Newburgh, NY – Roberts Roofing is a reputed roofing, siding, gutter, window and door installation company offering first-rate services to residents in Newburgh. The company has been providing quality roofing and contracting services since 1986, earning them the trust of the locals, with 50% of their business being repeat customers and referrals.
As a GAF Master Elite Roofing Contractor and Andersen Certified Installer, Roberts Roofing is among the elite few in the country to be recognized for its expertise and dedication to the industry. With numerous five-star reviews from satisfied customers, it’s no surprise that 50% of their business comes from repeat customers and referrals.
The company is fully licensed, insured, and certified to protect its clients’ investment. They stand behind their work with the best warranties in the roofing industry. The warranties include the Lifetime Roofing System Limited Warranty, which covers GAF asphalt shingles and accessories; the System Plus Limited Warranty, which covers certain GAF roofing products installed; and the Golden Pledge(R) Limited Warranty, offering more years of coverage.
In addition to their commitment to quality work, the Newburgh roofing company is committed to providing a wide range of roofing materials to fit any budget and protect the environment. The company works with leading manufacturers for genuine products that ensure roofs last for decades.
They also keep up with the current trends in the roofing industry to ensure clients enjoy the latest modern roofs that are unique based on clients’ tastes and needs. The roofing contractor’s convenient financing options include short and long-term loans to help clients enjoy a worry-free experience.
The team at Roberts Roofing is made up of skilled and experienced roofers who are committed to delivering professional services within the scheduled time. With their expertise and dedication to customer satisfaction, they are able to handle any roofing service, from installation to roof repairs and general contracting services such as gutter, window and door replacement.
A happy client had this to say about their services, “We hired Roberts to do a new shingle roof over the summer and they did a great job at a fair price. The crew was efficient and even with replacing 17 sheets of plywood, they got our ranch house done in a day. We were so pleased we hired their window division to order and install new windows through the whole house. I highly recommend Roberts Roofing.”
On top of providing reliable services, Roberts Roofing stands out by making a positive difference in the community. The company has made donations to local churches, fire departments, rotary groups, the boy scout, cancer prevention foundations, and many other organizations.
To schedule a professional roofing service, call 845-447-9004. Visit the company’s website for more information on their services. Roberts Roofing is located at 1430 NY-300, Newburgh, NY, 12550, US.
Media Contact
Company Name Roberts Roofing Contact Name Kevin Roberts Phone 845-447-9004 Address 1430 NY-300 City Newburgh State NY Postal Code 12550 Country United States Website https://robertsroofingny.com/
Santa Rosa, CA: waste collection and junk removal is necessary to declutter, keep rodents and pests away and keep a home organized. Santa Rosa Junk Hauling & Removal Service is at the forefront to offer junk hauling/removal and waste collection services that are reliable, efficient, and affordable. They are dedicated to quality and offer same-day services.
Santa Rosa Junk Hauling & Removal Service offers one of the best waste collection service in Santa Rosa. The company offers various services, including junk hauling and removal, construction site debris cleanup, hoarding cleanup, property cleanout, yard waste cleanup, land clearing, defensible space services, homeless encampment cleanup, and more.
The company takes care of unwanted waste and junk quickly and easily so clients can focus on what’s important. The company offers reliable services for most household items, including mattresses, furniture, electronics, and appliances.
Besides residential services, they also offer commercial waste collection services in offices, rental properties, and other commercial spaces. Services include office and warehouse cleanouts, removal of commercial equipment, eviction cleanouts, storage unit cleanouts, retail store cleanups, and more.
The junk hauling Santa Rosa company has a team of experienced waste management experts and junk haulers who visit clients’ homes and offices and do all the heavy lifting. The team is equipped to remove junk quickly and efficiently and handle any project size. They also work diligently to get the property back to its original state ensuring customer satisfaction.
Santa Rosa Junk Hauling & Removal Service uses environmentally friendly methods to dispose of the waste and recycle some of the collected items, which reduce carbon footprint. They also donate items that are in a usable state.
