In this episode, I talk with Christian Ryther of Curreen Capital. Christian starts off by sharing his experience at Columbia Business School in the Value Investing program, and also how he managed to finish second in a 100 mile race. During the podcast episode, we discuss several spin-offs: Solventum (SOLV), Enhabit (EHAB), Millrose (MRP), Havas (HAVAS), and Pluxee (PLX).

1:35 – Christian’s background including his time in the Columbia Business School Value Investing Program

4:15 – A discussion of how long market cycles (value vs growth, small cap vs. large cap) last.

5:20 – Christian’s experience in the Peace Corps in Morrocco

7:00 – Christian’s experience coming in 2nd place in a 100-mile race

9:30 – Christian discusses his approach to investing in spin-offs

13:20 – A discussion on Solventum (SOLV), the MMM spin-off

15:15 – How Christian thinks about portfolio position size

17:30 – What market cap Christian focuses on

19:45 – A discussion of Enhabit (EHAB)

28:30 – How meaningful Enhabit’s lawsuit win vs. VitalCaring Group

31:45 – Why is United Health (UNH) interested in buying home health companies?

33:15 – A discussion of insider buying at Enhabit (EHAB)

34:20 – Why the Millrose spin-off from Lennar (LEN) pisses Christian off

37:10- Why Christian views the Millrose spin-off as a preferred stock

37:50 – Does this make Lennar (LEN) more interesting?

39:15 – Would Lennar (LEN) ever walk away from its agreement with Millrose?

42:05 – Quick pitch on Havas, the Vivendi spin-off

48:15 – Quick discussion of Pluxee (PLX)

53:05 – How to get in touch with Christian