Gregmal

I think the concerns regarding Dolan are warranted, but overblown. I've made a small fortune over the years investing in the Dolan universe. Perhaps this is similar to TPL where the assets are just so great even bad management can't ruin them, or perhaps he's not as bad as everyone thinks. Look at what you have now if you had Cablevision a decade ago or so. AMCX, MSG and MSGN, with Cablevision getting sold at peak valuation, just before the whole sector blew up. That said, I am glad they are spinning this little project off, and just hope it goes public at a reasonable valuation so I can sell it.

You have the greatest entertainment venue in the world, in the most desirable location in the world, and your plan is to.... build giant TV's in areas with sketchy demand profiles....

Dolan is an idiot is basically the discount rationale.

Added some MSG under 270. Couldn't help it. Always sells off on earnings. Earnings for MSG don't matter. Hopefully the market never learns...

I am not sure why this deserves a post here. If yourself not a subscriber, you can’t read/ listen to it, and if you are, you get a notification anyways. So non-subscribers interested on info about this company knows it exist and can consider subscribing. I've gotten many direct messages thanking me for pointing out SB. They don't exactly have the WSJ brand recognition... It's one of the very best sources of analysis on the entire web. It's worth posting about. Many wouldn't know this writeup (and the two others on BUR) even existed otherwise. In an industry where many here use services that cost thousands per month (for access to bad research, mostly), this isn't exactly expensive. Not to mention that a single good investment insight is worth many thousands to most here... Good thing it's non-zero sum. Those that get something out of it are happy, and those that just skip over it haven't lost anything... True dat. I don't think anyone should be discouraged from posting anything if they find it helpful in their investment process. I had never heard of this resource and am surprised to hear how useful others find it. I am intrigued now. Plus, the cost is loose change... bargain compared to what guys like Tilson charge for basically regurgitating pitches they hear from their friends...

How many shares did you snag? Just curious about your view on GRIF. Got 2,000 between 34.86 and $35, First, your/the thesis is right. You won't lose money on GRIF at $35 unless you're a forced seller. I just think you're a bit early. Full disclosure, on a quick bounce to high 30's I'm probably out. I think this is the low end of an opportune trading range. Done it a couple times before. Longer term, I think this is something that fits the FRP/CTO mold in that its transformational while under the radar. A couple years out I think they've got a shot at doing $30M NOI. That puts the share price at $55+ with the other assets valued at nil. Gabelli is + much like Winters was at CTO. Management is so far, from what Ive observed, capable. Not outstanding but not a detriment. Basically, Im cool with FRPH here, and I see CTO going parabolic with it's catalysts between now and next year's AGM, so I want to line up my next one. GRIF doesn't have the liquidity to just hop on in, so this is a good starter spot IMO. I believe Ive shared with you my position on CTO. Im fine going there with GRIF as well if we get $30 or below. There might not be a hard catalyst, but one of my favorite catalysts is when people say "there's no catalyst". More often than not that is when the catalyst is right around the corner.

Bravo

What?!?! Not a 25% allocation! J/K Very nice trade.

Don't forget tenure as well! The truth is that the good teachers find ways to bank it. I knew a couple that worked middle/high school who also taught a few courses at the local universities. Double and triple leveraging their knowledge base to easily earn six figures. A few others did their 20-25 prior with other government services and now have two pensions lined up. Granted, Ive also served on boards with teachers and government workers, and for the most part they are academics who have no clue how the real world works, but thats largely just what they are. Credit to the ones who figure out how to excel.

Sanjeev's post from 2/09 is like Moses parting the Red Sea and then calmly leading people through it. Cool and collected during times of duress. God like. Sometimes investing is very easy. Ive found the really good investors have no problems maneuvering during the events that your average investor can't handle. Its the long periods of time spent in periods of "fairer value" where they tend to get into trouble.

For one, because if long term rates continue to go down, much of the stock market is quite undervalued. And two, as an investor, if not looking at stocks, you need to look at alternatives and the alternatives would need to be more appealing(unless you’re one of those doomsdayers, in which case you should look at buying an Armageddon bunker, even though those historically have no FCF yield)

For starters, Appaloosa has admitted having a large position spread throughout various securities here. Second, this thread is turning into a laughable shitshow of voodoo talk.

Ive admired this business from afar for awhile but never owned it. I remember looking at this maybe 5 years ago, with the price actually not being too far from where it is today. If anything it seems like its consolidated a bit and grown into 2014-15's valuation. I think 20x for a high caliber company like this with a conservative balance sheet is fairly reasonably, especially if we're talking about 1% targets on the 30 year. I dont think there's much growth here though and from previous looks at it, probably not a ton of G&A left to trim.

$3B for the laughingstock with the shitty arena https://nypost.com/2019/08/15/alibaba-billionaire-to-buy-barclays-center-for-700m-sources/

It's odd, but I've seen some of the opposite. My brother attended Stony Brook. The kids on campus live in utter shit boxes. Room and board is like $15,000 a year. Yes, the equivalent of $1250 per month rent. While it kind of comes with a meal plan, that too is a crock. The main cafeterias charge per item, and Starbucks is still airport level price wise, burgers and sandwich pricing resembles Yankee Stadium, and once you run through your "allotment" that is included with room and board, your get billed. Easily tacking on another $3000 per semester. And oh yea, you don't even have housing during winter and summer breaks. So your adjusted rent is actually about $1700-$1800 per month. Move off campus? And you can find entire houses for $1500-$2000 per month and 1/2 bedroom places for $1000 per month. I saw the same thing when I attended school in Florida what seemed like ages ago. Schools are legit scams that prey on people who trust them.

