All ideas

Subsea 7, formerly Acergy, specializes in deepwater installation of subsea equipment for the oil and gas industry. The company has a competitive advantage due to its technological expertise and the co

Builders FirstSource is a supplier/distributor to the homebuilding industry that has been losing money consistently since 2007. However, the company has the potential to generate significant EBITDA an

McKesson is a drug distributor with a strong market position, holding over 92% market share alongside two other large players. The company is expected to benefit from growth in healthcare information

Xerox is a top-ten position for the firm, particularly after the market reacted negatively to its acquisition of Affiliated Computer Services, causing a significant drop in stock price. This presents

WellPoint is also trading at 9x earnings, which is attractive considering the expected growth from the healthcare reforms. The company is likely to benefit from an increase in membership as more unins

Aetna is trading at 9x earnings, making it a compelling investment given its strong growth outlook. The company is well-positioned to capture new customers from the healthcare reform changes, which wi

Cigna is trading at 8x earnings, which is exceedingly cheap compared to its growth potential. The company is expected to benefit from the influx of uninsured individuals entering the market in 2014 du

Nielsen Media is becoming a public company again, and I have a historical connection with it, having owned it before it was called Nielsen Media. The company has a strong foundation and potential for

Blount International is positioned to benefit from increased demand in the outdoor products market, particularly with its strong brand portfolio and innovative product offerings. The company has a sol

When USG was trading at $90 in 2006, it was implied that there would be a soft landing in the housing market and the return over invested capital for USG would remain around 30%, which we considered a

In May 2008, we were short CSX because the market was implying that the ROIC would be 15% in perpetuity, which we believed was unrealistic given the economic conditions and competition from trucking.

Paychex is a very interesting business with very high barriers to entry, customer captivity, and high return over invested capital; however, we wouldn’t feel comfortable knowing when to short a busine

We bought AAP's shares when we started the fund and sold recently, with a good realized return.

CoreLogic is a high ROIC business services and data analytics company with leading niche market share that is poised to benefit from long-term secular trends in the mortgage and financial industry. Th

U.S. Physical Therapy is positioned to drive operational efficiencies and capture market share through strategic acquisitions of small operators in a fragmented market. The company is expected to grow

U.S. Physical Therapy is poised to benefit from secular demand growth for physical therapy services, with attractive unit economics and solid cash flow. The company has opportunities for market share

Dillard's has tremendous hidden real estate value, with a breakup value estimated at $52 per share compared to its current price of around $27. The company is undergoing a fundamental turnaround, whic

Yamana Gold is trading at a 25% premium to book value but still presents an attractive investment opportunity due to its significant organic growth potential and strong balance sheet, with earnings po

Republic Airlines is a low-cost operator trading at 86% of tangible book value, with an estimated earnings power of $1.60, implying a valuation of 5.4x potential earnings. The company is expected to b

AGCO is a farm equipment manufacturer that has been generating significant free cash flow. The company is viewed positively due to its operational improvements and potential benefits from inflation, m

Aon is an insurance brokerage firm with about 65% of its revenue coming from outside the US. The company is expected to benefit from increased premiums in an inflationary environment, and even without

CoreLogic provides essential data and analytics for the real estate and mortgage industries, which positions it well to capitalize on the recovery of the housing market and increased demand for its se

U.S. Physical Therapy is well-positioned in the healthcare sector, benefiting from the increasing demand for physical therapy services as the population ages and seeks rehabilitation services.

Sidney Gargiulo presented a long recommendation on Interactive Brokers Group, arguing that the company is well-positioned to benefit from increasing trading volumes and market activity, making it a st