Adam Wilk
@AKWilk
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Founder and Portfolio Manager of Greystone Capital Management LLC, a long-only strategy centered around identifying mispricings among smallcaps and microcaps.
West Chester, PA
Joined April 2009
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Got this in the mail today. Looks interesting. Anyone know what these guys do?
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To me, Buffett’s real superpower is being able to think clearly with a stomach full of McDonald’s, Coke and peanut brittle.
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Dog daycare raised prices 15% and can keep doing it year after year. Who wants to go in on a levered roll-up of dog grooming and dog daycare mom and pops? The ultimate pricing power businesses with minimal opex.
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My brother built / is building a successful personal injury law firm and has been killing it over the past year. My favorite part: no Twitter account, no instagram, doesn’t brag, hasn’t even really told anyone. Just put his head down and worked really hard. He was let go from...
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Had a plumber over this week for a small repair. Was here for about 40 minutes. $872 dollars. Why did I go to college again?
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Happy to share Greystone Capital Management’s Q1 2021 Letter with discussions on $LSYN, $RMNI, $THRY and a new position in $PLBY.
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The Greystone Capital Q4 letter is now on the website. I touch on $RICK, $GOED, $ID, and new positions in $HMHC and $IDT. Readers can join the distribution list as well to receive any future communications.
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Yearly reminder that this track record will never be replicated.
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Awesome piece of research from Horizon Kinetics Research Group discussing the only things that matter: position sizing, portfolio management and holding periods.
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One of the most important paragraphs on value investing you will ever read.
From Bill Nygren’s Q2 Commentary:
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My superpower is being early to every new investment, every single time.
If I ever mention I’m long a name, just wait a few weeks and you’ll be able to buy it at a 20% discount.
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Why is it so difficult for some people to just say I don’t know?
This will bother me forever.
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Alright. I did the $GOED writeup.
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What are some private businesses you’d like to get a piece of?
For me in no particular order:
- Orange Theory Fitness
- Wawa (the GOAT convenience store in my area)
- The Master’s Baker (local baker w/ near monopoly on high margin wedding cakes)
And definitely Chick-Fil-A.
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No Country for Old Men remains an A+ movie.
My favorite line:
“If the rule you followed brought you to this, of what use was the rule?”
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What is a reasonable starting base salary for a 1-3 year analyst at a $2B fund?
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The Greystone Capital Q2 letter is now available on the website. After a tough first half of the year, I talk about the path forward and comment on specific investments including $BFIT, $RICK, $IDT, $GOED and $EDR.
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Any interesting founder-led businesses under $500mm market cap that are worth paying attention to?
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$RICK comping their best nightclub locations 70% AT 50% CAPACITY.
L-O-freaking-L.
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Sharing the Greystone Capital Q4 letter which is now up on our website.
Discussions include $RICK, $GFF, $IDT, $APG, $CURN, $POL and $BFIT as well as some commentary on navigating uncertainty.
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Appreciating these types of situations more and more. No need for explosive growth or business sexiness.
2010-2023:
Revenue CAGR: 6%
EBITDA CAGR: 10% (3x growth)
Share count: -50%
$MUSA is a 10-bagger in 10 yrs (26% CAGR). Great example of "boring" stock in low growth industry (gas stations) that created huge value (like NVR, AZO, ORLY). 2 key ingredients: consistent buybacks + persistently below avg valuation. The boring part helps sustain the latter
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The Greystone Capital Q2 letter is up on our website. Discussions include $RICK, $BFIT, $CURN, $SYZ, $APG and a new investment in Limbach Holdings $LMB, along with discussion on how the current environment is providing significant opportunities.
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Walter Schloss: ‘Factors Needed to Make Money in the Stock Market.’
March 10, 1994
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Awesome panel discussion led by Scott Miller w/ some of the best and most unique emerging managers.
Value Investing in a Volatile Environment, Omaha, NE, May 4, 2019 via
@YouTube
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....while also making me sad to realize how big the talent gap is between me and them. Gotta keep pounding the rock.
Includes:
@ArtkoCapital
@UpslopeCapital
@GreenhavenRoad
Laughing Water Capital
Askeladden
Maran Capital
Adestella Inv. Mgmt
Bonhoeffer Cap
@longcastadviser
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FAANG: yes
Shitcoins: yes
Pre-revenue car company at $60B valuation: yes
No growth private with flat TAM; yes
VC backed juice company at 78x revenues: sure
Small cap growing 30% generating cash with ample reinvestment opportunities at 25% ROC: ew, no
- Market participants, 2021
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This is a phenomenal old interview/profile on Norbert Lou of Punch Card Capital.
Highly recommend reading Lou’s old VIC writeups as well. Some of the best ever.
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If you are actively managing a smallcap / microcap strategy you should be busy as you’ve ever been right now.
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Within $IDT there is a business growing over 100% annually and sporting 30%+ EBITDA margins on a nearly $100mm recurring revenue base.
