Why Micron is Front and Center in the Trade War

Published: July 12, 2018

Featured screen shot 2018 07 12 at 10.43.44 am f780e922da
Official White House Photo // Amanda Lucidon

My initial interest was perked due to my work in the Wafer Fabrication Equipment (WFE) sector. I've become a strong believer in a) the long-term secular growth dynamics gripping the WFE sector b) that there is a sizable valuation disconnect betwee...

Q&A: Institutional Opportunities in Legal Cannabis

Published: July 09, 2018

Featured blur cannabis close up 606506 d463132675
Michael Fischer / Pexels

In the wake of Canada's landmark legalization of recreational cannabis, we asked three Cap Intro funds invested in the space to offer insights on their investment strategy as well as the competitive landscape, technological innovations, and politi...

New Roles in SumZero Job Vault (NYC, Boston, London)

Published: June 22, 2018

Featured screen shot 2018 06 22 at 4.20.50 pm 45874c8817
Images George Rex // Flickr

SumZero’s Job Vault is now hosting over 100 investment professional roles of all seniority levels from 50+ major buyside funds.

The Job Vault is a job listing platform that complements our research database. There are no middlemen/headhunter...

Why the US Cable Industry Is Poised for Recovery

Published: June 21, 2018

Featured screen shot 2018 06 21 at 1.30.40 pm e4ddf9c486
Flickr

As a value investor, I love buying businesses that (1) are run by a great manager with a keen eye for capital allocation, (2) possess secular growth and sustainable free cash flows, i.e. they are good businesses and (3) are trading at low cash ear...

Scott Miller on Value Investing

Published: June 14, 2018

Featured screen shot 2018 06 14 at 4.41.50 pm f3c0fac032

I think the inadequacies of GAAP accounting create opportunities. For example, we own a tiny software company, SharpSpring.  For every dollar they spend on marketing, they generate seven dollars of lifetime value.  As long as the marketing spend i...

Why Goldman Sachs Should Change Its Compensation Culture

Published: June 14, 2018

Featured screen shot 2018 06 14 at 2.17.47 pm 93dae3721b
Pixabay

We bought Goldman stock for our clients in the summer of 2013. We invested in Bank of America a year earlier. The financial sector was still trading at attractive multiples after the 2009 fiasco. It made sense to look for opportunities in this sec...

Scott Miller's Advice for Emerging Managers

Published: June 14, 2018

Featured screen shot 2018 06 14 at 4.41.50 pm 2640e13b8d

Through my experiences running the Main Fund I learned first hand that generating very good returns is not enough to attract capital. I also recognized that this created an exploitable inefficiency. Simply stated, there are investment managers out...