cubsfan Posted June 17, 2021 Share Posted June 17, 2021 On 3/18/2021 at 3:05 PM, cubsfan said: More PANW - $318 Sold PANW - $370 Link to comment Share on other sites More sharing options...
Gregmal Posted June 17, 2021 Share Posted June 17, 2021 (edited) Been shorting Jan 22 puts ~30-50% OTM on CLF, SLB, RIG and buying Jan 23 calls ~50-100% OTM. Also small adds to ALCO, JOE, MSGS Edited June 17, 2021 by Gregmal Link to comment Share on other sites More sharing options...
cubsfan Posted June 17, 2021 Share Posted June 17, 2021 ^ Dude you are a wealth of great ideas! Link to comment Share on other sites More sharing options...
CorpRaider Posted June 18, 2021 Share Posted June 18, 2021 BRK.B, LLOY (UK) Link to comment Share on other sites More sharing options...
shamelesscloner Posted June 18, 2021 Share Posted June 18, 2021 Naspers (NPSNY) Link to comment Share on other sites More sharing options...
Monsieur_dee Posted June 18, 2021 Share Posted June 18, 2021 Orders went through for VZ & HUN Link to comment Share on other sites More sharing options...
fareastwarriors Posted June 18, 2021 Share Posted June 18, 2021 Picked up some more JBGS under $33 Link to comment Share on other sites More sharing options...
lnofeisone Posted June 18, 2021 Share Posted June 18, 2021 bought some ELAN, MIC, and JBGS Link to comment Share on other sites More sharing options...
gokou3 Posted June 18, 2021 Share Posted June 18, 2021 BTI. 7.7% yield Link to comment Share on other sites More sharing options...
Castanza Posted June 18, 2021 Share Posted June 18, 2021 (edited) Small starter position in RRC Management has been very disciplined with paying down debt. Target is to get to sub 2x by end of 2022. At this point they would consider dividend or stock repurchase. Projections show sub 1.5x by 2023. Management is focused on generating free cash flow They have the best assets in Appalachia and are also the most efficient operators. Continued efficiency growth is on the front burner. I believe in the call they said they got under 12k per linear foot and as a result are revisiting their best producing wells. they see tailwinds for propane and gas in Asia. Consolidations and acquisitions are only on the table if it checks multiple boxes. Efficiency, debt pay down or RFC generation. Q1 call had a lot of good questions. Edited June 19, 2021 by Castanza Link to comment Share on other sites More sharing options...
rayfinkle Posted June 20, 2021 Share Posted June 20, 2021 On 6/15/2021 at 7:58 AM, Gregmal said: Hi Ray, Thanks for mentioning the VIC writeup, I cant believe I hadn't seen it before but was a good read. I dont really think there's a specific writeup I can point to. I've followed the company for years and one of the beauties of a company like this is that its pretty static. Once you familiarize yourself with the assets there's not a whole lot of upkeep you need to do on your thesis outside of fairly simple stuff like listening/reading transcripts. What lead me to conclude this is now a good IRR type investment this winter and especially this spring was several things. 1) Its failed to participate in any sort of appreciation seen by most assets/companies despite the fact that there hasn't been any value destruction here. 2) Management now has a multi year track record of solid decision making and is now starting to do IR work. 3) FL and Sun Belt RE, especially land, has gotten so hot its inevitable that it starts bleeding into this valuation. Because of 2) you can get confident that it will be capitalized on. 4) All else fails you have such a margin of safety(even still at $34 IMO) that its unlikely you lose anything but opportunity cost..which in a fickle market isnt too much of a concern to me. Thanks Greg! How do you get comfortable with the “control family” risks? Eg stagnation, lack of incentive in support of minority investors, etc.? In briefly going over the latest deck it seems like they at least talk the talk of closing value to NAV gap. Link to comment Share on other sites More sharing options...
Gregmal Posted June 20, 2021 Share Posted June 20, 2021 3 hours ago, rayfinkle said: Thanks Greg! How do you get comfortable with the “control family” risks? Eg stagnation, lack of incentive in support of minority investors, etc.? In briefly going over the latest deck it seems like they at least talk the talk of closing value to NAV gap. Its really just the Trefalet outfit that has a big handle on control via share ownership. Otherwise there's a pretty solid record of doing the right thing with this group. I do think there is legitimacy to the concern of a stale, good ole boys club, entrenched board...but I dont care because they've been making the right moves for several years now and thats all that matter. If you go back and pull up their reports + outside analysis of the evolution and 5 year plan thats been executed since 2017-18 or whatever, its impressive. Link to comment Share on other sites More sharing options...
rayfinkle Posted June 21, 2021 Share Posted June 21, 2021 7 hours ago, Gregmal said: Its really just the Trefalet outfit that has a big handle on control via share ownership. Otherwise there's a pretty solid record of doing the right thing with this group. I do think there is legitimacy to the concern of a stale, good ole boys club, entrenched board...but I dont care because they've been making the right moves for several years now and thats all that matter. If you go back and pull up their reports + outside analysis of the evolution and 5 year plan thats been executed since 2017-18 or whatever, its impressive. Thank you sir! Link to comment Share on other sites More sharing options...
Viking Posted June 21, 2021 Share Posted June 21, 2021 (edited) FFH. Happy to add to position at current prices. Q2 results should be solid. Hard market continues. Investments should add to net earnings. Shares are trading back below 0.9XBV (whole P&C sector sold off last week). Edited June 21, 2021 by Viking Link to comment Share on other sites More sharing options...
no_free_lunch Posted June 22, 2021 Share Posted June 22, 2021 Bought VZ, mid sized position. It's somewhere around 14x FCF from what I can tell. I view it as a cash alternative/ inflation hedge. Link to comment Share on other sites More sharing options...
Castanza Posted June 22, 2021 Share Posted June 22, 2021 Added to BSM and RRC Link to comment Share on other sites More sharing options...
Broeb22 Posted June 22, 2021 Share Posted June 22, 2021 FND Link to comment Share on other sites More sharing options...
cubsfan Posted June 22, 2021 Share Posted June 22, 2021 On 6/4/2021 at 7:41 PM, Castanza said: All of what you say sounds very familiar. My company uses NOW and also Splunk (which I’ve helped to deploy). Definitely can be a major pita. It’s a good product though, and certainly offers a lot of visibility and customization. My one grip, and I’m sure other companies are the same way, but it’s a lot to maintain. Our company decided to hire some dedicated Splunk resources since it became unmanageable for the typical IT teams. Definitely a sticky business though. Gives upper management more to bitch and moan about I wish I would have bought NOW a few years ago. I saw how engrained the software was to companies once implemented. An update on Splunk (SPLK) for ya! https://www.marketwatch.com/story/splunk-stock-rallies-after-company-nabs-1-billion-silver-lake-investment-2021-06-22?siteid=yhoof2 Link to comment Share on other sites More sharing options...
Castanza Posted June 22, 2021 Share Posted June 22, 2021 5 hours ago, cubsfan said: An update on Splunk (SPLK) for ya! https://www.marketwatch.com/story/splunk-stock-rallies-after-company-nabs-1-billion-silver-lake-investment-2021-06-22?siteid=yhoof2 Wow that's a pretty interesting development Link to comment Share on other sites More sharing options...
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