Spekulatius

I've said before, at some point, what's to stop any dialysis co from simply raising their costs considering the cost plus nature of this proposed legislation? They couldn't do it quickly, but they could come in high and raise costs slowly, deliberately. They would need to collude with each other and the many smaller competitors to make this work. This work ifnthetr is essentially only Fresenius and DaVita left. There is a point however to this argument, if you are the lowest cost provider, there is no point in lowering the cost even more, if the government truly runs this as a cost plus business.

Article is BS. Their utility companies have some of the lowest rates and lowest increases in then ountry. Geico has the lowest rates in many states. I am insured with Geico in NY and couldn’t get a competitive quote within 15% of Geicos, even with homeowners discount thrown in by some competitors. It was aneifernde story in CA, but here on thrneast coast, it seems that Geico is hard to beat. In any case, their market share isn’t high enough to exert monopoly power, they growth through lower pricing, which is exactly what should happen in capitalism

US workforce? 20+ years of stagnating incomes coming to an end, maybe?

End game for CABO has to be a sellout. Watch for management incentives to do so.

Seems more like and effort to put a floor on the share price (just a very low floor, unlike BRK) than something that has much of an economic impact, As mentioned above, they need more capital to support the overhead and buying back shares goes in the wrong direction. Having Parsad or his hedge fund buying back shares does not really do anything for PDH because there are still the same amount of shares outstanding, just less float. Float is already thin right now, so reducing it isn’t going to help commoners much either.

Yo quiero 10x EV/EBIT. I agree that $100/ share is harsh, but turnarounds are hard to do. donfar, the growth caped they are spending hasn’t done much, so bear case (beer case?) may be that’s its money down the drain. $6 in earnings for a $100 share isn’t thwt cheap optically. I have seen stranger things in life than a turnaround at 16x earnings.

I think the recontracting risk quantified as a $100M annual reduction in port revenues, which I think means roughly $80M in loss of EBITDA/year. I had hoped, that the growth projects coming online would compensate for the contract expiration’s, but that is apparently not the case. i think there is likely upside dem this scenery as they recontract or repurpose the unused pipelines, but that remains to be seen. it is definitely worse than I hoped for because up this quarter, BWP‘s results were actually quite good.

But they also have $450-500M charge from deferred tax asset revaluation pending that is going to hit the book value.

Is it a good time to do another acquisition? Not sure they have digested the last acquisition. The 6.3x EBITDA price paid after synergies scares me. I would like to know what they paid before synergies. The fact that they don’t, tells me that it is probably too much.

not and expert here, but just walking around, it seems like the vibe is in the western part of Manhattan - Chelsea, Hudson and probably Hell‘s kitchen, where the latter seem to be upcoming perhaps. Retail RE exposure in NYC would scare me more than it would excite me.

Thank you for the work on VNO. I followed VNO loosely and was not aware of some of the recent changes. if VNO indeed trades at a 6% carp rate, if they can build value with their development pipeline. It looks lik it trades at a moderate discount to AV, wth above average mangement. This is great if you are bullish on the underlying assets, but I don’t. I am quite afraid of headwinds from higher interest rates, oversupply in the NYC market or a recession that were are going to get at some point almost 10 years intonthr recovery.

I added some as well, but own enough already. it’s a but more of a Workouts situation that i hoped for, most of my other MLP buys have done much better. It is dirt cheap at an 18% DCF yield based on current prices. I think the thumbsuckers at L should take it out.

At a 0.7x P/B, any capital raise will be very dilutive. I am guessing that shareholder returns are not very high on their agenda. Their capital ratios look solid, but about 20% of their equity is hybrid capital, which I think is going to get unfavorable treatment under Basel 3 and hence is phased out by most banks.

Having 75.6% of your investment in just two stocks seems like one hell of a concentration . I get nervous, once I exceed 10% in a single stock. Munger would be applauding Dynamic's Portfolio. How many companies do you have in your investment portfolio? I have roughly 30 stocks in my accounts. About 8 are small starter positions (~0.5%) that never got off the ground.

Time will tell, but I think you can put FB into the same fold. Really? Everything I've seen makes me think they are doing the exact opposite. What makes you think they manage for the long term when their initial customers (college students) have completely abandoned them? I am not sure about Vollege students abandoning the,, but ai think they have taken a Lt view monetizing pretties like Whatsup and I also found their desire to reduce fake news and improve the user experience even if it means less time spent encouraging. Again, time will tell...

I am sure it will be the first of many tests but it looks like Apple may have just turned another industry "on its ear". I think concentrating on on the "smart" in smart smart spear by many reviewers may be missing the real innovation here. In Australia a pair of KEF 300A's will set you back around $1000 for the speakers alone. So two Homepods to give you an immersive sound stage is the same price as an entry level set of audiophile grade speakers that need an amp, cables etc. Not to mention careful consideration in terms of where they are placed in order to maximize their performance. Seems a pretty compelling proposition to me. After a couple of days using the homepod it has been smart enough for my immediate needs such as voice activating music and homekit devices. It does need multiple voice recognition but I am sure Apple will get there sooner than many expect. However the audio performance is what really draws you in. cheers nwoodman This product seem to deliver very good sound. It is too bad that Apple has not designed the product open, it needs third party apps to play music from AMZN etc for example to be more useful. I do think that Apple can be a gamechanger in the audiophile smart speaker market and give companies like Bose a run for the money.

Time will tell, but I think you can put FB into the same fold.

Pretty awesome. It looks like Apple actually leapfrogged completion here by packing massive technology software and economy of scales into the device.

Isn’t Manhattan Office highly cyclical? I think office space went for less than half what it is priced right now during or after the financial crisis. The office space is very dependent on the financial sector, which is highly cyclical and often ground zero during any recession.

At some point, the number for the Cash iron Reserve will be higher, because BRK has grown and will be growing so much, that $20B will just be a Bit more than pocket change. $20B was the number that WEB mentioned during or immediately after the Great Recession, but now, BRK is almost 2x larger. So, a $30B number ad mentioned above is probably more realistic at this point.

Having 75.6% of your investment in just two stocks seems like one hell of a concentration . I get nervous, once I exceed 10% in a single stock.

Check how well Chanos funds have done. Well he has done OK for himself, but his customers sure don’t buy yachts from investing in his funds.

I always look at BRK compared to what else is offered by Mr. Market right now. Just a short while ago, you could buy RE, which is a very well managed insurer for book value (they don’t carry a lot of goodwill and intangibles either ). I do think that buying RE at book is better than buying BRK at 1.5-1.6x book. Just right now, you can buy AXS at ~0.93x book well, AXS isn’t the greatest insurer, but they are far from the bottom too and have a history of reserve releases, which means that their reserving is conservative. I think geht RE might compound just as well as BRK.

Or take that quote from the Sopranos, explaining how the Mafia works: “ Shit flows down, money flows up!” But this doesn’t just apply to the Mafia, IMO. I wish I had known that when entering the work force.

This seems to me a mission impossible type situation and want to understand how company investors think they can make money in this. That is my opinion too and that is why I never owned the stock after looking at the numbers.