Seth Klarman is one of the greatest investors ever, in my humble opinion. Check out his interview with Harvard Business School:
Seth Klarman Harvard interview
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The one Klarman investment I piggybacked on, an Israeli company that used laser beams or something to melt cellulite, I lost money on. He lost money on it too.
OT, but do you still think DSNY is going to earn 5 cents this FY? I still don’t see it. I figure that will require it to earn almost 4 cents in the second half, as I expect it to earn .5 cents or less in its Q2.
Do note that DSNY gets paid with guaranteed minimums from the labels and there was no international last year so there shouldn’t be the drop-off there has been in the past in this current quarter.
Also, due to the CAD being so strong, which is bad for DSNY, and some professional fees, I think it is more conservative to expect 4 cents for the year ended August 31st. With potential from Clipstream and growth in the core business, next year could see north of 6 cents.
Do your own work, but the stock still feels really cheap to me.
I was doing my own work when I added more at .305 and when I sold at .45. I still like the story, but I’m not confident in the valuation here. Keeping an eye on it though.
And re Clipstream, it may indeed be a better mousetrap, but I’ve seen no evidence that DSNY knows how to get traction with it.