“Tecnoglass Inc. (NYSE:TGLS) is a vertically integrated manufacturer, supplier, and installer of architectural glass, framing systems, windows, and doors. The company’s automated manufacturing base in Colombia allows it to manufacture products at a much lower cost than domestic companies. Shipping expenses are a low-single digit percentage of revenues because Tecnoglass transports products to the United States in containers that would otherwise return empty (there is a significant trade imbalance between the US and Colombia).

The company has a reputation for quality. Its entry-level windows are made of tempered glass (compared to more fragile annealed glass of competitors) and its framing systems are coated with a resin-based coating that performs better (resistance to fade/scratches) than the powder coat coating of peers. The company initially took market share by pricing below competitors, but as its reputation for quality and dealer network has grown the company has been able to increase prices and currently prices at or near market rates…” (Click here to read the full text)

"Sum of the parts is attractive, at todays prices you are only paying for the TV media business. Paramount +, Film Studio, and publishing business are free options."

“We also added former holding Paramount Global (NASDAQ:PARA)) in the period. Shares tumbled following a lackluster earnings report and subsequent dividend cut, presenting an attractive entry point in this leading entertainment company. PARA’s Filmed Entertainment business has an exciting upcoming 2023 and 2024 movie slate with many high-profile franchises. Its TV Media segment is undergoing a restructuring to save on costs and PARA’s fresh array of global content is driving subscriber momentum worldwide across its direct-to-consumer platform. Meanwhile, management is magnifying its focus on profitability for the streaming service and moderating investments in content, which should drive free cash flow in 2024 and beyond. In our view, the company’s long-term opportunity in streaming and the value of its proprietary content remain meaningfully underappreciated at current trading levels.”

"I am taking a hard look at ULTA right now. The beauty space has been exploding and they've been growing well and their last 10K said they had no long-term debt."

“Ulta Beauty operates a chain of beauty stores. The stock underperformed after the company lowered its margin outlook as it continued to fight higher inventory shrink and other costs. Meanwhile, demand and transaction growth remain strong.”

"..They are shifting their game to the cancer arena as covid ha(s) died down, also a few obesity drugs in the pipeline, PFE is a undervalued buy for sure," said a Reddit comment.

“Through the first nine months of the year, we had a gain of 2.10%. The S&P 500 had a gain of 13.07% and the Russell 1000 Value had a gain of 1.79%. The stock market realized markedly higher riskless US Treasury interest rates had their effect on the stock market as it began to reassert what Warren Buffett calls the “gravitational pull” on price-to-earnings ratios (P/E).

On the downside, Target (TGT), Bank of America (BAC) and Pfizer Inc. (NYSE:PFE) detracted the most in the first nine months of the year. Pfizer (PFE) is suffering from a fall-off in Covid-19 vaccinations and we are trying to figure out what to do with it as a small holding.”

"I believe it’s a trillion dollar company at the minimum with just the EV’s, so roughly 330$ share price. I also believe 2024 is the year we see energy revenue explode. Who knows what that will do to a “car companies” share price."

“Tesla, Inc. (NASDAQ:TSLA) ($248.48 – up 101.7% for the year. Recent high $299.29): Tesla has significant and underappreciated competitive advantages across multiple verticals including electric vehicles, software and energy storage. Misunderstood by much of Wall Street – and consequently a favorite of short sellers – Tesla continues to grow rapidly and increase its lead over the competition while delighting consumers in the process. Despite his unconventional (and sometimes off-putting) personality, Elon Musk is a visionary who has created enormous shareholder value. Musk is also a long-term thinker who has embraced the scale-economies-shared business model favored by Henry Ford and Jeff Bezos, intentionally reducing prices, increasing the customer value proposition and expanding the total addressable market. Tesla’s massive scale and cost advantages are now challenging the viability of legacy auto, which has hundreds of billions of dollars of outdated property, plant and equipment in a world that is rapidly transitioning to electric vehicles (EVs). While we expect competition for EVs to intensify and for Tesla to lose market share over time, we also believe the company will increase production and deliveries from approximately 1.8 million vehicles today to approximately 15 million vehicles in 2030 and further its lead in autonomous driving capability. In fact, we expect Tesla will eventually license its autonomous driving software, creating high-margin (70-80%), recurring licensing revenue. Tesla is also one of only two companies that dominate the energy storage market, which has the potential to grow to several hundred billion in revenue as power plants around the world increase their focus on renewable energy. Our investment in Tesla is aligned with our preference for companies that have strong balance sheets and the managerial skill to reinvest capital at high rates of return into large addressable markets.”

"Governors come and go (reference: DeSantis vs Disney spat). Disney owns half of Hollywood and still has the absolute best amusement parks in the world, even if Universal is catching up. With only Deadpool being released next year, it sounds like maybe they've finally learned their lesson to slow down. They should have stretched phase 4 and 5 out way more. But now they will hopefully stretch phase 6 out (or wherever we are). I predict an overhaul and a massive spike in a few years."

“During the quarter, we sold our positions in Bristol-Myers Squibb and The Walt Disney Company (NYSE:DIS).  The Walt Disney Company is facing a difficult and uncertain transition in its core media business assets including the ESPN business and other linear media assets. These media assets are cash generative but face secular decline as consumers are cutting their expensive cable subscriptions and moving to alternative streaming options. This has resulted in a decline in operating profits for the media division. The media business has long-term fixed costs related to its sports broadcasting agreement with multiple sports leagues which will further pressure profits during this transition.”

“Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was also a top contributor to performance. The Company began shipping chips that were fabricated using its industry-leading “N3″ node. Nearly all of the Company’s N3 capacity has been filled by high-end chip designers such as Apple, NVIDIA and even Intel. As high-performance computing, particularly related to AI in both data centers and edge devices, continues to build momentum, the Company will be a key supplier for many years to come. Despite the boom-and-bust cycle in demand seen for many semiconductors during Covid-19 and post-Covid-19, the Company should be able to post solid double-digit growth next year as inventories and end-market demand across most of its technology nodes get back to normal levels. The Company also maintains dominant market share in leading-edge nodes, which is in short supply, given the difficulties its competitors have had in scaling up EUV-based manufacturing. The Company has been able to secure higher prices because of this and can still generate excellent returns on elevated capital expenditures necessary for this scarce capacity. The Company is arguably one of a handful of the world’s most important and largest companies, but because the Company’s shares trade as an ADR (American Depositary Receipt) the shares are not part of the major stock market indices in the U.S. As a result, the shares are woefully under owned by U.S. investors (institutional and individual), particularly for a company that regularly generates cash flow return on invested capital in excess of +40%. Therefore, our growing position in these shares represent a significantly relatively overweight portfolio position versus our peers and benchmarks. We could not be more pleased by this anachronistic institutional imperative.”