DocSnowball
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Education of Value Investor
Read this in 2016 and truly loved it. Didn't stop me from going through the earlier phases, but made it interesting to observe and reflect on what was happening!
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The practice of adaptive leadership: Tools and tactics for changing your organization and the world - Ronald A. Heifetz, Marty Linksy, Alexander Grashow
https://cambridge-leadership.com/our-insights/
The market is an expensive place to find oneself, as wise ones have said. This book greatly helped me develop self-awareness, and develop a leadership course for medical students while at it. A must read for aspiring leaders and those interested in understanding self and diagnosing and impacting systems.
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Paratek pharmaceuticals (PRTK)
FDA approved oral and iv antibiotic for two indications. Holds ~220M in cash and short term, won a recent DoD contract worth another 150M plus in NPV. Has 264M plus in long term debt liability, and currently priced for negative to no NPV for the approved antibiotic due to industry realities (antibiotics don't sell enough to make money spent on post-approval research and marketing expenses). Two companies in the space have already gone bankrupt, with a few more at death's door. Having a large capital cushion means Paretek will survive into and beyond 2021. The catalyst in this industry is the DISARM act which proposes to delink reimbursement hospitals receive for using antibiotics from the lump sum they get from CMS/ Insurances per hospital admission - currently the act is in limbo and may see action either before the election or more likely after the election. CMS has slowly been uncoupling antibiotic payments on its own as well - in the past it was bundled into hospital payments, now CMS covers 75% of the price. While this may not be enough to tick up sales of new antibiotics, it will change CBO estimates of $ impact of DISARM and may be enough for politicians to muster courage to save this much needed industry. Former FDA commissioner Scott Gottlieb stated this space is one of his areas of interest to work in after leaving the FDA.
High risk investment that can triple if DISARM act passes or slowly go down to near zero if DISARM act does not pass, but the DoD contract provides some margin of safety for the current market cap of 132M.
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2019: 21%
2018: -19%
2017: 7%
2016: 192%
Experienced my first investment going down to zero. Antibiotic companies lost more than 90% of their market cap from 2016 to 2019, including the bankruptcy of Achaogen in 2019. Happy to be learning everyday and grateful for the CoBF learning community. Thanks everyone and a happy and prosperous 2020 to all.
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W/ Sweeney there are two separate claims being made. 1) Derivative claim, if Ps win that it would be the same as winning the APA claims, excess payments would flow back to the GSEs or a write down of the senior pfds. In this situation the claims traveling issue isn't relevant. 2) Direct claim, if Ps win here, whether claims travel or not matters. Luckily for us I believe this is already established law w/ securities, and if she asks the district court to opine, Lambert already ruled on this issue last year. He made it clear all claims travel (see bottom of page 17 from last years ruling, https://gofile.io/?c=z5mtXw). Ps can further argue that every NWS payment since 2012 is a new takings if it really comes to that. I wouldn't lose sleep over the claims question.
Bloomberg analyst attended the Sweeney hearing yesterday. He thinks shareholders are favored and the case will most likely proceed on multiple claims (flipped his view from last time) and we could see a ruling as soon as year end as Sweeney said she already had a draft ruling ready. https://m.imgur.com/a/ek0S9Q8
thanks for posting allnatural. if this comes to pass, very favorable. as to whether subsequent-to-NWS stockholders acquire litigation standing when they acquire shares, it is not surprising that this might be undecided in ct of fed claims in the takings area, as there haven't been many transactions affecting stock like the NWS, to say the least. Sweeney "should" be able to handle that question as the injury done by the NWS is done with respect to the share rights that the shares confer on the shareholder so that the identity of the shareholder should not matter, but she may feel better if the appeals court handles it (I mean, trial courts should be able to handle novel questions in the first instance knowing there is opportunity for review). so either way, there is treasury exposure going forward, but much more damages potential if all current shareholders have standing.
@cherzeca and others understanding the legalities: Thank you for your very insightful comments to date. I have two questions. Does the derivative claim going forward mean that any reparations may end up going to the GSEs? If this is the case, I think it is favorable to individual shareholders like us because greenmail during settlement is less of a concern, or even when one purchased the shares, since money (or tax credit) is flowing back to GSE capital restoration. Secondly, how does Lamberth's breach of covenant ruling factor in to this where he wrote that FHFA did not fulfill it's fiduciary duty to shareholders when negotiating the third amendment with Treasury?
