Three Names Worth Updating: Chris DeMuth
For more than 10 years I’ve watched DeMuth identify excruciatingly boring pockets of value in ways many other investors won’t take the time to even look at.
As always, I’m stoked to be able to bring you content from one of my favorite investors, Chris DeMuth Jr. Chris took the time to prepare his up-to-the-minute thoughts for Fringe Finance subscribers this week.
I enjoy reading Chris as much as I love publishing him. In today’s piece, he recaps his thoughts from February, where he went looking for value names in a piece he wrote for Fringe Finance.
Chris founded event driven hedge fund Rangeley Capital and research service Sifting the World. Rangeley’s strategy is to invest in mispriced securities with limited downsides and corporate events that unlock shareholder value.
Chris is one of the smartest people I’ve had the chance to meet during my time as an investor. He was one of the first people to ever to be nice to me when I got my start writing on companies more than a decade ago. His acumen is widely respected by many people whose work I admire and follow - and by me.
All information contained herein is opinion only of Chris DeMuth & does not constitute investment recommendations. Nothing is a solicitation to buy or sell securities.
A Note From QTR
Sometimes, the best investors aren't the loudest. They don't chase headlines or flashy tech names. They quietly seek out overlooked assets, mispriced securities, and deeply unfashionable corners of the market—places where value can still hide in plain sight. Few embody this discipline with more clarity and consistency than Chris DeMuth.
This is a man I’ve seen talk about obsessively about crap the average person never thinks of, like saving on ATM fees, getting referral bonuses from credit cards and shopping apps and arbing out the difference between orders of Chicken McNuggets across state lines to save on state taxes (OK, I’ve never seen the last one, but I’m sure he’s done it).
For more than 10 years I’ve watched DeMuth identify excruciatingly boring pockets of value in ways many other investors won’t take the time to even look at. He doesn’t look for the next superstar CEO or high-flying disruptor. Instead, he focuses on “boring” things like buying good assets at great prices, and letting time—and compounding—do the rest.
In a market still crowded with FOMO and hype, DeMuth’s foresight is a reminder: the best opportunities are often boring, misunderstood, or hidden under a layer of complexity most won’t bother to peel back.
Three Names Worth Updating
In Finding The Next Warren Buffett-Style Investment I wrote that,
Warren Buffett proved to be the next Buffett well past the average American life expectancy. Instead of finding stock picking grandeur, I just want to avoid disasters and find hidden value such as understated insurers and free Russian assets. And I always, always want to underpay.
I added:
I’m retiring from finding the next Buffett. No more delusions of grandeur. Today, I seek only adequacy, hopefully not just delusions of adequacy, in my public asset allocators. Instead I want to find okayish asset allocators at a big discount or with a big hidden asset. There aren’t many; there are some.
I named three worth updating today.