A happy client had this to say about the company’s services on Google: “My sister and brother-in-law own a house in Santa Rosa and needed a garage clean-out ASAP. The worst part of that situation was the oil spills that were everywhere. There was a lot of junk in it as well. Anyhow, called Santa Rosa Junk Hauling & Removal to take care of the mess. They came on time, got it all done, and were cool to work with. They’re happy, I’m happy.”
Santa Rosa Junk Hauling & Removal Service is fully licensed and insured and clients can rest assured the junk will be removed safely and securely. They offer guaranteed upfront pricing ensuring clients know how much it will cost to have waste removed beforehand. They are honest and transparent ensuring there are no surprises after the job is completed.
Santa Rosa Junk Hauling & Removal Service is located at 2387 Los Olivos Rd, Santa Rosa, CA, 95404, USA. To book a service or make inquiries call the company at (707) 615-6900 or visit their website for more information on their services.
Media Contact
Company Name Santa Rosa Junk Hauling & Removal Service Contact Name Sean Daily Phone (707) 615-6900 Address 2387 Los Olivos Rd City Santa Rosa State CA Postal Code 95404 Country United States Website https://santarosajunkhaulingremoval.com/
Melville, NY – EcoGen America is a solar company focused on helping more Americans save money on rising energy costs. The company provides a turnkey renewable energy solution to homes and businesses, helping them to mitigate the rising cost of energy as well as the effect of inflation on their income and profits. Having been in business for years, EcoGen America has developed a seamless process that ensures each client gets the highest quality solar installation service to cater to their specific energy needs.
Speaking on how homes and businesses can effectively save more money on energy bills through renewable energy solutions, the company’s spokesperson noted that solar power installations are long-term and pay for themselves years down the line. He also added that homes and businesses can benefit from this alternative power source irrespective of their energy needs and budget.
The positive impacts of solar energy on the environment are immeasurable. From not producing greenhouse gases to the little water required for its maintenance, and many more reasons, the environment benefits greatly from solar energy use. Homes and businesses looking to reduce their dependence on traditional energy sources and transition to a greener, sustainable, and renewable energy source can consult with the solar contractor to learn more about the benefits they stand to gain, as well as discuss their specific energy needs.
EcoGen America Long Island understands that customers have preferences, and so they offer tailored solutions that specifically address the needs of each customer. The solar company‘s customized solutions help clients find a design they love and what works best with their homes. The company’s on-site inspections are the first step to mapping out the most fitting solar installation plan, ensuring a seamless process from start to finish. Also increasing property value, solar energy solutions can help clients’ homes sell faster, should they choose to place them on the market.
EcoGen America also provides roofing services. Clients can rest assured that the contractors will take a careful look at their roofs to understand its strength and weaknesses while determining problems that require repairs before the solar installation is started. Clients will enjoy a full turnkey solution that keeps their roofs intact and in good shape while also catering to their energy needs.
EcoGen America Long Island spreads its services across various areas, including Brentwood, West Babylon, Coram, Central Islip, Commack, Bay Shore, East Hampton, Huntington Station, Southampton, Calverton, Holbrook, and the surrounding New York areas.
The solar installation team can be reached via phone at (631) 557-0998 for inquiries or to set up a consultation meeting. EcoGen America is located at 135 Pinelawn Rd #202n, Melville, NY 11747, US. Visit their website for more information on their services.
Media Contact
Company Name EcoGen America Contact Name Stephen Kelly Phone (631) 557-0998 Address 135 Pinelawn Rd #202n City Melville State NY Postal Code 11747 Country United States Website https://ecogenamerica.com/residential/ny/long-island/
Thought leaders at SellerApp reveal the key CPG trends shaping the industry in 2023.
Newark, California Jan 19, 2023 (Issuewire.com) – “With eroding customer loyalty and record-high inflation, CPG brands need to clearly define their value proposition and invest in innovation to up their game,” says experts at SellerApp. CPG brands with clear brand values that offer convenience-driven shopping experiences will emerge as winners in 2023, according to the team.
Analysts at SellerApp expect post-pandemic shopping behavior would likely to continue in terms of convenience. Besides, more than 50% of shoppers are willing to pay more if the product they want to buy comes at faster shipping. On the other hand, consumers are demanding a wider range of payment options from brands, including Cash on Delivery, credit and debit cards, PayPal, and Buy Now, Pay Later (BNPL) services.
