What Makes Builders Firstsource (BLDR) an Interesting Public Leverage Buyout?

Bonhoeffer Capital Management, an asset management company, released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter of 2024, the fund returned a loss of 4.2% net of fees compared to 5.7% returns for MSCI World ex-US, a broad-based index, and 1.0% return for the DFA International Small Cap Value Fund. The fund’s stocks have an average EV/EBITDA of 3.8 and a weighted average earnings/free cash flow yield of 14.4% as of June 30,...