Postcards: The Best Sandwich of All Time

Quality matters. Here's how to find it.                                                                                                                                                                                                                                                                                                                                                                                                                 Forwarded this email? [Subscribe here]() for more [Postcards: The Best Sandwich of All Time]( Quality matters. Here's how to find it. [Garrett {NAME}]( Dec 7   [READ IN APP](   Dear Fellow Expat: When was the last time you raved about a sandwich? For me… it was six minutes ago. On Wednesday, the Bonita Beach Country Club (a great name for a dive bar) sells its “Chicago Beef” sandwich. The Philly sub is on the menu every day. The Chicago Beef is a Wednesday special. The latter is remarkable. It’s hard to mess up a Philly steak sub. It’s incredibly easy to mess up the Chicago Beef. They don’t miss. When the Florida Republic launches officially in January, there will be a ribbon cuttting ceremony that dubs this sandwich the official sandwich of the Florida Republic. It’s that good. Quality matters. Finding Quality This morning in the Republic Risk Letter (all 1,900 words), I discussed a number of stocks that fall into the deep value world. I’m not going to pretend that I’m an expert on value - which is why I deflect my insight to Tim Melvin, Tobias Carlisle, and Wes Gray. But let me share with you what I said today. The resurgence in the markets makes it difficult for investors to step in and locate value. The things that look cheap with significant reversion potential are the companies that people likely don’t want to touch due to bias.  For example - look at the housing market. While I’ve advocated for strong momentum in a name like Toll Brothers (TOL) - which topped earnings, by the way - who in their right mind would want to buy ReMax (RMAX)?  Well, that’s the type of reversion opportunity that exists after a 50% drop in the last year and a lot of insider buying. What else is on the radar? I like pretty much anything related to shipping: Danaos (DAC), Teekay (TK), and Euroseas (ESEA). What about Friedman Industries (FRD), a tiny Texas-based shipping container components and tubing producer for the oil and gas industry? It’s trading for 70% of its tangible book value, and its EV-EBIT is almost 5. The stock is worth $17. What about buying a boat company - at a time when boat sales are at multi-year lows? Mastercraft Boat Holdings (MCFT) is off 22% in the last year, and its Free Cash Flow yield is now north of 20%. No debt. Great margins. A $30 price target for the next two years. Its EV-to-EBIT is almost 3. Investing isn’t easy. It requires conviction and diligence. But one of the most important lesson that I can offer is that you zig while others zag. In an email to a subscriber last night, I recommended that they follow six people. Porter Stansberry, Tim Melvin, Wes Gray, JD Henning, Tobias Carlisle, and me. That’s it. If you’re seeking quality… it’s in this list. Now… I told you that [I would share this link with you](. I said that it is worth your time. It is. Porter Stansberry and I are working together on Republic Research in 2024. Porter is a visionary. He called the collapse of Fannie Mae and Freddie Mac. He has given investors great long-term insights into great companies with incredible capital effiency. But let me tell you about Porter. He’s the most generous person I have met in my lifetime. I stress this. He loves the markets as much as me. He cares about his customers. He wants to make people money, and he has a research team that is better than most hedge funds that I’ve worked with in the past. I’m telling you right now, I stand by Porter and his team, and I cannot wait until we build Republic Research into one of the best financial programs in the world. I wouldn’t be doing this if I didn’t have full confidence in his research. So, when he issues this warning to the markets, I pay attention. [Here are the details.]( WHO: Porter Stansberry and special VIP guest “The Dean” – one of the most decorated financial analysts of the last 30 years. WHAT: Urgent 2024 Summit – what to expect in the year to come, how to protect your savings and investments from the coming crisis, and how to capitalize on the greatest legal transfer of wealth in history. WHEN: Tuesday, December 12, 2PM EST WHERE: [Private online broadcast room]( BONUS: Free report from Porter: [The Portfolio Reset]( And I have to share it with you because it warrants your attention. You need to sign up for Porter’s upcoming announcement, becuase if the market does what I expect it will, it will create an incredible opportuntiy for investors who know That’s it. Tune in. Stay positive. Garrett You're currently a free subscriber to [Postcards from the Florida Republic](. For the full experience, [upgrade your subscription.]( [Upgrade to paid](   [Like]( [Comment]( [Restack](   © 2023 Garrett {NAME} 548 Market Street PMB 72296, San Francisco, CA 94104 [Unsubscribe]() [Get the app]( writing]()