Rising costs give opportunities for BNPL services
BNPL services are particularly popular among Gen Z shoppers, with 44% of Gen Z digital buyers reporting using them at least once by 2022. BNPL revenue also saw a 72% year-over-year increase in Q3 of 2022, indicating that it is a trend likely to continue in 2023. Omnichannel sales are on the rise
Consumer journeys are non-linear. It’s important for CPG brands to nurture buyers on their favorite platforms conveniently.
Brands that offer robust omnichannel experiences can see a 19% boost in total revenue and those that use at least three channels in their retail strategies see a 287% higher purchase rate compared to single-channel brands. Many successful companies such as Dove, L’Oreal, Colgate, Coca-Cola, and Pepsi use omnichannel strategies to reach customers where they are, such as allowing virtual try-on on their D2C website or launching D2C websites that sell food and drink bundles.
Limited-release drops drive better conversions
The number of brands releasing limited-edition items has risen by 12% since 2022, and 40% of these brands are intentionally launching limited-edition products to increase conversions. Limited-edition releases increase conversions by evoking urgency and helping CPG brands better manage their inventory.
“In light of these trends, it’s more crucial than ever for CPG brands to leverage automation and data insights to develop a granular understanding of consumer cohorts and reflect their value proposition,” says Dilip Vamanan, Co-Founder, SellerApp.
The access to the internet and the pandemic multiplied the growth of CPG e-commerce. However, as consumers endure changes each day, brands and their agencies should leverage technology and automation to solve the untapped data conundrum and capitalize on emerging insights. Furthermore, they need a strong framework to beat the competition, maximize the desired outcome and grow the revenue of the business.
Top CPG industry trends and how to navigate 2023 article was compiled by SellerApp. The article was originally published on SellerApp.com. You can check out the complete list of CPG trends here.
About SellerApp:
SellerApp is a leading data analytics platform that combines data, technology, and intelligence to empower budding entrepreneurs and Fortune 500 companies alike and help them accelerate their growth. Now officially part of the Amazon Advertising Partner Network, they work with 21000+ sellers and brands on various aspects of Amazon selling. SellerApp combines actionable insights with human intuition and expertise to give you the absolute best e-commerce growth strategies.
Eastern Creek, NSW – The Appliance Guys stocks home appliances for sale within and beyond Eastern Creek. Their portfolio includes dishwashers, dryers, laundry equipment, microwaves, range hoods, heating and cooling devices, and The Appliance Guys kitchen equipment. They sell high-quality appliances from reputable brands and are currently performing a free appliance consultation and site check for their clients.
Some brands they sell include Bosch, Samsung, Haier, Simpson, Electrolux, Whirlpool, Beko, Artusi, and Euro main. They sell appliances that use different power sources like electricity and gas, such as gas-operated barbecue stands and gas cook stoves. The Appliance Guys kitchen appliances, like gas cook stoves, are stand-alone and ideal for smaller kitchens and mobile homes, while their barbecue stands offer reliability in outdoor living. The company website is easy to navigate, allowing clients to search for appliances based on brands, categories, color finish, and price range.
Once clients have purchased their preferred home appliance, The Appliance Guys can install it. Their installation and repair services are also offered as separate services to clients who have purchased home appliances elsewhere. They ensure minimal disruption and no unnecessary damage or loss during installation. Their technicians take time to explain the installation process to help clients understand how their appliance works and is connected.
The Sydney home appliance company offers high-quality repairs of equipment. Before restoration, they have a troubleshooting process to diagnose the problem and recommend the best-suited solutions. In dire cases, they may recommend a replacement of the home appliance. They fix different types of issues, including but not limited to refrigerator leaks, clogged dishwasher drains, malfunctioning dryers, gas equipment that won’t light up, and moldy washers.
The Appliance Guys have a team of diverse professionals who help clients with different processes. They include an online staff to process clients’ purchases and technicians for installation and repair services. One of their key goals is to offer high-quality products and services that provide value for money for their clients and build long-term partnerships.
