Helix Energy Solutions (HLX)

Disclaimer: The views expressed here are mine and may change without notice. Past performance is not indicative of future results. All investments carry risk, including financial loss. This analysis is for educational purposes only and does not constitute investment advice or recommendations of any kind. Conduct your own research and seek professional advice before investing. Please see important disclaimers here and here.

________________________________

I am looking for businesses trading at a discount to intrinsic value where management is actively working to close that gap. Helix Energy Solutions seems to fit this framework. The company operates specialized vessels that provide offshore oil producers with services such as production enhancement, well decommissioning, support for offshore renewable projects, and related activities. At current levels, the stock embeds a meaningful margin of safety.

Manhattan Bridge Capital (LOAN)

 Disclaimer: The views expressed here are mine and may change without notice. Past performance is not indicative of future results. All investments carry risk, including financial loss. This analysis is for educational purposes only and does not constitute investment advice or recommendations of any kind. Conduct your own research and seek professional advice before investing. Please see important disclaimers here and here.

________________________________

Manhattan Bridge Capital provides short-term loans for residential construction and renovation. Its operating model is designed to keep risk low while delivering steady returns on both existing and new capital. 

MasterCraft Boat Holdings (MCFT)

Disclaimer: The views expressed here are mine and may change without notice. Past performance is not indicative of future results. All investments carry risk, including financial loss. This analysis is for educational purposes only and does not constitute investment advice or recommendations of any kind. Conduct your own research and seek professional advice before investing. Please see important disclaimers here and here.

________________________________

Once again, I am drawn to a company in a disliked and overlooked industry—a branded boat manufacturing business operating within an oligopolistic market with strong business economics.

Beazer Homes (BZH)

Disclaimer: The views expressed here are mine and may change without notice. Past performance is not indicative of future results. All investments carry risk, including financial loss. This analysis is for educational purposes only and does not constitute investment advice or recommendations of any kind. Conduct your own research and seek professional advice before investing. Please see important disclaimers here and here.

________________________________

One area of bargain hunting I focus on is out-of-favor industries. Right now, homebuilders fall into that category due to widespread concerns about housing affordability. In this post, I highlight one such company where I believe the current market price likely understates the business's value to a private owner.

Note on Stock Writeups

Investment Process: Surface Numbers Can Deceive

In this post, I want to highlight how simple yet important aspects of investment analysis are often overlooked— leading to flawed decisions.  Let’s walk through two common examples.

The Buyback Bottleneck

Share repurchases have become so routine that when companies don’t buy back "enough" stock, the investment community often reacts with disappointment. While there are valid (and sometimes concerning) fundamental reasons for holding off, in this post, I want to highlight some non-fundamental factors that might explain a slower-than-expected buyback pace.

Investment Process: Your Edge.

The word "edge" might initially suggest something exclusive or inaccessible. On the contrary, I think an investment manager's edge could be very specific to him or her. Knowing these edges strengthens my investment process.

Investment Process: Evaluating Management through Press Releases

A company's management has two primary responsibilities: running strong operations and allocating capital wisely. However, businesses inevitably experience periods of ups and downs. It is during periods of weak performance that management’s true character is revealed. Since assessing management is a critical part of my investment process, press releases can sometimes serve as a valuable tool in this evaluation.

Investment Process: A Key Principle

It is part of human nature to have an unconscious conflict of interest that may lead one to act against their best interests. Recognizing this is crucial for taking the necessary steps to protect financial well-being.