bskptkl
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Posts posted by bskptkl
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ENZN, have been for weeks...
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A few of my friends showed interest in me managing a portion of their IRA money. I'm not someone with a financial education background. What qualifications/certifications I need to pass to legally manage other people's money?
I am a US citizen, residing in California.
Thanks,
As others have said, the IB platform is useful for <15 friends and family accounts. I do this for a few of my friends, but mostly my own kids. I limit the accounts to around 5k and concentrate on odd lot tenders and the like. The accounts do well percentage-wise, but on a small base.
I'd have to agree with the prevailing sentiment, however...
What I have found over the years: managing money for others changes the process - like the Heisenberg uncertainty principle - the mere act of observing an event, changes the event. The feelings and emotional process of managing OPM is totally different than trading your own portfolio. As such, I heartily recommend going through the process in a small way to try it out before jumping into or considering full time money management.
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2019 annual received here
By mail? Through your broker?
I own in several accounts and got nuttin.
Edit: spoke too soon - TD sent a copy. Also thanks mjm for forwarding.
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Thanks for posting. That was a good read.
I've always thought of myself as lucky and tried to be receptive to good breaks. I think it has helped.
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Toss WXMN and the Waxman family on the list. They tried an egregious take under going private stunt at $1.87 when book value was $15ish. Oh and coincidentally, something material was disclosed in the next financial report, though they claimed they didn't learn of it until after the take under letter was sent. The timing looks suspicious to me.
They backed down after many perfected dissenters rights. I was looking forward to the court case.
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Sold short a bit $RGA (Life reinsurer) at the open when reading about their stock offering at $81. I was surprised it opened as high as it did ($89) and then even briefly went higher.
I first thought it was a potential long until I read the 424B offering filing. It appears that they loose about $400-500M for every 100k death in the US or 1.4M worldwide, so it is very levered to excess death (which is basically the risk they insure).
I closed this out for a small gain later, but I really think this has a potential as a short as I think we could be a few hundred thousand dead in the US before this is over and potentially a million. In the latter case, RGA likely would be toast.
Anyone has a clue how to get statutory filings. Pre- Corona, they had ~$700M in excess equity and COVID probably took $400-500M of this, so I assume their actuaries got nervous and that’s why their raised capital.
It’s cheap and trades far below book, but every financial on its way to going broke looks cheap and below book. RGA suffers from a double whammy of excess death and low interest rates so it could be really in a bind right now.
I know it’s kind of Macabre to bet on a demise of such a company, but hey what happens, happens whether we bet or not. If nothing else, it could be a way to insure against the tail risk of the virus getting worse again. I own some so insurance positions like TRV, ORI and BRK that I wouldn’t mind protecting.
Have you looked at EMGC? There's a (public) writeup on VIC.
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10:05 AM Haywood crossed 24,000 of the Ds
10:06 AM Haywood crossed 50,000 of the Bs
NCIB?
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Thanks for posting this. I am a private individual and trade very infrequently. I do buy small and micro caps though, both in the US and domestically. I value simplicity and ease of use. What platform do you recommend? Thanks!
I'd start with Schwab - free commish, otc stocks are generally fine.
Maybe IB if you trade many foreign stocks.
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Yea..... I truly hope this is legit, but this company, given its history and the folks associated... I'd bet we see a secondary real soon. Every biotech/pharma company in the world has realized they can raise millions at significantly better valuations simply by mentioning a potential COVID product. Not dissimilar from yesteryears "blockchain" and "CBD/cannabis" booms.
According to Almost Daily Grant's Commentary:
As for Sorrento, the company filed a shelf registration on April 27 allowing it to sell $250 million worth of shares into the open market “from time to time.”
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I couldn't resist, have a small position in SRL again...after feeling so good to be rid of Michael Smith last year too.MFCB owns a royalty on an iron ore mine that has shut down in Canada. Tacora, the private company that owns the mine announced they had closed the funding on the 27th. This is a big deal, as it should be $20 MM+ in annual revenue at 100% gross margins for a company that has a market cap of ~$60MM after the move.
We talked a but about it in the ALS thread.
The 20F out yesterday shows $28 book value.
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I’d guess at a common stock buyback and investments in mining small caps, which are crapped out.
I’d go so far as to say that Jonathan Goodman has not put a foot wrong - but the most difficult part, which is restarting growth, is yet to come.
Why do you guess common buyback over prefs? I'd imagine an SIB for the prefs before a common buyback, given that it decreases cash outlay going forward. I *hope* something is in the works with respect to their capital structure. I'm expecting that COVID is also forcing them to put more capital into some of their bigger operating businesses.
