Lowell Capital's Jim and Abigail Zimmerman on LNF.TO, LYTS, MACF.L, and IWG.L | S07 E24
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I think we're live. It's always hard to tell. It's not like they give you a little flagpole here. I think we're live. This is Value After Hours. I'm Tobias Carla, joined as always by my co host, Jake Taylor. Our special guests today are Jim and Abigail Zimmerman of Lowell Capital Value Partners based in El Segundo, just down the road from me. Small cap value investment strategy focused on growth companies at value prices. Jim, Abigail, welcome to the show. How are you? Doing
great. Thanks so much for having us. Yeah. Thank you for the show. Really appreciate it. That's
very kind. Tell us a little bit about your strategy. Value comp growth companies at value prices?
Definitely. Growth companies at value prices. Yeah. So we run Lowell Capital. We're a family run investment firm where we manage our own capital, alongside a group of long term partners who are aligned with our strategy and approach. And we primarily focus on small cap and micro cap companies that are under followed, cash generative, and built to last with what we call Fort Knox balance sheet and high returns on capital. And I would say one thing that differentiates us is just how much emphasis we put on cash from operations and the businesses that we look at. So not EBITDA, but actual cash co
And if you think about, you know, you wanna people say, well, you act as if you buy the whole business. Stocks are they're businesses. They're pieces of businesses. Berkshire talks about that. And, like, how can you sleep at night? You know? Well, if you have no debt, and I went through the, you know, financial crisis with people with no debt and good cash flow and, you know, doctors are like, what what crisis? You know? They were you know? And so we're looking for companies like that. So we love companies with Fort Knox balance sheets and, that have highly resilient cash flows. And, actually,
interesting, anecdote from the last Berkshire meeting was, and I never heard Buffett say this before, but he said that the first thing he looks at when he's looking at a company is ten years worth of balance sheets, which I think puts him in a very small minority of people who take that kind of balance sheet first approach.
Absolutely. We love companies, like, you'll see a company that has one of the ones we could talk about today, this first company, you know, a ton of debt, and then all of a sudden over four or
five years, all the debts gone. And then
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