Spekulatius

He still owns 280k shares, so that would be 100 days worth of trading volume. Could be hard sell without totally trashing the share price. I smell an exchange of the Melrose properties for his shares in the near term future. If he sells this in the open market, we might get a net-net.

Looks like one of the better run small cap E&P. At least they mention reserves/ share and not just total numbers and they are profitable (excluding the swings from hedging) in the current price environment. how much could they earn in a good year- $40M CAD? that would be 18c/share or a PE of 3x.

You will get the K-1 directly from the company. The brokers have nothing to do with it. They may even sent you a pdf of the K-1 via email, if you ask nicely.

Why do you sell your lower cost shares ? You should sell your high cost shares, perhaps take a loss and either wash sale it by parking in another tobacco stock or just rebuying 31 days later.

I think they mainly grow cotton and nuts. I am not aware of any tomatoes, and iven if they would, I doubts it’s going to be worth 10% of the stock price. Speaking of the stock price, that liquidation sale last fall was quite an opportunity. I bought in size, but in retrospect, it wasn’t enough. I still own shares, but sold some at $625. If only my other microcap clunkers would do so well.

Icahn having control of the company, especially when holding only 13% of the shares is a mixed bag. He usually makes sure that he gets to eat first....

Looks like some kind of buying frenzy in the Hjorth household. What did your wife get?

So a market place for a paid subscription service accuses the other market place of charging for access. Makes sense. :o

It looks like one roughly buys this for half the asset value (PV-10). The current business plan suggest they spent $170M in Capex this year and they will have $180M in EBITDA, which means that they are at best FCF neutral. they really should be slowly (or quickly ! ) liquidating, since they are trading for half the asset value, which if this continues, means that every dollar in cash gets converted into 50c in the ground. So, if they continue to operate cash flow neutral all is good, until they find another sinkhole and an asset is written off, which is pretty much unavoidable in the E&P business. My prediction is that with the current modus operandi, the shareholders won’t ever see a cent, management will keep drilling, until something untoward happens and/or bankers shut them down. The only way out for shareholders is if another company buys them out.

Anyone went through BA‘s 10-k with a fine comb? Interesting read - their accounts payable exceed their receivables by far and advanced billings finance their 80% of their inventory. (60% of the annual revenue. $120B in purchase obligation (probably long term supply contracts. if a major program blows up, the CFO‘s job could become very interesting quickly, it seems. Looks like they can float their inventory through offloading the balance sheet to their suppliers and getting advances from their customers, which means they generate more cash flow when they ramp up. The reverse should be true when business slows down. Then they use „program accounting“ as I learned from another forum, probably to smooth out earnings. All this you can buy for 22x earnings. Interesting. Maybe I am über sceptical as they sure have done this for quite some time.

MKL isn’t really cash constrainted, imo. Rather than adding bonds, how about reducing debt and specifically the preferred?. They pay about $350M in interest annually. I doubt adding some bonds at prevailing interest rates is effective vs just reducing interested rate expense ciampreferred or bond buybacks.

Anyone feels that OAK was selling out because they stagnated and losing ground relative to peers liked BX or Ares. They weren’t growing their AUM as fast than many others, probably because they were mostly confined to their distressed credit niche - but what do you do where there is little distressed debt? Their bran is aprobably a bit stale now. BAM gave the founders a way out, a broader platform, yet leave them in control for a while. I could be wrong, but this is my hunch.

BOR, Spekulatius? I spoke for you upthread, and now for Spekulatius. BPR? Yes BPR. Phat finger when using the phone.

I wouldn't think so, BAM is not a partnership, and it owns lots of other partnerships besides OAK. Thank you. You are right! All their subs issue K-1's and that is why I have not invested in the subs even when some of them got really cheap. Brain freeze :) Vinod BOR is a Reit and does not issue a K-1. It’s equivalent to BPY otherwise.

:( I don't own it, but have been waiting for the right opportunity to buy it. I guess that will never come. Sucks for anybody who has owned it long-term. Squeezes them out at a favorable price while management and Brookfield continue to benefit. So that’s how BAM decided to enter credit. The tax treatment in most cases sucks for LP holders, I wonder if the exchange for shares is a taxable event.

I looked at some brokers 10-k (IBKR, SCHW) and it’s clear that the recent revenue and earnings gains are mostly due to increased interest income, due to the short term interest rates going higher than zero essentially. I am wondering however, if this tailwind has worked it way already. I am somewhat concerned that we have seen close to the high in interest rates and may eventually going back to zero with the next recession. That would cut IBKR‘s ‘s earnings by half and SCHW would be reduced even more so.

Correct. I believe a lot of people will cancel or change flights once they now they are flying in a 737max plane. I think LUV will be hardest hit, since they have the most 737max planes, at least in the US. I think it will also cost Boeing a few billion to address the findings. I am surprised that BA isn’t down more. The Stock is a high flier ( pun) and still up ~15% YTD.

