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No. of Recommendations: 39
Hey, everyone,

I want to thank everyone who continues to follow this board and for following me. I feel that I have a commitment to you, not only from the Special Ops days (how quickly they recede! -- already a year!) and your support there, but also for continuing to follow me on this board.

BOBE was bumpy, but in the end it worked out much as I had predicted. While it's cold comfort now, had Special Ops continued, I would have made BOBE a 10% position (from about 5%), given its ridiculously low valuation at $37-$38 in July 2016. I was buying personally back then and at those prices, and I'm quite happy I did. I was also indicating to Special Ops members and whoever else followed us that BOBE was cheap. It's SO heartening to me to see that you all have followed along and made money. When the market told us we were crazy to buy BOBE, we did it anyway and made a huge gain in just a year or so.

I think we have more interesting special situations, still. TFSL has room to run up. I've identified YUM as a promising candidate, following its spinoff of YUMC, and YUM is up ~15% since the spin, and I think there's plenty more in the years ahead (See my previous comments on YUM upboard). I think Trisura offers a fantastic long-term opportunity. I plan to continue to find attractive, well-managed companies that can compound for years. And it's not just me that thinks BOBE is a high-quality franchise, but one of the best investors, Bill Stiritz, who was profiled in The Outsiders. It's a book that you really should read, if you haven't.

I continue to like CABO, and I think it's also a high-probability buyout candidate in an attractive business. The thing is, it's just not that cheap, though if the stock falls in a market swoon, it's a great company to purchase. CABO should be able to compound EBITDA at high single digits for years.

For those of you who like REITs, VNO is attractively priced following its recent spinoff. It looks like VNO trades at a ~25% discount to NAV, and VNO is a very well managed organization. The track record is fantastic.

Again, thanks everyone for following along. I'm going to continue to search out attractive special situations, and if you want to follow along, I'm very pleased to have you. Feel free to ask questions any time. I can't guarantee that I can always answer them, but I will try. Again, I feel a commitment to you and fining interesting special situations is something that I love to do.


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