RetroRanger

Yes we will see if those words will follows actions. And yes probably 1-2 big asset sales are coming. Its also interesting how "failed" projects now shifted to an even better planing than before. So even with a "easy" business IT seems good good Management is crucial for the success Herr!

Very good Presentation, enough said ?

Just ask him ? ?

Will load the truck up on monday. At the current price you have a downside of around 7% and perhaps a upside of 2x within 12 months. Still will be only 3% of my Portfolio.

I just leave that here ? Seritage prospect NAREIT Conference.PDF

? https://www.fool.com/investing/2021/05/27/3-stocks-that-could-have-10x-potential/ Anand Chokkavelu: Let's get on to "most likely to 10x," if any. Matt Frankel: Seritage (NYSE:SRG) is the cheating answer just because it's so small. Market cap well under $1 billion. With 26 million square feet of space, not including their land, it wouldn't be inconceivable for them to build that into a $7 billion business if things go well, the big if at this point. Excluding Seritage, I'd say my No. 1 to 10x is Pinterest (NYSE:PINS). I think it can easily 10x its monetization from here. Jason Hall: Seritage, I think is maybe the most binary. The other factor of it to be a 10x investment is eventually getting dividends. It gets the scale, it manages to get through this period of business-building without having to sell off its best assets and ruin the returns. This could be an incredible over the next 10 years. It could turn into a huge income growth stock, too, when you start thinking about total returns. I think I would agree with Seritage.

Like always IT still depends one the execution of course ? but still lot of downside protection from here!

Better Idea, Enrico La Quatra on Twitter offeered a good basic valuation. "SRGs calculation is by far the simplest: I used Mohnish's calculation as a guide. When we take a discount from the median EV/sq.ft. of $186 to $157 as a lot of the current portfolio is not in prime locations we have an EV of 4.08B - Net Debt of 1.48B and MC of 2.6B. (1/2)" "I used the 38.9mm S/O of Dec 20 (I know, I didn't update the calculation so far because in SRGs case it doesn't move the needle). ->$2.606B / 38.9mm = 67$" He forgot the OP Units, but this gives us an intrinsic value of about 45$ ? Not too Bad!

AS a spawner / merger type of business , this enables them to buy companies / build infrastructure (Like the IT company in february) easily. But WE can argue about the amount of cash;) . I guess with the increase of foreign shareholder they will see more pressure on such things.

Really a shame they dont get that extra 400 Million from berkshire. So berkshire must acknowledge all properties Sold! Interesting. A good way too prevent a bad management decision.

"so doesn't ESL own 24% of the company via OP units and another 6.7% (3.8mm shares) via the shares, for a total of 30%?" No you are right! Sorry for the confusion ? But the main point was, Eddie did not sell out or anything!

I dont understand the stuff regarding Lampert. He still owns 7% in operating units. (as i understood it) He just transformed "some" OPs to public stocks and sold them. If this continues at a specific speed and the ownership goes significant down . Than we can talk. No it could simply be for whatever reasons ( money, cash, bitcoins ? )

I am also curious about Equity Distribution Acquisition , his spac and what he find's for that!

"I hope the REIT’s are simply another source for them to accumulate managed units and expand their recurring businesses. " That is the whole reason ! The slide is saying that. The slide even says the Reits are there to accelerate reaccuring revenues.

Lets say when they sell they dont profit anymore "directly". The Reits are still subsidaries of shinoken, so Shinoken would be holding a percentage of shares ---> so they would still profit in that scenario. I have to check their latest report again to find out more details.