LC Posted October 8, 2013 Share Posted October 8, 2013 Shouldn't the proxy tell you that for major holders? Link to comment Share on other sites More sharing options...
Sportgamma Posted October 15, 2013 Share Posted October 15, 2013 FRMO Corp. (OTC Pink:FRMO) announced that Murray Stahl, Chairman and CEO of FRMO Corp., was elected to the Board of Directors of the Minneapolis Grain Exchange, Inc. (MGEX) on October 3, 2013. MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) that was established in 1881. It is the only market for Hard Red Spring Wheat (HRSW), Apple Juice Concentrate (AJC), National Corn Index (NCI), National Soybean Index (NSI), Hard Red Winter Wheat Index (HRWI), Hard Red Spring Wheat Index (HRSI) and Soft Red Winter Wheat Index (SRWI) futures and options. Link to comment Share on other sites More sharing options...
Sportgamma Posted October 16, 2013 Share Posted October 16, 2013 1Q2014 https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=111948 Link to comment Share on other sites More sharing options...
racemize Posted October 16, 2013 Share Posted October 16, 2013 1Q2014 https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=111948 So does this reflect the full income from the revenue stream, or do we need to wait one more quarter to see it?--I'm having some trouble determining from the report itself. Link to comment Share on other sites More sharing options...
Sportgamma Posted October 18, 2013 Share Posted October 18, 2013 1Q2014 https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=111948 So does this reflect the full income from the revenue stream, or do we need to wait one more quarter to see it?--I'm having some trouble determining from the report itself. I believe that is that is the case. Revenue Q1 $680 Rev. Share 4.199% HK rev Q1 ($M) 16.2 Annual basis ($M) 64.8 AUM 9,100 Rev/AUM 0.71% Link to comment Share on other sites More sharing options...
Bart Posted October 18, 2013 Share Posted October 18, 2013 Hi Sportgamma, Don't you think we have to look at the number of 1.2 mio as the quarterly revenue from Horizon Kinetics, or even a combination of the 1.2 and 0.6 mio? I would conclude that based on the information in the link below. Where else would the 1.2 mio in revenue come from? I cannot seem to figure this out based on the SEC filing. http://www.frmocorp.com/_content/statements/FRMO_supplemental_17Oct2013.pdf which states: ''With the completion of the two exchange transactions in the final (May) quarter of 2013, FRMO Corp.’s operating income is clearly a direct function of the revenue and operating results of Horizon Kinetics LLC. There remains one revenue stream that is independent of Horizon Kinetics, a consulting arrangement, but this amounts to only a percentage point or two of FRMO’s operating income. In turn, since the revenues and operating income of Horizon Kinetics are clearly a function of the fees received on the assets under management of its subsidiaries, an investor in FRMO should wish to understand the character of those assets. The following exhibit displays figures for the amount of assets under management at Horizon Kinetics, both as to its allocation across investment strategies and across client type.'' Link to comment Share on other sites More sharing options...
Sportgamma Posted October 18, 2013 Share Posted October 18, 2013 Hi Sportgamma, Don't you think we have to look at the number of 1.2 mio as the quarterly revenue from Horizon Kinetics, or even a combination of the 1.2 and 0.6 mio? I would conclude that based on the information in the link below. Where else would the 1.2 mio in revenue come from? I cannot seem to figure this out based on the SEC filing. http://www.frmocorp.com/_content/statements/FRMO_supplemental_17Oct2013.pdf which states: ''With the completion of the two exchange transactions in the final (May) quarter of 2013, FRMO Corp.’s operating income is clearly a direct function of the revenue and operating results of Horizon Kinetics LLC. There remains one revenue stream that is independent of Horizon Kinetics, a consulting arrangement, but this amounts to only a percentage point or two of FRMO’s operating income. In turn, since the revenues and operating income of Horizon Kinetics are clearly a function of the fees received on the assets under management of its subsidiaries, an investor in FRMO should wish to understand the character of those assets. The following exhibit displays figures for the amount of assets under management at Horizon Kinetics, both as to its allocation across investment strategies and across client type.'' My understanding is that... Consultancy and advisory fees > ...comes from the revenue share Dividends and interest income, net & Realized gains > ...debt and equity investments (page 11) Income from investment partnerships > .... see page 11* and limited liability companies > ...HK equity stake *Horizon Multi-Strategy Fund, LP, Jordan Partners, LP, Croupier Fund, LP, Polestar Fund, LP, Multi-Disciplinary Fund, LP, South LaSalle Partners, LP Link to comment Share on other sites More sharing options...
