mjm Posted September 21, 2020 Share Posted September 21, 2020 Bought more CASH @ $18.78. At some point, I may do a write-up on it. It's a very interesting and unusual small bank. wabuffo Seems like lot of insider selling although it appears to be mainly ex Crestmark officers, possibly diversifying? Link to comment Share on other sites More sharing options...
Spekulatius Posted September 21, 2020 Share Posted September 21, 2020 $ANTM and $ORI and a bit of $GOOGL Link to comment Share on other sites More sharing options...
lnofeisone Posted September 22, 2020 Share Posted September 22, 2020 Covered GME calls. Not feelign easy with all the outside involvement. Link to comment Share on other sites More sharing options...
CorpRaider Posted September 22, 2020 Share Posted September 22, 2020 Diworsified from WFC into BAC. Ok Li Lu and WEB? Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted September 22, 2020 Share Posted September 22, 2020 Bought a small position in Fitbit. Link to comment Share on other sites More sharing options...
wisowis Posted September 22, 2020 Share Posted September 22, 2020 Added to QIS.V In the past week: Added to NVU.UN, CSU.TO Initiated BYD.TO, DRM.TO Link to comment Share on other sites More sharing options...
KJP Posted September 23, 2020 Share Posted September 23, 2020 Enterprise Products Partners Hill International Link to comment Share on other sites More sharing options...
wabuffo Posted September 23, 2020 Share Posted September 23, 2020 more PDLI (even though I own a lot already). wabuffo Link to comment Share on other sites More sharing options...
writser Posted September 23, 2020 Share Posted September 23, 2020 more PDLI (even though I own a lot already). wabuffo Same here. Link to comment Share on other sites More sharing options...
Gregmal Posted September 23, 2020 Share Posted September 23, 2020 Re bought some NOV IWM puts. Also added some more AAPL puts. Added some JBGS yesterday. Link to comment Share on other sites More sharing options...
Spekulatius Posted September 23, 2020 Share Posted September 23, 2020 Bought a starter in GRA (catalysts, polymers). Sort of a COVID-19 recovery play. Also a starter in SRE (utility) Small adds to ORI, ANTM, ABEV Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted September 23, 2020 Share Posted September 23, 2020 Bought some AEL Link to comment Share on other sites More sharing options...
CorpRaider Posted September 23, 2020 Share Posted September 23, 2020 EQC Link to comment Share on other sites More sharing options...
thepupil Posted September 23, 2020 Share Posted September 23, 2020 EQC +1, 0-7% discount to NAV at 10-6% cap, value of EQC increases as real estate stocks/private market goes down. there’s like $300B of RE PE dry powder, but I think a single deal $2.8B cash pile + equity group backing is unique. The biggest tail risk I see is them doing a poorly received deal with another one of my holdings and I find I own too much of one thing. This is probably me just being paranoid because I’m dipping into the cash/bond allocation to buy EQC. Link to comment Share on other sites More sharing options...
fareastwarriors Posted September 23, 2020 Share Posted September 23, 2020 EQC +1, 0-7% discount to NAV at 10-6% cap, value of EQC increases as real estate stocks/private market goes down. there’s like $300B of RE PE dry powder, but I think a single deal $2.8B cash pile + equity group backing is unique. The biggest tail risk I see is them doing a poorly received deal with another one of my holdings and I find I own too much of one thing. This is probably me just being paranoid because I’m dipping into the cash/bond allocation to buy EQC. Nice. Added a bit to EQC and smaller bit to EQR Link to comment Share on other sites More sharing options...
CorpRaider Posted September 23, 2020 Share Posted September 23, 2020 My biggest fear is they sit there sucking their thumb and paying the SG&A. I saw some commentary that the paying of the dividend means people infer they don't intend to close a deal this tax year. I dunno about that but I do know Zell has been cautious for years in his like "market commentary." Though to be honest from what I've read about him I kind of think he just gives his opinion on macro stuff but it doesn't really impact what he actually does, which seems to be buy quality property below replacement value that has been under-managed/presents obvious value-add opportunities. But if he said that every time he was asked a question on a TV program, he probably wouldn't get many invites. I almost did some more EQR (and some PGRE) today too but I have to save some room for "disrupted" financials and "disrupted" media companies in with my "disrupted" real estate. haha Link to comment Share on other sites More sharing options...
