what are you selling today?

[KJP]

Vornado

a bit of Paramount Group

[Spekulatius]

Sold down a little more BNTGY.

[formthirteen]

JEF. I probably sold too soon if they continue executing well with TBV at $26.49 :-[

[Gregmal]

Trimmed SPG, ESRT, both about 10%, sold all VNO(smaller trading position), exited all SBE.ws, and most of PIC.

[wescobrk]

I sold half of my call options of Nikola at a 400% profit.

My wife is happy. :)

[KJP]

50% of Griffin Industrial Realty

[LearningMachine]

ESRT

[Spekulatius]

Sold INTC (loss) and reduced PKE, CMCSA and BNTGY

[jgyetzer]

Pared LILA, TIGO

[Castanza]

50% of PLTR 200% gain

70% of NIO 270% gain

 

I'll play with house money from here  :o

 

I thought there was supposed to be a rotation into value happening....Hopefully it comes soon enough.

 

Edit: r/wallstreetbets is having one hell of a day

[Gregmal]

50% of PLTR 200% gain

70% of NIO 270% gain

 

I'll play with house money from here  :o

 

I thought there was supposed to be a rotation into value happening  ;D

 

Lots and lots of money can be made in bubbles. Just make sure YOU rotate into value before everyone else! I agree on the house money strategy. You can make many multiples of your investment but can only lose 100%. Huge advantage if you know what you're doing.

 

I trimmed some of my GEOS position today and took off another 1/3 of BEAM.

[BG2008]

50% of PLTR 200% gain

70% of NIO 270% gain

 

I'll play with house money from here  :o

 

I thought there was supposed to be a rotation into value happening  ;D

 

Lots and lots of money can be made in bubbles. Just make sure YOU rotate into value before everyone else! I agree on the house money strategy. You can make many multiples of your investment but can only lose 100%. Huge advantage if you know what you're doing.

 

I trimmed some of my GEOS position today and took off another 1/3 of BEAM.

 

Greg,

 

Great call on GEOS.  Just curious what your cost basis was.  I bought a little at $6.  Great set up in terms of price and activism etc.  This is the classic Ben Gramham bucket sized at 1%.

[Gregmal]

Average GEOS was high $5s. Started buying around $6.50 and pyramided into about a 2% position in the mid 5s.

 

Either lucky or good, who cares right? Strange though seeing a pretty legit, almost net-net type US listed company like that. Chart looks good and I'm hoping we push towards $8 for the rest. Setup still seems there, but I'm getting a little skittish with the market and also building a new core position. And also as discussed, dont want to marry this bitch.

[BG2008]

Average GEOS was high $5s. Started buying around $6.50 and pyramided into about a 2% position in the mid 5s.

 

Either lucky or good, who cares right? Strange though seeing a pretty legit, almost net-net type US listed company like that. Chart looks good and I'm hoping we push towards $8 for the rest. Setup still seems there, but I'm getting a little skittish with the market and also building a new core position. And also as discussed, dont want to marry this bitch.

 

If I learned one thing about O&G investing in the last 10 years is that you "rent" them, you never "marry" them.  Size them small and diversified.  Your mental health will thank you greatly in the end.

[benbuffett]

Sinclair Broadcast Group (SBGI) on recent run up last 3 weeks. NXST and GTN also had big moves but don't own these two. All three are major broadcasting companies.

[Gregmal]

Average GEOS was high $5s. Started buying around $6.50 and pyramided into about a 2% position in the mid 5s.

 

Either lucky or good, who cares right? Strange though seeing a pretty legit, almost net-net type US listed company like that. Chart looks good and I'm hoping we push towards $8 for the rest. Setup still seems there, but I'm getting a little skittish with the market and also building a new core position. And also as discussed, dont want to marry this bitch.

 

If I learned one thing about O&G investing in the last 10 years is that you "rent" them, you never "marry" them.  Size them small and diversified.  Your mental health will thank you greatly in the end.

 

Lucky again! GEOS booted from the Smallcap 600. Another opportunity to print some money perhaps. Would certainly buy this back in the low 6s. These schmucks actually approved a buyback a couple weeks ago.

[BG2008]

Average GEOS was high $5s. Started buying around $6.50 and pyramided into about a 2% position in the mid 5s.

 

Either lucky or good, who cares right? Strange though seeing a pretty legit, almost net-net type US listed company like that. Chart looks good and I'm hoping we push towards $8 for the rest. Setup still seems there, but I'm getting a little skittish with the market and also building a new core position. And also as discussed, dont want to marry this bitch.

