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Event Detail

March Special Situations Research Forum (Members Only, Limited Space) (Ended)


Topic: Green Brick Partners (GRBK)

Date, Time, and Location:
Monday, March 28, 2016 (add this event to your Outlook Calendar)
5:30 pm - 7:00 pm
190 South LaSalle Street, 10th Floor, Chicago, IL  60603   (Driving Directions)

Program Description:
Special situations are corporate actions which could reveal an undervalued security and hence an investment opportunity. Some examples of Special Situations are spinoffs, liquidations, tender offers, restructurings, bankruptcy exits etc. In the Special Situations Research Forum we will discuss an investment situation decided 3 weeks in advance. Every participant in the Forum is expected to research the topic before attending the meeting.

Topic:
Green Brick Partners (GRBK) is a Dallas based home builder controlled by Greenlight Capital that was taken public through a reverse merger with a shell company with significant net operating loss carryforwards (NOLs) in October 2014. The company is run by developer Jim Brickman, a key character in David Einhorn’s book “Fooling Some of the People All of the Time”, who came out of retirement following the financial crisis to opportunistically buy up tracts of land. In July 2015, the company did a secondary offering at $10 per share, with all the major shareholders participating, to pay down their term loan leaving the company virtually debt free. Since then the share price has been roughly cut in half due to poor short term results, but the company continues to purchase additional land and open new developments. The shares trade below book value but critics point to its concentration in the Dallas and Atlanta markets along with the cyclical nature of the home building industry.

This meeting is a collaborative effort so please be sure to research the topic before the meeting and be prepared to contribute to the discussion.

Attendance will be limited to 15 members - first-come, first-served.

Facilitator:
Vishal Mishra; Mishra Capital Partners LLC
Nick Redmond; Oculus Asset Management

Fee:
Members - Free

Attire: Business Casual

Registration: Limited to 15 members
Online Only
A dial-in option will be available. Phone number and passcode will be distributed the day prior to discussion.

Agenda:
5:30pm - 7:00pm - Discussion

Content shared during CFA Society Chicago programs is not, and nothing in it should be construed as, an offer, invitation or recommendation of any specific financial services company or professional, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. By registering for and attending this event, you acknowledge that any photographs that may be taken are the property of CFA Society Chicago and give your consent to their use in CFA Society Chicago's online and print business communications and marketing.