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I started following Massey today because of the same letter. Even before looking at his returns, it's obvious that he is a smart and studious investor.


Mohawk is undervalued because of purchase accounting and a focus on revenues vs. operating profit, which understates the international operations. Some analysis seems to excessively reduce future margins in Unilin and Dal-Tile. Mark Lorberbaum has been selling fairly aggressively in August and September, and investors should expect volatile operating profits due to the large contribution of european operations. It's probably best viewed as an asset/distribution play, where the cash flows will take some time to realize.


Of course, that same logic impaired smart investors like Meryl Witmer, who recommended the stock in $70s due to an overly optimistic outlook on housing (thinking that existing home sales would jump above the million mark by 2009).

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  • 4 years later...

You can't talk about Altarock and Mark without mentioning his partner Scott Bradford.  He's the nicest guy you'll ever meet and is as sharp as a tack!  He attended the FFH AGM a few years back when Altarock held Fairfax.  You can find him in Omaha at the extracurricular Brk events.


Its always a pleasure speaking with Scott as he freely shares his ideas - all of which are excellent!  Over the years, I've learned an awful lot from speaking with him and reading Altarock's newsletters.  They just have a great way thinking about investing.


LOL - Look up a gentleman and scholar in the dictionary and you might find his picture there!  ;)


Best wishes-






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  • 2 years later...

Altarock Partners' Q1 13-F is out.  These guys are extremely concentrated and there tends not to be major changes from quarter to quarter.  The biggest change this quarter was a meaningful increase in the Charter Communications position.  They continued trimming their stake in Transdigm and added to Booking.com once again, which remains the largest position at 24% of invested assets.


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