And the blogging returns. Thanks all for your patience. It has been a wild few months, between market crashes and rebounds, a business “split” so that my partner and I could each focus on our core competencies (yes, it was friendly; and, no, there’s no juicy back story), and so much more.
Late in December, SeekingAlpha asked me to do an interview about my “highest conviction pick” in our portfolios. Surprisingly, it was a tough interview because I felt good about all of our positions. (The only position that had me biting my nails was Jackson Hewitt, which we ended up dumping around $4 when it seemed clear that they would not get RAL funding. A discussion for another day.)
In any event, the interview was just published today. The summary:
When natural gas prices plunged to $3 in September, RIA Joe Ponzio looked for a producer with “strong enough management, economics, and liquidity to survive a deep, prolonged downturn in the underlying commodity.” He found this mid-cap company fit the bill, and while the stock has run up some since then, it remains his highest conviction holding…
For further reading on BreitBurn, you can download these two pages (PDF, 190kb) from my quarterly letter to clients of Ponzio Capital.
Due to the number of sites that reprint my articles, I typically only respond to comments on F Wall Street. For this particular article, I’ll also be responding to comments on SeekingAlpha; so, feel free to chime in on either site.