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CleverLongboat

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  1. Hi Packer, took a long and intensive look at Telecom Italia and also found it somewhat difficult to value. Lots of competition in the Italian mobile space, not sure if they can really increase rates. Capex increases to bring greater broadband penetration not necessarily a net positive, especially if competition from other players heats up. I can see the long argument but curious to hear what you like about them.
  2. Maybe we could try and compile a list of great annual reports / earning calls / CEOs that really illuminate their companies and industries economics. Sort of like the company that you would want to study first when you look at an new industry for the first time. So far I have: Automobile - Carmax Banking - JP Morgan. Jamie Dimon is a top-notch operator and great at taking on analysts in earnings calls as well. Doesn't get thrown off. - M&T Bank. M&T Bank annual reports are a great plain spoken read for those better looking to understand banking BOK Financial offers full service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona and Kansas/Missouri. Commodities - Seabord Corporation. Agribusiness and transportation company. Conglomerates - Berkshire Hathaway -Leucadia Consumer Discretionary - Middleby Corp. Design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment - Consumer Staples - Post Holdings. Breakfast Cereals Financials - Interactive Brokers. Lowest commission online broker. - Morningstar. Provider of independent investment research. - FactSet. Provider of integrated financial information and analytical applications to the global investment community - Verisk. Provider of information about risk to professionals in insurance, healthcare, financial services, Government, supply chain and risk management. Insurance - Markel Internet - Amazon - Logistics - Amerco. Do-it-yourself moving and storage operator Manufacturing / Industrials - Fastenal. Big supplier to a lot of industrial producers and I use them for a barometer of the industrial end market. - Colfax. Industrial manufacturing and engineering company. Oil & Gas - Peyto Exploration & Development Corp. The CEO's updates deliver some of the best insights into what's going on in the Canadian tar sands. Real Estate - Howard Hughes is a developer of master planned communities and mixed use properties Retail - Casey's General Store operates convenience stores in 14 Midwestern states - Winmark Corporation. Franchisor of five retail store concepts that that buy, sell and trade used merchandise Semiconductors - MCHP is one of the few that does pass through sales, so a decent barometer of semiconductor cycle. They absolutely called the last inflection point. Transport - TransDigm is a designer, producer and supplier of engineered aircraft components for use on commercial and military aircraft - Heico provides commercial aircraft replacement parts, aircraft accessories component repair and overhaul services for avionic, electro-mechanical, flight surface, hydraulic and pneumatic applications Other - Rollins. Provides pest and termite control services. - Danaher. Designs, manufactures and markets professional, medical, industrial and commercial products and services.
  3. First of all, apologies for bringing up a buried topic again. I've been spending the past two days going through all the threads and subthreads where this strategy has been discussed, as well as staring down the various spreadsheets posted. It was extremely educating. Nevertheless, as the debate raged on for a couple of years, and people's viewpoints seem to have changed over time, I had trouble following some details of the discussions. Is there any possibility maybe, that someone who has followed this debate from the beginning to the end, and feels he/she understands it could provide a summary of what exactly Eric did at what point in time to gain BAC leverage (i.e. leaps, commons, warrants, in which ratio, at what point in time, why) Another side-question I had was about the cost of leverage. What is the exact definition / formula for this? At some points I found that I had understood the concept, but couldn't calculate it. Again, sorry for bringing this all up again, I realize from reading the logs that a lot of people were very emotionally invested in this, but I think a sort of 'grand summary' would benefit everyone.
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