Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

Atea Pharmaceuticals, Inc. operates as a biopharmaceutical company. The Company focuses on discovery of oral direct-acting antiviral therapies. Atea Pharmaceuticals serves patients, healthcare professionals, pharmaceutical, and biotechnology industries worldwide.

<ul><li>I have again taken a position in Atea Pharma (AVIR) .</li><li>I wrote this up a little over a year ago and flipped it for about a 20% profit within a few months.</li><li>I kind of forgot about it as I lost interest in these pharma special situations, but given recent events AVIR is too enticing to ignore.</li></ul>

I have again taken a position in Atea Pharma (AVIR) .I wrote this up a little over a year ago and flipped it for about a 20% profit within a few months.I kind of forgot about it as I lost interest in these pharma special situations, but given recent events AVIR is too enticing to ignore.

AngioDynamics, Inc. designs, develops, manufactures, and markets therapeutic and diagnostic devices.  The Company's products enable interventional physicians to treat peripheral vascular disease and other non-coronary diseases. AngioDynamic's product lines consist of angiographic catheters, hemodialysis catheters, image guided vascular access products, and thrombolytic products.

<ul><li>I am taking several off the list, first one being Angiodynamics (ANGO) written up here .</li><li>It jumped in the past week on a slightly improved forecast to a high of $13. I wrote it up at $6.9.</li><li>I think fair value is around $12-15 or so, so no longer all that interesting.</li></ul>

I am taking several off the list, first one being Angiodynamics (ANGO) written up here .It jumped in the past week on a slightly improved forecast to a high of $13. I wrote it up at $6.9.I think fair value is around $12-15 or so, so no longer all that interesting.

Berry Global Group Inc. manufactures plastic products and containers. The Company produces agricultural film, moisture control products for buildings, closures, disposable cutlery, drop cloths, flexible packaging, overcaps, tapes, tubes, bottles, drink cups, lids, and trash bags. Berry Plastics markets its products worldwide.

<ul><li>First I sold my Berry Global (BERY) shares (mentioned here a few days ago ) and my opinion on the spin-off transaction went from being neutral to slightly positive to neutral to slightly negative.</li><li>Probably should have looked into it deeper, but I got a large backlog of stocks to look at right now.</li><li>So what I will do is I will wait until after the spin-off before entering a position. I will be away anyway when the spin off begins trading, so I will not have the option to sell it right away, which I also don’t like.</li></ul>

First I sold my Berry Global (BERY) shares (mentioned here a few days ago ) and my opinion on the spin-off transaction went from being neutral to slightly positive to neutral to slightly negative.Probably should have looked into it deeper, but I got a large backlog of stocks to look at right now.So what I will do is I will wait until after the spin-off before entering a position. I will be away anyway when the spin off begins trading, so I will not have the option to sell it right away, which I also don’t like.

<ul><li>This is a reactivation of an old idea <strong>Berry Global (BERY) </strong>that I wrote about 2 years ago. It is basically a roll up in the plastic packaging business.</li><li>The first rule of roll up investing is that you want organic growth. Without organic growth it will be hard to get long term returns or an earnings multiple above 10x.</li><li>I wrote this stock up in early 2022 and sold it 6 months later at $61 for a 13% profit just below where it is trading now.</li></ul>

This is a reactivation of an old idea Berry Global (BERY) that I wrote about 2 years ago. It is basically a roll up in the plastic packaging business.The first rule of roll up investing is that you want organic growth. Without organic growth it will be hard to get long term returns or an earnings multiple above 10x.I wrote this stock up in early 2022 and sold it 6 months later at $61 for a 13% profit just below where it is trading now.

Lufax Holding Ltd operates technology-empowered personal financial services platform. The Company connects financial institutions to facilitate lending and wealth management products tailored to individual customer's needs and risk appetites.

<ul>
<li>I am quite sick so I will keep it short.</li>
<li>I am closing Lufax (LU) here and would at least take something off the table for JD holdings (JD) </li>
<li>Honestly Lufax business is too much of a black box, and the forward PE multiple isn’t low enough anymore for my taste.</li>
</ul>


I am quite sick so I will keep it short.
I am closing Lufax (LU) here and would at least take something off the table for JD holdings (JD) 
Honestly Lufax business is too much of a black box, and the forward PE multiple isn’t low enough anymore for my taste.
