Gregmal

Just took down $2B, including a tranche of 2050 notes @3.8% and 2030s @2.65. Also supposedly making a bid for Lucky.

I thought the GRIF thread was pretty decent and seemed to evolve with the story. Maybe some drift there, or maybe people just had different thesis's. There are different sections here also, something that shouldn't be overlooked. I also think some of the issues are that some folks get their panties in a bunch and if they have disagreements with regard to politics, they arent capable of having productive conversations about investments. Then there are also some who only post in politics and then complain about quality of posting on an investment forum. LC and I, for instance, very rarely agreed on politics and had some fun going back and forth over the years, but can and still do have decent discussion regarding the markets and investments. This cant be said for others.

Has anyone seen or looked into anything on what the potential effects are of school aged kids potentially missing a year plus of class? Lets get real, online learning, at least for certain age groups, isn't feasible.

Do you talk that way in person to people you don't know well? If no, why talk that way here? I do. I am a little tone deaf sometimes. Actually most of the time.

I dont have anything sophisticated. Its a great, irreplaceable business, definition of moaty, that Ive always looked at but put off buying. Its recession proof, and has a solid balance sheet. Seems to be managed well. Its a very unsexy stock, but one I have a hard time consistently looking at and thinking I know better than to not own it. I take your comment as you no longer own it? What are your thoughts?

Any plans to add more to office REITs? Yes, I bought more ESRT today as well, just dont want to seem like too much of a blowhard posting every single day the same name. I would clarify, that I dont necessarily "love" office. Push comes to shove I prefer retail. But the prices right now are so outrageous that in specific instances I dont think it matters. Pupil posted a good piece in the VNO thread yesterday. It is consistent with what Ive been hearing from people as well. The private market is in a totally different space than the public, and Ive talked to numerous folks who said the private market people are coming to play in the public markets because the deals are just too good. ESRT I think is an easy way to play office/retail on a small scale. Backstopped by a trophy asset; one that could be vacant and still sell basically at the EV. But I think in general, people are wayyy too occupied with the virus and almost everyone is missing the fact that it will be the definition of short term. A year, maybe two out, we will be back to normal. Dont think so? Look at all the places, not just US, once the restrictions are lifted. Everyone goes back out, yearning for their normal life. Heck even some started prior to the end of government interference. The death of office/retail is greatly exaggerated, but even if it isn't, being in the right places at $200 sq/ft likely pays off really well.

PCYO, WM

I think everyone should find it obvious a virus can be airborne. Ever smoked a cigarette or been to a hooka bar? Picture one pull. Thats a normal inhale. Now picture what it looks like, especially indoors, when you exhale. That shit sticks around for a LOOOOONG time. Use common sense people.

I thought all those things were the dinner for privileged white folks that invariably leads to scotch, cigars, and politics by the fireplace. Its all connected!

Please leave your politics in the "Politics" section. He's half white and half black. But you've chosen to lower the bar of discussion by pointing out only that he's black. Cheers! Are you insinuating he got a better contract because he was half white? Last I checked you have plenty of people far less than 50% claiming identities...like a certain Massachusetts senator. He got a crazy contract because of his skills. He is what most consider(maybe not Joe Biden) black, and I just think its worth noting that there are definitely certain levels of success available to ALL Americans, which is what the American dream is/was all about.

ESRT, SWKH, TMO

Another example of how oppressed the black man is in todays systematically racist America. Mahomes is a great dude and a good role. Congrats to him.

Art doesnt have a cash flow, and the owners are often cunts. Sports teams are the same type of asset. If they traded based on their ability to make money, they wouldn't be worth very much.

This is where having low leverage and nearly 80% of SF unencumbered plays into their hands. They are definitely well positioned should the CMBS issues prompt further softness in the market.

There is definitely value to having specific accounts for different strategies. IE of you are looking to own large cap blue chips, there is no reason to be anywhere but IB. If you are taking concentrated positions in small caps, IB is probably the last place you want to be.

I dont really want to like the E piece of MSG, but a $400M EV is pure insanity. The air rights alone are possibly worth more than that. The London land is possibly $100M itself. Both irrelevant inputs to the whole thing but significant at current valuation.

