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February 26, 2018


Over the years, there have been multiple studies that show dramatic operational performance improvements at companies in the first few years after a spin-off. There are many theories for trend, but it likely comes down to a combination of; management being directly able to direct capital allocation, more focused and more rapid operational decision making, directly tying equity compensation to the actions of management ... Read More
Categories: Investments
Positions Mentioned: VMD CN
February 5, 2018

You All Asked For It (AIM Update)

New year—new website—same rules here. Look; I’m not a registered financial advisor and I am certainly not YOUR financial advisor. However, I feel confident in saying that if you do not know why you own a stock and cannot analyze news releases, you probably shouldn’t own that stock. Since Thursday morning, I have received over 100 emails from people regarding Aimia Inc (AIM – ... Read More
Categories: Investments
Positions Mentioned: AIM CN
January 8, 2018


US Bankruptcy can be a very rewarding process for a company. Unprofitable contracts are eliminated and debt is reduced. For a cyclical, capital intensive and commodity industry, bankruptcy can be a godsend. Look at Tidewater (TDW – USA), an operator of Offshore Service Vessels (OSVs) used in oil production. Through bankruptcy, it’s eliminated all of its in-chartered vessels, reducing expenditures on leases at a ... Read More
Categories: Investments
Positions Mentioned: TDW
January 1, 2018

Too Much of a Klusterfuk

Every once in a while a stock simply goes into the “too hard pile,” which creates opportunities. Honestly, I don’t blame investors for sometimes giving up on the analytical side. I mean, Teekay Offshore Partners (TOO – USA) really is a klusterfuk for the ages. It was meant as a drop-down Ponzi vehicle (I wrote about those 2 years ago as the whole MLP ... Read More
Categories: Investments
Positions Mentioned: TOO
December 20, 2017

Xmass Comes Early From OCC

# Two months back, I clearly made my case for why Tesla (TSLA – USA) will eventually implode. Of course, the timing of that implosion is difficult to guess at—hence my use of a bear put spread. Now, thanks to OCC, I can go out much further in time. While, I suspect that TSLA’s share price is much lower by January 2019, by January ... Read More
Categories: Investments
Positions Mentioned: JYNT, AIM CN, TSLA
November 10, 2017

Most Canadian PM’s Have Crappy AIM

I previously wrote about Aimia here and here. Sorry in advance for all the numbers but it’s necessary… So, earnings came out Wednesday night and I quickly read through for a few key segments of interest to me (redemptions, card spend, cash build, PLM) and within a few minutes, I was celebrating with a bottle of tequila.   For a quick backstory, AIM has been in the ... Read More
Categories: Investments
Positions Mentioned: AIM CN
October 31, 2017

When Will The Tesla Stock Promote Finally Fail???

The history of industry leading consumer tech products has not been kind to investors who overstay their welcome. You need look no further than all the hundreds of notable recent failures, to realize that these companies almost always flame out. The list below (in no particular order) is a nice trip down memory lane of former favorites, that are now either bankrupt or shells ... Read More
Categories: Investments
Positions Mentioned: none
September 14, 2017

Sold My NZME

Back in February, I wrote about NZME LTD (NZM – Australia), the dominant and highly undervalued media group in New Zealand. At the time, I said that “results will probably range between meh and bleh…,” which is what first half 2017 results showed—declining revenue and stable EBIT. While the stock is certainly cheap at about five times cash flow and an 11.5% dividend yield, NZM ... Read More
Categories: Investments
Positions Mentioned: none
August 13, 2017

Cheaper & Less Risky…

Part of what makes the stock market so lucrative, is that it often responds in unexpected ways to new data—offering outsized profits to those that take advantage of these opportunities. Take the curious case of Aimia Inc (AIM – Canada) which I wrote about previously. The bear argument at the time, was that the Aeroplan business was permanently impaired by the pending termination of a partnership ... Read More
Categories: Investments
Positions Mentioned: AIM CN
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