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  • JC Penney: So Bad, It's Good (Again)

    Published: January 23, 2014

    So Bad Its Good - JCP will stabilize and valuation will come back to reflect ongoing concern. JCP has seen unprecedented same store sales drops as it tried to change its image. This has ended and they have bottomed on the sales losses. If JCP can stabilize sales and margins then they would have E...

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  • Martha Stewart Living: 125% Upside Potential

    Published: December 03, 2012

    We believe Martha Stewart Living is a compelling turnaround story with a very favorable risk/reward profile. While sporting an enterprise value of just $168.0 million, Martha Stewart Living brands include “Martha Stewart,” one of the world’s premier lifestyle brands, as well as “Emeril Lagasse,” ...

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  • This Is What Bill Ackman Sees When He Looks at JCP

    Published: November 29, 2012

    While 2012 has been a year of disappointment, there is still very much reason for optimism in the case of the JCP turnaround. While SSS and SSF have declined more dramatically than anticipated, management has succeeded on the cost cutting front and the new JCP, while still very small, has exceede...

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  • News Around the Hedge Fund World (Week of July 16-20)

    Published: July 20, 2012

    Learning from one’s mistakes is a central principle of investing that many greats point towards as what has driven them toward success. Mistakes are inevitable; but they need not be repeated over and over again. In that vein, Zeke Ashton (Centaur Capital) put together an excellent self-critique o...

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