Top 50 Microcap Investor List: Andrew Martin and Nick Peters
For this week’s Top 50 Microcap Investor we present Andrew Martin and Nick Peters, managing director and chief investment officer of Fairlight Capital based in Greenwich, CT. Andrew “began his career as a business consultant with Accenture. Andrew also gained a doctorate from the University of Oxford.” Meanwhile, “Nick worked as an equity analyst at two value-oriented asset managers and has extensive experience analyzing microcap stocks and special situations. Additionally, Nick graduated with a B.S. in Economics from the University of Wisconsin and gained a Masters in Finance from Vanderbilt University. Nick also served in the United States Marine Corps.”
Read our feature on Andrew and Nick here
Top Performing Security
The Joint Corporation (JYNT) has been one of the best performing securities in recent memory, having appreciated over 1000% since the lows of March 2020. The aim of this paper is to explore aspects of performance that led The Joint to 14-bagger status. This will not be an exhaustive study, but rather a short, yearly summary of what was going on in the business, and how the business was valued in the market given those results at the end of each year. Our information— the management discussion of results and financials—is taken directly from the company’s filings listed on its website, starting with 2014. The ‘Results of Operations’ sections are given as the company reported them, so that readers can see the information as it was presented at the time. The company was initially featured as an investment opportunity on the MicroCapClub’s forum in 2018, attracting the likes of Alta Fox’s Conor Haley, Bandera Partners’ Jeff Gramm, Old Well Partners’ Matthew Miller and Mike Schellinger
Read our research paper on the Joint Corporation (JYNT)
Inversion
“Invert, always invert.” —Carl Jacobi
The trick of inversion works in many areas of life. Do you want to know what career path you want to head down? Ask yourself: What career paths would make me unhappy and miserable? Avoid those. Do you need help deciding how you want to spend the time you have left in life? Ask yourself: What would I regret when, in old age, many years from now, you look back and wish you’d have done, or not done? Minimize those regrets. To quote philosopher Soren Kierkegaard: “Life can only be understood backwards; but it must be lived forwards.”
“It is in the nature of things, as Jacobi knew, that many hard problems are best solved only when they are addressed backward.” —Charlie Munger
Whether it’s solving hard or simple problems, or making big life decisions, try using inversion to help you find solutions. And when trying to decide how you want to live an area of your life, find mentors and role models in those areas, whether living or dead, to study. By starting from the point in their lives in which you want to emulate, you can trace their paths backwards—like starting from the end of a maze and tracing back to the beginning—and help you gain insight and inspiration into living your life forward.
In Case You Missed It…
Experts From A World That No Longer Exists - by Morgan Housel
Planet MicroCap Podcast: Celebrating 10 Years of MicroCapClub with Ian Cassel and Mike Schellinger
Good Investing Talks: Alex Kopel, how do you invest in change at Rowan Street Capital?
From 2016: Aswath Damodaran: Price or Value? What’s your game?
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