T. Bailey Multi-Asset Dynamic Fund 2025 Q3 (CHRY LN)
Pitch Summary: Chrysalis Investments Chrysalis delivered an 11.19% gain this quarter, reflecting adjustments in core positions Klarna and Starling Bank, complemented by continued share repurchases following the exit from Infosum. The quarter was marked by Klarna‚Äôs successful IPO in September, which generated exceptional demand. The listing raised approximately $1.37 billion at $40 per share, and […]
Long Cast Advisers 2025 Q3 (PDEX)
Pitch Summary: We have been invested in PDEX for several years. It is a contract manufacturer with a niche software-embedded surgical tool for driving screws without stripping. It has a long history of incremental improvement, value creation, a raft of tailwinds and fewer than 4M shares outstanding, which they typically buy back opportunistically. I recently […]
$SAM – The Boston Beer CompanyBoston Beer Company – SAM
Pitch Summary: Boston Beer Company is strategically refocusing on its core craft beer identity while maintaining a diversified beverage portfolio. The company benefits from a strong brand heritage, a debt-free balance sheet, and a robust cash flow, positioning it well for future growth and profitability. BSD Analysis: Boston Beer Company, under the stewardship of founder […]
Colgate-Palmolive Company
Pitch Summary: Colgate-Palmolive faced margin pressures from raw material costs and tariffs, but remains a solid operator with strong brand franchises. BSD Analysis: Colgate-Palmolive’s recent margin pressures reflect broader industry challenges, including rising raw material costs and tariffs. Despite these headwinds, the company’s strong brand portfolio and global reach provide a solid foundation for resilience. […]
Philip Morris International Inc.
Pitch Summary: Philip Morris reported strong earnings despite sales challenges in Indonesia and Turkey, with growth driven by its noncombustible products. BSD Analysis: Philip Morris’s ability to deliver strong earnings amid regulatory challenges highlights its operational resilience. The company’s focus on noncombustible products aligns with shifting consumer preferences and regulatory trends, supporting long-term growth. While […]
Alphabet Inc.
Pitch Summary: Alphabet’s shares rose following favorable Department of Justice rulings, and the company continues to benefit from its comprehensive AI offerings and reasonable valuation. BSD Analysis: Alphabet’s legal victories have removed significant regulatory overhangs, allowing it to focus on its core businesses. The company’s AI capabilities, spanning research, infrastructure, and end products, position it […]
Portfolio Update October 2025: Sector Swings in Quality CompoundersKelly Partners Group – KPG.AX
Pitch Summary: Despite a 7.9% dip in share price, Kelly Partners Group presents an attractive entry point due to its strong recurring revenue model and high return on invested capital (ROIC). BSD Analysis: Kelly Partners Group’s recent share price dip offers a potential buying opportunity, supported by Brett Kelly’s openness to buybacks and the company’s […]
Apple Inc.
Pitch Summary: Apple’s recent quarterly results demonstrate strong financial performance with record revenues and earnings per share. Despite initial market concerns over lower-than-expected China sales, the company’s robust growth in services and other regions, along with solid margins, support a strong buy recommendation. BSD Analysis: Apple’s Q3 2025 results highlighted a record revenue of $102.47 […]
Martinrea International Inc. (MRE.)