The ‘rest’ of IDT is doing $85mm in EBITDA. The current EV is $633mm.
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Short idea thread because we need more investment specific talk / ideas and less of everything else.
Sylogist $SYZ is a public sector software business and an idea I’ve talked about ad nauseam. Extremely high value prop to their customers. Operates in an insulated niche.
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I’ve built a ‘non-13F’ list of investors and emerging managers over the last few years that has become my single greatest source of investment ideas.
I try to share as much of their stuff as possible because I know they’ve indirectly helped me become a better investor.
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Being rejected from VIC three times is ok when there’s a Wayfair long on the front page that has $W walking into $25B in sales and 10% EBITDA margins. Also claiming immediate profitability if mgmt stopped all growth spend.
#valueinvesting
🤷♂️
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Greystone Capital Management Q3 letter is out and available on the website. I talk a bit about $RICK, $PW, $RMNI, $RSSS and $CRAWA.
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What are some of the best business models ever? Not individual businesses but models.
- Software
- Title insurance
- Asset management
- Traditional Banking
- E-Commerce (some)
- Personal injury law
What else?
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Gator Capital, who has destroyed the market since inception schooling us on how to invest in growth banks.
Nice writeup on Western Alliance ($WAL)as well.
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@patrick_oshag
Would second Nick Sleep and Rob Vinall.
Scott Miller of Greenhaven Road and Jake Rosser of Coho Capital.
Also Fundsmith guys.
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Clarke (CKI.V) presentation and annual report is a hell of a read. Thoughtful, value add managers running that thing. BVPS CAGR of 11.2% since 2002. Smoked the S&P during that time period. Trading at 0.85x BV. Undemanding given their assets and capital allocation skills.
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Keith Smith of Bonhoeffer Capital Management is an elite writer. Highly recommend reading his letters. Included is a detailed writeup of Countryside Partnerships $CSP.L
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Aside from Ben Graham and Julian Robertson…who has the next best investor tree?
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@AltaFoxCapital
Here’s how it goes:
Posts high returns one quarter: yeah but probably took on unnecessary risk
Posts poor returns in a quarter: who are your LPs? Sad
Managers own FAANG: can’t believe people pay 2 and 20 for this
Managers who try to differentiate: they should just own FAANG
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The Greystone Capital Q3 letter is up on our website. Discussions include $BELFB, $DR.TO and $SENEA, along with some cheerleading for smallcaps and microcaps.
Readers can sign up for future communications via the website on the Letters page
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This is probably for two reasons; one, he’s not a d-bag, and two, all he ever cared about was obtaining his freedom. Now he has it. Pretty cool.
By the way the economics of personal injury law are almost not to be believed...which is another discussion for another day.
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Shared some thoughts on Thunderbird Entertainment $TBRD / $THBRF which I think provides a solid risk/reward at current prices.
I’ll also be pitching the stock Thursday at the
@MicroCapClub
Leadership Summit which I’m looking forward to.
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Bonhoeffer Capital Management Q1 2018 letter is a tour de force on the best ways to invest in Public LBOs and how to recognize catalysts. Really impressive.
Case study as well.
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The Greystone Capital Q4 / FY23 letter is now up on our site. Lots of idea discussion including $SYZ, $LMB, $BELFB, $APG, $CURN, along with some notes about $THRY and $FC.
Readers can join the distribution list on the Letters page.
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Raise your hand if you fell victim to an over-earning story during the last two years.
✋
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I’ve never heard of this firm / individual but this was a great talk.
Bryan Lawrence: How to beat the market using concentrated value investing
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Asheville Capital letters are a great read for off the beaten path microcap ideas. Give
@Jake___Barfield
a follow.
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Bonhoeffer with another great quarterly letter and high quality writeup of Cambria Auto.
Average portfolio FCF yield of 20% and EV/EBITDA of 3.4x.
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Really enjoyed reading these thought pieces from Turtle Creek Asset Management. These guys have compounded at an astonishing 22% per year for over two decades.
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Murray Stahl’s Q3 commentary is one of the better things I’ve read this quarter. Notes on investor psychology, inflation, current market valuations, and a cool story about Charlie Munger.
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Turtle Creek stuff is among my favorite to read and re-read.
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The Maran Capital Letter from Dan Roller was phenomenal. Highly recommend it as a weekend read.
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Akre’s new Q4 position - his smallest - Goosehead Insurance ($GSHD) is an interesting business w/ a potentially long runway. Growing much faster than competitors, differentiated model, and currently making high return sales/marketing investments.
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The Greystone Capital first half 2020 letter where I discuss $CRHM, $HIL, $RICK, $APG, $TRRVF, and $MIXT is now available on the website.
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Yen Liow is a force of nature
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I always like to look at Akre’s sub-1% holdings. Immaterial to them but they see something there. New purchases have been some interesting small cap names that they get familiar with/size up over time.
This Q it was $CLNY, $OLLI, $DSGX.