The perception of a Dolan discount has been a great gift to current MSG entity shareholders. If you look at the long term performance of all the companies, there is no basis for the narrative. If you follow the headlines about some of the stupid or childish shit he does, then it makes sense. He doesnt have any attachment to the sports teams, and if someone makes a good enough offer, he will likely sell. If he can sell his fathers empire, Cablevision, no reason to assume anything else is off limits. If there is one thing he'll never sell IMO it is the Garden.

At this point we are talking Pravda levels of misinformation on mainstream media. I was born in the USSR so I can tell you all it's quite comparable. Additionally, if you want to understand the current political atmosphere, the following is the best lecture on the matter in my humble opinion: Absolutely. I wouldn't even rely on the like of Fox, CNN, or MSNBC for the weather. People like Maddow, Hannity, Lemon, Acosta, Megan Kelly, Anderson Cooper, Chris Cuomo, Limbaugh, etc are truly enemies of the United States and the lowest forms of life, period. They are the biggest reasons for there growing divide in America. they have basically monetized the dividing of America.

Having spent the last few days at various NJ shore locations, I can tell you one thing; people definitely seem to be OK living with the virus. Same sort of shit we heard about in Arizona and Texas. Business as usual, except where there is government intervention. IE bars are closed, but you have shit tons of people gathered together drinking on the beach or at motel pools on the shore. Restaurant outdoor dining and takeout is booming too.

Trigger alert! Doctors hate this trick! I cut my net carbs down to 20 grams/day and all a sudden i lose 40-45lbs in a 16 month period. I didn't even exercise much. My diet is a little heavy on bacon and eggs at the moment. (Eric, to each his/her own. Keto is the way that I keep the weight off. Please play along with this faux meat vs Vegan drama that I am creating.) Going whole foods plant-based would get you the same weight loss while also reversing cardiovascular disease, which you are not getting on the all-meat diet. If weight loss were the only goal I'd rather eat the bacon and eggs like you. But just remember, the arteries that feed your erections are much smaller than the coronary arteries, so guess what's gonna go first. I don't think my blood work has ever been so good. Thank you for thinking of my junk. I think going whole foods plant-based would get me depressed. Just can't imagine skipping meat, cheese, and seafood. Honestly, I wish I can do a Vegan diet. I doubt my body is built for that. But then I said the same thing about carbs and now I feel much better on a higher fat diet. #All_Out_Keto_Vs_Vegan_War (Joking) The blood work is not measuring the problem if you are talking about blood lipids: https://www.clevelandheartlab.com/blog/the-gut-the-heart-and-tmao/ https://www.health.harvard.edu/staying-healthy/red-meat-tmao-and-your-heart Eric, I don't know what to think of new scientific studies on diets anymore. For years we were told to eat 10+ servings of carbs a day. It didn't even distinguish between refined carbs or whole grain. Eggs were bad, eggs were good, fat was bad, fat is good. I now try to think about a world without agriculture and what would human being eat then? I assume that we are naturally omnivores. We probably ate meat, fish, berries, and some sort of veggies. Despite thousands of years of civilization, I don't think human metabolism has evolved much. This is largely due to the fact that humans are very good at surviving and we haven't needed dramatic mutations in our genes to survive in the last 10,000 years or so. The joke is that "You're not really on a Keto diet, unless you tell people." I guess the same goes for people on a vegan diet "You're not truly Vegan, unless you tell people." I am self aware that I am annoying to a fault with my going on and on about Keto. If red meat causes cancer and limp dick, I guess I'll take my chances. As I get older, my desire for red meat will likely go down and I'll focus on fish and veggie fats such as avocado etc. To each their own. Let's just eat what makes us happy and allow us to believe our own dietary religions. I think this way of looking at things best fits my outlook. For me, I have switched around different diets, mainly to cater to seasonal trends. IE summer can be very meat heavy, winter holidays are typically carb heavy, etc. But I think the truth is that simply controlling your eating is the best way to go about it, even without a diet. The healthiest I ever was, was probably during a stretch of high school. It was a boarding school type place, so meals were made by the kitchen staff. There was no real rhyme or reason to the food. Eggs one day for breakfast, French toast the next, biscuits and gravy the day after. BUT, every meal there were three portions, small -large, and you picked at the beginning of every month. What you got is what you got. Once a day you had a choice between a granola bar and a piece of fruit. But it was 3 meals and one moderate snack. Physical education was also 3x a week. There wasn't one overweight kid in the entire school. Funny enough, in college, I ate fast food 3x a day. And some friends hated me because a wouldn't gain a pound. Blood work was always good too. Some of it is probably genetics, I was playing hockey at the time as well, but then I hit my mid 20s, and started getting the banker belly. Early 30s I noticed I had to start being even more conscious of what I ate. I remember ready a long time ago about how every 7 years we have an entirely different body. So there's that too. But I think probably the most important thing is just moderation. Too many people eat because they are bored or because it tastes good, not because they are hungry.

