CorpRaider

I like that site a lot too. I didn't know about the transcripts.

What data does Rocketfinancial use? Thompson Reuters?

I checked out rocket. Seems pretty neat.

Ok they started charging for that? I hadn't noticed yet. I like that earningscast app, but they don't have it for android. I switched over to do the Google FI thing.

They have some turrible articles, imop. I should start just ripping three charts and some quotes from x company's latest quarterly supplement on my blog (of course I would have to figure out how to accomplish that technically.) I do like the earnings transcripts.

Trying to look at KRG, KIM, BRX, RPT, REG, and STOR this weekend, with a view to tying to figure out who has best combination of shareholder/management alignment of interest, exposure to neighborhood centers and grocers, and lowest leverage. I have kind of decided to consider a bet that people will still go to neighborhood/convenience/grocery retail and/or that much of the properties can be converted to show-rooming space with attendant warehouse for catalog, I mean e-commerce fulfillment. I bought some GPT @~ $23, but I think I made a mistake after listening to last CC. They guided for no growth/slight FFO "shrinkage;" spoke with great certainty about what their cost of capital is; said it was high and basically would preclude growth; yet they weren't interested in a buyback; also they were issuing shares at ~$29 a few months back; indicated a plan to de-lever and"recycle capital" by selling higher yielding office and retail (e.g., gyms) and buying more (lower cap rate) warehouse, if any excess proceeds. Then they talked about how the cycle was getting late in warehouse and it was time to focus on quality (the lowest cap rates in a hot sector).

Definitely worth the listen. I previously caught him on Meb Faber's podcast, so I had the intro to his thoughts on PE, but Patrick is just very different as an interviewer so he brought out a lot of "deeper cuts." They talked about behavioral psychology, Kahneman and Tetlock and why detailed projections and analysis just make you more likely to be more confident in your wrong conclusions. I've not read much Tetlock stuff at this point (although I follow him on twitter...the man is a saint to put up with Taleb). I will have to put him in my to read shelf. Listening to them both in the order I did was actually pretty good. Meb's podcast episode was back in January, I think.

R.I.P. Dr. Hawking

Haven't read it yet either, but she was on Ted Siedes' podcast and the Behind the Markets Podcast (J. Schwartz with Wes Grey as guest host/the guy who booked her). Sounds like it might fit nicely into an "intro to behavioral finance/probabilistic thinking for those who don't want to get into the full blown weeds of Thinking Fast and Slow" category. I was thinking it might be a good holiday gift for people.

I am reading this book currently. I didn't see a thread (although I did find a mention of the book by Kraven when discussing another book). I think many on here are familiar with Tom Evans. This is the story of the raiders/activists of the era with a particular focus on his career. I will update post once I'm finished (I'm a little beyond 50% of the book). I did a post about how I found the book and decided to buy it. Seems like Evans ran a similar playbook to a lot of the people we study/discuss on this site.

What REIT has the highest exposure to grocery store anchored shopping centers? KRG?

I received from amazon like a tube of toothpaste in a 12 x 8 (ish) corrugated box delivered by a union member UPS carrier in a $100K truck that gets crappy mileage yesterday. The last 6 Netflix originals I watched were MEH. I frequently wonder about business models.

I published a (probably overly simplistic for most on this board) blog post about the size of Berkshire's portfolio relative to the opportunity set. Thirty-second summary: circa $300 billion in cash, equivs, and stocks doesn't seem so huge compared to $30 trillion in U.S. market cap and then you can also look at private companies and the rest of the world as his potential oyster.

I have a copy of this book on my to read shelf. It's a pretty voluminous hardback. Probably would have gone with the kindle version had I bothered to look.

I'm going to buy this one.

Anyone know the identity of the other NYSE company that doesn't give restricted stock awards and pay for directors E&O insurance?

I think he just can't stand to be sort of left out so he tries to horn in as much as possible. If I were the producer, I would line up some on assignment special thing and send him to it next year and let AR Sorkin hold down the fort or just go to Becky.

Enjoyed the letter. Posted a few thoughts, most of which have already been discussed above. I tweeted last night: You should all index. Value Investing is dead. So sayeth the lord. I'm a little depressed about it. :D

I think I read a white paper or something by him like a year ago via Meb Faber or Alpha Architect. Just saying, like I got the gist right? True volatility is masked by lack of quotation, no real special operation expertise for most shops/deals, fat wallet, what smart man does in the beginning. I don't love the Japan thesis because after all, is it a real market system where you can bank on property rights and rule of law and rationality to get your anticipated ROIC? I'm not so sure. Several activists have found it hard to get exercise shareholder/ownership rights. Can't exactly sell to a PE shop to take it private and whack some plants. May be more like quasi-state/executive/worker benevolent trusts. Ideally, I would prefer to limit investments to countries with a longer history and solid grounding in property rights and capitalism (basically Netherlands, UK, Ireland, Nordics, Switzerland and North America) but I suppose that is discounted to a large extent.

Do I need to read it if I've heard him on a couple of podcasts? It's basically "the fat wallet is the enemy of high returns." Yeah?

I thought perhaps you should sell and buy. Then again, the realtors would get you for ~14% of your gross, not mention all the other potential fees and costs...maybe I should invest in Redfin? Pretty sure Prof. Shiller has some data showing US housing is only flat with inflation over the long term (zero real returns). Some other researchers recently published a study claiming globally it has been a good investment (housing stock). But people have criticized their methodology and the impact of maintenance costs and taxes and stuff. Then again, I can't remember what Prof. Shiller did with implied/avoided rent lodging costs. He probably dealt with it reasonably because he's the shiz.

Yeah, they almost all seem to like to dilute you as soon as you get to a fair valuation. I wonder if you could find industry data comparing costs the asset base, like an expense ratio for a fund. Maybe find the cheaper ones and you will find some alignment of interests. I think SKT is family/shareholder controlled, but man they have a lot of apparel exposure. Obviously, either Ted or Todd likes STOR. SRG and HHC are not your typical retail yield hog plays and could merit some of your attention. Finally, a lot of the people on here love BAM and some like KW. I am invested in neither.

Yeah, get me some mobility as a service, so I don't have to park and get me some RFID automatic checkout so I don't have to wait in line to give you money to pay for my items and I could see it actually being pleasurable to shop/taking back share from online.

Yeah. All of them, except retail and financials. I predict labor is going to take back a bigger share either in the market place or the ballot box.

I'm watching SKT. Thought they were being kind of cagey on the call when a couple analysts were trying to get a figure for total SF exposure to tenants placed on short term renewals (whether due to bankruptcy or otherwise).