“We are Australia’ s leading appliance specialists ready to install any electric gas or water appliance you have. Our fast and efficient service means you get to enjoy your new appliance investment as soon as possible.”
In addition to selling, installing, and repairing home appliances, The Appliance Guys have an active blog on their website that contains useful information to help clients maintain their equipment at optimal conditions. The articles answer commonly asked questions to help clients troubleshoot problems. Some topics discussed include common Miele oven error codes, which air fryer to purchase, and electric and gas oven door repairs, among others.
Contact The Appliance Guys’ staff for consultation and booking by calling 1300567637. Visit the company website to get more information on their portfolio of home appliances for sale and their equipment repair and installation services. The company is located at 70 Peter Brock Drive, Eastern Creek, NSW, 2766, AU.
Media Contact
Company Name The Appliance Guys Contact Name Dejan Josipovic Phone 1300567637 Address 70 Peter Brock Drive City Eastern Creek State New South Wales Postal Code 2766 Country Australia Website https://www.theapplianceguys.com.au/
Century Smile Dental offers full-service dentistry without the need for referrals. From oral exams, x-rays, cleaning, and implants, patients can expect all their needs to be accommodated in one place. The dental facility incorporates progressive dentistry, state-of-the-art technology, and top-of-the-line materials and accessories to provide patients with the best solutions for their dental needs. They offer services in a variety of fields, including preventative dentistry, which majorly entails exams, digital x-rays, oral hygiene, night guards, and sealants. Cosmetic dentistry revolves around smile makeovers, veneers, crowns, and cosmetic binging, while restorative dentistry entails fillings, Onlays, crowns, and bridges. Family dentistry mainly entails pediatric dental care and senior care. Other fields include sedation dentistry, implant dentistry, and laser dentistry. Century Smile Dental also offers teeth cleaning, tooth extraction, dental implants, tooth whitening, root canal therapy, crowns, gum laser therapy, TMJ laser therapy, on-lay, bridge, partials, night guards, athletic guards, and more. The dental facility also specializes in periodontics and oral surgery, Invisalign, Perio Protect, and 24/7 emergency dentistry.
Century Smile Dental is owned by an award-winning cosmetic dentist, Dr. Maryam Talaie, D.D.S, guaranteeing patients exemplary services. She offers guidance and also brings in many years of experience in the industry. She works with a team of qualified and experienced dentists, ensuring not a single patient’s issue is left unattended. The dental unit’s spokesperson had this to say about their services, “Oral health has been proven to be the foundation of total body health. Prevention dentistry plays a key role in catching conditions early, which helps avoid expensive procedures. However, some conditions are inevitable, and that’s the simple reason we are dedicated to offering the best solutions to our clients. Our practice specializes in preventative, cosmetic, and general dentistry. We use the highest quality and safest materials in all our procedures, prioritizing our patients’ health in all our undertakings.”
Century Smile Dental accepts all preferred provider organization (PPO) dental insurance. They also cater to clients who do not have dental insurance through individual coverage options such as Aflac and other financing options such as Alphaeon and more. Patients who cannot afford to pay in full also enjoy an in-house payment plan arrangement to ensure they get the much-needed services on time.
Century Smile Dental is steered by Dr. Talaie, who took over the dental office in 2010. She immediately revamped the unit into a state-of-the-art facility to accommodate modern technology and updated equipment and reflect the quality of services offered to patients. She also brought in experienced and knowledgeable staff whose main goal is to offer the best services to patients.
Clients can call Century Smile Dental at 310-836-6161 for inquiries and more information on their services. They can also visit their website to book an appointment online and to learn more about Century Smile Dental.
Media Contact
Company Name Century Smile Dental Contact Name Dr. Maryam Talaie, D.D.S. Phone 310-836-6161 Country United States Website https://centurysmile.com/
Honolulu, HI: E.A. Buck Accounting & Tax Services provides bookkeeping, tax preparation, tax resolution, and payroll services. Their professional bookkeeping services for small and mid-size businesses are ideal for home offices, corporations, and the self-employed. Clients who contract their bookkeeping services enjoy benefits like cost-effectiveness, business continuity, access to a global talent pool, and enhanced data security.
