2 Stock Pitches by Anthony Fruci (Halvio Capital)
Interview #132 - Discusses approach to investing, and also shares two microcap stock ideas.
For this edition we welcome Anthony Fruci from Halvio Capital.
Anthony discusses his approach to investing, and shares two microcap stock ideas.
(Disclaimer: This interview is for informational and educational purposes only, and should not be seen as investment advice. Please do your own research before investing in any company mentioned).
Hi Anthony, thanks so much for taking the time to do this interview.
Can you provide readers with a brief overview of Halvio Capital?
Thanks for having me here. Right now it’s just some managed accounts for family members as of April 1, 2025. I generally don’t like boxing my strategy or style because every situation is different but for the most part I have a certain style I stick to. But I am willing to be flexible in certain circumstances if the price is right.
Everyone is going to have an investing style that suits their personality and certain ideas they are drawn to. I think I heard Jared Kushner tell a story once that he was asking Ray Dalio how he should figure out his investing strategy and Ray Dalio said that when you read investment write ups, write down the things that resonate with you.
And over time those things that have resonated with me are: profitability, downside protection, a management team that is good or at least doesn’t waste shareholder capital for the most part and usually cheap multiples.
I just can’t bring myself to pay over certain multiples because I know what I don’t know and for sure can’t predict the future better than most.
Using the above criteria has usually resulted in me investing in little niche, established businesses that the market doesn’t care about or can’t access due to liquidity constraints or are just overlooked.
I don’t have a business preference, as long as there is some profitability and I’m confident that the competitive nature of the business allows the profits to continue into the future.
Another area I like to look at is special situations. These can be spinoffs, capital return plans, coat tailing activists and liquidations. Situations that shouldn’t correlate with the market.