CorpRaider

Flattered you would ask. I will have to look at the VNO preferred. Obviously, VNO presents a superior credit risk at this time. I was going to buy VNO common to maintain my exposure, but Roth didn't help me get there on that last call (singing from the denial playbook and cutting himself off mid-rant and then calling out that he wasn't in the office lol). It sounds like I went through part of the same analysis as you did; plenty of upside if they're money good and less risk (of course then they're up 1% today versus 7% in the common). I also transitioned my exposure to a tax advantaged account. CEO and CFO were buying the SLG preferreds at around the price I got earlier in the year.

SLG-i; just putting back similar exposure from prior "tax loss harvesting."

I had a good time reading through the old Walk-all-ova-yah prospectus this weekend. Thank you.

It is going to be sad. I expect to spend a lot of time with the CNBC archives. Although I'm one of the ones who prefers the slides and lecture to the taking of more random questions from podcasters and kids, I thought Buffett was a lot better this year than last.

Thank you. I'll check it out. I don't know anything about signature. It seems to me like it would be just as easy to stall/slow with an online only presence; just give the "sorry timed out high demand" page like Fidelity does 3 or 4 times a quarter. Social media does seem to increase virality of narratives and panics. I have never liked big business/investment banking and HNW deposit bases.

Can I just say that I don't follow this "two clicks to a bank run = new world" stuff? Even from the big guy. Bank of Internet USA was founded in the year 2000.

Ted is replay. Todd is new. Todd is the GEICO CEO. He sent me a personal letter and refunded some of my premiums during covid. I think we are bros.

Hmm ok, I think I follow you. Maybe that is an overlooked complicating factor (monetary policy impacts "~with long and variable lag.") I thought maybe they should favor QT over hikes at least until they removed prior QE; especially once the curve got flat.

Yeah that stimulative theory doesn't make sense to me. Even if every dollar in increased interest is just transferring from one pocket in the economy to another, those who earn interest are almost certainly going to have lower marginal utility for dollars and propensity to spend. Not to mention credit grinding to a halt and a much higher opportunity cost for everything.

I was looking at CBRE and JLL. Could be interesting but I think I need someone to look out for the interests of capital/equity.

Bought some more Comcast. Fine with the cable business and all these Nintendo bullish thoughts got me excited about the flywheel that Brian Roberts has built to generate value from I.P.

I think there's a fair bit of hyperbole there but have considered lightening up on BAC and USB over recent weeks. There would be zero shock if forced to build/trap more capital for a while. Liked the slides on the deposit bases. Both are nice, that's the only reason I own a bank. I like how they said these deposit bases are uncannily similar and there's this yuge gaping hole in source all on the east coast down into TX for USB. Wells also got the low low "beta." But USB has Elavon. Hey $TD is getting big short interest. Sell that thing down cheap and I'm game. Canadian banks versus tobacco cos for greatest industry of all time?

I'm probably just going to make sure I've got a little more personal liquid cash in FDIC covered accounts.

Just a thought I had last night: Wouldn't the most people get caught offsides (now that we have all plowed into government debt mmmfs and t-bills) if something happens with the debt ceiling and more direct exposure to treasury obligations is discounted as riskier than having an intermediary private bank and the FDIC layered on top of that treasury backstop (i.e., all these direct exposures take a larger, material quotational loss; or USA debt gets downgraded again and settles lower than Wells or JPM)?

"Harvested some tax losses" in SLG. Prior to most of today's face rip, of course.

haha. I just hit it with the $10K most years as the "emergency" savings fund and get a little more tax deferred space. [Though I usually have more tax advantaged space than income. I'm like the tantalus of tax jocks.]

You guys are the hot series i savings bond money.

Becky, have you not seen TopGun Maverick?

This is pretty interesting to me. I was looking at Japanese stuff and even thought about buying some of one of those two U.S. listed closed end Japanese value funds, but never got there as far as comfort with the fees and just outsourcing it (I also can't issue negative yielding bonds to fund it).

Yeah, seems like no one ever considers the boring extend + pretend. To be fair would be a turrible news story.

I was dicking around with the B shares stink bidding when it was around $500. oof. I'm telling myself people thought JPM stole Bear for a few months too, so it's alright.

I'm with you on LUV. Thought about doing some SAVE as a workout/similar industry "bet," but I suppose no deal really could be an outcome given the enforcement we're seeing and the dynamics of this industry.

To be fair the golden age of being a landlord was probably during Feudalism.

I see they just issued a bunch of LTIP units last week, but I was scared there's some rent regulation scuttlebutt pre-news that I'm missing.

If that is why it's selling off I'm all good with my GTC limit order that I apparently had outstanding getting filled today.