MYDemaray

The following will suggest more a concern on the margins https://www.healthnutnews.com/the-35-biggest-advertisers-on-facebook/ Also has not changed much since 2013 https://www.businessinsider.com/top-advertisers-on-facebook-2013-11?r=US&IR=T Wow, this implies P&G spent ~0.8% of their sales budget with Facebook. And, it's interesting that this is a criticism of Peltz: https://adage.com/article/cmo-strategy/peltz-h/310369/

Duperreault: Tacit admission of "big bath" quarter, his first at the helm? So, now they've taken the bath on 2016/17 (did I read this right, that they've essentially accelerated some of the reserving into Q3 from Q4)? Sankaran: This coupled with the Berkshire reinsurance deal and I'm hoping (dangerous word) that this is the bottom. I'm also hoping that this means pricing is going up on 2018 renewals, which will probably lead to lower revenues (look for analyst fretting along these lines). Could be the worst is past...or maybe I'm just a bagholder EDIT: Above, further addressed in Q&A:

Becoming a bit of a story stock...you can sit tight and let the earnings build and probably earn a decent return on the warrants without any heroic multiple expansion assumptions. But the risk/reward has definitely shifted. For better or worse, I significantly pared my position today. Still have a little though. I have historically exited early on many investments though.

This is going to make me a serious candidate for @bagholderquotes but seems like as long as they are buying back shares, it's advantageous to simultaneously hit earnings with prior loss year reserves...at least to those of us who have a long investment horizon.

Damit. Beat me to it. On page 5 of the last annual report are a list of a bunch of contracts....are the actual contracts located somewhere? Its probably confidential material but would be fun to read them. Getting to this discussion late so you've probably already found them. If not: Customer BG Gulf Coast LNG BG Gulf Coast LNG, LLC (“BG”) has entered into an SPA that commences upon the date of first commercial delivery for Train 1 and includes an annual contract quantity of 182,500,000 MMBtu of LNG with a fixed fee of $2.25 per MMBtu and includes additional annual contract quantities of 36,500,000 MMBtu, 34,000,000 MMBtu, and 33,500,000 MMBtu upon the date of first commercial delivery for Trains 2, 3 and 4, respectively, with a fixed fee of $3.00 per MMBtu. The total expected annual contracted cash flow from BG from fixed fees is approximately $723 million. In addition, Sabine Pass Liquefaction has agreed to make up to 500,000 MMBtu/d of LNG available to BG to the extent that Train 1 becomes commercially operable prior to the beginning of the first delivery window with a fixed fee of $2.25 per MMBtu, if produced. The obligations of BG are guaranteed by BG Energy Holdings Limited, a company organized under the laws of England and Wales. Amended and Restated Sale and Purchase Agreement http://www.sec.gov/Archives/edgar/data/1383650/000138365012000006/0001383650-12-000006-index.htm Gas Natural Aprovisionamientos ("Gas Natural Fenmosa") Gas Natural Aprovisionamientos SDG S.A. (“Gas Natural Fenosa”) has entered into an SPA that commences upon the date of first commercial delivery for Train 2 and includes an annual contract quantity of 182,500,000 MMBtu of LNG with a fixed fee of $2.49 per MMBtu, equating to expected annual contracted cash flow from fixed fees of approximately $454 million. In addition, Sabine Pass Liquefaction has agreed to make up to 285,000 MMBtu/d of LNG available to Gas Natural Fenosa to the extent that Train 2 becomes commercially operable prior to the beginning of the first delivery window with a fixed fee of $2.49 per MMBtu, if produced. The obligations of Gas Natural Fenosa are guaranteed by Gas Natural SDG S.A., a company organized under the laws of Spain. Sale and Purchase Agreement http://www.sec.gov/Archives/edgar/data/1383650/000138365011000079/exhibit101gasnaturallngsal.htm Amendment 1 http://www.sec.gov/Archives/edgar/data/1383650/000138365013000051/cqp20131stqtrex101.htm Korea Gas Company ("KOGAS") Korea Gas Corporation (“KOGAS”) has entered into an SPA that commences upon the date of first commercial delivery for Train 3 and includes an annual contract quantity of 182,500,000 MMBtu of LNG with a fixed fee of $3.00 per MMBtu, equating to expected annual contracted cash flow from fixed fees of approximately $548 million. KOGAS is organized under the laws of the Republic of Korea. Sale and Purchase Agreement http://www.sec.gov/Archives/edgar/data/1383650/000138365012000009/0001383650-12-000009-index.htm Amendment 1 http://www.sec.gov/Archives/edgar/data/1383650/000138365013000017/exhibit1019kogasspaamendme.htm GAIL (India) Limited ("GAIL") GAIL (India) Limited (“GAIL”) has entered into an SPA that commences upon the date of first commercial delivery for Train 4 and includes an annual contract quantity of 182,500,000 MMBtu of LNG with a fixed fee of $3.00 per MMBtu, equating to expected annual contracted cash flow from fixed fees of approximately $548 million. GAIL is organized under the laws of India. Sale and Purchase Agreement http://www.sec.gov/Archives/edgar/data/1383650/000138365011000083/exhibit101gaillngsaleandpu.htm Amendment 1 http://www.sec.gov/Archives/edgar/data/1383650/000138365013000017/exhibit1018gailspaamendment.htm Total Total has entered into an SPA that commences upon the date of first commercial delivery for Train 5 and includes an annual contract quantity of 104,750,000 MMBtu of LNG with a fixed fee of $3.00 per MMBtu, equating to expected annual contracted cash flow from fixed fees of approximately $314 million. The obligations of Total are guaranteed by Total S.A., a company organized under the laws of France. http://www.sec.gov/Archives/edgar/data/1383650/000138365012000153/exhibit101totalspa.htm#s12305613ABAB64DD08EB9B92DB8F3E01 Centrica Centrica plc (“Centrica”) has entered into an SPA that commences upon the date of first commercial delivery for Train 5 and includes an annual contract quantity of 91,250,000 MMBtu of LNG with a fixed fee of $3.00 per MMBtu, equating to expected annual contracted cash flow from fixed fees of approximately $274 million. Centrica is organized under the laws of England and Wales. Sale and Purchase Agreement http://www.sec.gov/Archives/edgar/data/1383650/000138365013000038/0001383650-13-000038-index.htm

http://www.reuters.com/article/us-usa-oil-lawsuits-idUSKCN0VV0DK

I haven't done any work on this topic, but.....some possibilities: - lack of confidence in one's analysis/hedging - humility knowing one's analysis might be wrong - operating with a thesis but not the research

AIG mulling sale of life blocks: http://www.bloomberg.com/news/articles/2015-11-27/aig-said-to-mull-sale-of-life-blocks-as-icahn-pushes-for-breakup?cmpid=yhoo.headline

Just that short chicken is a popular trade among hedge funds at the moment (and more broadly animal protein). I don't follow this industry but understand that the thesis has something to do with being at the top of the cycle. You might want to inquire with more knowledgeable people along those lines.

Lovely. Thanks for posting.

Gibbs Bruns is no stranger to us BAC holders...

Skimmed an HLSS PSA today...contains 25% threshold to direct trustee...so does Blue Mountain have the 25%? No position here.

Anyone know how capital gains are treated on Italian listed stocks? Will my broker withhold for U.S. persons, or do I have to report these myself?

Also adds some intrigue around the rumors that VW has wanted Ferrari...

They are only floating 10% right? My guess is this is just a way to get the market to recognize the full value of Ferrari embedded in the rest of FCA. That will lift FCA equity price, and perhaps make additional financing down the road easier.