Outside of biotech (where binary outcomes are a dime a dozen), it's rare to see a stock fall 50% in a day, even on horrible earnings - which is why the obliteration of Rayonier Advanced Materials (RYAM) yesterday more than piqued my interest. RYAM has had a short but tortured stock-market history. The company was … Continue reading Rayonier Advanced Materials: 50% cheaper in one day, but look before you leap

"Everyone loves a comeback" - you've probably heard that phrase applied many times to down-on-their-luck movie stars or sportsmen trying to mount a career resurgence. But the public fascination with comebacks applies equally to the capital markets. In fact, turnaround stories are a necessary product of how the market works every day: the very nature … Continue reading Everyone loves a comeback – but why?

Avolon (AVOL), an Ireland-based aircraft lessor, has been one of my core positions on the long side for the last six months or so. You can read my original thesis and follow-up here (for those with Seeking Alpha Pro access); for those without, AVOL was basically an under-covered, cheap name in a secular growth sector … Continue reading Quick update on Avolon (AVOL)