Special Situation Investing

Today's summary and valuation cover the recent Vector Group spin-off of property management and real estate company Douglas Elliman Inc.

Overview of the recently announced Intercontinental Exchange Purchase of Black Knight Inc.
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Review of Richards J. Heuer's little known book The Psychology of Intelligence Analysis. In the book Heuer reviews several the limitations to human cognition that effect our decision making and proposes his Analysis of Competing Hypotheses (ACH) method to organize our thinking and conclusions. I found the book highly relevant to investment decision making especially as it relates to analyzing a businesses "moat" or competitive advantage. When combined with Ben Graham's Intelligent Investor framework for business valuation Mr Heuer's ACH framework can be a powerful tool for analysis of a businesses competitive advantage and other macro factors. Overall, I highly recommend the method and have already incorporated it into my tool kit.
A transcript of the episode can be found at (https://specialsituationinvesting.substack.com).
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Overview of Ammo Inc's upcoming Spin-Out of GunBroker.com and the potential double digit upside in the newly spun-out company.
A transcript of the episode can be found at (https://specialsituationinvesting.substack.com).
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Another Mesabi Trust update further detailing the idling of the mine by its operator, Cleveland Cliffs along with its valuation going forward.
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