Pitch Summary: Martinrea (TSX:MRE) is a North America–focused auto parts supplier trading at just 4x 2025E EPS and 0.4x book—trough levels last seen in 2008 and 2020. The stock is pricing in a severe downturn and/or worst-case tariff scenario, yet MRE has a strong balance sheet (1.47x net leverage, no maturities until 2027), tangible book […]
ADF Group Inc. (DRX.TO)
Pitch Summary: North American steel fabricator (complex structural steel; design/engineering/coating/erection) that 10x’d into mid-2024 as robotics capex + US infra cycle drove revenue/GM step-ups… then fell >60% on (i) optics from a Paschini-family private block buyback, (ii) backlog dip, and (iii) tariff/IIJA fears post-election. At ~C$7.85 (~C$220m EV) the stock is ~2.5x LTM EBITDA with […]
Garrett Motion Inc. (GTX)
Pitch Summary: Garrett Motion (GTX) is a global leader in turbochargers (TBs), operating an entrenched duopoly with BorgWarner (BWA) in a highly technical, mission-critical component of internal combustion engines. Despite durable margins, high renewal rates, and multi-year visibility, the stock trades at ~5× FCF as investors over-discount its exposure to the declining ICE market amid […]
Helix Energy Solutions Group (HLX)
Pitch Summary: Helix operates the world’s largest fleet of offshore well-intervention vessels, and tight market supply plus repriced contracts set up a step-function in earnings and FCF. The Well Intervention segment reset legacy day-rates higher (e.g., ~40% increases on Siem Helix I/II in Brazil and ~20% uplift on Q5000 in GoM), while transit downtime should […]
Sun International Limited (SUI SJ)
Pitch Summary: Sun International is a South African omni-channel gaming and hospitality operator that emerged from COVID over-leverage with a cleaner balance sheet, tighter cost base, and renewed capital returns. The core urban casino estate (11 properties) holds dominant provincial share and benefits from limited license supply, while refurbishment and self-generation initiatives mitigate load-shedding risk. […]
Leon’s Furniture Limited (LNF.TO)
Pitch Summary: Leon’s Furniture (LNF.TO) is Canada’s largest furniture, appliance, and electronics retailer with over 300 stores under the Leon’s, The Brick, and Appliance Canada brands. The company commands ~15% market share and benefits from scale, logistics, and brand strength that smaller players cannot match. With roots dating back to 1909, Leon’s has a proven […]
Mirait One (1417 JP)
Pitch Summary: Mirait One is a Japanese telecom and infrastructure engineering firm executing a structural transformation from its cyclical NTT-dependent carrier segment (~40% sales) toward higher-margin, secular-growth “non-carrier” markets (~60% sales). The non-carrier portfolio spans electrification, renewable energy, data centers, and social infrastructure — all beneficiaries of Japan’s acute labor shortage and capex in semis, […]
SF REIT (2191.HK)
Pitch Summary: SF REIT is a Hong Kong–listed logistics/industrial REIT backed by SF Holding (SF Express) that trades near 0.5x book and yields ~10%. The portfolio is anchored by well-located warehouses and distribution assets with high-90s occupancy and visible rent escalators. Cash flow coverage of distributions looks solid and leverage is moderate, limiting near-term refinancing […]
Noah Holdings Limited (NOAH)
Pitch Summary: Noah Holdings (NOAH) is China’s leading independent wealth manager trading at roughly its net cash balance, implying investors get the business for free. With $675M in cash, zero debt, and a $741M market cap, tangible book value sits near $1.4B—2x equity value. The company operates an asset-light model with recurring revenue (~50%) from […]
Qudian Inc. (QD)
Pitch Summary: Qudian (QD) is effectively a $1B cash box trading at a $523M market cap, with tangible book value ($1.5B) nearly 3x its equity value. After exiting its consumer-lending business, operations are minimal, and interest and investment income ($52M) exceed operating revenues, implying almost no cash burn. Management, led by founder-CEO Luo Min (35%+ […]
Marqeta, Inc. (MQ)
Pitch Summary: Marqeta is a card-issuing and embedded-payments platform whose stock is down ~90% from IPO but now sits on ~$1.1B net cash and an active buyback, creating a skewed setup. The author argues multiple near-term catalysts: a new CEO, aggressive cost cuts (esp. comp/SBC and professional services), and continued repurchases equal to ~15–20% of […]
Brookfield Business Partners L.P. (BBU)
Pitch Summary: Brookfield Business Partners (BBU) is Brookfield’s public private-equity vehicle, effectively a listed holdco owning operating companies across business services, infrastructure services, and industrials. Shares trade at a steep discount to management’s NAV estimate (they cite 50%+), widened since 2022 with higher rates and holdco aversion. Management has initiated a ~$250m buyback (~5% of […]
