Zeke Ashton is the Founder and Managing Partner of Centaur Capital Partners. CCP is the advisor to the Centaur Value Fund, a long/short private investment partnership founded in 2002. Mr. Ashton is also the portfolio manager of the Centaur Total Return Fund (ticker TILDX), a retail mutual fund that follows an income-oriented equity strategy.
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Zeke Ashton spoke at the 9th Annual Value Investing Congress, also see Tesla Motors Inc (TSLA): Buy On The Pullback?. Below are notes from his presentation.
Highlights from Zeke Ashton’s presentation
Founded in 2002. L/S value fund. And public mutual fund Centaur Total Return Fund (MUTF:TILDX) in 2005.
Idea: buy Bayerische Motoren Werke AG (ETR:BMW3) (FRA:BMW3) preferred at 25% discount to common ticker bmw3
BMW common 11pe with 2.8 percent yield.
Preferred:
68 euro
3.9 percent yield
Non voting shares
Less liquid
8.4x PE
Common could be worth 98-112 euro.
In the excellent presentation he contrasted valuation of Tesla Motors Inc (NASDAQ:TSLA) with BMW. BMW is coming with 45k electric cars. 2 years ahead of Tesla in that price range. Has a partner in China for different branded Chinese EV. Has 6000 car dealerships. Has spent $100 billion in capex over a decade and $40 billion in research n development.
This is a family controlled business. Non promotional.
