Gregmal

Another round of BEAM and some more EDIT. Running out of shares to sell!

And ironically enough those excited but stupid and buying XRP and possibly doing so directly from the company, making the company more valuable at the expense of their fanboys...lol

Ripple Labs is now just Ripple. Outside of what I assume you are capable of finding yourself(having deduced from your posting history a reasonable competency with sleuthing publicly available data) there really isn't a whole lot more out there than likely what you've already seen. Private market valuation range on Ripple is huge. Over the past 12 months shares have traded at anywhere from a $3B valuation to a $17B valuation. A big piece of the valuation is their holdings in XRP, which personally I would not pay for. It is pretty cool though being able to, in an unregulated manner, just dump your own crypto coin into the market for cash. That said, take a look at their financial backers and the folks who've participated in their funding rounds. Certainly nothing to sneeze at. They're probably more established with the big banks than any other crypto-ish outfit I'm aware of. I also believe if you're concerned with the 2019 Series C that there are IPO ratchets. All in all, its definitely not a 0, and there's been some rumor they'll IPO soon. If they IPO in this market you're looking at a $25B + valuation with ease. How long that lasts? Who the f knows. I'd look at this as something to be excited about with respect to Tetragon, not something to dislike. Especially if you arent ascribing much to it anyway.

That is my understanding. Basically everything w/ FINRA comes down to compensation and the offshoots of it. Disclosure, conflict of interest, ethical dealing, etc. That said, the 65 is easy and it probably costs $20k or so to setup an IA operation. If you are running more than 15 accounts you are likely well over $1M in AUM which should generate enough to make the official setup a worthwhile expense. There's a few things in the biz that you always want to remember. The first is CYA. If you're getting paid under the table you still have to file a tax return. If you file a tax return accurately a regulator has you dead to rights. They catch you doing shit improperly and they'll have no qualms about banning you for life. If its a wealthy Uncle who want to throw you 2/20 for his personal account, sure. But once you're dealing with multiple accounts always do it by the book. One bullshit customer complaint will do you in otherwise. And believe me, Ive met a ton of scumbags in the biz, but even the genuine and honest folks...it doesnt take much to run into issues with customer complaints. Buy a stock that goes down and all of a sudden they get amnesia and it was a UT, have one bad year after many good and all of a sudden the fees are unacceptable. Always protect yourself. The license and the RIA/IA status will help with that.

Prices at $47B, opens $60B+ tomorrow Sincerely, Nostradamus

Significantly upsized the offering and also converted $25M worth of warrants. Over $150M cash currently on the balance sheet and M&A fully funded.

52 Week high and they tap the equity markets.

Any news for GEOS to trade up 30% since that day of forced selling? Only news I saw was the $6 to ~$8 move which in a round about way screamed, "ALWAYS TAKE ADVANTAGE OF FORCED SELLERS!"... I've trimmed position down again to about half; I think the rest I'll layer out of in the 8s. I would not be surprised to see a sale of the company though. The buyback was actually intentionally, or unintentionally, brilliantly timed as well. Sold the rest of this today. Also did the unthinkable. Shorted some Tesla. ~1% position.

The world could go up in flames and gold might what? double? Go to $5,000? So in other words...what BTC has been doing an a yearly basis?

The biggest pig in the CRISPR universe, has been set free and is now flying. As such, trimmed some EDIT.

Yea watch out for multiple names of same issuer. Social Capital has like 5. On being early...probably. But part of that is alleviated by the ETF rather than targeting individual companies. The other part is reconciled with position sizing. I hope it doesnt double or triple(or worse), but if it does, I'm currently positioned for that, as much as one can be, taking a short position. We are definitely not in the first inning of those mania though. As I suggested before, the deals should either dry up or start getting so outrageous that its impossible to ignore, probably by this time next year once you've got 500+ spac live.

I guess no one here remembers the late 60‘s Hippie generation. The Hippies were far more radical and socialist than the Millenials are now and look at where we are. Its funny but this is so true. On of my ex gf's father was a self proclaimed hippy. Really cool dude. Still smoked pot every Friday night and weekend, drank his Pinot Noir daily, listened to Eric Clapton and all that. Had all sorts of war stories from his days as a hippie. During the day he was an executive at a major insurance company with a nice big corner office on Lexington Ave....

Meanwhile how many other countries have started vaccinations? There is one area where the US is not resembling a first world country... https://www.thepharmaletter.com/in-brief/brief-fda-slammed-for-operation-turtle-speed-over-covid-1-vaccine-approval On one hand, the virus is oh sooo deadly we need to commandeer peoples lives and livelihoods, suspend common sense so we can cater to these clown scientists....and on the other, we're letting the bureaucrats and academics sit on their asses for 3 weeks and letting guys like Fauci criticize others for "rushing" LOL. You cant even make this kind of shit up.... Last time I checked, urgent, and rush, kind of go together. Instead, lets let everyone else vaccinate first while we sit around exercising our rights to be academics! What a total joke.

Quick glance, first thing that comes to mind is that you've got a lot of unnecessary overlap. Concentration is fine if you know what you're doing.

