Staying in the Present
Our team is currently in the thick of “earnings season” following the second quarter of 2023. Within the span of two weeks, we will digest more than twenty-five companies’ financial…
Notes From the MIAM Research Desk
We initially had another topic in mind for this note but will save it for a future edition. As the saying goes: when life gives you lemons you make lemonade…
Notes From the MIAM Research Desk
There is a fundamental misconception regarding public markets that our team recognizes and uses to its advantage. That misconception is: a rising (or falling) stock price equates to value creation…
Notes from the MIAM Research Desk
Financial media headlines are dominated with prognostications about the future, few of which tend to be based in fact, and many of which end up being wrong. A sample of…
Notes from the MIAM Research Desk
In this note we discuss our research team’s recent trip to DNB ASA’s (Den Norske Bank) 2023 Energy and Shipping Conference in Oslo, Norway. DNB is an Oslo-headquartered, full-service financial…
Notes from the MIAM Research Desk
In this note, we will continue to highlight recent developments in the portfolio. Our research process demands that we perform a detail-oriented analysis of each company prior to adding a…
Notes from the MIAM Research Desk
After discussion of our views and philosophy on capital allocation for the previous two letters, this time we will give an update on companies in the portfolio. Despite most pundits…
Notes from the MIAM Research Desk
In this note we continue our discussion of capital allocation. To further the discussion, we give examples of capital allocation priorities observed in our portfolio companies and discuss our research…
Notes from the MIAM Research Desk
In the next two notes we will describe what capital allocation is and the impact it has on investment outcomes. We have split the discussion on capital allocation into two…
Notes from the MIAM Research Desk
Price variability, volatility, market movement. Whatever term you use to describe it, large fluctuations in security prices have recently become even larger. When measured by the CBOE Market Volatility Index…
Notes from the MIAM Research Desk
As the world continues to guess what inning of the cycle each industry and market is in, we reflect on why evaluating management’s capital allocation priorities and abilities is so…
Notes from the MIAM Research Desk
As we end the third quarter of 2022, we continue to observe particularly choppy markets. There are a few broad themes that appear to be driving market movements: central banks…
Notes from the MIAM Research Desk
In this edition of our biweekly letter, we take a pause from discussion of our investment philosophy to highlight a recent development in the portfolio, and to give a real-time…
Notes from the MIAM Research Desk
In this letter we put forth our view that receiving premium returns for investments in larger or more complex businesses is not a given. Frankly, this may be one of…
Notes from the MIAM Research Desk
At MIAM, we believe that people run businesses, so much so that it is one of the six pillars of our investment philosophy. After all, people are the medium through…
Notes from the MIAM Research Desk
In this version of Notes from MIAM Research Desk we turn our attention to data. The Merriam-Webster Dictionary defines data as “factual information (such as measurements or statistics) used as…
Notes from the MIAM Research Desk
In this edition of Notes from the MIAM Research Desk we continue to focus on why our interactions with companies’ management are so crucial to our research process. In particular,…
Notes from the MIAM Research Desk
Our research team is perpetually busy, but periods of acute price variability in the market present a particularly exciting opportunity to evaluate interesting situations in both portfolio companies and new…