Core Insights - The individual has retired after over 43 years in investment research, now operating independently to provide actionable investment insights [1] - The focus is on rules and factor-based equity investing strategies, emphasizing the use of numbers to inspire human intelligence-driven investment stories rather than serving the numbers themselves [1] - The approach combines quantitative analysis with classic fundamental analysis to uncover the true story of companies and their stocks, highlighting the importance of future potential over past data [1] Investment Experience - The individual has extensive experience covering a wide range of stocks, including large cap, small cap, micro cap, value, growth, and income [1] - Previous roles included managing a high-yield fixed-income fund and conducting research on quantitative asset allocation strategies, which are foundational to modern Robo Advising [1] - The individual has edited and written stock newsletters, notably the Forbes Low Priced Stock Report, and served as an assistant research director at Value Line [1] Educational Contributions - There is a strong passion for investor education, demonstrated through numerous seminars on stock selection and analysis [1] - The individual is the author of two books: "Screening The Market" and "The Value Connection," aimed at enhancing investor knowledge [1]

Core Insights - 1060 Capital Management fully exited its position in Brightstar Lottery, selling 307,200 shares for approximately $4.9 million during the third quarter, which previously represented 9.8% of the fund's assets under management (AUM) as of June 2025 [1][2]. Company Overview - Brightstar Lottery is a leading global provider of technology and services to the regulated lottery sector, focusing on core lottery operations and divesting non-core gaming assets to enhance scalable, recurring revenue streams [5]. - As of the latest market close, Brightstar Lottery shares were priced at $16.49, with a market capitalization of $3.2 billion, trailing twelve months (TTM) revenue of $2.5 billion, and TTM net income of $304 million [4]. Financial Performance - In the third quarter, Brightstar's revenue increased by 7% to $629 million, while adjusted EBITDA rose by 11% to $294 million. However, the quarter also reported negative operating cash flow of $439 million, primarily due to an upfront payment for an Italy Lotto license [7]. - Over the past year, Brightstar shares have declined by 17%, significantly underperforming the S&P 500, which increased by 13% during the same period [3][6]. Market Position and Strategy - The exit by 1060 Capital suggests a recalibration of risk in response to the company's recent performance, as Brightstar's shares have struggled and are approximately 50% below mid-2023 levels [6]. - The fund's decision to divest from Brightstar Lottery coincides with a broader portfolio pivot, indicating that the exit may reflect a strategic shift rather than a fundamental issue with the company itself [9].

Core Insights - Specialty contractors are benefiting from favorable policies such as the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA) [1] - The industry is also influenced by secular megatrends, including advancements in AI and the ongoing energy transition [1] Industry Overview - The coverage of specialty contractors began last year, highlighting their positive outlook due to supportive government policies [1] - The industry is positioned to capitalize on long-term trends that are reshaping the market landscape [1]