The preferred shares are permanent capital with no covenants and a reasonable rate. I wouldn't SIB them, maybe pick them off a little by little. The common however - that I would SIB a boatload - say $75 million buyback at $1.50 per share? That could retire half the shares outstanding.
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They upsized DPM offering to 24 million units for proceeds of $152 million. If the $8 warrants are exercised, they would have only 30k DPM left.
Impressive. I thought they would hang around and collect DPM dividends for years.
Cash could be over $175 million after this transaction - $1.75 per share.
Earnings after close tomorrow.
What will they do with the cash?
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A couple bottles of Pliny went down nicely last night. The wife picked em up at Amazon (Whole Foods).
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April 1-30
Repurchases: 0
Equity purchases: 426MM
Equity sales: 6500MM (airlines)
:-X
Quick calc seems like they held about 4B in airlines - so sold something else too.
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Took out the offer in QUCT. Not the first time this month either. It seems wrong buying on the way up though.
Besides thinly traded, quasi dark, insider controlled - anyone have a bear case on this one?
Is that like saying, "Other than that Mrs Lincoln, how was the play?"
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Reinvesting them in NYC RE companies
Speaking of NY real estate, still 1 share of MNPP offered at 1200...cheap, though opinion of management tends to be bad.
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TORW
100 shares at 35, then 180 shares at 25. wtf - a price last seen in 2005
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I saw this comment by MJS27 on VIC the other day and had a chuckle.
"i just got a message from a NYC based LP saying, "do you know a Whitney Tilson? He is riding his bike all over the city personally testing people for coronavirus."
so i suspect before long we'll have some completely non promotional data on NYC's infection rate"
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This stuck with me:
“This period, like the 1930-45 period, is a period in which I think you’d be pretty crazy to hold bonds,” Dalio said Wednesday on the Bloomberg Invest Talks webcast. “If you’re holding a bond that gives you no interest rate, or a negative interest rate, and they’re producing a lot of currency and you’re going to receive that, why would you hold that bond?”
The bond market is much bigger than the stock market. Will the natural bondholders just continue to buy bonds? If not bonds, what then?
Dalio suggests companies with stable incomes and strong balance sheets will prosper.
In this context, what's the right PE for those kind of equities? 10-20 sounds fine, even if a lot of the E may be missing this year...
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If you like wine, wine clubs are great way to support a winery by the way. Mine allows to customize shipments and shipping is only $5, plus I get a 20% discount.
One of my favorite wineries Scherrer Winery sent out an email last Saturday saying many of their wholesale accounts couldn't meet their commitments (for obvious reasons). Solution - he offered the wine to his mailing list for half price and free shipping. He was swamped with orders and quickly sold out of several wines, though there is still some left. https://scherrerwinery.com/
What a creative and quick response by Fred. This is ready to drink wine of older vintages, the stuff that would go on restaurant wine lists now. I can't wait to crack a bottle of the 2013 Russian River Valley Pinot.
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Does anyone know much about TYL and TDG? I bought some shares recently but Just a starting position, didn’t have enough time to fully understand the companies. But they both seem to have a competitive advantage with pretty impressive pricing power.
TYL just seems to have unusual pricing power, don’t fully understand them. I heard about TYL while listening to a Munger DJC Q&A. He mentioned TYL is the main company digitizing government agencies. The main but larger competitor of DJC and their software plan. Sure, would have been better 10 years ago but federal agencies are slow to change and most have a way to go. I can say this from experience, I’ve been waiting g for my city to digitize permit intake and review for 12 years now. It’s a good competitive advantage and the tide is in their favor for a while.
TYL at 85 PE and 11x sales! - never heard of the company, but you must think they have some kinda secret sauce.
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I bought RDI today. It finished on its lows ($3ish) - looking really weak.
See attached Gabelli research piece.
I've managed to avoid this classic value trap for years until very recently, but I can't resist any longer!
One thought I had - if it declares ch 11, it would be good for equity holders in that there would be a mandated sales process. The management is absolutely horrible and are clinging to power by way of the RDIB super voting shares, which are holding up around $16ish. There is also a civil court case that may dislodge management.
I wonder how low it will go...
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SRT.UN?
Is it safe? Seems cheap.
1.3B of US shopping malls backed by supermarket and grocery rent (38%). 12% rent from restaurants and 4% from fitness is bad though.
About a USD $1 adjusted FFO on a CAD $6 stock.
800M of debt
285M on their revolver
Trades at 50% of book. 5x adj 2019 FFO
Maybe not exactly a fortress.
No position.
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Sold COST. Will redeploy into names that are down way more.
Sold rest of mine too. I was sad.
Anecdotally - I shopped there yesterday (Nor Cal) and it was eerily empty.
What are you buying today?
in General Discussion
Posted
A little CRAI at $69.50. I think the odds are in my favor.