sarganaga

Gazprom (OGZPY)

British American Tobacco (BTI) yesterday Gazprom (OGZPY) today

We have significantly more than $1.3 million and no debt. No mortgage or loans, credit cards paid off entirely each month. It's been like that for over 30 years. It's been much easier/less stressful to take business and investment risks on a cash basis. I can see how far down is. I realize this is not the best path for everyone, but it's worked well for me.

Thanks for sharing your work. Good luck.

Yup, lots here too. A bit less than 4% for me.

Imperial Brands (IMBBY)

CK Hutchison (CKHUY)

Altria (MO)

Can you share any compelling writeups that you've come across? Hey, here's a podcast episode going into the details of the company and the investment case. Basically its just a really cheap telecom company with 100-200% upside and a heavily incentivized CEO to unlock that value. Thanks for the podcast link. This is a very informative discussion about Lumen (LUMN) that starts with the merger of Century Link and Level 3 in 2017. Good listen!

Can you share any compelling writeups that you've come across? Michael Burry likes the stock. This article from Seeking Alpha and the discussion which follows lays out most of the bullish and bearish arguments https://seekingalpha.com/article/4405414-lumen-reports-solid-fourth-quarter Bears see declining revenue, lots of stock compensation for management, some still butt hurt over dividend cut awhile back after management indicated it was safe. On the positive side for me Lumen generates quite a bit of cash flow that it's using to pay down debt substantially. That's what they said they were going to do when they cut the dividend. A well covered dividend north of 8%. Michael Burry's involvement helps me convince myself that I'm not just being a misguided yield whore. Value investor, Mason Hawkins, has it as his largest position across his Longleaf funds. He's underwater having owned it since 2017. He met with Lumen management in December and added to his position. FWIW his performance has been grim as it has for many real value managers. There's a wide discrepancy between what believers and unbelievers see as true value for this one. I'm choosing to see the glass half full. A bit less than 4% position for me.

Lumen (LUMN)

CK Hutchison (CKHUY) slightly less than 4% position now

Enterprise Products Partners (EPD) Lumen (LUMN)

Altria (MO) CK Hutchinson (CKHUY)

J G Boswell (BWEL)