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Exploring overlooked corners of public & private markets

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The Friendly’s Ice Cream story is one of the best case studies on how value erodes when governance drifts and accountability fades.

A 93-year-old founder sued his own board for self-dealing. Three years later, a 29-year-old investor built a 15% stake and pushed for change.

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Circa 2015, Odd Lots with @TheStalwart & @tracyalloway.

Inefficient markets are still a thing and Ray Lum was one of the best at exploiting them.

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Circa 2015, Odd Lots with @TheStalwart & @tracyalloway.

Inefficient markets are still a thing and Ray Lum was one of the best at exploiting them.

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Attended a collegiate summer league baseball game tonight. It’s a tough business, but I’m more convinced that you improve your odds of success when operating in a small town.

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Has anyone taken a look at rolling up collegiate summer baseball teams? I’ve always been fascinated by the business side of sports - especially at the summer league level, where creativity and community actually matter.

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I don’t know what teams go for - but I can’t imagine it’s much. And in a world where everything’s getting institutionalized, this still feels untouched. It feels like minor league baseball before private equity showed up.

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This past week I traveled to Las Vegas for the Planet MicroCap conference, a combination of company presentations and 1x1 meetings with management teams. Shared some thoughts on why attending a conference like this is a valuable part of the research process. Link in bio.

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Turnarounds are hard, but sometimes they are brutal. Been following a name were I saw some signs of positive change along the way. But a recent capital raise announcement and the interim CEO, who started as an activist, is out just days later. Hats off to those willing to try.

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Second year at Planet MicroCap in Las Vegas. Really impressed with the quality of companies presenting this year. Great event overall. Congrats to @BobbyKKraft, @iancassel and the whole team.

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Coming up on 10 years since this one. Still one of the best episodes on activist investing ever recorded. @patrick_oshag
@jeff_gramm can we please get a part two?

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6/ An operator could approach these landowners, acquire the water rights, rehabilitate the wells selectively where the economics support it, aggregate them into a portfolio and exit to a strategic consolidator.

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1/ On the private markets side, one of the areas I find genuinely fascinating right now is Water and Water Infrastructure assets. Thanks to @sohaventures for posting two reports the other week. A quick thread below -

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5/ The case at a small scale is fairly straight forward. Tens of thousands of water wells sit on private land across Texas. Each purple dot is a water well, with a good portion being dormant for years and generating zero income for the landowners who own them.

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@joekraymond Great as always, Joe.

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Watching a nanocap rerate from roughly 0.1x to 0.3x P/TBV ($0.80 to north of $2/share) is a different kind of price discovery. Hat tip to whoever has been patiently sitting on the bid and accumulating shares along the way.

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@BobbyKKraft @PlanetMicroCap Looking forward to Vegas next month, my second year and easily one of my favorite weeks. If you’re going, DMs open. Hoping to meet more people this year.

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@BobbyKKraft @PlanetMicroCap Looking forward to Vegas next month, my second year and easily one of my favorite weeks. If you’re going, DMs open. Hoping to meet more people this year.

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Thought this slide from the latest earnings presentation really highlights the balance sheet of $PCYO.

Disc: Long

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A company I follow just dropped FY'25 results. Below book value. Negative EV. Net cash. Revenue down 4 years running. Operating loss nearly doubled YoY. Board controls 65% of votes. But they finally acted. Pay cuts, stores closed, real estate for sale. Better late than never.

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@majgeoinvesting That makes a lot of sense, never thought about it that way. Appreciate you taking the time to respond.