ADW Capital

“In technology, investors need everything to be perfect. And as a value guy, I've always said, it's so cheap. If it's 85% right, you'll get 85% of the multiple or the value. And I think in technology, that's not the case. People want everything perfect.”

“I'd make arguments that people would actually want to buy more software in the downturn because they want to lower their costs. That's a secular growth industry in a business that's arguably counter-cyclical.”

“When you think about what we do, our business model is scratch and debt inventory. We want to find the Porsche that's sitting in the garage, and we want to go and replace the tires and give it a car wash, and then we're going to drive it really, really hard. T…”

“In 18 and 19, people say, oh, you had an activist letter out on every single one of our companies, and we basically did.”

“What we have found is that knowing when to buy things is super obvious, knowing when to sell isn't. And so if you're not going to get the sell methodology perfect, then you got to be in a situation where time is your friend.”

“The fund was a little under 500,000 dollars. I lived at home, kept costs low and distractions low. And I finished year one at about eight or nine million dollars.”

“I think it was hard for John Salmon to go and sit face to face with someone who wrote a public letter saying, you have a PhD in value destruction, but actions speak louder than words.”

“We bought this company, Lorex Technologies. It was one of our first investments in 2011. We bought it at like 25 cents, and I think it ended up getting sold a year and a half later for like a buck 40 or 20 or something like that.”

“I will never make an investment again solely under the auspices of activism. I don't ever see that happening.”

“Par was one of the few companies in that era where you can categorically say the juice is worth the squeeze.”

“The takeaway from all this, the major lesson in PAR and all this is that terminal value matters. Ultimately, when you have a business with a high terminal value that's growing, it creates a lot of room for execution errors.”

“Overstaying our welcome in Fiat and resizing the position post spin.”