About Me

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This is written with serious investors in mind, though sometimes they're just drafts in progress. I'm a former reporter, private investigator and institutional equity analyst who digs deep to find niche undervalued and undiscovered securities. I manage money for individuals, institutions and family offices via my business Long Cast Advisers. This blog is part decision-diary, part investment observations and part general musings about Philadelphia sports. It should not be viewed as a solicitation for business or a recommendation to buy or sell securities.

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.