#122: Luis Sánchez - Net Net Investing

Summary

In this episode of The Intelligent Investing Podcast, I sit down
with Luis Carlos Sánchez. Mr. Sánchez is has a background in
commercial law and is an avid net-net investor. 


If you are interested in Net Net Investing, I would also
recommend listening to a previous episode with the Founder of Net
Net Hunter, Evan Bleker.


You can also watch Episode #122 of The Intelligent Investing
Podcast on YouTube.


 
Net Net Stocks Mentioned

In this episode, we discuss three different net net stocks. Two
of the companies either via myself or my clients are also
shareholders in. One of the companies is a stock that Luis
recently sold but it makes an interesting net net stock case
study.


 
Trilogiq SA (Paris: ALTRI)

Trilogiq SA is a company based in France that specializes in the
production and design of tubular structures for production lines.
The company’s products and services are used to reduce
non-productive areas, decrease operator movements, and optimize
ergonomics, costs, and production times. It's a relatively simple
and straightforward business.


This makes an interesting net net case study due to the fact that
a few years ago the now CEO (who is also the founder) brought in
a new CEO to help grow the company. The business, in turn, took
on debt to start new projects and they didn't exactly work out
too well. During this attempted transition, some value funds that
like "strong-moat" businesses started buying the stock.


The Founder eventually took back the role of the CEO position in
which he pretty much has absolute authority on the direction of
the company being the largest shareholder at over 75% ownership
in the business. During the past year, the Founder/CEO, Eric
Courtin, started shutting down the money-losing projects and
bringing the company back closer to its roots once again. They
are also paying down debt and sticking to what they do best.


 
Support.com

We also highlighted Support.com (NASDAQ: SPRT) as it is another
interesting situation. However, the company is much less
compelling of an investment as it was back a few months ago
pre-COVID. The company mainly focuses on online tech support
which has been helped by COVID lockdowns.


 
Ref Holdings

We also discussed REF Holdings Limited (HKSE: 1631). The company
provides ancillary services such as the provision of conference
room facilities and financial printing services for the financial
sector in Hong Kong. Ref offers a wide range of financial
printing services, from typesetting, proofreading, translation,
design, printing, web submitting, newspaper placement to
distribution. Luis bought the stock below net cash and recently
sold out.


 
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