ugadawg_98

For a copper play I like Copper Mountain (CPPMF). All the producing properties are Canadian with an Australian asset providing some optionality. They’re making good money here. If Peru goes Venezuela, that’s 12% of world copper production that becomes unreliable. Is that the extreme case? Sure, but not an impossible one. Location definitely matters.

Reorg Podcast with more detail of deal: https://player.fm/series/reorg-ruminations/americas-core-credit-brazos-chapter-11-filing-and-hertz-chapter-11-plan-mar-5-2021

Any merit to what they’re saying or just “we make more with our plan”?

Now we have a competing offer. Thanks to Wabuffo and others for following this.

RJ out this morning, maintains "Strong Buy" and raises target to $100.

So far, so good.

Been quite a winner from $39 up. Got a lot more love this week with the prospect of massive infrastructure spending and a perceived rotation to value/industrial names. Still long, but at this point playing with house’s money.

Very strong quarter, stock reacting nicely. Expect it to go substantially higher in next 24-36 months. https://www.businesswire.com/news/home/20201105005244/en/WESCO-International-Inc.-Reports-Third-Quarter-2020-Results

Reporting next Thursday (November 5). Interestingly, in the market downdraft, its fallen to just a few points above where Leonard Green accumulated its 11.5% stake. I added a bit today and yesterday ($39-40).

Writser, Isn’t VHI really a bet on Titanium Dioxide pricing? I get the book value discount, but isn’t the bulk of their value going to come from where TiO2 goes?

This company just reported its first quarter following its merger with Anixter. http://wesco.investorroom.com/news-releases?item=291 Management claims it can get its debt down to 3-3.5x by year three. There was a favorable mention here in another thread sometime back by what appeared to be a knowledgeable poster. If you’re still out there, your thoughts would be appreciated.

I own the 4-1/4% converts of 2045 from 50. Conversion is well out of the money, but I’m just holding, clipping coupons as the bond is now at 60 and thinking about adding more.

Gregmal, Could you (or anyone) else describe the OP issues? Should they be thought of like preferreds? Do you own them or are you playing this straight common?

It’s considerably different. By buying the bond at a discount, you’re buying OXY now at a much cheaper enterprise value than you would buy it by purchasing the equity. I find the risk reward in OXY much better in the debt at half of par with circa 15% yields than I do the equity. In fact, I would not be surprised if both BRK and Icahn are not in the debt here. Vicki Hollub has pulled off one of Big Oil’s worst deals, but OXY still has many levers to pull. From a debt standpoint, you don’t need success, you just need survival, and you’re being paid handsomely to wait for it.

Hi, Spek. Good to see you here. Love the commentary from all the participants, particularly on the SOTP angle. Two thoughts: I recall during the T/TWX deal, there was much commentary about HBO and how much of TWX’s value it purportedly represented. Is/should Showtime be considered a similar prize asset inside VIAC? Doesn’t/shouldn’t it have a similar optionality for VIAC as HBO was thought to have for TWX (eg. sell, spin, partner, etc)? Also, on a different note, recognizing the Redstone control, any thought on opting for voting over non-voting shares?