awindenberger

I'm still doing my DD on these companies, but given the massive losses they've taken in just the last 2 months, I think that US Natural Gas upstream producers are undervalued. I'm bullish on NatGas breaking out of its 2.50-3.00 long term range to $4+ in 2019 or 2020, which would be a significant tailwind for these companies. And right now most of them look as cheap as they've ever been. Biglari Holdings (BH, BH/A) is currently trading at 0.7x book value, but owns close to 50% of its own shares, so its really closer to 0.35x book. Of course its trading down there because Sardar Biglari controls over 50% of the voting stock and I might be the only living person remaining that still believes he will deliver long term out-performance. Still, the value of the shares are significantly less than the value of their CBRL stake, a stake Biglari has started monetizing over the past few weeks. Note that Biglari has been buying BH and BH/A shares in his personal accounts recently.

Anyone come across any pot related stocks that aren't massively overpriced? The space certainly looks like it is ready to explode.

Chinese company's are already producing panels at close to $.30/W (including D&A). Take a look at Jinko Solar's Q1 2017 slides: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjczMTQ1fENoaWxkSUQ9MzgxNzQyfFR5cGU9MQ==&t=1 Note that even with the significant oversupply during the winter, they were able to eek out a small profit in Q1. Chinese companies are driving the cost of production down tremendously, and putting US companies like Solarworld out of business. If we were smart, we would remove the current tariffs on solar and buy as many of these panels as possible. Three months ago many parts of the solar complex were very cheap. RUN and particularly VSLR were trading under book, with no value given to future growth, FSLR was trading at half of book. I was smart enough to buy some VSLR (only small position), but didn't pull the trigger on FSLR.

Sadly I am not getting the joke...

Interesting business and valuation. Are the fully-audited financial statements somewhere online? I don't see the full statements on Edgar. Go to the company's website.

I only figured that out while trying to help out here. :D But I saw someone post to Twitter that he said 615-616 as OracleofCarolina suggested. I'm also not a shareholder and don't trust Bigliar. pg 616 Amazon doesnt seem to want to allow me to view page 616! So annoying.

Thanks guys, I seem to have gotten the page numbers wrong.

At the recent BH annual meeting, Sardar Biglari mentioned that all shareholders should read pages 610-611 in the 3rd edition to better understand how and why he would continue to buy back shares of the company. I have the 2nd edition, not the 3rd, so I was hoping someone with the 3rd would be so kind to post the contents, or at least the titles of pages 610-611, so i can match in my version. Thanks!