Porcupine

I look for misunderstood companies who’s shares are trading at a discount to their intrinsic value. I believe in looking for companies in areas where there has been indiscriminate selling without regard to the fundamentals of the issue (e.g., spinoffs, merger securities, S&P 500 reconstitution). I also like companies that have high insider ownership and/or equity compensation programs. This aligns management interest with shareholder interest, which gives an inventive for management to act in the best interest of shareholders.

My influences include Ben Graham, Henry Hazlitt, Seth Klarman, Joel Greenblatt, and Ian Cassel.

Satellite Portfolio:

  • CLWY
  • SVIN
  • CCUR
  • OSTK

Core Portfolio:

  • SBUX
  • BRK.B
  • GLD