Castanza Posted September 24, 2020 Share Posted September 24, 2020 Small adds to RTX, PCYO, PPL Link to comment Share on other sites More sharing options...
boilermaker75 Posted September 24, 2020 Share Posted September 24, 2020 Wrote some BRKB 205-strike 9/25 expiration puts for $0.71 per share. Link to comment Share on other sites More sharing options...
Gregmal Posted September 24, 2020 Share Posted September 24, 2020 Small adds to RTX, PCYO, PPL Bought some of this too last couple days. Also added to WM and V today. On PCYO, the underperformance is indeed perplexing. They own all the stuff you'd think does very well with the housing market on fire like it is. They are monetizing their land effectively and growing recurring revenue at a very high rate for the foreseeable future. Dan Kozlowski has been adding like a madman to an already significant stake which is encouraging as well. Given the balance sheet strength, I'd like to see a buyback put in place, as do a number of shareholders...many of which have passed this along to Mark. Either way, phase 2 should be announced next quarter which will provide another tailwind in terms of tap fees and lot sales. This is currently my 2nd largest position at a bit under 20%. Link to comment Share on other sites More sharing options...
KJP Posted September 24, 2020 Share Posted September 24, 2020 On PCYO, the underperformance is indeed perplexing. They own all the stuff you'd think does very well with the housing market on fire like it is. I had the same thought. I realize PCYO is concentrated in one area and the big homebuilders are much more geographically diverse, but it's strange that PCYO hasn't really budged. Link to comment Share on other sites More sharing options...
Spekulatius Posted September 24, 2020 Share Posted September 24, 2020 On PCYO, the underperformance is indeed perplexing. They own all the stuff you'd think does very well with the housing market on fire like it is. I had the same thought. I realize PCYO is concentrated in one area and the big homebuilders are much more geographically diverse, but it's strange that PCYO hasn't really budged. PCYO lost all the high margin $ from the Oil and Gas industry ( both royalty and fracking water ). That’s not a problem a home builder has. Link to comment Share on other sites More sharing options...
Castanza Posted September 24, 2020 Share Posted September 24, 2020 On PCYO, the underperformance is indeed perplexing. They own all the stuff you'd think does very well with the housing market on fire like it is. I had the same thought. I realize PCYO is concentrated in one area and the big homebuilders are much more geographically diverse, but it's strange that PCYO hasn't really budged. PCYO lost all the high margin $ from the Oil and Gas industry ( both royalty and fracking water ). That’s not a problem a home builder has. The majority of rev doesn't come from O&G supply but I agree they are handicapped (in this segment) near term due to oil and gas production. Guidance for revenue and profitability is still there despite the lull in that segment. Link to comment Share on other sites More sharing options...
Gregmal Posted September 24, 2020 Share Posted September 24, 2020 Yea Ive spoken with a good % of the shareholder base over the years and I am yet aware really of anyone who weighs the O&G/fracking as anything but a free option. I did see one writeup a while ago with a super bull case in which it could account for $1 per share of NAV. Its just kind of there, but not material IMO. They are not a homebuilder. They prep the lots but have contracts currently with 3 national builders and profit arrangements with all. There's currently 7 national builders looking to get involved in phase 2, which a couple years out should include over 1M sq/ft of commercial. The main asset is the water rights/servicing. This is a very conservatively managed company that basically has a whole lot of optionality, great inflation protected assets, and a pristine balance sheet. My only guess on the underperformance is really just a few of the larger legacy holders still lightening up and perhaps a bit of an unwind from the October - March rally where the stock literally never had a down day. But IDK. I'm good all day with this one here at $9. Link to comment Share on other sites More sharing options...
bizaro86 Posted September 24, 2020 Share Posted September 24, 2020 Yeah, I've been a buyer recently here at $9.xx I think I'd prefer to see them buy some more land vs buy back stock however. If they could get a couple more neighborhoods using their water they'd really speed up the tap fees, which is where the value is. Even if servicing the land was a break even proposition, accelerating the tap fee monetization by a decade or two has a big NPV affect. Link to comment Share on other sites More sharing options...
Gregmal Posted September 24, 2020 Share Posted September 24, 2020 Agreed. They were close to a deal in January apparently, so we shall see. They have balance sheet options. I'd love to see maybe something like a $10M repurchase authorization and then $20-30M of land acquisitions. Link to comment Share on other sites More sharing options...
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