Spekulatius

If I'm an employee, I'm pissed that he leaves a billionaire while the company is on the brink of bankruptcy and my options are worthless. I'm also pissed I didn't get an opportunity to cash out as well I'm surprised that's even legal. I worked for a company a good while ago that got bought out. The chief executives could cash out their stock and options right away because they had a provision for accelerated vesting, the common serfs didn’t . The wheels came off quite quickly after the merger. Some animals are more equal than others.

Bought some NOW AH.

Bought back some HHC AH. I also added to WED.V

The “ in between” situation seems to me much worse for the Brits than either to stay it go.

Same here. I suspect the pot. SEC action may scare some investors away from dark stocks and cause some selling. I am happy to oblige and provide liquidity if the price is right. Not much public information out for NSYC, though from the Seeking Alpha post in Feb, 2019 it sounds very interesting - especially at a market cap of $9m. I emailed the company to see if they'll send annual reports on request. I don't like my chances, but it's worth a try. I don’t have NSYC’s annual report either, but there is enough information in Eric’s podcast episode to let me conclude there is a lot of value at current prices: https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?i=1000429276814

I very much enjoyed this podcast from Jolly Swagman hosting Marc Cohodes: https://podcasts.apple.com/us/podcast/the-jolly-swagman-podcast/id1236553683?i=1000443953331 I had to tone it down at home due the use of colorful aphorisms by Marc Cohodes. :o This podcast is best enjoyed with the one with John Hampton as these guys know each other well.

While a great return, it seems like they sell a great business, but can’t get rid of the dogs with fleas. RFP, Stelco, BB etc. is what they need to sell. Rebuilding an insurance business in India will take a lot of time.

Zerohedge and Mike Sherlock - you need better sources.

So is he now going to fall in a ditch and play dead? https://twitter.com/time/status/1169694244111601666?s=21

Bought a bit of JNJ today. I also added some FRFHF.

Congrats to this trade!

So your trades, which executed at 11.04 were not logged. This sounds like your order went on a different exchange that isn’t shown in the yahoo or your Brokers data feed. I would look at your trade ticket to see in what exchange your trade executed and see if there is something unusual. FWIW, I had GTC order execute outside the bid ask spread in some cases (it was below, so no complaint). I think this can occur due to the fragmented nature of the current stock exchanges.

Same here. I suspect the pot. SEC action may scare some investors away from dark stocks and cause some selling. I am happy to oblige and provide liquidity if the price is right.

Yes, but this also makes him a defacto market timer. Nothing wrong with this, but many here are a bit inconsistent in terms of stating that market timing does not work, yet giving Buffet a free pass on it (sort of). Another way to look at is that Buffet doesn’t buy relative value. I guess he has internalized value metrics and does not bend the, when Mr Market does not collaborate. I personally see this a bit different and in a way, I buy relative value within reason and most here do so as well, in my opinion.

To invert this, with CVET doing poorly, it seems that HSIC (from which CVET was spun off) dodged a bullet and ought to be a better business now. It seems reasonably valued too. I put it on my watch list together with CVET. I would be more inclined to buy HSIC here than CVET.

There are three sort of posts that I appreciate the most 1) Posts that present a new idea or view to the community 2) Posts that lead me to change my mind 3) Posts that Save me a lot of Time I think packer16 Post on CTO is angriest example of #3 http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/any-reit-experts-here/msg384761/#msg384761 It’s a very short but succinct analysis of the pros and cons of CTO, presented in a former post from Gregmal. A good example of 2) was this in the SPOT thread where griezemann23 pointed out a huge error that Aswath made (and didn’t catch it): http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/spot-spotify/msg383561/#msg383561 A great example (for me) Of 1) was John ‘s post about ODET. I was just researching music labels and knew that Bollore had a stake in this business. I had ODET on my research list and this post reminded me to look again: http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/odet-pa-financiere-de-l'odet-se/ I am the first to omit they I post mostly for my own benefit. That sometimes leads to “throwing something on the wall and see if it sticks”. The result are some times obvious errors. Despite that, I do hope that some of the stuff on the wall is beneficial to other board members too.

FRFHF. Trying for Swingtrade To $480+. I am thinking we are closer to the bottom here than a top. I do expect a book value loss this quarter. Smallish position, will add If we get closer to the 52w low. I don’t like the stock that much long term, but I do like the risk reward for a swingtrade.

Sold my smallish SMTA Position for a marginal game, after disappointing liquidation guidance (or do I read this wrong?).

Yes, I see it in a similar way. His last really good deals with public markets was BNSF. Everything after that was private deals (BAC, OXY etc). In a way, he has done a great deal reinventing himself, as a private market investor. Even though he may have lost some edge as an investor, I really like BRK stock here and I don’t think he really needs to hit it out of the Park here in terms of investing in commons stock to do well. If he can just get a few good deals done in the next downturn, while his operating companies and resilient insurance ops put up good results, the BRK should outperform significantly in a downturn and do Ok in an upturn with overall very satisfying results.

1) Warren lost his edge in public markets in the late 90’s and I think he knows it too. He still has an edge in private deals. 2) He has become a closet market timer. This has to do with 1). That’s why most of his cash deployments will be in some sort of market dislocation, when there are pitches that are obvious to him. 3) It’s still a much better situation than FRFHF, where they lost their edge investing, but don’t acknowledge it.

I always look for posts from “Viking” regarding financials and “Own the rails” regarding what I would consider “inevitables”. “ajc” checked out here, but his posts on growth stocks were very helpful.

re GRIF vs CTO, I like GRIF much better. They do one thing (smaller warehouses) in a few markets reasonably well and trade to a significant discount to NAV. It’s easier to get this sold than CTO. I don’t own it (sold it for a quick swingtrade) but would buy this any time if it falls back a little.

I was impressed by the Dakshana foundation, until I read this in their 2018 annual report: $3.7M loss with $10.5M cash in a foundation????? To be fair, the foundation made ~+$1.1M the year before, but still.

The issue with a REIT conversion is that it comes with a huge tax bill usually, as assets need to be valued to fair market value. I could be wrong with this and don’t know about CTO specifically, but that’s what I heard in other cases where a change in incorporation was discussed.

It’s pretty close to these targets. Based in the press (from unnamed sources - ha) there actually isn’t any deal yet, just the promise of a kick the can deal - the Chinese buy some AG goods, Trump delays the tariffs. Better than a poke in the eye, but not a breakthrough. We will see where this goes next week. One comment # if a pattern keeps repeating, it’s probably not a good signal any more.