Portfolio manager, Bandera Partners; author, Dear Chairman
4 dated public stances tracked since 2020-03-09, most recently 2020-03-09. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Jeff Gramm's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Jeff Gramm is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|
| 2020-03-09 | JYNT | owns | +26.6% | +28.9% | +208.7% |
| 2020-03-09 | HTH | owns | +7.5% | +0.8% | +86.6% |
| 2020-03-09 | DYAI | owns | +23.0% | +51.0% | +1.4% |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|
| DYAI | 1 | | 1 bullish | 2020-03-09 |
| HTH | 1 | | 1 bullish | 2020-03-09 |
| JYNT | 1 | | 1 bullish | 2020-03-09 |
| RUBICON TECHNOLOGIES | 1 | | 1 bullish | 2020-03-09 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2020-03-09
JYNT
owns
The Acquirers Podcast · video
Chiropractic franchise chain with a clear, low-risk domestic growth path via geographic infill and franchise machine expansion, trading cheaply relative to its growth runway
“the path to domestic growth it's just it's clear... I'm buying it for so cheap that I'm going to do well”
90d +26.6% · 180d +28.9% · 1y +208.7%
Small Activist: Jeff Gramm on smallcap activism with Tobias Carlisle on The Acquirers Podcast
2020-03-09
DYAI
owns
The Acquirers Podcast · video
Dyadic International trades below net cash (all liabilities subtracted from liquid assets), providing a margin-of-safety floor in a market-inefficient small-cap
“we own this thing Dyadic DYAI which we bought as a net net”
90d +23.0% · 180d +51.0% · 1y +1.4%
Small Activist: Jeff Gramm on smallcap activism with Tobias Carlisle on The Acquirers Podcast
2020-03-09
RUBICON TECHNOLOGIES
bullish
The Acquirers Podcast · video
Current holding trading as a net net (below net cash) with Tim Brog as CEO, whose capital-allocation track record Gramm trusts from the Peerless Systems experience
“Rubicon Technologies which Tim is the CEO of that's a net net now”
Small Activist: Jeff Gramm on smallcap activism with Tobias Carlisle on The Acquirers Podcast
2020-03-09
HTH
owns
The Acquirers Podcast · video
Hilltop Holdings is held as a core portfolio position, originally purchased as a net-cash net net with a margin of safety from liquid asset value exceeding all liabilities
“we own Hilltop Holdings like as a core position. That was a like a net net”
90d +7.5% · 180d +0.8% · 1y +86.6%
Small Activist: Jeff Gramm on smallcap activism with Tobias Carlisle on The Acquirers Podcast
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