July Special Situations Research Forum (Members Only, Limited Space) (Ended)
Topic: Graham Holdings Company (GHC)
Vishal Mishra, Mishra Capital Management
Nick Redmond, Oculus Asset Management
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. Please let us know if you know of anybody who is an expert on Graham Holdings Company or any of its competitors. It would be great to have an industry expert in this meeting.
We will discuss Graham Holdings Company (GHC) in our next Special Situations Research Forum meeting. Graham Holdings, formerly The Washington Post Company, has transformed in the past two years as they've sold their eponymous publishing business to Jeff Bezos, completed an asset swap with Warren Buffett's Berkshire Hathaway and most recently spun off of their Cable ONE (CABO) broadband business to shareholders. What remains is a cash and securities heavy balance sheet with a collection of diverse businesses including 5 television broadcast stations and for-profit educator Kaplan along with the largest overfunded pension plan in the Fortune 1000. Owner/operator Donald Graham and his family control the company and have filled the board with many respected investing minds including Thomas Gayner (Markel), Barry Diller (IAC, Expedia), and Chris Davis (Davis Select Advisors). A sum of the parts analysis suggests an undervalued security, but much of the future value will depend on the capital allocation acumen of Donald Graham and the new President, his son-in-law Tim O'Shaughnessy.
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.
Note: Space is limited; you must register to participate
Attendance will be limited to 15 members - first-come, first-served.
Members - Free
Attire: Business Casual
Registration: Limited to 15 members
3:30pm - 5:00pm - Discussion
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