Price to Tangible Bruce

I'm Bruce, a deep value investor. Buying what most investors don't like across global public markets.

[Price to Tangible Bruce @Tangible_Bruce]

You've all read the value investing classics, but what about these?
Link in usual place.

[Price to Tangible Bruce @Tangible_Bruce]

@capitaloptimism @F_Compounders Thanks. I have it but never got around to it.

[Price to Tangible Bruce @Tangible_Bruce]

@andrewcoye I think using your midpoint is a fair place to discuss your valuation yes. It would be odd to hone in elsewhere.
Anyway, it was just a friendly chat Sir. Opinions make a market, no need to get shirty; I won't contribute again. Have a nice day.

[Price to Tangible Bruce @Tangible_Bruce]

@thomasrice_au You may be interested in my musings or articles, Thomas.

[Price to Tangible Bruce @Tangible_Bruce]

Enthusiasm is probably a top leading indicator of future performance (relevant to any career, not just investing)

It can be tough to balance the love for the game with a family sometimes though, ie switch off at evenings and weekends properly. One reason I never want 24hour trading.

[Price to Tangible Bruce @Tangible_Bruce]

@mr_deepvalue VALUE CREATION

[Price to Tangible Bruce @Tangible_Bruce]

Do you hold anything that doesn’t really fit your usual investing style?
As the name suggests, 95% of what I own is tangible book deep value, but I’ve got small exposure to Defence and Commodities (value focused of course!)

[Price to Tangible Bruce @Tangible_Bruce]

@dpvalue Only £3 on Kindle. Now ordered. Thanks again.

[Price to Tangible Bruce @Tangible_Bruce]

You've all read the value investing classics, but what about these?
Link in usual place.

[Price to Tangible Bruce @Tangible_Bruce]

@taobanker The closing sentence got you the like.

[Price to Tangible Bruce @Tangible_Bruce]

@Wardy_Poker Seemed like a mixed update. I was shocked to see at the top of the daily risers table just. Perhaps a sign sentiment has bottomed.

[Price to Tangible Bruce @Tangible_Bruce]

https://t.co/GydMMXQATl

#WJG #CRST #GLE #BTRW #BWY #TW #VTY #SPR

[Price to Tangible Bruce @Tangible_Bruce]

Day 30 of 100 days of Net-Nets
Crest Nicholson (CRST)
Market Cap: 174m
NCAV ratio: 0.29
Cash: 126m
Z-Score: 2.18
Debt/Equity: 24.1%
Shameless plug: see my recent write-up on a basket of UK housebuilder net-nets in the comments

[Price to Tangible Bruce @Tangible_Bruce]

@sidecarcap A lot of deep research just ends up fuelling confirmation bias. I think the 80/20 rule applies a lot to investing, one element of which is the CEO (like you say) and capital allocation record.

[Price to Tangible Bruce @Tangible_Bruce]

@investwithwes1 Mixed update for B&M this morning. Looks reasonable vs FCF yield though.

[Price to Tangible Bruce @Tangible_Bruce]

@Hollandpar91513 What makes you say that?

[Price to Tangible Bruce @Tangible_Bruce]

Has anyone thought about a possible Black Swan at Pershing being Ryan Israel leaving one day?

At some point Robin might decide he wants to be Batman.
$PSH #PSH $PSUS $PS $HHH

[Price to Tangible Bruce @Tangible_Bruce]

@ArmsGarrett @MaaizKhan Ah right. Not familiar with the company beyond a skim. Thanks

[Price to Tangible Bruce @Tangible_Bruce]

1/ Yesterday I published what initially looks like a cheap European lender, trading around tangible book value and just ~4x 2026 earnings. But the real story is growth...

[Price to Tangible Bruce @Tangible_Bruce]

@CasinoCapital @IGClientHelp @Trading212 I am happy with ii. FX fees have come down a bit recently and has multi-currency.

I’d be cautious about allocating a large amount of capital to new era app-based brokers like 212. The start-up feel, along with concerns about the underlying business strength gives me pause.