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November 29, 2019

ESG = Excessive Share-price Growth


Two months ago, something rather monumental happened, which seems to have been lost to the news-cycle. In a world starved for yield, a company with trailing twelve month free cash flow of $527 million (cash flow from operations – maintenance cap-ex) and net debt of only $593 million could not re-finance debt due in 2022. Sure, the company’s end-markets are currently a little soft ... Read More
Categories: Comments On Events
Positions Mentioned: BTU
January 22, 2019

The View From ICR


Over the years, I’ve spent less time talking to CEO and more time learning about industries. Let’s face it CEOs lie (compulsively). They only tell you the good news—or what they think you want to hear. If I have a strategy question, maybe I’ll let them humor me for 20 minutes about their 5-year plan. However, if I want to really learn something, I ... Read More
Categories: Comments On Events
Positions Mentioned:
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