philippoc93

A media company based in Ireland with a market cap of 175m Euro. It's the leading print media company in the country, operating above and below the border (weaker GBP will affect revenue this year). Financials are stable for the moment, but going forward it's looking to further monetise on its digital assets and grow through M&A. Looks cheap on all accounts, but could be a value trap: https://uk.finance.yahoo.com/q/ks?s=INM.L Trailing P/E - 5.43 P/S - 0.53 Debt - 0 Cash - 64m Euro Key concerns Dodgy Management - management and shareholders objectives are not aligned. To be precise, I'm afraid management will go on a spending spree and waist that cash instead of returning it to shareholders - http://www.inmplc.com/investor-relations/news/inm-media-speculation-announcement/ Denis O Brien - one of the biggest hitters in Ireland and INMs largest shareholder could be manipulating things in the background for his own benefit. Example - INM were looking to buy Newstalk radio, a loss-making station until the deal was leaked. Who owns Newstalk? Yes you got it, Denis O'Brien [*] Pension Liabilities - currently stand at approx 100m Euro, but look to have been slashed by 70% after an EGM vote in early December. Looks like it will be heading to the high court Recent article here on SA which covers the same points, although comes from a more Bullish angle - https://seekingalpha.com/pro/checkout/4028333?notice=pro Currently sitting at 52-week lows of 0.12/Share. I currently do not have a position in the company.

25.29 % for my first year as an investor net of expenses but pre-tax. Biggest contributors to this gain were DVN and PLBC Laggards have been BXE, STNG, and GILD Best luck to everyone in 2017 :)

Thanks for the reply on that TwoCities

That macro play makes sense in this current environment. A few questions if you don't mind answering? 1) What length contracts are you using? LEAPS or options? 2) How do you select your strike price? Do you base it off a 10%,15%,20% decline or is it a certain return you are looking for? 3) What percent of your portfolio do you attribute to this? 4) Finally, do you view this as insurance for your long portfolio or are you using a barbell approach? Thanks a lot. I'm still learning about options and it's only my first year to properly running my own portfolio. Still saving up the funds to have enough to utilise options effectively.

ISNS - I expect revenue to decline to steady and begin growing in 2017, expenses are under control and A.Berger owns just under 20%. He knows what he's doing and is the Executive Chairman of the board now

....for $17.80 per share in preferred units of Steel Partners aha - thank you sir

It hasn't moved? :o

This is very interesting. I'd love to see the data on M&A, you have some fun with that

Good job writser. Pity I missed this one. Phil

By cash flow positive I mean cash in after paying mortgage principal/interest, condo fees, property taxes, insurance, repairs, etc. Basically everything. I do self manage, so that is a cost I'm generally not considering that I probably should. I would never buy anything at <3% rental yield. Rough metrics on my best cash flow deal: Purchase + renovations + closing: 160k Rent: 1500/month 1st Mortgage, 120k@4%, 30 year amortisation: $570/month HELOC for 40k, interest only at 3.5%: $117/month Condo Fees (including heat/water/sewer): $400/month Property Taxes: $90/month Landlord Insurance: $12/month Repairs/maintenance: $50/month average Costs: $1239/month That works out to a 7% going-in cap rate, which isn't unheard of for a real estate investment, although it is quite good a residential rental where I live. The condo corp (HOA) of this building was in shambles when I bought it. I had to take some (not very complicated) legal actions to get the documents in order, then get a proper building manager hired. Most of the other owners were victims of some sort of mortgage fraud, my unit got foreclosed on and I bought it from the bank. I would say the market inefficiency isn't in the renters (you only ever get market rent), its in the purchase market. This condo was worth well over $200k after I took some fairly simple actions. But, most people wouldn't want to be bothered doing that. I'm still holding on to my dry powder, as the foreclosures from the oil price induced economic drop here haven't made it through the system in earnest yet. If you're seriously interested in RE investment and the rental yields where you live are 2.5%, I'd just do it somewhere else. I would have done better to buy in Phoenix in 2009 than Calgary, and if I had capital that needed a home in RE I'd still put it in the US. Thanks for sharing Bizaro. I just got the book by William Nickerson and will read. You guys are a little more fortunate in the US in that you have so many little micro markets within the greater US housing market. There will always be some sort of inefficiency to exploit somewhere. Being from Ireland, the time for half priced € (RE on the cheap) came and went in 2009-2011, but my father also made some very good purchases off banks back then, a few office buildings and houses for 30-40% of cost of construction. People and the backs were in a real bind and just jumping at any offer to get some liquidity. Opportunity of a lifetime. The market is now fully priced and the only place to make money is in development in Dublin, but the capital required is immense and the big boys have already moved in i.e. Cairn Homes. My thoughts on 50% returns - definitely possible, Samir Patel of Askeladden Capital is up 56% gross for the year as per his Q3 letter. He's only 22 years old too- http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/the-22-year-old-hedge-fund-manager/

Yep, it feels like an internet date gone wrong to be honest. She looked so good in the pictures, but then in real life turned out to be a major disappointment. :o How strict are the NYSE with delistings also? They were served notice the under day and I was wondering can they ask for extensions?

Bought more today. Averaged down to a cost basis of $0.91, but I'm reaching my maximum position size, which I will not be going over. What IV would you put on the company at the moment? With all the asset sales and dilutive transactions, it's hard to keep up with it. I hate to admit it, but I'm outside of my circle of competence and it doesn't feel too nice. Definitely a lesson for future. Interested to hear peoples opinions on the whole saga Phil

The wildfire I'm waiting to hit BXE is the Orange Liquidation. Checking the filings nearly twice a day at this stage. Does anybody have any educated guesses on when this will happen? I know Wilson was saying that he thinks they will be sold via block trades? Is this the only overhang that's keeping BXE in this current trading range? Phil

New to this company and came across it a SA article: http://seekingalpha.com/article/3971865-baked-perception-risk-leaves-gran-tierra-energy-undervalued-200-percent It looks very appealing -thinking of starting a small position. Any comments?

Out of curiosity, what facts guide you towards attributing a probability of 0.8 that a deal will be struck with a Hillary administration? If they can get this done, it would be huge....