The Supreme writeup caught my attention here. The diversification away from vaping into more defensive consumer goods makes sense given the regulatory uncertainty, but the real value prop seems to be the serial acquirer model at 7-8x P/E. I've seen similar businesses struggle when they try to manage too many disparate product lines tho. The founder owning 55% is a good alignment check, but depends on whether management can actually integrate these acquisitions without losing focus.
Good write up as always Saesch. I find it fascinating that a company like Sutton Harbour is listed at all. It either should be part of a larger listed niche real estate business or it should be private. It's been around forever and the free float, on an already tiny business, is less than 10%
The Supreme writeup caught my attention here. The diversification away from vaping into more defensive consumer goods makes sense given the regulatory uncertainty, but the real value prop seems to be the serial acquirer model at 7-8x P/E. I've seen similar businesses struggle when they try to manage too many disparate product lines tho. The founder owning 55% is a good alignment check, but depends on whether management can actually integrate these acquisitions without losing focus.
Agreed.
Good write up as always Saesch. I find it fascinating that a company like Sutton Harbour is listed at all. It either should be part of a larger listed niche real estate business or it should be private. It's been around forever and the free float, on an already tiny business, is less than 10%