top of page

Newsletter - September 30th, 2023

Dear Reader,


Attached is the latest list of stocks generated from basic value screens (low p/e, ev/ebitda, debt/equity, etc.), which don’t meet our investment criteria - and our reasoning.


This may help you avoid a few ‘value traps’ or stocks that aren’t sufficiently attractive compared to opportunities available today.


For reports of stock ideas that pass our quantitative and qualitative standards:



 

Marc Lasry

 

Marc Lasry Interview


Marc Lasry is a distressed debt investor/lender - notes on one of his recent interviews below:


7:30 Bankruptcy investing


Buying claims of Lionel Trains at 20 cents on the $ though the reorganization in six months would pay out 60 cents in cash plus 20 cents in stock.



13:00 Less competition ...


... And knowing your niche as best you can. Understanding 1-3 names a year really well and getting information faster by going to bankruptcy courts where claims were filed rather than waiting for it in the mail.



32:00 Current opportunities


Senior secured loans available at 12-15%. Get paid more or take less risk. Factor in geographic risk premia.


Though we focus on stocks, we look for similar downside protection in earnings and/or assets.



49:30 China/HK/Russia


China - no, HK - yes: to participate in Asian growth (though he's approaching as a debt investor with better contractual protection).


Lasry lost some money in Russia on aviation assets.



53:15 Chess/Poker relevance to Investing


Chess: to think 5-10 moves ahead but don't overthink.


Poker: mathematics and how people act.



1:02:30 Believe in your thesis


Mr. Market may do anything - just have the time for your thesis to play out.

 

Wish you peace until next time.

Comments


Subscribe to Our Newsletter

Thanks for submitting!

bottom of page