Bireme Capital 2023 report ( link ) Alluvial Capital Management Q4 2023 letter ( link ) WinterGem portfolio shuffling ( link ) RCI ( link ) IWG plc ( link ) CEO holds 28% share 2022/2021 FCF/EV = 6.43% (including lease liabilities in EV) estimated FCF growth rate = 2.68% between 2019 to 2022 estimated by the author that IRR > 41% from 2024 to 2030 16.78% location growth rate 9.6% revenue growth rate 30% FCF growth rate (probably due to lower capex and higher margin) AQR on 100% equity allocation ( link ) One needs to know risks to hold stock/bond for the long run. Returns are not guaranteed to be mean-reverting. ( link ) GreyStone 2023 report ( link ) Sylogist Currency exchange international Cedar Creek 2023 report ( link ) Saker aviation Pros 7.67 NAV per share; 6.74 per share for (Cash + Investment) - all liabilities estimated EPS 1.7 (2024) for 8.51 current price imply forward PE is 5 FCF/EV = 53%! (the number doesn't include investment) Low valuation from the perspective or ...