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Spinoffs


AzCactus
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Hi all,

 

There is a company called Denali Investors that has produced some pretty solid returns over the last few years and spin offs seem to be their sweet spot.  I was wondering if anyone had any references regarding spin offs or companies that were recently spun off that they think would be worth examining further. 

 

David

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Bill Mitchell of Spinoff & Reorg Profiles does excellent work. Publication schedule has been a bit stretched lately. Here's to hoping he doesn't become another OID. I subscribe. It isn't cheap, but it's a good place to learn from an excellent analyst in "special situations."

 

http://www.spinoffprofiles.com/

 

EDIT: I should probably also add that I met Kevin Byun of Denali Investors a few months ago for breakfast. He strikes me as a very capable analyst. He takes great pride in his work with options and non-recourse leverage in general and as such tends to hold a lot of cash. Portfolio management is really a big part of the art of investing, and he takes it very seriously. He's probably the closest to the spirit of Stock Market Genius-style investing of anyone I've met lately. If I recall correctly he worked for JG at Gotham for a while, but I could be mistaken.

 

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Here the link to the interview on the CBS newsletter, It's worth spending five minutes reading:

 

http://www8.gsb.columbia.edu/valueinvesting/sites/valueinvesting/files/Graham%20%26%20Doddsville%20-%20Issue%2021%20-%20Spring%202014.pdf

 

By the way 2 questions for RhubarbXIV:

 

Are you subscribed from long time ago to the Bill Mitchell's newsletter?

 

Have you taken some interesting investment ideas from the newsletter?

 

Thanks in advance,

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Here the link to the interview on the CBS newsletter, It's worth spending five minutes reading:

 

http://www8.gsb.columbia.edu/valueinvesting/sites/valueinvesting/files/Graham%20%26%20Doddsville%20-%20Issue%2021%20-%20Spring%202014.pdf

 

By the way 2 questions for RhubarbXIV:

 

Are you subscribed from long time ago to the Bill Mitchell's newsletter?

 

Have you taken some interesting investment ideas from the newsletter?

 

Thanks in advance,

 

I've subscribed to Bill Mitchell's newsletter for a few years. I've invested in some things that have been featured, but not necessarily because of it. Not to be snobby about idea sourcing, but to highlight that he and I tend to look at situations a similar way (so to me he seems really smart). In each issue there's always a list of upcoming and announced spins so you can do your own valuation to keep up to speed. He also does good work with spins internationally, which won't necessarily show up in SEC Form 10 searches.

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Here the link to the interview on the CBS newsletter, It's worth spending five minutes reading:

 

http://www8.gsb.columbia.edu/valueinvesting/sites/valueinvesting/files/Graham%20%26%20Doddsville%20-%20Issue%2021%20-%20Spring%202014.pdf

 

By the way 2 questions for RhubarbXIV:

 

Are you subscribed from long time ago to the Bill Mitchell's newsletter?

 

Have you taken some interesting investment ideas from the newsletter?

 

Thanks in advance,

 

I've subscribed to Bill Mitchell's newsletter for a few years. I've invested in some things that have been featured, but not necessarily because of it. Not to be snobby about idea sourcing, but to highlight that he and I tend to look at situations a similar way (so to me he seems really smart). In each issue there's always a list of upcoming and announced spins so you can do your own valuation to keep up to speed. He also does good work with spins internationally, which won't necessarily show up in SEC Form 10 searches.

 

Thanks for the info RhubarbXIV,

 

For now I seek spinoff updates through www.spinoffmonitor.com,

 

Surely Bill's servicio is deeper with some analysis,

 

Maybe I will join the Bill's newsletter for try it,

 

Thanks again,

 

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You will also find more information on both in the investments section.

 

Here are a few links. The first from our own Glenn Chan (ItsAValueTrap).

 

http://glennchan.wordpress.com/2013/07/04/altisource-asps-updated-writeup/

Scour his blog and there is more on Malone and on Erbey.

 

http://www.valuewalk.com/2014/05/john-malone-complex-study-financial-brilliance/

 

https://oraclefromomaha.wordpress.com/2014/04/29/altisource-portfolio-solutions/

 

I would also highly recommend listening to the class notes and videos of Greenblatt which can be found here:

http://csinvesting.org/2013/10/25/value-vault-videos-and-book-folders/

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If you are really interested in spinoffs I have two suggestions:

 

1) Study the Liberty Media spinoff carefully and pay careful attention to all of John Malones spinoffs.

 

2) Do exactly the same as 1) with William Erbey and Ocwen.

 

What's special about William Erbey and Ocwen? Is he a Malone pupil? Or is it the way he carries his business that you think is impressive? Just curious, I don't know about this guy much.

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  • 3 weeks later...
What's special about William Erbey and Ocwen? Is he a Malone pupil? Or is it the way he carries his business that you think is impressive? Just curious, I don't know about this guy much.

 

He tends to remind me and others of Malone in his style of operation.

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