In the summer of 1941, a German spy – who unbeknownst to Germany was also a British spy – was stationed in the United States. The double agent, codenamed Tricycle by his British handlers, was sent an uncharacteristically detailed questionnaire from the Germans, requesting extensive information about armament stockpiles, production schedules and facilities, and layout [ ] The post “Warnings… in…
I can vividly remember staring in awe at the shiny display in the window of the Victorinox store on Bahnhofstrasse in Zermatt when I was a boy. For several days in a row, I walked ahead of my parents so that I had enough time to look at all the different models. On the day [ ] The post Swiss Army Knives… and Deal Lawyers appeared first on Adam J. Epstein | Third Creek Advisors, LLC .
Allied air supremacy was a fact not in evidence for the lion’s share of WWII. In the 18 months leading up to D-Day, nighttime missions over Germany from the UK proved ineffectual and daytime raids were sitting ducks for the Luftwaffe. The B-17 bomber was a testament to Boeing’s engineering prowess, but it was also [ ] The post Your company and board need… a Tommy Hitchcock appeared first on Adam…
So much that is written and said about boards of all kinds is focused on, “Where were they?” They are either asleep at the wheel or so insufficiently apprised of their roles that they couldn’t even find the wheel. After several experiences this year, I feel like the next wave of dialogue is going to [ ] The post “Where was the board?” How about… everywhere. appeared first on Adam J. Epstein |…
Recently, I was in a Canterbury pub built in the 15th century taking respite from snow and bracing cold. It was a fantastic reprieve for two reasons: (1) drinking world class scotch for 85% less than in the States always feels triumphant; and (2) watching and listening to the larger-than-life characters huddled near the fireplace [ ] The post There is No Such Thing as a Virtual Dinner appeared…
I recently met with a board member of a micro-cap that was a multibillion-dollar company during the pandemic but has since shed most of its market capitalization. Once upon a time, this large-cap company was exclusively traded by iconic institutional investors. Now, because of its size and illiquidity, it’s almost exclusively owned and traded by [ ] The post Imagine a 10K or Proxy That Someone……
31 years ago, probably almost to the day, I had an ambitious idea. Together with two friends, we were set to open our new skate and snowboard shop in the Marina District of San Francisco in late July 1993. We had barely enough capital to open the shop. In other words, we had no money [ ] The post When CEOs Diminish the Value of PR appeared first on Adam J. Epstein | Third Creek Advisors, LLC .
The most important boardroom lessons tend to arise from… abject failure. Speaking of which, let’s chat about M A. Cite whichever study you prefer, but the data (that’s not produced by M A investment bankers) are clear: most M A deals are value-destructive. From my experience, when it comes to small-cap M A, you might wish to pick modifiers [ ] The post M&A: From Disasters Come Much Better…
Small-caps often contain directors who are new to the small-cap world, having spent their careers operating, governing, or advising large-cap companies. These board members, and their colleagues, are often surprised – and not in a good way – to learn that many small-cap investors don’t always view their large-cap experience in a positive light. Here [ ] The post Small-Cap CEOs: Think Twice Before…
Public company CEOs and CFOs are used to being the smartest people in the room. And they know their industry and company better than virtually anyone else. So why would they need to prepare extensively to be interviewed? Many don’t think they need to. So, they basically just… wing it. Winging it works sometimes. In [ ] The post When CEOs Wing It appeared first on Adam J. Epstein | Third Creek…