I've also reduced my shares, but it was basically because my thesis didn't play out. I loaded up on Fairfax expecting two things to happen: 1) Interest/Dividend income would dramatically increase over the following 2-3 year period due to rising rates which would lead to share price appreciation 2) Significant buybacks at prices from $450-550 USD would likely be accretive if income was to rise dramatically I sold most of the shares that I had purchased based on disappointing outcomes in both regards. 10-year rates rose to 3.2% prior to falling back down to 2.6%. With low inflation and limited pressure in the near/mid-term from rising front-end rates, it's hard for me to make a case for rates to rise as significantly as originally anticipated. I'm not saying Fairfax should've played the short-term game, but they did miss an opportunity to lock in longer-term rates and the opportunity set for increasing interest income in the near-term appears challenged. Further, buybacks have been less than I anticipated based on Prem's first comparison to Teledyne...and have been further diluted by compensation and share issuance that were unanticipated at the time of purchase. I still some shares and would be willing to add in the low 400s near book value, but there doesn't appear to the be the catalyst for anything to change with the company or help them achieve the 15% ROE that I initially anticipated. I agree on all counts. I think it’s fair to say that the thesis as most of us envisioned it a year ago didn’t play out and is unlikely to play out in the near term future.

Hmm, the US mandates design changes for the 737: https://finance.yahoo.com/news/morning-brief-us-to-mandate-design-changes-on-boeing-737-max-8-after-crashes-101822601.html I think this will cost Boeing, directly and indirectly. It will also cost LUV, which owns the most 737 max planes.

There is no website to pull the K-1 from. In my case, LAACZ actually sents me a letter to confirm how many units I own and if there are changes to my ownership. It is the only Lo to do so (others LP’s get this info from the broker where the units are with, but not with LAACZ). Then after a while, I get the K-1 per mail. So far, I have not received my K-1 yet this year. I don’t recall, since I owned it for so long, but I believe I had to contact them. I also have to email them when I change the address etc., so I don’t think they get the info from my broker. LAACZ is different from all the other LP that I own which will sent you a K-1 automatically, based on what your broker provided. LAACZ will not do that. I think they might do so, if you have the shares registered in your own name, since they mention ComputerShare.

Yes, the main protection is regulation and convenience. I personally don’t like to pull up in a Wal Mart parking lot and deal with going in a huge store to get a prescription. AMZN is very good at offering convenience though. WBA has been fighting PBM in the past and mostly been losing. It is interesting, but in the last CC (and before too), they note that they don’t want to own a PBM and think it is going to be disintermediated and reduced to a software layer. I think this might be true. CVS/Aetna or integrated players are a threat too, but CVS is neither very good in retail, nor is Setna been good in insurance, so I doubt the two combined will be a center of excellence. I do like the integrated approach when done right - Kaiser HMO is an example of that (from a customer perspective). WBA wants rejigger their store like Boots runs them, with less emphasis on the convenience store aspects and more on beauty. That’s why there are a lot of boots excess running the US now. I think they are quite mindful that the US and Europe are different. Walgreen stores are better run than CVS on average. The smaller pharmacies have trouble to offer the online confidence features that the larger chains do. That’s probably a big issue for the younger folks that do everything online first.

There is no website to pull the K-1 from. In my case, LAACZ actually sents me a letter to confirm how many units I own and if there are changes to my ownership. It is the only Lo to do so (others LP’s get this info from the broker where the units are with, but not with LAACZ). Then after a while, I get the K-1 per mail. So far, I have not received my K-1 yet this year.

I have reduced my shares before the annual report came out, and sold most of my remaining shares, except a tracking position after reaiding this. Reasons 1) share solution ( ~2M more shares). This isn’t Teledyne. 2) continued book value losses. 3) too many crappy investments. FFH is really too complex for its size and it’s not working. I recycled some funds into BRK last Friday, but have further thinking to do how to reinvest the proceeds.

It's not quite that simple. T-Mobile has unlimited for $70. You can probably get cheaper from a Straight Talk or other MVNO. But all of these plans have various levels of throttling above a usage limit (50gbs for the tmobile plan). In addition, using the phone as a hotspot will have other throttling limits and is generally on 3G instead of 4G. You can't really compare them to in home broadband which (for the most part) in the US is either unlimited or with such high limits very few people will come close. Cheapest I have seen in the US from an MVNO for 5GB (not unlimited) on ATT network is $220/year/person. My family (3 of us) are on such a plan. Much appreciated. But that isnt going to be sufficient for your broadband needs, correct? No, it’s not. We have separate broadband (Fios) for 100 MPs for $50/month. That’s a very typical price for broadband.

It's not quite that simple. T-Mobile has unlimited for $70. You can probably get cheaper from a Straight Talk or other MVNO. But all of these plans have various levels of throttling above a usage limit (50gbs for the tmobile plan). In addition, using the phone as a hotspot will have other throttling limits and is generally on 3G instead of 4G. You can't really compare them to in home broadband which (for the most part) in the US is either unlimited or with such high limits very few people will come close. Cheapest I have seen in the US from an MVNO for 5GB (not unlimited) on ATT network is $220/year/person. My family (3 of us) are on such a plan.