rogermunibond

What kind of access to water rights does the grow operation in Ventura County have? Usually greenhouses are much more efficient with water use but still an issue on the scale they would like to grow at.

Corp - do you think there are better opportunities for you but not for granny? ? tnp20 - NoVA's privileged position for internet/telecom interconnection is something of a happy accident but that's as bigger and bigger piece of the DC land value story. It's a huge reason why AWS, EQIX, and other cloud firms are in NoVA.

Rutledge is far more interested in buying his own shares than more cable assets, no? I don't think Comcast or Charter can buy any more cable assets in the US due to anti-trust concerns.

LOTZ vs VRM vs CVNA? So they all take share from traditional dealers?

Has anyone seen early estimates or articles on the possibility of Winter Storm Uri/Violet as a large loss event for P/C or reinsurance?

Lesson is to not raise cash during a pandemic? I think it could've worked out for you, if it dipped again. Value - it did work out as the proceeds went into shopping center reit ROIC and JBGS and HEI. Just not as well as BYDDY worked out. Though I attribute most of that to a runup in the EV bubble. The lesson for me is that I generally do better not acting to market events. I've held through drawdowns before.

Alta Rock has five positions.

Sold a position in BYDDY bought at $5 because in April 2020 the outlook for EV and their other businesses seemed to be negative. Partly driven by wanting to raise cash.

Consolidation rationalizes pricing. Munger talked about this at a DJCO meeting a few years back applying it to US rails and US airlines. You could perhaps draw similar conclusions for global container shipping but there's more ease for new entrants.

You can't see their debt positions in PCG. They sometimes buy equity to have some say in the POR but own much larger distressed debt positions.

https://www.wsj.com/articles/developers-want-malls-to-become-warehouses-or-offices-it-is-a-slog-11611061201 Mall redevelopments getting tougher

What's the issue with IFF over the past few years? Organic growth seems tepid, capital allocation to buy N&B from DD is meant to recharge rev/earnings growth? IFF seems like it should be in a high moat business but seems to be grossly underperforming.

Why not ATSG? Seems like AAWW is more exposed to the larger 747 freighter serving the Asia-NA market and less the regional market, ie 767 and A321 freighters.

https://pullrequest.substack.com/p/the-prophet-of-the-revolt Long but very insightful into the current socio-political dynamic

Does ESPN benefit from being within Disney? I don’t think so. ESPN itself would be worth only a small multiple. Think MSGN or other cable business. 7x EBITDA maybe. I think Disney benefits from owning ESPN though. I suspect they get better placement and fees for their other cable networks in the bundle as a result of being able to negotiate with ESPN. Not a huge deal perhaps, and bundle wont last forever. But I also think the ideal state for a cash cow zero growth low multiple business (like espn) is to have a good place to reinvest the cashflow. Disney is reinvesting espn cashflow into the parks, hotels, and cruise ships at what I believe are high ROIs. That strategy is obviously being affected by covid, but I think disney travel will be durable post recovery (whenever that is). You left out the Fox acquisition which is a huge use of Disney cash flow. ROI on that is TBD