End of March 2023 - $OSS.v, $STC.to & $SANG, $HWO.to
Late as usual....
Thoughts on Market Activity
At end of March my portfolio was up 2-3% YTD. This is (slightly) ahead of most indices other than the Nasdaq. Not bad, but it feels like underperformance.
What I’m Reading
I started reading Quit: the power of knowing when to walk away by Annie Duke. It’s good so far, but I have just started.
Competition is for Losers, Tsundoku, Munger's Speech & Losing Your Fastball over at Investment Talk.
Real Growth is Scary as Hell over at Neckar’s Substack. Worth a read for sure.
Podcasts I Enjoyed
Ian Cassel on The Business Brew. Ian is always worth a listen and is gifted at articulating perspective from a microcap standpoint.
Andrew Wilkinson on We Study Billionaires. He has been a successful tech investor doing it the old fashioned way… by turning a profit. I also found his comments on parenting worth while.
Jim Chanos on Business Breakdowns. Jim is such an interesting person. I find anything he puts out in the wild worth my time.
Not investing related but I really enjoyed Peter Attia on People I (Mostly) Admire. He was open and vulnerable on some of his struggles and gives good reasons why to not just add years to the end of your life, but add good years.
Company Updates
OneSoft Solutions - $OSS.v
reported Q4 2022
nothing surprising as they preannounced numbers
expecting 10.1 mil in revenue in 2023 and about breakeven adj EBITDA
they expect to have 4 mil in cash at the end of the year so they shouldn’t need to raise capital
Sangoma Technologies Corp - $STC.to
filed F-3 to accelerate shares being issued from the S2S acquisition
I feel this is positive and cleans up the share structure
news release noted that the chair and interim CEO intends to maintain at least a 15% position
he would still have to sell quite a bit of shares to get to 15%
under 4x ev/ebitda here
High Arctic Energy Services - $HWO.to
reported Q4 2022
quite a bit worse than I was expecting
took an inventory writedown for PNG rig as they returned it to work
PNG is ramping slower than I expected
some more costs up front for rig 103 than I expected
I still believe the story but keeping the position small
I’m not expecting them to do anything with the cash until rig 115 or 116 are under contract
Long - $OSS.v, $STC.to & $SANG, $HWO.to
Have a good rest of your day.
Dean
Any good/decent write-ups on Sangoma that you can direct me to?