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ValueMaven

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  1. The more I study the Sirius situation, the more the tracking stock intrigues me. Earnings in late July will be very, very interesting.
  2. I'm glad the stock stopped running higher actually.
  3. Agreed. Seems like we are very close to an inflection point here actually.
  4. Texas grid operator urges electricity conservation as many power generators are unexpectedly offline and temperatures rise https://www.texastribune.org/2021/06/14/texas-power-grid-conserve-ercot/
  5. Keeping this extremely high-level. It seems to me that LSXMK is trading at an usually wide-discount to NAV, despite several possible catalysts over the coming quarters. Discount to NAV currently stands at ~35% to NAV. You have small stakes in the Braves, Formula One, iHeart, and a sizable position in Live Nation. The jewel however is the tracking unit of Sirius which has gone from 45% of O/S from GFC in 2009 to ~77% today. You have Sirius actively buying back stock, as well as Liberty buying back the tracker at a deep discount. Liberty which owns ~77% of Sirius will likely acquire ~80% o
  6. very interesting Oaktree deal https://www.bloomberg.com/news/articles/2021-06-11/bob-marley-music-owner-attracts-375-million-investment-from-oaktree?srnd=premium
  7. Bought LSXMK. 35% discount to underlying - which is wider then normal. 77% ownership of SIRI now, and closing in on 80%.
  8. +1 Helps when management owns 10%+ of the company
  9. I dont see BAMR trading to a premium to BAM right now. It's a shell tracker. The reason BIPC and BEPC trade at sizable premiums is 1) The C-Corps allow retail investors to own these businesses, or economic stakes without the K1 filing requirement that the LPs have here in the states and 2) C-Corps can be bought by Index/passive funds. Since BAMR and BAM are both C-Corps, all you are doing is acquiring optionality on the reinsurance business (I wont be selling and plan on owning BAMR for a long time). Given the valuation spreads between BIP/BIPC and BEP/BEPC - I could see in the future that
  10. wow I had NO idea Trisura is up 700% since its spinout 5 years ago!!!
  11. 1) It's not a Unit (not an LP, but a C-Corp) 2) It is paired to BAM, thus economically the same for now. It's a special dividend basically for now... 3) At some point, BAMR will be unpaired from BAM, and will trade on its own fundamentals 4) BAMR is basically a reinsurance shell, until BAM puts all of their reinsurance business, or mergers with AEL or something of the sort
  12. Looks like Blackstone is going to acquire Medline. Depending on valuation, this is just the type of business that would have been a perfect home for Berkshire. https://www.wsj.com/articles/group-including-blackstone-nears-deal-to-buy-medline-for-over-30-billion-11622910788?mod=markets_lead_pos1
  13. talk to me at $19 ... retail pumped this thing to no end. Still cant believe this traded over $30 at one point.
  14. spoke too soon! BIP counter offers! https://bip.brookfield.com/press-releases/2021/06-02-2021-121054396
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