Category: Research
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Enlabs (NLAB): High Growth, Low Price
Enlabs (NLAB.OM) offers entertainment through various products, including casino, live casino, betting, poker, and bingo under various brands. The company is also involved in delivering sports results and technical solutions in the online gaming industry. It operates in Sweden, Malta, Baltics, and internationally.Thesis: NLAB is the Baltics market leader in the highly regulated, high barrier…
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More Q2 Letters, Costco’s Genius and Aswath Damodaran
Happy August! We hope you’re staying cool and your portfolio remains hot. We’re nearing the end of our Q2 letter analysis. After this week we’ll head back to more topical coverage of various investing related articles, videos and blogs.In other house-keeping news, we’ve got a killer line-up of podcast guests this month. Can’t wait to…
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Is It Time To Buy Intel? [DIRTY DOZEN]
The few who can understand the system will be either so interested in its profits, or so dependent on its favours, that there will be no opposition from that class, while, on the other hand, that great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear…
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CD Projekt Red (CDR): Video Game Stock Ready To Breakout
It’s that time again! Once a week I pull breakout alerts from our premium Breakout Alerts service. Members of the service receive 6-8 potential breakout opportunities each week.This week we’ve got a play on the video game industry. We documented the rise of E-Sports in last month’s Consilience Report and outlined the bull case for this…
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Greenhaven Road, Laughing Water and Tao Value Q2 Letters
Hope you had a great weekend! Can’t believe we’re almost through July. Where did the month go? Is it me, or does it feel like months fly-by when the market goes up? Anyways, we’re halfway through 2020 and things get weirder each day.As a reminder, the Pentagon said they’d release proof of alien spacecrafts soon.…
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Big Breakout in Bitcoin [DIRTY DOZEN]
Spreadsheets make everything look linear and controlled, but the real world oscillates, overshoots, collapses, and rebounds. A company with operational and financial flexibility—what we mean by staying power—is able to exercise options that are quite valuable at different points in the cycle. Without the firm handle on that flexibility that credit analysis provides, we’d argue…
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APEI: An Online Education Stock Ready To Breakout
It’s that time again! Once a month I pull breakout alerts from our premium Breakout Alerts service. Members of the service receive 6-8 potential breakout opportunities each week.This week we’ve got a play on the COVID back-to-school crisis. Schools have no idea what they’re doing for the upcoming year. This should bode well for online education alternatives.Enter American…
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Q2 Letters, SPAC Analysis and Michael Mauboussin’s Latest Podcast
Hope you had a great weekend! We’re in the dog-days of Q2 investor letter season. And we love every minute of it. If you haven’t had the chance, check out Part 2 of my series, Cash Flow: It’s All That Matters. Part 2 discusses two cash-flow frameworks that changed my investment process: Operating Cushion Core…
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Monday Dirty Dozen [CHART PACK] #18
Through bitter experience, I have learned that a mistake in position correlation is the root of some of the most serious problems in trading. If you have eight highly correlated positions, then you are really trading one position that is eight times as large. ~ Bruce KovnerGood morning! In this week’s Dirty Dozen [CHART PACK] we…
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Cash Flow: It’s All That Matters (Pt. 2)
Last month I wrote about Cash Flow vs. Income Statement analysis. We learned that cash is king and it pays to analyze a company on its cash flows, not it’s income statement. But I left the last essay on somewhat of a cliff hanger.I ended the essay with two key frameworks for thinking about the…