Most bookkeeping and accounting services are provided off-site to save clients the valuable time that can go toward processing supplier invoices, submitting patrol deductions, preparing checks for supplies, and tending to administrative and financial duties. Clients also experience freedom and flexibility to focus on business growth and other things that matter. Besides providing high-quality services, the Certified Public Accountants at E.A. Buck Accounting & Tax Services value communication and relationship building.
Honolulu’s top accounting and bookkeeping firm is ready to work with all clients, from employees seeking help with income tax returns to business owners keen on completing monthly accounting reports.
For clients with tax preparation issues, E.A. Buck Accounting & Tax Services experts can handle everything within the realms of healthcare spending accounts, individual and business tax returns, and state credits. This eliminates the risk of lost mail, long wait times to file taxes, and worries about unanswered questions. Their far-reaching tax preparation and consulting services cover estate tax return preparation, partnership tax return preparation, and corporation & LLC setup/dissolution. Tax Resolution is another area the Accountants cover, and they offer extended IRS and state back tax help. Their vast IRS experience makes finding lasting relief from the tax burden a paramount objective.
Kevin Nitta is a tax manager and the proprietor of E.A. Buck Accounting & Tax Services. He has an impressive 20 years of experience in payroll, bookkeeping, accounting, and tax-related services. More team members include Chie Denmark, E.A. Tax Associate; Alice Kim – Bookkeeping Associate; Arisa Nespor, E.A. Tax Associate; and Joline Saquilon – Bookkeeping Associate.
Testimonials from clients show the lengths the Accountants at E.A. Buck Accounting & Tax Services are willing to go to offer satisfactory services. One client said, “I have been using Kevin Nitta’s Tax and Bookkeeping services for 15-plus years. As a small business owner with multiple side hustles, filing an accurate tax return is a must. The service Kevin’s team offers is excellent.”
The CPAs at E.A. Buck Accounting & Tax Services can be reached at (808) 395-5492. Visit the company website to learn more about their Honolulu office. Their office is located at 55 Merchant Street, Suite 2100, Honolulu, HI, 96813. Besides Honolulu, the company has locations in Aina Haina, Hawaii Kai, Kailua-Kona, Kapolei, Maui, HI, and Denver, CO.
Media Contact
Company Name E.A. Buck Accounting & Tax Services Contact Name Kevin Nitta Phone (808) 395-5492 Address 55 Merchant Street, Suite 2100 City Honolulu State HI Postal Code 96813 Country United States Website https://eabucktaxes.com/honolulu-cpa/
There are numerous great benefits of homeowners opting for hardwood refinishing. In West Palm Beach, refinishing is an option that many homeowners are choosing because it provides an immediate return on investment. It also helps to increase the home’s value, even more so than most other renovations that could be done. Still, many people wonder how they can tell if it’s time for their hardwood flooring to be refinished.
“If you have hardwood flooring, then at some point, you will need to consider replacing or refinishing it,” explains Salomon Cruz, company owner. “Refinishing is much more economical and better for the environment.”
Those who wonder if their flooring is ready for refinishing will want to keep these signs in mind:
Dents and scratches. When there are issues with the flooring, it can create safety hazards. Once the floor has scratches and dents, it becomes unsightly, which signifies it’s time for refinishing.
Splinters. Nobody wants to get pieces of wood in their feet. Not only can splinters be unsightly, but they can also be a safety risk.
Stains. These can be caused by water stains or other issues over the years.
Discoloration or faded areas. Whether caused by the sun beating on the flooring for years or something else, it can create flooring that looks old and ready for an update.
Displeasure.Homeowners who no longer like how their floor looks are a huge factor when it comes to being time for refinishing. It’s essential to enjoy the flooring once again.
“If you have questions about the process or if your flooring is ready for refinishing, give us a call,” added Cruz. “We are happy to evaluate it and provide guidance on what we can do and what the process would entail.”
