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    Joshua Horowitz

    Research Analyst at Palm Valley Capital Management

    Joshua Horowitz is Managing Director and Portfolio Manager at Palm Valley Capital Management, specializing in small-cap value investment strategies with a focus on constructive activism. He covers public companies including Limbach Holdings, BK Technologies Corp., Barnwell Industries, and Kingsway Financial Services, where he has held board or leadership roles. Horowitz began his finance career after earning degrees from the State University of New York at Binghamton and the University of Bath School of Management, joining Palm Management US LLC in 2011 and later Palm Valley Capital Management. He holds board positions across several companies, demonstrating a hands-on approach to value creation, and is recognized for his expertise as a private equity investor, though specific FINRA registration or securities licenses are not publicly confirmed.

    Joshua Horowitz's questions to KINGSWAY FINANCIAL SERVICES (KFS) leadership

    Joshua Horowitz's questions to KINGSWAY FINANCIAL SERVICES (KFS) leadership • Q3 2024

    Question

    Joshua Horowitz of Palm Valley Capital Management inquired about Kingsway's acquisition strategy, asking which industries are most attractive, whether talent recruitment for the KSX model is getting easier, and what the appropriate timeframe is to measure the success of these acquisitions.

    Answer

    Executive John Fitzgerald explained that the company's Operator in Residence (OIR) talent recruitment benefits from a 'flywheel effect,' with the best referrals coming from existing OIRs and CEOs. He noted that attractive industries are typically asset-light business services and vertical market software in niche sub-industries. Fitzgerald suggested that a three-year mark is an appropriate timeframe to assess an acquisition's success, citing the example of Ravix, which has nearly doubled its EBITDA since its acquisition three years ago.

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    Joshua Horowitz's questions to NURO leadership

    Joshua Horowitz's questions to NURO leadership • Q4 2023

    Question

    The analyst aggressively questioned the company's capital strategy, specifically its use of an at-the-market (ATM) stock facility, which he described as 'clandestine' and making the company 'uninvestable'. He advocated for a traditional institutional offering or, alternatively, liquidating the company and returning cash to shareholders.

    Answer

    The executive defended the ATM strategy, arguing it is not 'clandestine' as it's reported quarterly. He stated that the current market is not receptive to traditional offerings for micro-cap companies, making the ATM a more sensible approach to raise capital on a small basis as needed. This strategy is based on advice from investment bankers and internal discussions.

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