Best of both worlds: Diversified, low-cost passive investing combined with deep fundamental equity and credit research.
Stone Street Advisors LLC - formerly an independent research organizatiion - is now a private asset manager, overseeing the investments of the managing member, his family, and its businesses.
While we are firm believers in low-cost passive investing, we also believe deep fundamental analysis can help drive superior risk-adjusted returns. As such, we identify and develop high-conviction, high-return fundamental value, deep value, and special situation (M&A, activism, restructuring, recapitalization) opportunities on both the long and short side. With a "go-anywhere" approach, we are industry, geography, company size, lifecycle stage, and capital structure agnostic.
January 28, 2016
Town Sports International & the Sound of Inevitablity
Absent a series of minor miracles, New York Sports Club parent Town Sports International will run out of cash by mid 2017. Revenue will fall almost 30% from the combination of intense membership fee pressure, attrition, and membership type downgrades. Inability to escape high northeast U.S. metro rents means the firm can't cut costs enough. Restructuring may already be underway...
News & Publications
October 10, 2015
Playing the Housing Recovery the Wrong Way: Builders FirstSource
After completing the acquisition of much larger rival ProBuild, building material supplier BLDR is levered to the hilt. Investors are valuing shares as if the company is a sure thing, set to ride the housing recovery wave. Below the surface, though, lies a mountain of debt, thin coverage, and a host of business risks that could see the stock plummet.