#SUN OVERLAYS FULL#

RCI shares have increased fivefold since Wyden invested. Another plus: ItвЂ™s exceedingly difficult to obtain a strip club license, meaning the company has a deep moat around its business. But Wyden reckoned that as the pandemic ebbed there would be pent-up demand for RCIвЂ™s clubs, many located in Florida and Texas, and that they would reopen fast. Wyden built his 10% position beginning in late April 2020, when the coronavirus led investors to believe that in a world of masks and social distancing, a company built on drunken bachelor parties and lap dances was toast. His fund is the single largest shareholder in HoustonвЂ™s RCI Hospitality, operator of over 40 gentlemenвЂ™s clubs and parent company of RickвЂ™s Cabaret. Wyden is no shrinking violet when it comes to making big bets. Since inception in January 2011, WydenвЂ™s ADW has returned nearly 28% annualized after fees, roughly double the S&P 500, making investors about 12 times their money in a decade. He hunts far from the picked-over S&P 500, preferring micro- and small-cap stocks mostly ignored by analysts and large hedge funds.

#SUN OVERLAYS FULL#

Through his Miami-based ADW Capital Partners, Wyden has proven his mettle as a deep value investor buying companies full of underappreciated assets.

Over the past decade, the younger Wyden, 37, has grown his bar mitzvah money and personal savings into a $350 million hedge fund in which his share isВ now worth $100 million. And his record to date has been nothing short of staggering. The elder Wyden is a tax-the-rich champion who dubbed former President TrumpвЂ™s corporate tax cuts a вЂњpartisan tax scam.вЂќ His son, by contrast, isnвЂ™t registered with either political party but instead is a card-carrying member of the Benjamin Graham party, with a dogged devotion to finding undervalued stocks. Do you think any of these guys actually know what theyвЂ™re doing?вЂќДЇor an answer, Wyden could ask his father, Senator Ron Wyden, a Democrat from Oregon and chairman of the powerful Senate Finance Committee.

вЂњIвЂ™m very disappointed with American governance right now.

ItвЂ™s April 22, and markets are sinking on a report that President Biden aims to raise capital-gains tax rates to 39.6% for high earners, effectively doubling the rate for rich investors. From the sun-drenched house heвЂ™s renting in the ritzy Miami enclave of Bay Harbor Island, Adam Wyden is livid at the news crossing his Bloomberg terminal.

Sun overlays