Diamond Wood Floors & Development has over 30 years of experience providing services to West Palm Beach and the surrounding areas. They have completed over 7,000 flooring projects, including hardwood refinishing, installation, baseboards, custom projects, and more. They use a state-of-the-art dustless system that guarantees no mess will be made during the refinishing project. The family-owned company is offering a 10% off coupon for all new customers and free estimates. To schedule an appointment for estimates or to claim the coupon, visit the site at:
A Coral Springs, Fla., based company, Diamond Wood Floors & Development, are experts in wood flooring installation and refinishing. They are family-owned and operated and have been in business for over 30 years, serving South Florida’s flooring needs. They help commercial and residential flooring customers, including with custom flooring projects. To get more information, visit the site at: https://diamondwoodflooring.com.
Media Contact
Company Name Diamond Wood Floors Contact Name Salomon Cruz Phone (954) 227-8232 Address 3744 NW 124th Ave City Coral Springs State Florida Postal Code 33065 Country United States Website https://diamondwoodflooring.com/
The Third Quarter starts in July and ends in September. We made 14%, and it was down 15.7% at the end of the third Quarter. Hayden Capital was established in 1997, and we have returned a 160% net of fees, or 16% CAGR. As a backdrop to returns since inception, we comfortably exceed two widely used representative indices for a passive small company investing, the iShares MicroCap ETF and Russell 2000 Index, and the S&P.
Because our portfolio is concentrated on just a handful of typically small “off the beaten path” businesses, we can expect variance from and greater volatility than the indices. Past performance is no guarantee of future results, and we typically invest in 6-15 names at any given time.
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
S&P
ACWI
2014
-1.8%
-3.2%
-4.9%
4.1%
-0.2%
2015
9.3%
18.9%
4.5%
15.6%
0.0%
4.5%
2.7%
-1.6%
-0.6%
11.1%
12.0%
-0.8%
51.6%
4.4%
-2.6%
2016
-2.0%
8.4%
9.9%
3.6%
10.5%
-1.1%
0.9%
7.5%
6.6%
-1.6%
1.2%
7.5%
11.7%
38.4%
26.8%
2017
1.5%
-0.3%
4.5%
15.0%
20.1%
1.8%
6.9%
-0.2%
-0.1%
12.3%
11.7%
9.6%
84.6%
69.7%
77.7%
2018
28.2%
12.0%
-2.12%
6.9%
2.1%
7.8%
-0.3%
1.2%
-1.4%
-3.6%
5.1%
-4.3%
-4.8%
-1.3%
-2.8%
2019
7.2%
33.0%
2.7%
18.9%
-2.0%
36.9%
-0.3%
6.3%
-2.3%
1.7%
33.9%
9.6%
131.5%
100.8%
85.1%
2020
7.5%
6.3%
-0.3%
65.7%
67.8%
88.5%
29.4%
66.9%
-0.6%
3.0%
36.3%
23.4%
711.6%
58.8%
51.2%
2021
24.6%
16.8%
-3.7%
27.0%
-1.3%
38.1%
-2.4%
43.8%
-2.8%
21.0%
-4.8%
-6.8%
-5.2%
91.8%
59.8%
2022
-9.1%
-1.7%
-3.8%
-9.5%
-1.7%
-3.9%
3.5%
5.3%
5.2%
-15.7%
-7.4%
-8.0%
As a reminder, Hayden Capital Management does not invest in the hydrocarbons or aerospace/defense industries. Every quarter, I write – and then delete – a more comprehensive section about the decision to avoid these market areas. Given some recent conversations about whether I do “impact investing,” it seems an appropriate time to address it.
I’d previously thought of “impact investing” as a form of ESG investing, but it seems more a sort of Peter Lynch’s “buy what you know” meets PT Barnum’s “buy for the show.” It includes portfolios running the gamut from companies representing “conservative values” to those whose products promote “liberal values,” whatever any of that means.
One Wealth Manager recently told me that “impact investors” will tolerate sub-par returns. The value investor in me scoffs at investing in companies divorced from return expectations. Yet, one can observe that shoppers tend to spend money on things for how it makes them feel, and shopping shares certain features with investing, so why should it be different? One needn’t look far to see how lines that generally separate things can often blur.
