Christian Ryther

Ultramarathoner/Value Investor seeks high returns on capital, great mgmt, 5+ upside/downside. Partial to special sits and smallcaps globally. LMK...

[Christian Ryther @CurreenCR]

@Nick09348805 Yes, it's taken more time, more money and has been more difficult than they expected to bring all of the acquired 3M product lines in house.

I think they were overly optimistic when they bought it, and the market has lost patience with how much time and expense it has required

[Christian Ryther @CurreenCR]

Ugly day for $NEOG
CEO Fired, missed and lowered guidance
They're going slow with Petrifilm in-sourcing, which will hurt GM% next 1-2 years
But... selling two businesses, and if I'm reading the transcript correctly they'll get $100m for them

In 2 years: co will look very good

[Christian Ryther @CurreenCR]

@leveredvalue @Borlaug_ @LuisVSanchez777 @Randall7575 @peter_mantas “if they skate through ‘25” doing a lot of work… but I am inclined to think that they will. Time will tell

Upside if they make it is not trivial

[Christian Ryther @CurreenCR]

@leveredvalue @Borlaug_ @LuisVSanchez777 @Randall7575 @peter_mantas Didn’t they just amend the covenants?
They also have nearly exited their expensive TSAs. It’s a “transition year”, but I think it’s cheap.
Risky if you think exec branch is going to wipe out US drug research

[Christian Ryther @CurreenCR]

@chrisvirnig You may be right. The author was Alfred Henry Lewis, in his "Owners of America" series. He definitely had an agenda.

Still... I like to think the quote is real

[Christian Ryther @CurreenCR]

"Do you know the only thing that gives me pleasure? It's to see my dividends coming in, just to see my dividends coming in!" -John D Rockefeller

Cosmopolitan published that quote in late 1908, and I like to think that he said it during the 1907 panic. I feel it more in downturns

[Christian Ryther @CurreenCR]

@UpslopeCapital I'm always early but I don't hate $CRL

Also, I'm starting to get a sense for how people felt when Hillarycare kneecapped the pharma stocks in 1992-1993

[Christian Ryther @CurreenCR]

@nuggy5 First costs rise as they duplicate production, then costs and capex decline, and then they grow revenue.

They have many months to go before they get there, but I think they will get there.

[Christian Ryther @CurreenCR]

@nuggy5 Historically it was a business with good returns on capital and good growth. If you think it gets back to that once they've finished transferring the 3M production in-house, then the E goes way up and so does the P/E.

[Christian Ryther @CurreenCR]

Times like this--when 'my' ugly ducklings drop hard--are no fun
Everything I buy keeps falling, and I feel dumb for being impatient. Then one day they stop dropping, and I feel dumb for not buying more
Buying cheap stocks works well... but it comes with a lot of negative feedback

[Christian Ryther @CurreenCR]

$EHAB got $21m for its investment in Medalogix.

One of those happy surprises, and only *cough* 5x what I had penciled in😳

https://t.co/PK9Xyocduw

[Christian Ryther @CurreenCR]

The acquisition of Medalogix may be a small benefit to $EHAB, which had a $1.6m investment in Medalogix after it was acquired in 2021

[The Wall Street Journal @WSJ]

Exclusive: Medalogix and Forcura are merging to create a nearly $1 billion software business by supplying applications for in-home healthcare and hospice services providers https://t.co/8FzuiAhpcn

[Christian Ryther @CurreenCR]

I'm reading through yesterday's $VFC presentation and it was all fine until Sun Choe started riffing about Vans

All of a sudden I NEED to see this performed at a poetry slam.

This. Is. Amazing.

[Christian Ryther @CurreenCR]

@Larryjamieson_ Our fluid intelligence declines as we age, but our knowledge of people and other crystallized intelligence continues to improve. This helps us in managing people and hurts our ability to do more "entry level" work.

(see From Strength to Strength by Arthur Brooks)

[Christian Ryther @CurreenCR]

@BTaylorUSA Everything. Now I shop at Walmart, Best Buy, Backcountry, Home Depot, etc...

Turns out they're fine

[Christian Ryther @CurreenCR]

Amazon without Prime is an awful experience. They slow walk your orders and constantly try to trick you into signing up for Prime (and when you do there are ads on videos)

We tried cancelling in a good-natured test to see if it'd cut our spending (it did), and now we hate them

[Christian Ryther @CurreenCR]

I can't believe it, tomorrow Havas will report after the close - European time. Presentation at noon NYC time.

For every other European company I have to wake up in the middle of the night - and it's rarely worth it.

[Christian Ryther @CurreenCR]

@valueterminal Imperium

[Christian Ryther @CurreenCR]

@jbmp51 @stockspinoffss It would be amazing if Blackrock and Vanguard opted for B shares, got a lower taxable gain for their investors, and then voted to convert all B shares to A shares... but that'll never happen.

[Christian Ryther @CurreenCR]

I had a great time chatting with @stockspinoffss last week!

We talked about $EHAB, how $MRP pisses me off, $HAVAS and even a bit on Pluxee.

[Christian Ryther @CurreenCR]

And here's the audio version:
https://t.co/i1du96N7Pf

[Christian Ryther @CurreenCR]

The description here has the links to specific parts...
https://t.co/Gsadkk9VHu