Jump to content

bizaro86

Member
  • Posts

    2,465
  • Joined

  • Last visited

Everything posted by bizaro86

  1. Thanks for sharing that. I never lived in a dorm, but that looks at least as nice as many at the school I attended. We also had no need for surfboard storage. It seems to me that indoor space might be less important in a climate where that is a valuable amenity.
  2. My returns in my RRSP have been much, much greater than the interest rate on my mortgage.
  3. I had a number of millennial tenants split up and move out to two separate addresses during covid. Although I don't think any of them were legally married. I'm a millennial, and it seems in general among my friends that the people who actually get married are pretty serious about it. But many people are cohabiting (using less housing as a result) without being married.
  4. Are electricity and phone service already included in NYC rent? Those are almost always tenant paid here.
  5. My understanding is the same as yours. Personally, I'd rather use a points or cash back Mastercard or visa and then transfer money out or IBKR once a month to pay it when due.
  6. I think an arb etf has the chance of permanent loss of capital in a downturn if deals break and market valuations go lower.
  7. I don't have any insight to why the operator is who it is, but the shutdown here is probably not capex related. Large energy facilities take turnarounds for maintenance often, usually either annually or biannually. You need to shut it down to inspect the pressure vessels, do the major service on compressor engines, etc.
  8. I guess I don't understand how you can have ghost cities with buildings full of empty apartments and also have rising residential real estate prices that are pushing people out of the market. Are developers just building where nobody wants to live? Why would they do that?
  9. If you wanted to lower housing prices for affordability reasons, wouldn't encouraging more residential development (aka supply) be the best way to do that?
  10. Financing your education becomes a much more palatable option vs working if your post-grad probability tree includes a branch with the loan getting forgiven.
  11. No, you can only redeem for the $10 when they make an acquisition and vote on it, OR when they hit their deadline without doing one. Deadlines for each SPAC are in their prospectus, generally 1-2 years. If you know approximately when you need the money you could select ones with deadlines just before then. The process of redeeming through IB is a bit complicated, generally you have to DWACs out the shares (for which IB charges a fee) and then wait a week or two for the cash. Depending on the amount of money involved you may be better off to sell to an arb right before the deadline, can usually get $9.98 or so.
  12. How much risk of loss could you take, and is there any flexibility on timing of when you need the money? I own BRK and COST, but both could easily have a 30% drop during your hold period. As a cash alternative for that timeframe I'd buy a diversified bunch of SPACs. There are lots trading under $9.70 - buy low, and either sell if they pop or just redeem at $10. Gets you a better return than short term fixed income with similar risk.
  13. As a pretty big Disney fan, I have to admit I'm glad BRK never took too big a stake. I'm uncertain that capital allocation decisions that look wise in hindsight (a de novo cruise line, buying Pixar/Marvel/Lucasfilm) would have been approved.
  14. Although the comp for Ted and Todd (iirc 0.1% + 10% of performance above S&P500) is quite significantly more than WEB has been paid. It would be interesting to know what BRK returns would have been like with that compensation scheme instead of the flat low salary he actually took.
  15. I think 7/10 would be worse because you'd have to pay income tax on the 7 and then lose 10 in purchasing power. At least 0% nominal is tax free before you lose your 3% in purchasing power.
  16. I came to post the exact comment that Gamecock-YT has already posted.
  17. I'd like to exist in the multiverse where all the options I sell expire unexercised.
  18. Canada has this, and we have arguably the most profitable class I railroads. Actually, iirc BNSF uses it to compete for business in Canada.
  19. The Shiller isn't a P/E for an individual company, its for the whole market. And while big tech has grown earnings like crazy, entire industries and all their earnings have vaporized in that time (coal, department stores/lots of retail, shale gas, on premises software, etc), which is at least partially offsetting. I dont disagree with your general assessment, even though 2020 S&P earnings were lower than 2011 (obvious covid effects). But I do think the market is pricing in continued strong growth from 2019 levels. It doesn't seem obvious that will happen to me. Labour taking a bigger share of the pie seems like a particularly significant risk factor.
  20. The biggest thing is everyone is reaching for explanations because from a shareholder perspective it makes no sense. All we really know is: 1) there was a better offer on the table. 2) Prem took the offer from a former employee anyway. I can't see an explanation where that comes out looking shareholder friendly, whatever his inner motivation was.
  21. There was an objectively better offer on the table, and Prem refused to engage with it in favour of selling to a long-time employee (friend?) Unless you think Prem is a fool (which seems improbable) he must have had some other motivation.
  22. I think an investment in Fairfax basically requires you to assume that management will take advantage of minorities. This is one in a long list of examples. If you think the discount is big enough then maybe it makes sense as a "trading sardine." But the appropriate discount for a controlled company where management takes advantage of minorities is very, very high. They took an objectively inferior offer at the time. Is there any way that can be spun as taking care of fiduciary duties to shareholders? This just makes it look egregious.
  23. Great call on the Artis prefs!
  24. It is. I've added some here (offset with a few very far out of the money covered calls) anyway. Every time I've bought a truly great business at an "almost" reasonable price I've been happy I did so. Their multiple is very high, but this is a business with huge growth and huge pricing power. I rent on airbnb and the market there is so much better than their competitors I'd pay 3x what they currently charge me for fees and still feel I was getting good value. I am still disappointed about the IPO allocation. They gave hosts with enough transactions (I would have qualified) access to a $50k allotment at the IPO price. I tried to subscribe but it was US residents only.
×
×
  • Create New...