As a long-term investor, I view myself as a part owner of a business. I don’t seek out businesses I know, I seek out investments that can return 2x in five years, but I very much enjoy being a part owner of companies whose products I use or “observe in the wild.”
We don’t own shares in CoreCard (something I think belongs in every small-cap investor’s portfolio) because they process payments for the ParkMobile app, but I do enjoy using the app knowing that
~$0.04 of every transaction generates revenue for one of our holdings. When my wife broke her arm, I’m certain it wasn’t so a surgeon would install a plate using a Depuy/Synthes torque-limiting driver made by PDEX, but knowing that’s what he used is neat, IMHO.
The inverse of this utility function defines my principle of avoidance. I appreciate the benefits of a strong military and an oil and gas industry, without which our society as we know it would not exist. But I don’t want to – nor am I compelled to – be a part owner of companies that drop bombs on people’s heads or contribute to the greenhouse effect, like a bomb dropping on our heads in slow-motion. I don’t want to participate in those ecosystems more than I do.
What would make me change my mind? When I covered the Engineering & Construction sector, I was elbow deep in the petrochemical space. The “Majors,” their service providers, and their downstream refiners and processors, headquartered here and operating globally, are organizations that regularly implement complex feats of incredible technology, including, in some cases, in the alternative energy space. If the technologies around various kinds of mitigation or sequestration improve if the balance of carbon outputs shifts and if the market assigns zero terminal value on the assumption that “there is no oil post 20XX”, I think it would be foolish not to reconsider my views. I won’t remain didactic if the facts change, but I will abide by the investment parameters set by my clients, should there be any.
The impact I want to make, first and foremost, is on my client’s capital; to pay for college, a down payment on a house, a vacation, a scholarship, retirement, et al. Narrowing my strike zone by avoiding specific industries is part of this process. At best, it offers an alignment of principles. At worst, it exposes clients to assets different from what they’ll find elsewhere. In a decision-making business-like investment management, revisiting and articulating the reasons behind decisions is an essential aspect of the job.
Here, we will distribute the return according to their Geographic Location:
Annualized Return
Total Return
Countries
1
14.6%
132.8%
Asia: 148.1%
2
30.4%
332.8%
North America:126%
3
17.92%
172.8%
PORTFOLIO UPDATE: REVIEW OF TOP HOLDINGS
Top performers in the quarter were QHRC, CCRN, and RBCN. Major detractors were CCRD and AIM. In last quarter’s letter, which was less than 90 days ago, I wrote substantially about these companies, and my reasons for owning them haven’t changed (though RBCN was acquired).
I recently called the CEO of CCRN to address some concerns about qualitative issues I’d observed in their business. His answers were reasonable. His team has significant material experience at AYA and AMN, the two most prominent companies in the space. Having covered business and industrial services for many years, I think entrepreneurism and technology are operational and cultural foundations for success, and we spent some time drilling into this. I laid out my variant perspective in last quarter’s letter and think the ingredients are in place for continued outperformance.
I continue the effort to upgrade our portfolio by consolidating around what will be the highest IRR ideas. In this vein, I have exited long-term holding PSSR at a substantial loss. This airport management system fumbled its transition from a niche embedded system (mechanical radar) to
a platform-driven ADS-B world. It is our second largest detractor from returns to date, exceeded only by CTEK, which we exited last quarter
Investing in “platform” businesses can offer attractive returns, but many small companies often fail to achieve “platform status”. I’ve had mixed results investing in the theme. I did poorly with PSSR in aviation and many years ago in ACEC in telecommunications; both companies were too small to penetrate a consolidating market or had consolidated around prominent players.
We did well with ARIS (dealer management software; lots of niche disaggregated small businesses), and I’m confident that the payments systems and exchanges we own are terrific businesses; CCRD is an example of the former, and we hold FRMO partly for its position in the Miami Exchange, nee Minneapolis Grain Exchange.
I mention all this because I am adding another that’s evolving by selling one company that failed to transition from legacy enterprise to subscription. It’s a small company with a newly installed management team that helmed our prior successful investment. The company is attempting a two-step evolution from a transactional business to a large corporation to a subscription system and ultimately to a platform for managing and organizing niche data sets. Notably, it is targeting the disaggregated SMB market.
