mananainvesting

I appreciate the previous discussions on $HTLD. I finally got to posting about it (link below). Let me know if you have any feedback. I am long and not advise. https://mananainvesting.substack.com/p/heartland-express-inc-nasdaq-htld

Picked up $MKL

@Gregmal @spartansaver: Are there any weird tax implications with $GYRO ? Example: Like an LP?

Valid points. I would point you to a couple of things a) Cash Flow (They have higher depreciation than net capex) b) buybacks c)special dividends d) valuation e)land/property on the books vs market value. They have ~27 owned terminal/properties and 40acres of land. See 2022 AR for gain on sale of one of the terminals.

I think that is the case with every acquisition of theirs, the legacy heartland brands have one of the lowest ORs in the business, so any acquisition they do hurts in the short term. They usually take 3 years to right the acquired business to low 80s OR like the rest of the business but in this case the management has said it will likely take 4 years (from 2022). The 2 acquisitions (CFI & Smith) doubled the company’s revenue so imo it is material.

I don’t think we are talking about the same company. $HTLD - Heartland Express is a trucking company.

Some more $EFXT

Added to my $EFXT position.

More $HTLD

Buying $HTLD. Anyone following this company? CEO and his trust are buying lots of shares in the open market. Below is my thesis. Not advise.

@Viking What would be the lowest price you would sell your $FRFHF shares today? (Which should closely reflect what its worth according to you). I would probably sell my shares at $2000 USD, as I think there is a high chance Fairfax will earn 15% ROE over the foreseeable future and selling any lower is not worth the hassle of redeploying money in other ideas.

Yeah, sucks. First time seeing this (not that I have been doing this for long), but yeah, crazy that they did it.

Bought $FEC.TO - Odd Lot Tender Opportunity.

@Whensthepaintdry? Would appreciate a quick elevator pitch on your buy of $FRPH. Any good resources you suggest to go over ? Thanks

Do you know when the special meeting is? I dont see the date in edgar yet. Thanks

BIA Tailwinds

Yup!, could be one of the reasons people are selling. But Morningstar has been bearish for a while.

Marketcap is 1T rupees, which at 1 usd=84 rupees, roughly translates to $12B usd Marketcap.

The price target from Morningstar makes 0 sense! Target price of $1180 CAD, which is $860 USD, below book value! What the heck! Looks like this analyst is in the "Management destroys value" camp!

Fairfax did some shopping!

Added to $BRK.B

have you looked at $CNH? might interest you.

Added to my already overweight position in $FRFHF/$FFH.TO , what a sale!

I don't think getting a fair deal for FFH vs FIH are mutually exclusive, both can get a fair deal, Ex: A Stock or cash option deal would solve that. IMO keeping $FIH public if market is not valuing it to book does more harm to Fairfax reputation than if not. I understand one can make both for and against arguments, and I appreciate both views.

Added to $MKL and $NOA.