Alliance Data was a Value Trap. Maybe.

I have previously commented on ADS a couple times (here and here), so I'm not going to go into detail on what the business is and does.  I'll just point out that what seems obvious: Mr. Market enthusiastically believes the future of ADS will be different than the past. Today, the business trades at around… Continue reading Alliance Data was a Value Trap. Maybe.

Bavaria Industries

Sometimes ideas don't need a lot of explanation.  Value is apparent and the real work comes in determining management quality, integrity, and alignment.  This is one of those. The Basics Let's assume there is a certain investment manager who has about €350 million in assets under management.  This fund manager is unconstrained and therefore has… Continue reading Bavaria Industries