Sportgamma Posted October 21, 2013 Share Posted October 21, 2013 ...well, at least they´ve got currency now. Link to comment Share on other sites More sharing options...
tripleoptician Posted October 21, 2013 Share Posted October 21, 2013 I bought this as a probable long term hold thinking the long term potential of the advisory revenue was substantial. I'm finding it harder to say this isn't fairly - overvalued with the current valuation as it seems significant growth potential is priced in. This has happened much quicker than I thought.....was thinking this stock would remain overlooked for a while to allow me to accumulate a decent position. I've been paring my holding with the recent gains and will continue following the stock with interest. sold again today at $8 for about 90% gain. Link to comment Share on other sites More sharing options...
racemize Posted October 21, 2013 Share Posted October 21, 2013 I bought this as a probable long term hold thinking the long term potential of the advisory revenue was substantial. I'm finding it harder to say this isn't fairly - overvalued with the current valuation as it seems significant growth potential is priced in. This has happened much quicker than I thought.....was thinking this stock would remain overlooked for a while to allow me to accumulate a decent position. I've been paring my holding with the recent gains and will continue following the stock with interest. sold again today at $8 for about 90% gain. I've really wanted to buy this one and hold for the long term, but I just can't get anywhere near the current price in terms of valuation. Link to comment Share on other sites More sharing options...
Dustin T Posted October 21, 2013 Share Posted October 21, 2013 I bought this as a probable long term hold thinking the long term potential of the advisory revenue was substantial. I'm finding it harder to say this isn't fairly - overvalued with the current valuation as it seems significant growth potential is priced in. This has happened much quicker than I thought.....was thinking this stock would remain overlooked for a while to allow me to accumulate a decent position. I've been paring my holding with the recent gains and will continue following the stock with interest. sold again today at $8 for about 90% gain. I've really wanted to buy this one and hold for the long term, but I just can't get anywhere near the current price in terms of valuation. Murray Stahl was asked in the Conference call about how to value the company and I found his answer pretty interesting. The gist of it was that it's a combination of the mark to market equity and the various revenue streams. I'll include the link as I don't think I've seen it here. http://www.marketwatch.com/story/frmo-corp-announces-first-quarter-2014-financial-results-and-conference-call-2013-10-15 I'd love to see a pullback so I could add to my position. Link to comment Share on other sites More sharing options...
racemize Posted October 21, 2013 Share Posted October 21, 2013 I bought this as a probable long term hold thinking the long term potential of the advisory revenue was substantial. I'm finding it harder to say this isn't fairly - overvalued with the current valuation as it seems significant growth potential is priced in. This has happened much quicker than I thought.....was thinking this stock would remain overlooked for a while to allow me to accumulate a decent position. I've been paring my holding with the recent gains and will continue following the stock with interest. sold again today at $8 for about 90% gain. I've really wanted to buy this one and hold for the long term, but I just can't get anywhere near the current price in terms of valuation. Murray Stahl was asked in the Conference call about how to value the company and I found his answer pretty interesting. The gist of it was that it's a combination of the mark to market equity and the various revenue streams. I'll include the link as I don't think I've seen it here. http://www.marketwatch.com/story/frmo-corp-announces-first-quarter-2014-financial-results-and-conference-call-2013-10-15 I'd love to see a pullback so I could add to my position. Yeah, I listened to the call, and I agree with his valuation method. I'm just wary of giving a lot of value to the various ideas coming in, even though I realize they have to be worth a fair amount. Link to comment Share on other sites More sharing options...
giofranchi Posted October 31, 2013 Share Posted October 31, 2013 As always, very good description by The Brooklyn Investor: http://brooklyninvestor.blogspot.it/2013/10/frmo-corp-frmo.html giofranchi Link to comment Share on other sites More sharing options...
