180 Degree Capital Corp. (NASDAQ:TURN) Q4 2023 Earnings Call Transcript
180 Degree Capital Corp. (NASDAQ:TURN) Q4 2023 Earnings Call Transcript February 21, 2024
180 Degree Capital Corp. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Daniel Wolfe: [Call starts abruptly] And welcome to 180 Degree Capital Corp’s Fourth Quarter 2023 Financial Results Update Call. This is Daniel Wolfe, President and Portfolio Manager of 180 Degree Capital. Kevin Rendino, our Chief Executive Officer and Portfolio Manager and I would like to welcome you to our call this morning. All participants are currently in a listen-only mode. Following our prepared remarks, we will open the line to questions. [Operator Instructions] I would like to remind participants that this call is being recorded and that we will be referring to a slide deck that we have posted on our Investor Relations website at ir.180degreecapital.com under financial results. Please turn to our Safe Harbor statement on Slide 2.
This presentation may contain statements of a forward-looking nature relating to future events. Statements contained in this presentation that are forward-looking statements are intended to be made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs and a number of important factors could cause actual results to differ materially from those expressed herein. Please see our filings with the Security and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with 180 Degree Capital’s business that could affect our actual results.
Except as otherwise required by Federal Securities Laws, 180 Capital Corp undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. I would now like to turn the call over to Kevin.
Kevin Rendino: Thank you, Daniel and good morning, everyone. Let me start with the conclusion before diving into the details of the quarter. I've been managing money for over 30 years and have been an investor portfolio manager since 1988. Never in my life I have been more convinced that we own a collection of companies that I believe have the potential to rise materially in value as much as the portfolio TURN has put together as we start 2024. We're also at a point where I believe our constructive activism will make a difference in this value creation. While the last 2 years have been incredibly frustrating and disappointing, I'm grateful it's over and we are off to a flying start in 2024. Just look at what we own at the end of the quarter and look at the performance of those names, companies like Synchronoss.
Having had the 30-year experience of knowing that challenging performance periods happen, during these periods it is crucial that you don't shy away from talking about them, you don't become over emotional about them and you stick to your knitting and process no matter how painful the period can be. Somebody sent me a quote once and it said, "The one willing to look the stupidest the longest wins." Over the last 2 years, we feel stupid, on the one hand, yet, on the other, we couldn't be more optimistic about what we own, that significant value appreciation is possible in the next few years. The fourth quarter of 2023 we hope was a start of what we believe will be a return to risk asset classes, including the microcap stocks in which we invest.
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