Overstock | A Special Situation

Overstock (OSTK) currently presents a Special Situation Investment Opportunity. As Overstock's founder has turned his focus on blockchain investments, the sale of the company's eCommerce operations is imminent. A review of recent M&A multiples in the eCommerce space suggests that at its current price, shares of Overstock are significantly undervalued. Overstock Decides to Sell ItselfIn 2014, Overstock … Continue reading Overstock | A Special Situation


Martin Whitman on Value Investing vs. Fundamental Finance

Martin Whitman was a well-known value investor. He started out in distressed investing and it was relatively late in his career that he founded the Third Avenue value fund. Whitman was a very prolific writer on financial and value investing topic, through letters to unitholders of the Third Avenue funds as well as books that … Continue reading Martin Whitman on Value Investing vs. Fundamental Finance

The Greek Organization of Football Prognostics (OPAP)

Article on Seeking Alpha (May, 2011): OPAP: A Special Situation in the Sports Industry The Greek Organisation of Football Prognostics (OPAP) The Greek Organization of Football Prognostics is one of the companies that is being put up for privatization by the Greek Special Secretariat for Asset Restructuring and Privatisations (SSARP). So an investment thesis for OPAP … Continue reading The Greek Organization of Football Prognostics (OPAP)

Profile: Aperam

Thesis Special situation: Spin-off Timeframe: 12-18 months Expected return: 50% total (33% assuming 18 month duration) The company APERAM came into existence when ArcelorMittal spun-off their stainless steel operations. Aperam is the 6th biggest stainless steel producer in the world, the 2nd largest in Europe and the largest stainless and specialty steel producer in South … Continue reading Profile: Aperam