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Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: Hi Peter,

A follow up question on Pinetree. With Shezad Okhai (former VP of Constellation Software Volaris group and previous Chief Investment Officer of Pinetree) coming back effective November 1st, do you think it would be a stretch to look at this company as a quasi Constellation Software VC or PE company. Damien Leonard (CEO) involvement, Pinetree has common stock holdings with Strikwerda BV holdings (connection to Topicus CEO - ie. Trubridge) and the type of verticals software investments in the fund, it looks like there is a lot over lap and synergies with CSU. Or is this a bit of a stretch.
Read Answer Asked by Frank on October 28, 2024
Q: Regarding Frank's question on Pinetree Capital
It is seemingly up because they hold shares in Bravura Solutions traded on the ASX and main reason is they reported nice results a few days ago.

Some connections to Constellation Software here as of course Mark Leonard's son Damien runs this company (Pinetree) as I am sure you know and they seem to align with Constellations investments a few times (holding Sygnity and Topicus) and a Volaris Group Vice President (Shezad Okhai) joined Pinetree in 2021and then left for Bravura Solutions in 2023... they look undervalued when you review all their investments and report soon.
Read Answer Asked by Michael on February 23, 2024
Q: In a recent answer you mentioned there are better microcaps to own than MRS. Can you suggest 2 or 3 that are equally as beaten down but that have much better potential over the next 24 months or so.
Read Answer Asked by Randy on May 16, 2022
Q: Everyone, you suggested a number of micro caps stocks rather than one or two. Recently you have suggested MTLO and PNP. Can you recommend another three? Individually I will invest $1000 each and with the assumption that they could go to zero. Many thanks.
Read Answer Asked by Clayton on March 24, 2022
Q: I would appreciate your updated outlook on PNP, and answers to the following 3 questions:
My understanding is that this company is gradually being taken private by the family holding company. Do you believe that to be the case? Also, what do you think the rationale was for the upcoming rights offering that PNP announced last week? As an existing shareholder with a 1% position, do you recommend that I exercise the rights once they are issued?
Thank you...Glenn
Read Answer Asked by Glenn on April 07, 2021
Q: A friend of mine who works in Venture Capital recently told me about a small tech fund that was being managed by Damien Leonard, Mark Leonard's son. The crazy part - it's the old PineTree Capital, that terrible mutual fund-like investment product that would buy speculative mining companies and ruin shareholder capital. The Leonard family home office (incl. some of Mark's cash) now owns over 30% of the company. Upon doing some research, it looks like the company is trading at a 25% discount to book value although the new tech investments are not disclosed.

What are your thoughts? Would this be an appropriate 1% position (despite low liquidity) knowing that very few people understand investing in software companies like Mark Leonard, Damien's biggest mentor?

Read Answer Asked by Michael on October 22, 2019