We’ve owned a small position primarily on my trust in management. Having observed the company over the last year and watched it skillfully adapt and upgrade – they’d inherited a business that had suffered with underinvestment and under management – I’ve gained more comfort in their ability to address the threats and opportunities ahead. We don’t own enough yet.
IN CONCLUSION: ON THE ARTS
I recently came across a quote from Adam Grant’s book “Originals” about Galileo and his discovery of
mountains on the moon, and I cherry-picked it to make a pithy comment about art and investing.
“When Galileo made his astonishing discovery of mountains on the moon … he recognized the zigzag pattern separating the light and dark areas of the moon. Other astronomers were looking through similar telescopes, but only Galileo could appreciate the implications of the dark and light regions. He had the necessary depth of experience in physics and astronomy but also a breadth of experience in painting and drawing. Thanks to artistic training in chiaroscuro, which focuses on representations of light and shade, Galileo could detect mountains where others did not.”
Anyone living in a built environment is surrounded by art, and though it might all fade into the background, it is there by design and sometimes by regulations. It often needs to be presented in a context like a museum to be noticed. And because it goes unnoticed, its value is overlooked.
Art not only offers an opportunity to notice things a little bit differently – a critical aspect of investing
– it adds beauty and meaning to our lives. I couldn’t say it any better than Leo Lionni did in “Frederick the Mouse,” so go have a baby, buy the book, read it to them, and you’ll understand where I’m coming from.
And then when you read the next 10K or 10Q, expert network or conference call transcript,
consider the subtext of what they’re talking about and why. I’m not suggesting that something magical will appear. Still, in observing things a little differently, at some point, a public filing or transcript will stand out that rings a little different, whose subtext offers a more honest accounting of operations than the typical rosy-eyed pabulum. Then you may realize you have found a company that “thinks” and operates differently, and maybe it is worth a little extra time. I think CCRD and RELL communicate and act differently among our holdings.
Seeing things through the same lens as everyone else but coming to a different conclusion is itself an art, and it is central to investing in a market that is not supported by zero-priced TINA money. With the markets finally pricing risk and money, it is a stock pickers environment. There is always value in doing a little (or a lot of) extra work to find incremental information because you need to know what you don’t know. Still, there is a portion of investing – somewhere between 20% and 80%, I’d say – where the value added isn’t the incremental data, it’s a variant perspective on the same data as everyone else.
As always, I appreciate your entrusting me with your capital and the responsibility of being its steward. If you were so kind as to forward this letter to friends or institutions who might be looking for an investment manager with experience and a track record on the smaller end of the market cap spectrum, I would be grateful for the effort. I look forward to continuing this conversation in the future.
NEW MILFORD, CONNECTICUT (Newsworthy.ai) Thursday Jan 19, 2023 @ 7:00 AM Eastern —
In its latest development release, 3 Story Software LLC (3SS), a comprehensive and contingent workforce management system, reinforced its commitment to support its clients in building more diverse candidate and worker populations by updating its Diversity, Equity & Inclusion features.
3SS has 165 clients globally and strives to develop features that provide its clients with relevant data to build diverse and inclusive workplaces. The upgraded Diversity, Equity & Inclusion (DE&I) functionality features a new candidate survey that captures DE&I data further upstream in the hiring process. It also changed how this data is collected to optimize submissions so clients may collect more meaningful data from their candidates and workers.
Now with 3SS, clients can see data related to the diversity of candidate pools during the recruitment process, in addition to their active worker populations. Comparing these two data sets is imperative for clients to understand their company’s hiring preferences, and who engages with a company’s services and customers.
3SS ensures that candidates and workers can opt out of providing DE&I information at any point in the hiring and onboarding process and that this data is confidential and stored securely. Data that 3SS collects on Diversity, Equity & Inclusion is anonymized such that candidate or worker information is separate from the data used for statistical reporting.
3SS is continuously learning from its clients so it may optimize how companies hire and manage their non-employee workers across the globe. Most 3SS features are thus developed with input from its clients globally, with updates and new features being released every 5 weeks.