Sportgamma Posted November 6, 2013 Share Posted November 6, 2013 "And if one looks at the income statement for the first quarter of 2014, which is the August quarter, one can see that the consultancy and advisory fees, as they’re labeled here, are represented almost entirely by the 4.199% revenue interest in HK. So, with that number, one can roughly estimate what the revenues of HK are. But it’s important to note what those revenues do not include. They would not include performance fees that are what’s called “un-crystallized,” meaning, if everyone in those hedge funds were to close their accounts today and leave, by operation of the contractual arrangements, HK would be due its performance fees through that date. But otherwise, these fees don’t “crystallize” until the end of the year. And it’s quite possible that the investment returns of those funds will go down during the balance of the year. But if they don’t, there is some proportion, and it’s not necessarily small, given the fact the markets are up and our performance in various strategies is positive, that would provide additional revenues not shown in this number." --- "Now, strategic developments: we (HK) launched our third index. We have three indices. We have the Horizon Kinetics ISE Wealth Index, the Japan Founders Index, which technically is a fund, but it’s really based on an index. And we have the Spinoff Index. If I recall properly, on the date of the Annual Meeting on August 27, 2013, the Virtus Wealth Masters Fund, which seeks to track the Wealth Index, had about $7.3 million in it. As of last night’s close, that fund was a little bit shy of $55 million. It was at $54.960 million, if I’m not mistaken. You can always check that on the Virtus website. We have over $20 million in the Japan Founders Index Fund, and we have over $46 million in the Spinoff Index, which was the index I talked about at the Annual Meeting that we were going to launch in the swap market, and that’s exactly what we did. We raised $46 million in that index, not that many days ago. In round numbers, we’ve got about $120 million of index management. At the beginning of the calendar year—this would be January 1, 2013—we had roughly $1 million under index management. That’s a lot of growth." http://www.frmocorp.com/_content/letters/2014_Q1_FRMO_Transcript.pdf Link to comment Share on other sites More sharing options...
zippy1 Posted November 6, 2013 Share Posted November 6, 2013 I remember that I was quite awe struck when listening to this part of the conference call. So how much do we think they can earn from performance fee if they do realize a 50%+ performance gain this year in HK? I’ll mention one more item that catches my attention, and then there will be many that favor Murray’s attention about our financial statements. Since I’m speaking about limited partnerships and hedge funds, in our financial statements, on page 11, there is a review of the various investments FRMO has in various limited partnerships, such as the Horizon Multi-Strategy Fund and the Polestar Fund and the Multi-Disciplinary Fund and so forth. One will see that their fair value at August 31 of this year was about $19 million. I can tell you that, a year ago, which is probably the appropriate period to look at, a year ago, on August 31, 2012, the fair value of these funds was $12.4 million. That’s quite a substantial increase, and it happened without our making any additional investments in these funds. That’s a function of both their investment performance, which has been quite nice, and any accrued and reinvested management performance fees due us as managers. By “us” in this case, I now mean HK. Link to comment Share on other sites More sharing options...
giofranchi Posted December 5, 2013 Share Posted December 5, 2013 December 2013 Commentary GioDecember_Commentary_Canadian_REIT.pdf Link to comment Share on other sites More sharing options...
Guest hellsten Posted December 5, 2013 Share Posted December 5, 2013 December 2013 Commentary Gio Thank you. I find it disappointing that they didn't discuss the housing bubble in Canada. I'm not an expert, but my assumption is that if the bubble burst it would affect Canadian real estate companies and REITs. The timing is the difficult part with real estate bubbles, or do they even exist according to EMT? :D Link to comment Share on other sites More sharing options...
matts Posted January 15, 2014 Share Posted January 15, 2014 Q2 2014 (ended Nov 2013) is out. Press release: http://finance.yahoo.com/news/frmo-corp-announces-second-quarter-005700175.html financials: http://www.otcmarkets.com/stock/FRMO/filings Their website is not yet updated. Link to comment Share on other sites More sharing options...
giofranchi Posted January 17, 2014 Share Posted January 17, 2014 Q4 2013 Commentary GioQ4_2013_Commentary.pdf Link to comment Share on other sites More sharing options...