 

If I learned one thing about O&G investing in the last 10 years is that you "rent" them, you never "marry" them.  Size them small and diversified.  Your mental health will thank you greatly in the end.

 

LOL, this is hilarious and impeccably timed on my end via pure accident.  Took a little chips off the table today actually.  Like I said, rent O&G names, don't marry them. 

[bathtime]

Average GEOS was high $5s. Started buying around $6.50 and pyramided into about a 2% position in the mid 5s.

 

Either lucky or good, who cares right? Strange though seeing a pretty legit, almost net-net type US listed company like that. Chart looks good and I'm hoping we push towards $8 for the rest. Setup still seems there, but I'm getting a little skittish with the market and also building a new core position. And also as discussed, dont want to marry this bitch.

 

If I learned one thing about O&G investing in the last 10 years is that you "rent" them, you never "marry" them.  Size them small and diversified.  Your mental health will thank you greatly in the end.

 

I’m finally getting my thick skull to realize that. Have wasted way too much time trying to make money off O&G in the last 15 years.

[Gregmal]

Sold the last few of my PSTH warrants. Also trimmed some CRSP.

[gfp]

Reluctantly selling most of my PSTH premarket this morning. 26.70-26.94 / share.  Cue huge deal announcement in 3..2..1..

[Arski]

Reluctantly selling most of my PSTH premarket this morning. 26.70-26.94 / share.  Cue huge deal announcement in 3..2..1..

Why? You think it's overpriced or?

[Gregmal]

Reluctantly selling most of my PSTH premarket this morning. 26.70-26.94 / share.  Cue huge deal announcement in 3..2..1..

Why? You think it's overpriced or?

 

There's certainly enthusiasm w/ the spac stuff right now. And yea, PSTH is one of the bigger profile ones, but you're stretching reality to think a company, described by Bill himself as "mature", is instantly going to be worth much more than the already 30%+ premium being ascribed at $26.xx. Its been my opinion for a bit, having traded the shares a few time, and especially the warrants, that the margin of safety is gone and that its probable you have already gotten credit for the deal pop here. I've been selling short and mid duration puts here though, as there's still a lot of meat on them.

[gfp]

Reluctantly selling most of my PSTH premarket this morning. 26.70-26.94 / share.  Cue huge deal announcement in 3..2..1..

Why? You think it's overpriced or?

 

Yeah, basically what Greg said.  I mean, yes obviously it is overpriced for a box of cash.  When it goes up today because of the S&P-IHS deal that seems a little foolish.  This one got a boost once the 13-Fs showed it in Baupost and other portfolios.  But those were smart moves at the IPO price.  I don't think Klarman is a buyer at 27 pre-deal announcement.

[BG2008]

Average GEOS was high $5s. Started buying around $6.50 and pyramided into about a 2% position in the mid 5s.

 

Either lucky or good, who cares right? Strange though seeing a pretty legit, almost net-net type US listed company like that. Chart looks good and I'm hoping we push towards $8 for the rest. Setup still seems there, but I'm getting a little skittish with the market and also building a new core position. And also as discussed, dont want to marry this bitch.

 

If I learned one thing about O&G investing in the last 10 years is that you "rent" them, you never "marry" them.  Size them small and diversified.  Your mental health will thank you greatly in the end.

 

I’m finally getting my thick skull to realize that. Have wasted way too much time trying to make money off O&G in the last 15 years.

 

Everytime, I am like "if this goes down, I will back the truck up."  I never have the balls to do it when it actually happens.  I am no smarter today than 10 years ago because who knows what oil price will be and you have to play game theories involving the Saudis, Russia, US and Venezuela.  Berry Global (plastic packaging) prints 2-4% organic volume increases in the middle of a pandemic and pays of almost a $billion of debt in 2020 and it trades for single digit P/FCF in 2020 and still trades at 7-8x P/FCF.  Why bother with O&G.  Although GEOS as a net-net is probably a decent allocation because liquidation will bring about 80% upside which means you should sell after a 20-30% bounce.

[Gregmal]

Although GEOS as a net-net is probably a decent allocation because liquidation will bring about 80% upside which means you should sell after a 20-30% bounce.

 

Yup, between the activists, buyback, and balance sheet strength I think its likely good money again. Bought a few shares back today and was surprised to see some big insider buys filed just a few moments ago.