Imagine I tell you about a company that makes pieces of plastic for about $2 each and then sells them for $60 each. This company has gross margins of about 60%. Then I tell you that theMy name is David B McMillan and I am an investor interested in fundamental valuation. My philosophy is fundamental investing - I seek to identify underpriced securities relative to their potential future cash flows. I also use tactical allocation, investing more aggressively when equity prices are lower, and more conservative ...

Core Insights - The investment approach focuses on identifying businesses with potential for long-term growth and significant terminal value generation [1] - Emphasis is placed on understanding core business economics, including competitive advantages, unit economics, reinvestment opportunities, and management quality [1] - The goal is to generate long-term free cash flow and create shareholder value through fundamental research in sectors with strong secular growth trends [1] Investment Philosophy - The investor is self-educated and has been active in the investment field for 10 years, currently managing personal funds sourced from friends and family [1] - The motivation for sharing insights on platforms like Seeking Alpha is to provide valuable analysis and receive feedback from other investors [1] - The focus is on helping readers understand the drivers of long-term equity value, with an emphasis on analytical and accessible analysis [1]

Group 1 - The article introduces William Hazen as a new contributing analyst for Seeking Alpha, highlighting his experience in running a hedge fund and his investment philosophy focused on businesses with strong economic moats and scalable models [2] - Hazen's investment strategy includes a concentrated U.S. Equity portfolio with 8-10 holdings, and he occasionally writes about special situations involving distressed and undervalued businesses [2] - The largest holding in Hazen's portfolio is Uber, alongside other companies like Turning Point Brands, Netflix, and SkyWest, indicating a diverse investment approach [2] Group 2 - Hazen aims to share high-conviction, well-researched investment ideas through Seeking Alpha, fostering a community for exchanging ideas and receiving feedback [2] - The article emphasizes that Hazen has a beneficial long position in Turning Point Brands (TPB), reflecting his confidence in the stock [3] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not represent the platform as a whole [4]

Group 1 - The individual began investing in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - Recently, the investment strategy has evolved to combine long stock positions with covered calls and cash secured puts, reflecting a more sophisticated approach to investing [1] - The investment philosophy is fundamentally long-term, with a primary focus on REITs and financials, while occasionally exploring ETFs and other stocks based on macro trade ideas [1]