Updated my "Consolidated Learnings" document -- marked and clean versions attached and linked below: upslopecapital.com/s/Core-Investm…
Original from 5.5 years ago (updated every 6 mos. since)
Definitely a theme to the edits this go around ...

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More from @UpslopeCapital

18 Apr
To summarize some truly amazing, late Fri disclosures from $TTCF - since there were a lot of moving pieces:
CEO disposed of 800k shares to satisfy personal debt to “certain lenders” at $10/shr (Fri close ~$19) in a “privately negotiated transaction”
*Independent* Director acquired 250k shares to satisfy debts owed to him…also at $10/shr, also in a “privately negotiated transaction”
Read 7 tweets
16 Apr
Last day was yesterday...
Any idea why the transactions below (both dated yesterday) are valued at $10/share vs. current market price of $18+? ImageImage
Read 4 tweets
30 Apr 20
Thread on my 10 biggest losers since inception and quick lessons learned, because why not:
(In alphabetical order -- most cost somewhere ~1-3% of performance)
Long Camping World – don’t make excuses for lousy management, no matter how “cheap” a stock appears. Don’t get cute flipping long on shorts. It's not clever (the other direction is mostly fine).
Read 13 tweets
3 Jun 19
Quaker / $KWR is currently our highest conviction short, bringing together: imminent catalysts, deteriorating macro, extreme over-valuation (obscured in B’berg + others). Details:
1/ Despite quickly rising risks on multiple fronts – macro, M&A execution, bal. sheet – KWR shares trade at ~50% EBITDA mult premium vs. historical avg. (15x vs. 10x).
2/ Bloomberg + others incorrectly show valuation as in-line w/historic avg (10x) due to pending acq’n of Houghton – and mismatch between PF EBITDA est’s + standalone cap structure.
Read 17 tweets

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