In 2008, he began providing a first-of-its-kind subscription-based service for individual investors, Invest By Model, which offered two different portfolios that investors could replicate in their own accounts. In addition to advising several different hedge funds and investment managers, including Friedberg Investment Management, where he participated as a member of its investment management committee, Alan was also a senior analyst for the independent research firm Management CV. He and his wife have two adult children.īefore focusing exclusively on the cannabis industry in early 2014, Alan had worked in the securities industry since 1986, primarily with the responsibility for managing investments in institutional environments until he founded AB Analytical Services in 2007 in order to provide independent research and consulting to registered investment advisors. ![]() He has run 420 Investor, a subscription-based due diligence platform for investors interested in the publicly-traded cannabis stocks that he is moving to Seeking Alpha, since 2013, and he is also the managing partner of New Cannabis Ventures, a leading provider of relevant financial information in the cannabis industry since 2015. One of my central themes this year is that there are a lot more companies out there like these than investors realize.Īlan Brochstein, CFA, was one of the first investment professionals to focus exclusively on the cannabis industry. For the most part, these firms had too much debt to weather the storm. Utilities: 3, but I have never heard of any of them so won't bother.Īs the economy withers, it serves investors well to understand what happened to these stocks. Telecomm: Virgin Mobile ( VM), Globalstar ( GSAT) Tech: Axcelis ( ACLS), Nextwave Wireless ( WAVE), Kemet ( KEM), Navisite ( NAVI), Spansion ( SPSN), Planar Systems ( PLNR) ![]() Healthcare: KV Pharma (KVA), Jazz Pharma ( JAZZ) and a plethora of underfunded biotechsįinancials: Fannie Mae (FNM), Freddie Mac (FRE), General Growth ( GGP) Industrials: Avis ( CAR), Medis Technologies ( OTC:MDTL), Building Materials Holding (BLGM)Ĭonsumer Discretionary: Sirius ( SIRI), Pier 1 (PIR), Borders ( BGP), Casual Male (CMRG), Select Comfort (SCSS), Trump Entertainment Resorts ( TRMP), Westwood One ( WON)Ĭonsumer Staples: Rite Aid ( RAD), Pilgrims Pride (PGPDQ), Jones Soda ( OTCQB:JSDA) Materials: Chematura ( CEM), Boise ( BZ), Smurfit-Stone ( OTCPK:SSCC) (I called that one) ![]() Energy: Uranium Resources (URRE), Pacific Ethanol (PEIX), Superior Offshore ( DEEPQ).Suffice it to say, most of these companies are carrying large debt-loads.īy sector, here are some of the names you might know as a consumer or an investor: While I won't publish all of the names, I will say that they are from all sectors of the economy. I then created a list of 290 names that trade below $1 and are down over 90% in the past year. I noticed how many stocks are trading below $1 in my system (StockVal), and it blew me away. Many of the names were already in bankruptcy, but many others seem to be headed there. ![]() On Friday, a client asked me to generate a list of stocks trading at "less than cash." As I went about this process and identified almost 1000, I quickly realized how many companies have been wiped out.
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