I have found that waiting for morally bankrupt people or managers void of ethics, to develop them, is a poor investment strategy. Even if there is tremendous margin of safety, more often then not, they'll find a way to put more of it in their own pockets than yours. In fact, you're lucky if you even get anything.

Good stuff, thanks!

Greg, As you perhaps already know, I'm pretty observant to facts posted here on CoBF, and by all means much-much more observant how those so-called facts are processed and handled. So, to me, you are here just such a low-life cheat fiddling with your numbers that you post here on CoBF, dividing by four, instead of dividing by four-and-something! [ : - D] I hope everything is evolving well over time for your part, and yours! Take care [ : - ) ] [The rest that we're talking about here on CoBF is "just money" [and all that].] In short - now that I actually think about it - there is no capital gain comparable to become a parent again! [ : - ) ] Haha thanks John. Yes, things are well. Just another "period of adjustment" as seems to currently be the norm in the world. I'll do one more day, and then stop posting my daily meals. Just trying to emphasize how it is possible to eat well and cheap. One thing I have found very helpful is that going to the store daily and buying only really what I need for the days meals, greatly cuts back on waste/saves money. Previously, or when I go to Costco, its very easy to fall into a "I'll have some of this, and a bit of that, and oh, throw this in the cart too" mindset. Much of that stuff either goes bad or sits in the pantry collecting dust. Breakfast Eggs Benedict: Eggs 2.49 carton Hollandaise sauce 1.29 packet English muffins 1.50 a sleeve for store brand French toast for kids 2.79 for a box that lasts a week 6 coffees(I drink too much) K cup style 80 ct is $20 Apple juice 2.99 a jug, lasts 2 weeks Lunch Pierogi 3.79 a tray Sautéed Onion 1.99 lb Fish sticks for the kids 2.99 a box (although typically I catch the walleye and wife breads them, so free, unless you want to incorporate all the boating/fishing expenses, which will be an obnoxious add on) Dinner Skate Wings 7.99 lb Asparagus 1.99 a bundle capers 1.79 a jar couscous 1.99 a box pizza bites for the kids 1.99 a bag which lasts 2 meals I wouldn’t exactly rate fish sticks, French toast, pizza bites and apple juice as healthy for kids. We try to limit our grocery shopping to 1x a week, mostly trips to Costco. Sometimes we do a second trip to the Market basket to pick up some veggies etc. We used to go to a local farm and a local higher end butcher, but not that much this year because we now limit trips. I might check out the local farm again this year. If you've got any secret on how to get 1-3 year olds to eat veggies, please pass them along! Best I get is occasionally some broccoli heads or carrots cuz we tell them they will be able to see in the dark. But everything else just goes cold or ends up on the floor. I figure once they start school the habits will get straightened out. I noticed when my son started 2 hour a day pre school that peer pressure is a wonderful thing when it comes to lunches. Stuff he wouldn't dream of touching at home he ate no problem simply because everyone else was eating it during school lunch. Oh yea, that is if we ever get back to school!

Usually 4-6 cups by noon, or some variation of a bunch of K cups and a large ice coffee from Dunkin. Always black. Usually only on weekdays/work days. Occasional headaches, but nothing bad. I dont sleep a lot to begin with, so there's that. Mainly just a byproduct of habit. Been doing it for years. Then theres the half dozen La Croix after noon. Ive found drinking a lot helps curb my appetite, which helps me focus and be more productive.

https://seekingalpha.com/news/3588224-national-beverage-jumps-8_9-lacroix-drives-record-sales Boom.