I would think...we've seen this before. I am not a fan of GE, but for those whom are, I would consider this a gift. Markopolis is being paid by a hedge fund who is short. Thats all you need to know.

https://www.voxmarkets.co.uk/rns/announcement/0ff07516-cb13-4f05-9bae-72798570cae5 Good news all around IMO. Very impressive that they are listening to shareholders like this. Personally, I did not expect them to move this quickly with these things.

Just snagged a decent starter chunk of GRIF as the opening spread was fairly narrow.

But as learned with Sears, it matters but what those properties are worth of they're not sold OR if the proceeds from the sale prop up the retail business. Not saying that M is going the way of JCP or Sears - just that I'm skeptical of the value department styles provide overall given my own shopping habits and prior investment experiences Macy's needs to demonstrate it is different than everyone else. The playbook for every failing business is more or less SHLD. Sell your valuable assets and keep the crap floating. Macys should immediately spin off a SRG like REIT, sell the Macys retail operations, and then just refocus on Bloomingdales. People buy cheap knock off shit on Amazon all the time. Whereas the moat of Bloomingdales is that no one buys that kind of designer shit they sell online due to knock offs.

Which is funny, because O, NNN, ADC, STOR, etc; almost entirely consisting of retail, trade at substantial PREMIUMS to NAV...Weird world we live in. EDIT: I'd also point out the disparity between traditional office, which is getting a garbage valuation as Spek mentioned, and then Wework or the like...crazy.

Interesting situation here. Thought I'd start a separate topic. Elevator pitch... SPAC deal that turned into a vertically integrated marijuana roll up. Profitable and projecting robust growth. Led by former GS and BofA directors. Really not too interested in the marijuana stuff other than to short it but came across this as something with rather crazy earnings and revenue projections(ones they've just re-affirmed), and currently, a reasonable valuation. I've long thought, as it started with vaping, that these sectors could easily be rolled up by the right people. Any idiot who's ever smoked some dope thinks they can run these businesses, and thus proceed to start them, which IMO gives business minded people a big edge. Earnings just released today. Projecting 140M 2020 EBITDA against $650M market cap https://www.globenewswire.com/news-release/2019/08/14/1902147/0/en/Ayr-Strategies-Reports-Financial-Results-and-Recent-Operational-Highlights.html https://d1io3yog0oux5.cloudfront.net/_8f4144addfeb7eb4d9b169f13134d242/ayrstrategies/db/641/5318/pdf/AYR_-_Investor_Presentation+-+July+26%2C+2019+-+FINAL.pdf

added to MSGN in reasonable size @17.5

The highlighted are just proof IMO how people are stupid. Maybe you saw it differently, or maybe you just decided to work(or not make excuses), but those lowly minimum wage jobs offer a lot more than just cash. They offer job experience and industry knowledge. The problem is that with poor people, most are not ambitious at all and just want to do the minimum. They begrudge getting up at 7:30 so they can be at work at 8, and sit there staring at their watches counting down the time until lunch break, and then 5 pm. They should be soaking up knowledge; its free tuition. Its really not hard, if you have half a brain, to work in an industry for a couple years and then figure out how to make money in that industry somewhere else in the ecosystem.

From what I've heard, is its tough to fight an assessment when it is sponsored by the financial company with which you are currently utilizing for your loan origination. Many have "approved vendors". Additionally, its just not likely going to be accepted if you seek to bring in a third party, with a more favorable assessment, and ask the lender to replace their approved vendor. Even though many of us might be honest in our reasoning, the logic behind them disallowing these types of things makes sense. I know plenty of people who were getting crazy assessments ahead of home equity loans during to boom days... it was a scam. Pay the assessor $100 and pick your homes value. Which brings me to the only piece of advice I can probably give you...let it settle, and then do some due diligence(maybe have your interns do it lol) and find someone who can give you a decent appraisal and then look for a HELOC with a third party lender. You are in the city so I'd imagine your RE is a reasonably high % of your net worth/capital as you're young and shits expensive there. While I'm in the sticks as you city people call it, I made what I'd call a mistake of doing the same. I bought my home, which didn't kill me. But then followed up with some investment properties as well. All with large money down. And then I started looking at things and realizing that while I appreciated the magic inherent in a 30 year fixed, that I could reasonably expect to do better having much of this cash at my disposal. I looked at many of my options but quickly found out that any kind of RE based financial transaction will likely be expensive. Even my refi, which saved me 75 basis points, added about $8K to my principal balance. After exploring many different things, I just decided paying 3% at IB was my best option if I needed extra cash. EDIT: If its that low, maybe look to appeal your taxes as well. Then 6-12 months later get a real appraisal and take out a line of credit. Bang em on both ends..

What I think is retarded, is that none of this is forced, and much of this is because of selfishness and motives not really centered around education. Community college is available to everyone, and costs very little. If your goal is an education, why not do that? Its inexcusable to excuse student loans for people who chose to go to $30K+ per year universities, took room and board, and lets face it, basically were there for the "experience" and social aspects...