About Me

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Avram Fisher, Founder & Portfolio Manager of Long Cast Advisers, is a former equity analyst at CSFB and BMO covering industrials and business services. He has prior experience in private equity; as a corporate governance analyst; as a writer; reporter and private investigator; and as a lifeguard and busboy (I still clear plates when my kids don't). This blog is an open book of ideas about patient investing and about starting up a small-cap focused RIA. It is part decision-diary, part investment observations and part general musings. Nothing on this blog is a solicitation for business nor a recommendation to buy or sell securities. It is simply a way to organize and share thoughts with an expanding audience of independent, patient and talented small cap investors. www.longcastadvisers.com

Monday, August 28, 2017

2Q17 Investor Letter

Long Cast Advisers posted its 2Q17 Investor Letter yesterday. "2Q17 was our sixth quarter in business. Cumulative returns on accounts managed by Long Cast Advisers increased 2% in 2Q17, net of applicable fees. Since inception, we have returned a cumulative 45% net of fees, materially ahead of our benchmarks."

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  1. What are your thoughts on Envirostar after the 4x runup in the past year. They've executed well on their buy and build strategy with 2 acquisitions in the last year, but at what point will you say its too expensive?

    I thought it was too expensive at $20/share, so it appears expensive now at $36. But if they can continue to use their expensive stock to acquire companies, it won't appear expensive in hindsight. What do you think is the catch in this strategy?

  2. Correction: so it appears expensive now at $33 (not $36)

  3. A short report just came out on EVI. Was curious, if you had any thoughts.