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Pound the Rock Investing
"When nothing seems to help, I go and look at a stonecutter hammering away at his rock perhaps a hundred times without as much as a crack showing in it. Yet at the hundred & first blow it will split in two, & I know it was not that blow that did it, but all that had gone before."
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Greystone Capital
Jul 22, 2019
Manolete Partners (AIM:MANO) – a litigation finance microcap
Ticker: AIM:MANO Share Price: $6.11 (USD) (490p) Shares Outstanding: 43.5mm Market Cap: $263mm (USD) Cash: $27mm Debt: $0 Enterprise...
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Greystone Capital
Jul 19, 2019
Tandy Leather Factory (TLF) – a cheap business with a path to a decent return
Some great resources have been devoted to covering Tandy Leather Factory (disclosure: no position) on places like Microcap Club, as well...
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Greystone Capital
Jun 16, 2019
Nautilus (NLS) – value destruction could lead to an opportunity
Nautilus is a fitness equipment manufacturer. The company makes consumer fitness products such as cardio and strength equipment, and owns...
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Greystone Capital
May 31, 2019
Can’t get comfortable with Duluth Holdings (DLTH)
Duluth Holdings is a clothing retailer. The brand has a long and storied history dating back to Duluth, Minnesota in 1989, when the...
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Greystone Capital
Mar 14, 2019
Burford Capital (BRFRF/BRFRY) – leader in litigation finance with attractive economics
This is a shorter than normal post. I’m not really doing a deep dive on the business, but I wanted to share some surface-level notes...
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Greystone Capital
Feb 18, 2019
Weekly Articles 2/11 – 2/17
I’m going to start a weekly post linking to some interesting articles I’ve read throughout the week. I will most likely send it out...
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Greystone Capital
Feb 14, 2019
Nobility Homes (NOBH) – Illiquid, under-followed, cash generative home builder
Ticker: NOBH Price: $18.8 Shares Out: 3.9mm Market Cap: $73.3mm Cash: $35mm Debt: $0 Enterprise Value: $38.3mm TTM Earnings: $5mm TTM...
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Greystone Capital
Jan 30, 2019
Rimini Street (RMNI) – A high quality business going through some temporary issues
The market hates uncertainty. It’s within this context that opportunities can be found. Rimini Street is one such opportunity in the form...
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Greystone Capital
Jan 10, 2019
Skyline Champion Corp. (SKY) – an interesting setup in manufactured housing
Skyline Champion Corp. (SKY) is a manufactured home builder. The current public company was formed June 1st, 2018 as the result of the...
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Greystone Capital
Dec 10, 2018
WageWorks (WAGE) – not as cheap as it looks
When searching for new investments to add to Greystone’s portfolio, I try to seek out misunderstood or underfollowed businesses that...
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Greystone Capital
Nov 8, 2018
American Shared Hospital Services (AMS) – very cheap, but with some hair
I’ve been making my way through a list of founder-led small/micro-caps that I found on Travis Weidower’s blog, Egregiously Cheap. I came...
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Greystone Capital
Oct 29, 2018
Planet Fitness (PLNT) – impressive but too expensive
Been doing some work in the health and wellness industry recently, a space that I know very well as a consumer of the products, wearer of...
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Greystone Capital
Sep 20, 2018
Some updated thoughts on RumbleOn Inc. (RMBL)
After reading the company filings and making my first share purchases, I’ve had some time to think about the business model of RumbleOn...
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Greystone Capital
Aug 14, 2018
RumbleOn Inc. (RMBL) – a potential fat pitch
Company Data Ticker: NASDAQ: RMBL Share price: $6.14 Market Cap: $74mm Shares Outstanding: 12.1mm Net Debt: $3mm Total Enterprise Value...
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Greystone Capital
Aug 4, 2018
CRH Medical Corp. (CRHM) Q2 update and thoughts on valuation
I’m surprised and somewhat annoyed by the market’s muted reaction to CRH Medical Corp.’s Q2 results reported on Wednesday night. The...
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Greystone Capital
Jul 21, 2018
Ecology and Environment Inc. (EEI) – attractive valuation with some built-in catalysts
All credit for this idea goes to Peter Rabover from Artko Capital, who helped outline the thesis in his latest quarterly letter to...
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Greystone Capital
Jul 12, 2018
The state of the frac-sand industry
I recently published a write-up of Select Sands Corp., a frac-sand producer trading over the counter that makes up a large percentage...
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Greystone Capital
Jul 9, 2018
An Asymmetric Opportunity with Select Sands Corp. (SLSDF)
Company Data (as of 07/01/18) Ticker (US Shares): OTC: SLSDF Price: $0.35 Market Cap (fully diluted): $30.2mm Shares Outstanding (fully...
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Greystone Capital
Jun 25, 2018
The Joint Corp. (JYNT) – adjusting for a brighter future
When researching new investment ideas, some of the criteria or qualities I try to seek out include, among other things: Simple business...
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Greystone Capital
Jun 18, 2018
Vista Outdoor Inc. (VSTO) – Potential value through the sale of a business segment
During my usual comb through some Q1 13Fs, I noticed that Bruce Berkowitz had taken a fairly large position (6.5% of his portfolio) in...
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