Portfolio Update 1Q24

A combo of special sits and cheap stocks at a combined 9x earnings / 6x FCF

The roadmap for this post will follow: 1) snapshot of current portfolio; 2) overview of new additions / exits; 3) quick highlight of major positions; 4) random commentary I feel like going deeper into.

For all the newcomers, I’d suggest skimming the following:

• My bucket approach to investing

  • Core — cheap or undiscovered compounders

  • Generals — combination of plain vanilla cheap stocks and special sits

  • Option — net-nets, levered turnarounds, balance sheet plays, asymmetric bets

• My investing philosophy & process notes

  • All-cap value investor with a small/microcap emphasis

  • Special situation focus

  • Cash flow

1Q24 portfolio overview

For folks that aren’t subscribers yet… here’s a 20% off promo to give it a try. I promise you’ll find at least one good idea in the lot (heck, these are my best ideas that I’m personally invested in!).