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SYF is an interesting company. Credit isn't really my wheelhouse, but the fundamentals are pretty cheap and should continue to be a great compounder. BKTI is one of those stocks that are pretty interesting. Niche company and never would have thought that selling like walkie talkies to federal agencies would be such a great business. FTK is really cool with that they are doing. Their JP3 monitor I think is only one approved by the EPA standards and should be a way to help save costs for LNG pipelines. As long as the company can continue to execute, the thing looks really cheap. BWAY is a bit more speculative. It's not the cheapest name, but they have good gross margins and operating margins are improving. EPS Growth is really strong, so the PEG looks better as long the company continues the growth. I find what they are doing with magnetic helmets is just cool. Plus it's FDA approved, so it is legit. It high risk, but could be high reward. Plus basically being debt free makes it easier to hold, less risk of bankruptcy.
Nice list. BKTI and SYF are solid picks but that Brainsway one is wild, never even heard of it. Gonna dig into FTK too, those margin jumps are insane. Appreciate the write-up
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Thanks for the question. We have six major holdings that we are actively involved with either on the Board or in management of the company: (1) FGNA, (2) FGF, (3) BTN, (4) BKTI, (5) GFP.V/ICLTF and (6) ADF-U. We are doing our best to communicate with shareholders on these investments through SEC filings, conference calls, investor presentations and in these types of forums where we answer as many questions as possible. That said, many of our holdings are not followed by research analysts and are in our view hidden gems that we are working to make more valuable over time. As for your question about FGF, we think we have created a very unique reinsurance strategy for a public company. Take a look at this presentation and let me know if it answers your question on FGF: [https://www.sec.gov/Archives/edgar/data/1591890/000149315221011539/formfwp.htm](https://www.sec.gov/Archives/edgar/data/1591890/000149315221011539/formfwp.htm) Important Info re: OppFi/FGNA transaction: [http://oppl.co/31nNfWi](http://oppl.co/31nNfWi)
We own six major holdings that I am actively involved with: BTN, FGF, FGNA, GFP.V/ICLTF, BKTI, ADF-U. BTN owns 7,044,000 shares of GFP.V with a carrying value on BTN's balance sheet of approximately $2.5 million since we bought it a few years ago and a market value of a lot higher (its trading at C$7.87 per share as of today's close). BTN also owns about 1 million shares of FGF. FGF through its reinsurance company and investment portfolio owns shares and warrants of FGNA and ADF-U. So BTN gives you exposure to BTN, FGF, FGNA, ADF-U. BTN owned shares of BKTI in the past but the BTN Board decided to sell the shares to FG a few years ago to fund what became our $13 million position in a private company called Firefly. I really would love to have it all under one umbrella but at the same time I recognize that some shareholders want to make specific bets on individual companies or sectors (e.g. and to summarize FGF is reinsurance and SPACs, BKTI is public safety communications, FGNA is fintech, ADF-U is a SPAC thats looking for distressed opportunities). We wouldn't own all of them if I wasnt a big believer in the future of each. And I don't think its an overly spread out portfolio - we have a lot of concentration in our best ideas. Finally, I think very long-term. I would encourage you to listen to this podcast to learn more about me: [https://podcasts.moiglobal.com/business-brew-s1e20/](https://podcasts.moiglobal.com/business-brew-s1e20/) and also to read this to see that my investment style is very similar to what it was when I was at T. Rowe Price back in 2006: [https://www.institutionalinvestor.com/article/b150nsw170z2mj/best-of-the-buyside](https://www.institutionalinvestor.com/article/b150nsw170z2mj/best-of-the-buyside) Ask me any questions and I will do my best to answer. ​ Important Info re: OppFi/FGNA transaction: [http://oppl.co/31nNfWi](http://oppl.co/31nNfWi)
Thanks so much for the question. I have honestly worked my butt off at BKTI the last few years to get it to where it is - to say that it needed a lot of work a few years ago is an understatement. But we are in a much better position today. I mentioned in another post that I am currently working on a few letters that I look forward to making public soon so I am going to hold part of this answer until that becomes public. That said, BKTI is our public safety technology/communications company. We think public safety is really important - whether it be wild fires in California, hurricanes in Florida, epidemics like COVID-19, terrorism of all forms, protests and gatherings around the world - these are hot topics. Communications and technology is critical to public safety. So a thesis built around a future that requires public safety services, equipment and other products seems robust to us. Stay tuned on this....
BKTI seems to be the forgotten child of the bunch. It does seem like you have a LOT going on right know with the other entities. Would you be able to provide some insight into BK, and what you like about where it is positioned in the 2-way communications space in the next 2-3 years? much appreciated!
Thanks for the question and I love your username. My long-term business partner Joe Moglia (former Chairman and CEO of TD Ameritrade) and I have done extensive long-term planning for FG and the businesses we own. We have amazing leadership from people like Jared Kaplan at OppFi, Larry Swets at FG New America, FG Financial and GreenFirst and Mark Roberson at Ballantyne Strong. ​ We really want to focus our attention on a few key strategic holdings - we own large stakes and are actively involved in 6 companies: FGNA/OPFI, FGF, BTN, GFP.V/ICLTF, BKTI and ADF-U. I want to remain very focused on these holdings and helping them grow significantly over the next few years. ​ 1. We are highly focused on FGNA/OPFI right now and putting together a plan for us to help the OPFI team create long-term value for shareholders. 2. We are also excited about the deal we put together at GFP.V/ICLTF and the shareholder response to a great transaction. 3. We think the reinsurance company as well as the SPAC platform we are building in partnership with FGF through FG SPAC Partners that recently co-sponsored a SPAC with Fortress co-founder Rob Kauffman is very exciting and will require a lot of our focus and attention: [https://www.businesswire.com/news/home/20210416005248/en/FG-Financial-Group-SPAC-Platform-Investment-Aldel-Financial-Completes-IPO](https://www.businesswire.com/news/home/20210416005248/en/FG-Financial-Group-SPAC-Platform-Investment-Aldel-Financial-Completes-IPO) 4. We think that BTN should benefit from all of the things mentioned above through its holdings in FGF, GFP.V/ICLTF. We plan to expand the universe of holdings and investments inside of BTN and have more homeruns/grandslams. 5. We are pleased with the effort we have put in so far at BKTI and think that it has exciting potential in the public safety and communications sectors. So for now, we have a lot on our plate and will focus on a rolling 2-3 year plan to execute on the above transactions and make as much money as possible for all shareholders. Important Info re: OppFi/FGNA transaction: http://oppl.co/31nNfWi