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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.


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