentence on why you like it and the valuation.
I will compile results and share in a couple of days.
60
39
203
134,834
As promised, here are the responses to the question, "What's your favorite small-cap/micro-cap, and why do you like it?"
Thanks to everybody who responded 🙏
What's your favorite small cap / microcap idea at the moment? And why do you like it?
(For convenience, please state what the company does, why you like it, and what valuation they trade at)
I will compile the results and share them.
Please RT for visibility. Thx!
3
20
203
54,955
Soros -- "The trouble with you, Byron, is that you go to work every day [and think] you should do something. I don’t, I only go to work on the days that make sense to go to work.... But you go to work and you do something every day and you don’t realize when it’s a special day."
2
47
195
One of my all-time favorites: Chuck Akre's "An Investor's Odyssey: The Search for Outstanding Investments."
docdroid.net/c5X74Xu/7196676…
1
29
196
Most investors would benefit from looking at more ideas.
There is a common belief that all that is needed is "a few good ideas per year."
Yet the math to get to "a few good ideas" probably requires you to look at hundreds of situations.
Even in a low turnover strategy (say, 30%) with 20 names, you need 7 ideas per year. If you pass on 95% of ideas, you need to look at 140 opportunities. Maybe you look at a ~third seriously, which is still about a name per week.
21
15
192
96,032
Time for an idea thread!
Here goes: what's your favorite non-US idea at the moment? Add a sentence explaining why you like it + valuation.
As per usual, I will take the responses and compile them for everyone. Please retweet for visibility.
64
21
200
167,866
What's your favorite small cap / microcap idea at the moment? And why do you like it?
(For convenience, please state what the company does, why you like it, and what valuation they trade at)
I will compile the results and share them.
Please RT for visibility. Thx!
61
37
191
131,918
It's time for an idea thread!
Here goes: what's your favorite special situation at the moment?
Add a sentence explaining why you like it + valuation.
As usual, I will compile the responses and share them with everyone.
Please retweet for visibility. Thx in advance!🙏
46
21
189
150,320
L'Occitane International S.A. $973.HK is a leading global beauty and personal care (BPC) player at ~10x FY25 earnings, growing at a mid-teens plus rate over the next few years.
Below is the summary thesis (link in the next tweet, open to all). Comments appreciated.
15
13
186
97,904
What are some of your all-time favorite podcast episodes? Investing and non-investing.
48
20
175
78,111
Guys, I need your help.
I got a cease and desist from a firm called River Road Asset Management for using "Absolute Value" on my blog.
What do I do?
Absolute Value is a pretty generic term in investing, no? Especially for a blog.
83
7
179
280,691
Here are a few of the highlights from the question: "What are a few things you wish you had known when you started out [investing]?"
Thanks to everyone who contributed! 🙏
For those people who work on the buy-side or who have been investing for a long time, what are a few things you wish you had known when you started out?
3
27
186
59,048