CorpRaider Posted January 17, 2014 Share Posted January 17, 2014 Thanks for posting. I am really developing a man crush on Stahl. I wonder who he is talking about with "There is a new position we hope to establish soon in an owner-operator company that was established with the express purpose of acquiring such divestment candidates from larger firms…" Maybe….Pinnacle Foods? Link to comment Share on other sites More sharing options...
matts Posted January 18, 2014 Share Posted January 18, 2014 My guess would be POST Link to comment Share on other sites More sharing options...
Sportgamma Posted January 23, 2014 Share Posted January 23, 2014 Thanks for posting. I am really developing a man crush on Stahl. I wonder who he is talking about with "There is a new position we hope to establish soon in an owner-operator company that was established with the express purpose of acquiring such divestment candidates from larger firms…" Maybe….Pinnacle Foods? "an owner‐operator company that was established with the express purpose of acquiring such divestment candidates from larger firms; but not having purchased it yet, the description will have to wait for another time. Based on our study to date, it has the potential to be a very successful investment, on par with Jarden." Perhaps a sneaky hint from Stahl? Link to comment Share on other sites More sharing options...
jay21 Posted January 23, 2014 Share Posted January 23, 2014 Thanks for posting. I am really developing a man crush on Stahl. I wonder who he is talking about with "There is a new position we hope to establish soon in an owner-operator company that was established with the express purpose of acquiring such divestment candidates from larger firms…" Maybe….Pinnacle Foods? "an owner‐operator company that was established with the express purpose of acquiring such divestment candidates from larger firms; but not having purchased it yet, the description will have to wait for another time. Based on our study to date, it has the potential to be a very successful investment, on par with Jarden." Perhaps a sneaky hint from Stahl? I think I cracked it: Platform Specialty Products "Platform Acquisition Holdings is another Martin Franklin - Nicolas Burggruen SPAC (special purpose acquisition corporation, otherwise known as a blank check company)." "Martin Franklin is well-known to U.S. investors because of his work at Jarden Corp (JAH). He sort of does fit the outsider CEO mold (prudent acquisition driven growth). JAH is certainly a candidate for a post here on this theme I seem to be on here these days. Martin Franklin took over JAH as Chairman and CEO in September 2001 and now is executive chairman (gave up CEO post in 2011). " http://brooklyninvestor.blogspot.com/2013/11/platform-specialty-products.html Link to comment Share on other sites More sharing options...
Sportgamma Posted January 23, 2014 Share Posted January 23, 2014 Thanks for posting. I am really developing a man crush on Stahl. I wonder who he is talking about with "There is a new position we hope to establish soon in an owner-operator company that was established with the express purpose of acquiring such divestment candidates from larger firms…" Maybe….Pinnacle Foods? "an owner‐operator company that was established with the express purpose of acquiring such divestment candidates from larger firms; but not having purchased it yet, the description will have to wait for another time. Based on our study to date, it has the potential to be a very successful investment, on par with Jarden." Perhaps a sneaky hint from Stahl? I think I cracked it: Platform Specialty Products "Platform Acquisition Holdings is another Martin Franklin - Nicolas Burggruen SPAC (special purpose acquisition corporation, otherwise known as a blank check company)." "Martin Franklin is well-known to U.S. investors because of his work at Jarden Corp (JAH). He sort of does fit the outsider CEO mold (prudent acquisition driven growth). JAH is certainly a candidate for a post here on this theme I seem to be on here these days. Martin Franklin took over JAH as Chairman and CEO in September 2001 and now is executive chairman (gave up CEO post in 2011). " http://brooklyninvestor.blogspot.com/2013/11/platform-specialty-products.html http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/pah-platform-acquisition-holdings/msg129560/#msg129560 http://online.wsj.com/article/BT-CO-20130517-703773.html http://files.shareholder.com/downloads/AMDA-2DC2F1/2915202966x0x714832/64EB7848-FC6A-4545-8B99-97252A07356B/Project_WHO_Investor_Presentation_vF.pdf Link to comment Share on other sites More sharing options...
CorpRaider Posted January 23, 2014 Share Posted January 23, 2014 Nice work! I think you're right. Link to comment Share on other sites More sharing options...
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