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After Q4 / FY21 results and management commentary, $RICK is now the best executing, cheapest stock in the portfolio. Run rating $100mm EBITDA and doing $1mm FCF per WEEK which mgmt is going to aggressively plough into repurchases at these prices. The call is worth a read/listen.
$RICK - Solid Q. Doing all the right things.
I don't think any of the growth is priced in. AdmireMe is a big time option I want to own here.
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Spree Capital writes a good letter. A brief thesis on $MTCH inside.
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Aaron Sallen (
@aaronjsallen
) of Merion Road Capital writes a great letter.
Have to get this man added to the Reddit quarterly letter thread
@MineSafety10k
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Am I the only one here who doesn’t own $PAR?? Keep in mind I’m stupid.
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The Greystone Capital letter is up on our website. I talk a bit about $GFF, $BFIT, $POL and discuss a new investment in Sylogist $SYL.TO
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Snowball Research is one of the highest quality special situation / corporate event idea generators out there. Raghu does great work and is highly recommend checking them out!
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Up 10% today? Does this make me the new
@AltaFoxCapital
?!?
PARTSiD $ID is an intriguing opportunity as an underfollowed e-commerce focused auto parts retailer, profitably attacking a specific customer segment.
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The Hayden Capital Q4 2020 letter is one of the best I’ve read this year. Great stuff.
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I have no sympathy for 70+ year old board members who don’t engage in amicable discussions about creating shareholder value. Especially when they own limited equity, never buy stock, and sit on other boards.
Good luck ’refreshing’ $CLCT
@AltaFoxCapital
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Greenhaven Road Q3 letter is out. Always one of the best reads of the quarter!
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Leader in litigation finance Burford Capital ($BRFRF / $BRFRY) has the potential to become a beast long term. High quality business run by outstanding managers with a long runway and sticky clients. Gonna share some slides from their capital markets day.
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North Peak Capital writes a great letter. They’ve been compounding at extremely high rates since they launched. I can’t post the letter b/c I signed up to receive them via email.
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The stock pitches and presentations at the
@MicroCapClub
Summit today were some of the event’s all time best.
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This management evaluation presentation by Cove Street Capital and
@BenClaremon
is worth a read. Great stuff.
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MIT hiring for a generalist investment role.
Please apply and then immediately give me an allocation thank you.
Global Investor – MITIMCo
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The Greystone Capital Q1 letter is up on the site. Company discussions include $IVFH and $NNBR, two very interesting situations that appear to be mispriced.
Readers can sign up to receive future communications on the Letters page of the website.
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PARTSiD $ID is an intriguing opportunity as an underfollowed e-commerce focused auto parts retailer, profitably attacking a specific customer segment.
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Happy to share the Greystone Capital Q3 Letter where I discuss $LSYN, $RSSS, $EDR, $BFIT and somehow weave in a story about Ron Artest.
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To continue beating a dead horse, this is phenomenal work on $HOME by
@CliffordSosin
and CAS Investment Partners. Presentation clearly outlines a material disconnect between the tender offer price and conservative fair value of HOME stock.
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A really good set of investment interviews with Cliff Sosin.
How to generate ideas? A talk with outperforming Value Investor Cliff Sosin
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Useful chart from the NZS Capital Q3 letter. Adding to my checklist.
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....and ever having to work for someone else. And he’s in the first inning of what should be an incredibly successful firm. Incredibly proud of what he’s accomplished, but I think it’s interesting as it runs counter to typical entrepreneurial culture/hustle porn...
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Citi waiting for 50-60% declines to downgrade retail names. So brave.
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$IDT annual meeting yesterday was a great time. 2023 should be a big year for them as Net2Phone / NRS combo are executing incredibly well. Both are ready for the big time.
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$IDT stock basically flat today pretty much sums up how the year is going. Net2Phone spin date set, NRS growing 100% YoY and EBITDA positive. Goodness.
$IDT Corporation Reports Second Quarter Fiscal Year 2022 Results
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Happy to share the Greystone Capital Q4 2020 / year end letter where I discuss holdings in $FREE, $LSYN and others, while using way too many basketball metaphors.
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The Business Brew coming in hot as one of my favorite new pods. This episode with
@iancassel
was equal parts informative, entertaining and touching.
Also pretty sure Ian is single handedly responsible for about 3/4ths of my Twitter followers..
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$BUR getting absolutely destroyed on here today, and rightfully so. Sold at a loss, and can’t sit in silence as I was long, pushed the name periodically and wrote about it on the blog. At one point owned a good chunk and thankfully reduced as more and more issues came up...
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The best best best types of investments are the special situations that are actually good businesses but the special situation part allows for a great entry price. No preciseness required.
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If you’re not on
@MicroCapClub
you’re missing out on
@iancassel
and co. quietly developing one of the best investment platforms out there. And with all the functionality we wish VIC had.
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Equity Lifestyle Properties ($ELS) another best of breed MH REIT. Phenomenal value creation and return profile.
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Of the Q2 letters so far I count four $NTDOY longs (as new positions).
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