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  1. I'm doing work on Ensign (skilled nursing operator) which recently announced it's going to be spinning off its home and hospice services business & senior living businesses into a new company called the Pennant Group. Ensign and Pennant have both used the roll up strategy. Both companies operate in a fragmented market so the strategy seems to make sense and Ensign has been very good stock. My question doesn't really relate to Ensign but more so to the roll up strategy. If executed successfully, it is a compelling strategy (Constellation Software, Jarden, Waste Management, and AutoNation). However, there are the obvious disasters like Valeant. Nuance is another company that has made numerous acquisitions for years and it's stock price has done nothing. Any others that come to mind? My question is this. Ex ante, what are the tell tale signs of good roll ups? What are the tell tale signs of bad roll ups? I saw the below thread, but it is more focused on valuing a roll up as opposed to separating "good" roll-ups from the "bad" http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/how-to-value-roll-up-companies/ Thanks in advance.
  2. Looks like we will have 4 folks tomorrow which is great. If anybody else can make it last minute, feel free to join. Thankfully, no snow in the forecast!
  3. Sounds good. I made a new tab for this month's meeting with additional details. Feel free to sign up: https://docs.google.com/spreadsheets/d/1AGQbF6zkyQzvzbly9a8wMFA1uyMzm4l8_gO4ZqYffKo/edit#gid=1959902850 Next week I will shoot everyone an email just to confirm its a go.
  4. Sounds great. Let's shoot for Sat, March 9th at 9am at the same location.
  5. Great meet up. Good turn-out (we had 9 people turn up). I would be up for doing it again next month if people are interested. Sat, March 2 or March 9?
  6. Hey everyone, looking forward to the meet-up this Sat (2/2/19) at 9am. Looks like we are going to have 4 maybe 6 folks join. I will be the bald guy with the beard :D As a reminder, we will meet at Panera Bread (120 Highland Avenue, Needham, MA 02494) at 9am on Saturday 2/2/19. Sounds like (from the thread) there is a room in the back left corner which is very quiet. We can plan to meet there.
  7. Also, feel free to DM me if you are interesting in joining the meet up (in the case you don't want to add your name to the google sheet).
  8. Great! Just to confirm. Let's plan on meeting for breakfast/coffee at Panera Bread (120 Highland Avenue, Needham, MA 02494) at 9am on Saturday 2/2/19. I created an informal sign-up list here: https://docs.google.com/spreadsheets/d/1AGQbF6zkyQzvzbly9a8wMFA1uyMzm4l8_gO4ZqYffKo/edit#gid=0 Feel free to add your name if you are planning on attending / interested in attending future Boston area meet-ups and we can use it as a distribution list going forward.
  9. I would love to join a Boston meet up. Just to throw out a date and time, want to shoot for the same Panera (seems like its worked well in the past) on Sat, February 2nd 9am: Panera Bread 120 Highland Avenue Needham, MA 02494 http://locations.panerabread.com/ma/needham/120-highland-avenue.html I could also meet during the week (I work from home), but I assume weekends work best for most folks...
  10. As I note at the top of the article, I originally published it in February 2017, but just finished updating the article, and also added a section on Warren Buffett and Mohnish Pabrai. Original article was on Munger, Klarman, Greenblatt, and Lynch. I never shared that article on COBF and thought it was worth sharing in case folks are interested. If not, feel free to ignore!
  11. I know there are a couple threads on stock spinoffs, but I figured I would start a new one as they are a little old. I just published an article called "Superinvestors and Stock Spinoffs" which explores what Warren Buffet, Charlie Munger, Seth Klarman, Joel Greenblatt, Peter Lynch and Mohnish Pabrai have said and written about stock spinoffs. If you are interested, check it out at the link below: http://stockspinoffinvesting.com/superinvestors-and-stock-spinoffs-what-munger-klarman-greenblatt-and-lynch-have-to-say-about-investing-in-spinoffs/
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