I saw a copperhead this weekend. I did not tread thereon.
Dave Waters
@alluvialcapital.bsky.social
Pittsburgh investment manager since 2014. Buying the weirdest and wildest. alluvial.substack.com tactilefund.com
Just for fun, I launched a new substack where I present and comment on old annual reports from all sorts of companies. We have some fun ones in the queue. Check out the first! vintageannualreports.substack.com/p/american-a...
American Airlines 1976
"Doing What We Do Best."
vintageannualreports.substack.com
Did you know the New England Patriots were once a public company? I just learned. Shares traded over the counter in the 70s.
An MJ Lenderman track playing in the PNC Bank lobby. A younger me never could have predicted how the boundaries between mainstream and indie culture would dissolve.
Reading a Substack article about some company with strong outlook, healthy balance sheet, capable management, "reasonable valuation." "Intriguing, let's take a look!" 55x earnings/30x EBITDA/20x revenue. Every single time.
The Korean stock market is fun. I found a very profitable white label cosmetics manufacturer on the KOSDAQ. The location? New Jersey.
One of the strangest companies I have come across is Texaf S.A. This is a Belgian company that owns properties in the Democratic Republic of the Congo. They lease these mostly to NGOs and foreign workers and get paid in Euros. Results are pretty steady.
Now and then you pull up the 10-Q for some marginal micro-cap company, see it is 614 pages long, and close it, understanding that doing literally anything else would be a better use of your precious, irreplaceable hours.
Interesting day. US markets assessing the de-escalation news as maybe about 50% credible, Euro markets taking a much dimmer view.
I don't exactly what the pain threshold for the next "TACO" event is, but I suspect we are closer after this week.
Headlines you see when things are going great. www.reuters.com/business/ene...
Oil unlikely to hit $200 a barrel, US energy chief says
U.S. Energy Secretary Chris Wright said on Thursday global oil prices are unlikely to hit $200 a barrel even as crude tankers remained stalled in the Strait of Hormuz and the U.S. and Israeli war wi...
reuters.com
I am grateful to the friend who sent me the Rochester Community Baseball annual report, but based on recent results, a minor league ball team is something you own for the fun of it, not for the profits. As it should be.
Saw this passage in an annual report. How can I go to sleep tonight without knowing what the Crown Garnet Mice Incident was?
Every day it takes all my effort not to buy more and more cement stocks. Today I succumbed to temptation and bought one that trades in a weird auction market in Barcelona.
What a time to own non-US Dollar assets. (Please don't ask me about all those years I spent owning European equities and earning nothing.)
The "great white whale" of my investing career is finding a way to trade on the Swiss OTC-X market. Just look at the names of these companies. It is killing me that I can't buy them!
How often do you see an 88% year-over-year revenue decline in a candy business? "Sow Good Inc." needs a new name.
At 40 I can feel myself drifting farther from the cultural zeitgeist by the day and it's a peaceful sensation. I have no idea what a labubu is and I am just fine with that.
Congrats, American electorate. Who needs an independent Central Bank anyway?
George Pearkes@peark.es · last yr.Bloomberg story following up the CBS headlines, White House official says Trump is "likely" to fire Powell.
Doing a thread of some Iceland pics. If you have ever thought of going, DO IT. Just avoid anywhere that the cruise ships offer excursions. First, views of the southern Snæfellsnes Peninsula.
Had to explain to my 9-year-old why his "yo mama" jokes directed at his sister do not have the desired rhetorical effect.
All I know is no one had better try to tell me that women are too emotional for the presidency.
The submarine vets have the best float in my town’s Memorial Day Parade.
What happened to all the people saying "Tariffs don't matter, a rising US Dollar will offset the higher cost of imports?"