DanielGMask

I totally agree with this statement.

I also think he is more bearish than usual. I’ll add that he stated that it’s a mistake to see the 125B in cash as 40% of funds, since even though we have 180B invested in public entities, there’s more invested in wholly owned businesses.

Seems dangerous! I live in Mexico and we are about to elect a new president and part of congress. The candidate that’s leading (by a lot!) is clearly socialist and against market systems. This doesn’t mean that if he wins he is going to nationalize private companies or move against industry, nor that congress will approve such decisions, but he may control an important part of congress and indeed make some moves against free markets. The peso is reflecting some of these fears and if I were to bet (I’m not), I would bet against the peso! I base my investment decisions on facts, not on news or emotions. But hey, that makes a market. Maybe i am wrong. Currency speculation is precisely that, speculation. And facts tend to be deceiving when dealing in an speculating environment, but seems you are comfortable and convinced of what you are doing. I was just trying to point you in the direction of some “facts” you consider news or emotions, so be my guest! Still think the Mexican peso was undervalued?

Thanks for such a good explanation.

I certainly don't think so! A 9.5% equivalent to yearly interest rate is very high for current market rates. Plus the fact that -as I understand- the Holders have the right to receive dividends as if their preferreds were already converted into common. I'm not familiar with preferred offerings and that is why I asked a few questions, unfortunately nobody answered them.

CAKE (The Cheesecake Factory) just entered into a Subscription Agreement to sell 200,000 shares of Series A Convertible Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $200 million. The preferreds have the right to receive dividends at a 9.5% annual rate. The Holders are also entitled to participate in dividends declared or paid on the Common Stock on an as-converted basis. And each Holder will have the right, at its option, to convert its Convertible Preferred Stock, in whole or in part, into fully paid and non-assessable shares of Common Stock at a conversion price equal to $22.23 per share. Here is the link to the filing: http://d18rn0p25nwr6d.cloudfront.net/CIK-0000887596/87d4687b-c18d-4743-b570-64048d3fa2c7.pdf So, I have a few questions since I'm not familiar with preferred offerings. 1. This will be equal to borrowing money at a 9.5% interest rate. Why issuing preferred shares instead of borrowing? 2. This "The Holders are also entitled to participate in dividends declared or paid on the Common Stock on an as-converted basis." means that the Holders have the right to receive their 9.5% interest plus dividends as a common shareholder? 3. How does the conversion works? They are issuing 200,000 preferred shares ($1,000 dollars per preferred) for 200 million dollars. The conversion price is $22.23. Does that means that the result of 200 million divided by $22.23 is the number of common they'll get? 4. If they pay the principal amount for the preferreds the conversion expires or no matter what, the Holders have the right to convert? Thx in advance.

I don’t get why people like Lagavulin. I had one bottle. My friend said it tastes like old socks. Lol I do like it and drink it often, though my drink of choice is JW Blue label.

Avg daily volume is 80M+ on the As and 800M on the Bs. Why would you call?

With gusto!

Current price is about 35 times earnings and cash flow. Net debt is around 3 times net earnings!

Attached! Baupost_2019_Letter.pdf

Top 100 Hot Podcast Episodes of 2019 https://blog.breaker.audio/top-100-hot-podcast-episodes-of-2019-79360a342b63

3-4% as a percentage of sales is insanely low! If your restaurant is located at a good location (indicative of good sales) rent is going to be around 10-15%, and depending on a few factors it may even be higher. Just take a look at the 10-k's of companies like CAKE, CMG and the like and you'll find that they spend about 25% of sales on rent+utilities+insurance+other.

“Once-in-a-lifetime” market extremes seem to occur once every decade or so - not often enough for an investor to build a career around capitalizing on them. But attempting to do so should be an important component of any investor’s approach. These words are from Howard Marks’ book The Most Important Thing. Buffett has already build the greatest investment career ever so he may end up surprising everybody, as usual!

https://buffett.cnbc.com/warren-buffett-archive/ Buffett in his own words The Warren Buffett Archive is the world’s largest collection of Buffett speaking about business, investing, money and life. - 26 full Berkshire Hathaway annual meetings, going back to 1994, with a highlight reel for each year - 130 hours of searchable video, synchronized to 2800 pages of transcripts - 500 video clips covering scores of subjects - CNBC interviews, a Buffett Timeline, and a Berkshire Portfolio Tracker

I'm not familiar with this kind of company but the numbers look interesting. How do you evaluate the risk of leasees not paying? What do you mean by leasees not paying? They do not have the model that relies on leasing. ... My guess: he's talking about Aircastle ($AYR), you are talking about AYR strategies ($AYR-A.CA). Indeed.

