Value Investing Congress Presentations 2013

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Value Investing Congress Presentations for the Las Vegas 2013 conference can be found below. Earlier we brought you coverage of the event. Readers can find all the speaker notes here. Today, we will be covering the Ira Sohn Conference as well as SALT. At the Value Investing Congress approximately 20 speakers gave their favorite pitches. Some spoke about domestic investments, others about opportunities in countries including, Korea, Mongolia, Israel, Kazakhstan,

Value Investing Congress Presentations 2013

Value Investing Congress Presentations

Whitney Tilson the organizer of the conference had an interesting presentation in which he pitched Spark Networks Inc (NYSEMKT:LOV) as the next Netflix Inc. (NASDAQ:NFLX). Below are a few lines from the presentation followed by every presentation in scribd.

Spark Networks:
The Next Netflix?
Can Lightning Strike Twice?
After my experience with Netflix, I searched for other stocks with similar
characteristics:
• Subscription-based
• Low price and high perceived value by customers
• Dominate a niche
• Asset-light, scalable business model
• Nimble, innovative, customer-focused management
• Strategy of taking all profits from current cash-cow business and reinvesting in a much larger, related growth opportunity, making traditional earnings- and cash
flow-based valuation metrics useless
I found a candidate in my own portfolio
• Glenn invested in Spark Networks three years ago
• When we separated, I did the work on it and decided to keep it
• I nearly tripled my position last week and now own 1.9% of the company

This is an incredible business: addressing a huge and growing market, few competitors, winner-take-most dynamics, negative working capital, customers pay up front (no bad debt), no customer concentration, no inventory, not economically sensitive

Founded in 1997 with launch of JDate.com
• Jewish Networks and Christian Networks are dual
engines that drive today’s business
JDate is a mature, high cash generating business and clear category leader
ChristianMingle, also a clear category leader, grew its subscriber base 51% YOY in Q1
• Owns and operates more than 20 niche-targeted communities

 

Value Investing Congress Presentations

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