No position in Tesla, but as to the bolded, thats the beauty of the market. It keeps score for everyone. Its pretty clear who the idiots are from that perspective. In fact, its been a blowout now for almost a decade, so it's not just the voting machine either. Unless of course now the voting machine and a near decade are considered "short term"....in which case...whats long term? 25 years? In which case, what? You're wrong once, and you've wasted 80%+ of your time horizon?(assuming one has a 30 year window for accumulating assets)...

Dont know about you, but this one is still in the not selling, looking to add more on the dip category for me. Got lucky adding good size in the 23s, but as always...wish I had a little more.

Sold another 1/3 of BEAM. When the fun stops, no one knows!

My core stuff really doesnt change much over time. I trade everything non core and a have a lot of different strategy stuff typically going on. But 60-70% core is wrapped up in MSG entities, HTL, PCYO, BRK, and recently added OMG. There's one more in there thats been such a POS I refuse to even mention it. Got a handful of bigger than 2% but sub 10% positions like AYR, ESRT, BAM, FRPH, GOOG, JBGS, SPG, CRISPR basket. Most other stuff changes so frequently its not worth listing.

Where do I buy this real estate ETF?

Thanks. And yea, I've been looking at the performance because I think there's some takeaways from it. Perhaps not totally meaningfully but definitely some read throughs. PGRE/ESRT we early on both kind of highlighted as smaller and simpler. But why was VNO SUCH a turd? ALX surprises me too. Ultimately not much better or worse than FRP which was debated at the time, but literally no recovery from ALX is bizarre to me. Meanwhile HHC is riding the Ackman train. I guess all in all, ESRT/PGRE did what we expected, but geez, what to make of ALX and VNO. SLG for instance has outperformed every name here minus maybe HHC. I do think there's still opportunity, but I also think its time to take a breather into year end and perhaps re-assess some the puzzle pieces.

I think the last two posts/points made are good ones. I have a little familiarity with the biz as well, and IMO US brokerage, especially retail, is not a great business from the grander perspective. Its a grind to zero game. Customers are high maintenance, super cheap, have no loyalty, just in general continuously want and even expect more and more for less or even free. Step outside the US and there's some very lucrative markets.

Just wanted to update here from a personal positioning perspective. Ive recently reduced this to a more reasonable sized position. I have often found that when there are large blowups, the recovery cycle tends to be 1) everything(what we just got), and then from there, 2) a stabilization, and then finally 3) things separate themselves out based on more fundamental prospects. Similar to GFC with bank rebounds from 2009-2010, consolidation and flush out into late 2011, and then from there the wide variety of courses taken by all the players involved. Some of which is still playing out today. So with ESRT, at peak position sizing this was around 7% for me while adding before the vaccine. The stock has nearly doubled from those lows. I think we got much of the easy recovery money, and now the focus will be much more on the overall state of the NY market which, while I think there is too much doom and gloom, I also believe will take a while to shakeout and fully recover. My initial assessment here was a 3 year timeline and roughly a $12 target. In that context, 6 months and ~$10(including dividends) is pretty reasonable. Given rates and several other developments, I do think $12 is very much on the conservative side...management has also earned their stripes during this period of time, kudos to them. However in terms of being overweigh recovery plays, I think the situation has evolved to a degree and we are much more now at a show me stage. With this said I have begun seeking to express this in more targeted ways. ESRT was as pure play NYC office as it gets. I still want NYC exposure, just not as much. I absolutely think there are other areas that will boom bigger and recover stronger, in shorter duration. My MSGE kind of covers some of the NY will be back angle, but to diversify out, I have swung a good chunk of my ESRT in HHC and to a lesser extent, BAM. HHC I think has derisked quite a bit, solidified the balance sheet, and still remains diversified in very attractive markets in terms of both office and retail, but also residential. Just wanted to update for everyone as I've been asked through email and DM a lot regarding these names. Returns from writeup date on 4/27, rebound from subsequent pre vaccine lows: ESRT $8.00, ~24%, 88% VNO $40.09 ~1%, 34% PGRE $8.73 ~11%, 72% ALX $296 ~(-7%), 18%

AYR was a noted outlier. It worked as a SPAC rather than traditional IPO due to regulatory burdens facing MJ companies. Very much a one off IMO. In fact I recall at the time, maybe 12-15 months ago, some of the biggest criticisms of it...was that it was a post deal SPAC. What a difference a year makes, eh?

Yes, no warrants here. Fund composition is 80% post deal, 20% pre deal apparently as well. Which I think works in ones favor as well because over time this diversifies out of a couple names that may rip your face off and into a pool that as touched upon above, should deteriorate significantly in terms of quality as time goes on.

Agree with the above, with one noted exception. Making money always feels good! But yea. Narratives are important but also realize that all these things are run by salesmen focused on promoting narratives. Always a star CEO, a "guy who led XYZ", etc. Up until this year, spac deals were always regarded as crap, typically PE exits that compensate the sponsor regardless, and totally screwed the retail investor. I would say theres no good or bad companies out there; looking it like that is a mistake, theres just good or bad setups. Ive found over the years to stick with the credible book runners or deals of size. Cantor has always been the leader in the space. But this year this bigger guys have really gotten into the game and thats less of an issue. It really doesnt matter right now.