ANTM doesn't look cheap at all. Could you share the thesis?

I'm not familiar with this kind of company but the numbers look interesting. How do you evaluate the risk of leasees not paying?

So this is my report! I visited Toronto, Niagara, Ottawa and Montreal. I liked Montreal a lot, beautiful city. Toronto is more cosmopolita with lots of skyscrapers but Montreal is beautiful. Ottawa has a more serious vibe but some buildings and the river are beautiful. The falls are wow. The food was great in every case but one. I ate at Buca, Forno Cultura, Cafe Boloud, Cafe Landwer and Bonjour Brioche in Toronto and the Skylon Tower Dinning room in Niagara. Loved Yorkville and the views from the Skypod in the CN Tower. Visited St Lawrence Market and had a peameal bacon sandwich. The aquarium is very good, as well as the Ontario Museum. At Niagara I saw the falls from a helicopter, then from the Skylon Tower and finally from a boat in the midst. Amazing experience. In Ottawa I walked at the Rideau Canal a couple of times since I loved the feeling and the view. The Senate Chambers tour was interesting. Dined at Riviera and actually didn't like it. Before leaving I had breakfast at the Scone Witch, very good. Montreal was amazing from the start. I used the subway and bikes to move around the city but mainly walked a lot. This is a city that makes you feel in awe when walking. I went to Schwartz and ordered the smoked meat medium-fat, extra rye bread, fries, mustard and half sour pickle as some of you suggested. That's an amazing sandwich! I also loved St Viateur bagels, I had breakfast there and it was great. Eggspectation was ok. I dined at Damas and at Europea by Jerome Ferrer (sensorial experience), both great. Notre Dame is beautiful. I cruised for a couple of hours and saw the city from the water, walked through Mt Royal all the way to the top and had an amazing chocolate milkshake with several toppings at Juliette et Chocolat. I only saw a few things from a few cities, but you have an amazing country!

Thanks for the recommendation! I didn't find a place but I have reservations for Toqué and Damas. Are those ok? I also have reservations for Cafe Boloud and Bar Isabel in Toronto and Riviera in Ottawa. I wanted to try Joe Beef in Montreal but there was no availability online. Where do you recommend to have breakfast? Toqué is fancy and sometimes it's hard to eat what appears on the plate because it 'looks' so good. I have heard good things about Damas which is situated in a nice and quiet neighborhood. Joe Beef needs advance reservations especially as it has been identified with the place your ex-president and my present prime minister hang out together. My favorite restaurant in the Montreal area is Europea. Are you traveling with children? I don't have time to show you around as we are preparing a large family reunion but you can send me a private message describing what you are looking for. The big challenge these days is physical displacement as we are in the middle of a large upgrade to road infrastructures. I'll go with your recommendation! I just cancelled my reservation at Toqué and made a new one for the same date at Europea. I'm traveling with the wife no kids. I'll be in Montreal for 3 days and already have tickets for Cirque du Soleil - Les Cowboys Fringants and a 1 hour water tour at Le Bateu Mouche. I also have dinner reservations at Europea and Damas. I'm planning to lunch at Schwartz Deli and have a hot chocolate at Juliette et Chocolat. I think we'll visit Notre Dame, the Financial District and see the underground city (not sure where to get in and what to see!). What do you think? By the way, I have a similar busy schedule for Toronto.

Thanks for the recommendation! I didn't find a place but I have reservations for Toqué and Damas. Are those ok? I also have reservations for Cafe Boloud and Bar Isabel in Toronto and Riviera in Ottawa. I wanted to try Joe Beef in Montreal but there was no availability online. Where do you recommend to have breakfast?

there seems to be this sort of trend lately in many books. repeat what others have said in more defining game changing works somehow do a lot of podcast interviews and publicity type things. drive book sales The main idea is a powerful one: To review your ideas and commitment process more often than you do. "Wanna bet" is her way of saying that when you are stating a point or thinking about something you should be as sure as to bet on your word.

This is my favorite podcast so far. The mental clarity of Naval is quite impressive. https://overcast.fm/+vWdcu0

Thanks guys!

Hey guys, I’m planning a travel to Canada at the end of this July. I’ll arrive to Ontario and have 6 days total for my trip. What should I do and visit? My first impression from surfing through TripAdvisor and the likes it’s to stay in Toronto for a couple of days and visit the falls, then drive to Montreal and stay for a couple of days and then Quebec. Maybe a stop in Kingston. Is that a good plan?