Spekulatius

Looks like they are TAPed out. Is it just me - “Revitalization plan” sounds really bad. And why do they move the headquarters to Chicago? Does the CEO want to live there? They probably should hand out Tequila shots in a Wework fashion for their employees or whatever is the strongest stuff they produce themselves: http://ir.molsoncoors.com/news/press-release-details/2019/Molson-Coors-Announces-Revitalization-Plan-and-Reports-2019-Third-Quarter-Results/default.aspx

I don’t even have a business, but I have got Chase and Amex business cards. My wife has employee cards for both ?

So this is now lifting off (or crashing ) as SPCE , what is the opinion. The main investor Chamath Palihapitiya strikes me as a nutcase: https://finance.yahoo.com/news/virgin-galactics-investor-ex-facebook-exec-palihapitiya-says-in-better-mental-state-without-social-media-120538566.html Anyone knows what Chamath track record is? I saw him first when he presented BOX as a long, benefiting from AI etc, the fact non-withstanding that BOX storage seems to be a lousy product. I think the economics of space tourism probably put the economics of the first 100 year or airlines to shame.

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Sold my NOW trading shares. Is it just me - I think the new CEO Bill McDermott with his tinted glasses and bling watch looks more like a strip club owner than a CEO.

Same here - I bought a similar model than Rkabang from Evotec/Deebot when Costco had a deal on them and I am satisfied. I don’t think IRobot has much of a moat and they are now a consumer good company in a cutthroat business.

Whoever suggested it, Jeff Bezos approved it. I kind of like what they have done with Whole Foods - the lockers can be very useful and one of my local Foods stores has a craft beer bar. The discounts for Prime members are nice. Also, I think the end game is delivery: https://www.cnbc.com/2019/10/29/amazon-is-making-two-hour-grocery-delivery-free-for-all-prime-members.html The area I live in is not supported yet .

No drugs, booze or tobacco in Berkshire’s portfolio unfortunately. The most profitable business or those that kill people slowly.

It’s also notable that with a regulated industry, it really cannot be correct that only PCG is too blame. Capex and operational expenses need to go through the regulator. I don’t think if PG&E had asked for $10B to harden the grid in 2015 because of inherent fire danger, they would not have gotten approval to do so. Same with tree trimming to some extend. The ball is really in the Californians government court to change the rules. I am pretty sure that BHE would be interested to invest, given the right framework and some cap and liabilities. Note that PCG actually produced pretty good numbers before the first disaster in 2017, due to expanding rate bases from the switch to renewables, which also raised electricity bills for customers quite a bit. I think there is way more to come of the latter. The best action may be for the CA government to take control of PCG and then work on creating a framework that makes the utility investible for the private sector again.

This is HK after all. I do think that strong capital allocators like LI Ka- Shing tend to buy back shares ( both personally and the company as well) and are very solid with timing too. It would tend to go along with those.

In my humble opinion, this is another example of the brilliance displayed by Mr. Buffett and his model. He is in a position to negotiate without having actually entered the negotiation process as (I imagine) he would look for some kind of partnership where the public entity would be responsible for a reinsurance type of excess loss deal on past and future wildfires' damages. I'd say he will pretend to have no real interest but he may have defined the price he's ready to pay and the mantle of protection required already with the potential to close a transaction at a lightning speed. PG&E could be a great deal for BRK, because Berkshire has both utility management, insurance capacity and expertise and the ability to write a Check worth tens of billions of $. There is really no competition out there who can even Doo all three.

Yes, Libra seems an oxymoron since the main allure of a cryptocurrency is no supervision by any institution, least a central bank. Also ( and related to above) they are useful for money laundering( or what the government defines as such). I think FB should have issued a token, not a currency or should have sold it as a token, even if it acts as a currency. Just bad marketing all around.

Stock looks washed out. It’s a bit bothersome when a stock trades at a fraction of book, has a lot of cash and securities and is down 30% and no buybacks?

Why is the sale of the Prince George Refinery a positive? Sale price seems cheap at 2.9x 2020 EBITDA? Thanks. I have no dog in this fight, but 12k bro/day is just too subscale. Decent refineries are 20x larger. Considering the size, the sales price actually seems decent.

Mine owns a gym and a lot of lockers.

So Asia Financial does not mark their assets at fair value, like most Hk companies do? In HK, fair value gains are not taxed, so there is no reason not to do it. It seems based on a quick look that Asia Financial values their strategic investments (for the sake of income / Dividends) at cost and their trading assets at fair value., is this correct?

Mr Market believes the real earnings are closer to GAAP earnings. The “core” earnings that ADS is promoting are certainly BS. I have last quarters earnings at around $3.5/share adding back the cost of debt extinguishment. Their earnings are collapsing so no idea what they will make in the future. Even at this point, I don’t think it’s necessarily cheaper than DFS for example, considering the risk and the uncertainly with ADS. The analyst community keeps asking them to scrap "core EPS" so they can be compared with credit card peers like SYF and DFS on an apples to apples basis. For whatever reason, they refuse. If GAAP EPS was actually going to be $20 next year I doubt it would trade at 5x today. If only they could actually hit their numbers for a change. Unfortunately, they seem to be delusional about the underlying growth rate of the card business. On the call today, when asked, they claimed that investors should expect the normalized long-term revenue growth rate to be "high single digits." How on earth can this business grow at 4x the rate of GDP? It's not like private label credit cards are a secular growth story...

Conversion to a C Corp means a huge tax bill for LP’s especially those that held the units long term and have a low tax basis (distributions adjust the cost basis downwards). Same thing happened when Kinder merged then LP into KMI. I agree this would be more technical than fundamental, it we might get a huge puke, when these initiative comes to pass and LP owners freak out.

Q3 earnings are out. Similar to Q2, there is decent revenue growth and some pressure on margins: http://inversionistas.megacable.com.mx/en/reportesEN_pdf/3Q19.pdf

I don’t feel like a thread on just one of these stocks will get much traction, perhaps a thread on SAAS stocks? This is not typical value investor terroir, but nevertheless interesting.

Mr Market believes the real earnings are closer to GAAP earnings. The “core” earnings that ADS is promoting are certainly BS.

Interesting - their revenue grew faster (13%) than transaction volume (11%) and payment volume (7%). So it seems that average transaction size is down, but they still are able to charge more for each.

A breakup of MPC ( Sponsor and majority owner of MPLX ) is not a positive for MPLX most likely. Could you kindly explain? As a majority holder of units, MPC would be on both sides of the transaction. If a transaction is favorable for MPC and marginally favorable or neutral for MPLX, it would pass a fairness opinion and would go through. I believe the main Elliot pitch is that MPLX units should be distributed to shareholders. If that happens, I would expect a hell lot of selling because most shareholders can’t or don’t want hold MLP units. This is not directly a negative for the MLP itself, but certainly for the current minority unit holders.

A breakup of MPC ( Sponsor and majority owner of MPLX ) is not a positive for MPLX most likely.

It’s not Kacie’s fault, the whole media sector went to ?