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of course there is a difference between settling lawsuits and amending SPSA, and closing a re-IPO, and calabria only referred to the latter. one may think that the former will only occur at the time the latter is done, but if it is done earlier and before any D POTUS inauguration, the process is really baked-in and cant be reversed
At what point do you think the preferred will be around at least 60% par? After settling the lawsuits and amending SPSA or closing the re-IPO? Originally the thesis was after sweep has ended, now that had happened. What needs to happen next? Do you think the big players are making money from trades or from preferred reaching finish line (IPO)?
I cant answer these questions, other than to point out that IF there is no re-IPO before 1/21 and IF a D POTUS is elected and IF calabria/mnuchin wanted to bake the process so there could be no easy way to reverse it, then they would do the litigation settlement and SPSA amendment before the D inauguration. this would create a shareholder valuation that would be too much to be ignored by any D POTUS who wanted to renationalize
NWS has not really ended, rather the additional capital retained has been added to the liquidation preference for now. I'm thinking the re-IPO process will force the companies and FHFA to address what happens to preferred and common shares and get the lawsuits out of the way. Trying to keep this is mind and not worry about the day to day news bytes. Yes delay means conversion or resumption of dividends has been delayed, but the timing of release is a small issue compared to the fact that release is being planned for.
I don't have a good explanation of market behavior and won't even try, the market doesn't seem to be worrying about political risk when valuing SPY or other equities so hard to use that explanation for GSEs. I do worry about insider information or greenmail which shows up in a conservative position sizing of 5% despite the margin of safety now again offered by Lamberth and Collins.
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All we've seen is capital retention in lieu of an increase in the liquidation preference. This in the face of Lamberth and Collins, and at a time distant enough from the elections. And there is no incentive to act urgently in favor of a shareholder settlement in 2020 until elections are over, otherwise it provides fodder for political opponents coming into the election season. Unless the Courts provide a judgment otherwise, I don't see a dramatic settlement unfolding in the next year.
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are we in orthopa land where there is an effective floor for the juniors and we should back up the truck?
You'd think. Yet the preferreds fall every day. Just rotation to commons?
Im honestly perplexed to a degree also. Preferreds aren't much higher then back just before the Lamberth decision yet look how far we have come and where we are. Maybe it takes the NWS being off permanently or release of capital plan to see much closer to par. Either way seems like price will be up substantially overnight like after the 5th circuit ruling.
Personally I was disappointed that even if NWS ends, the capital retained will simply be added to the senior liquidation preference. In essence, all 100% still flows to the Treasury likely for the next couple of years. This combined with the capital raise plans being deferred to after the election is disappointing. I had loaded up my position to 20% of portfolio after Calabria's statements in the early summer about capital building and shareholders getting some conversion, but after this information have cut it down to 5% again. Surprised no one else is bothered about continued usurping of profits despite the court ruling.
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Further thought on the seniors. Calabria said today that the letter agreement will increase the seniors' liquidation preference by 1.5-2 years of earnings. That's right around $30B. Adding that to the seniors would bring FnF back to the 10% moment, give or take. Then Treasury could just straight up keep the $25B in question, no tax credit at all.
That's the part I am struggling with. Despite the court ruling, the current admin plan is to simply add all the retained earnings to the seniors liquidation preference. So all 100% profits are still flowing to the Treasury from a legal standpoint. This one aspect is bothersome - or it may be a negotiating tactic that they want to make sure lawsuits are settled in return for extinguishing this senior liquidation preference or converting it into an explicit commitment fee.
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how much are you willing to bank on an article that says "Most of the actions could be resolved by making preferred shareholders whole, potentially via a mass “sweep” of profits"?
edit: it also says investors are ecstatic about calabria's statements, ie his speeches, media interviews, etc. obviously this is no new insight
edit2: its amazing to me how strong confirmation bias is on this thread...
+1
That is why following this saga is so much fun and highly educational as a value investor...
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we know from the leaked remarks made by Acting Director Otting to the FHFA staff in mid-January that there was an administrative proposal set be announced “in two to four weeks” that “really sets a direction for what the future of housing will be in the U.S.,” and that would require raising “probably somewhere, based upon their business models today, [in the range of] $150 to $200 billion.” Something happened to derail that plan, and I believe it was a swift and fierce show of opposition by the banks and their supporters
imo craig's abrupt resignation has to be interpreted in this context. occams razor explanation is that whatever happened to derail the original plan caused him to resign. what happens now, i dont think anyone has a clue...
Other possibilities:
- handing off the role to Calabria or another person after completing his piece of the work
- considering more lucrative positions in industry
I'm not disagreeing with you; just putting out a broader range of possibilities. Calabria's statements are not consistent with a scuttled plan, although they do indicate that the timeline of events is longer and more variable/dependent on meeting certain pre-established conditions.
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Calabria, one month ago in prepared remarks:
link:https://www.fhfa.gov/Media/PublicAffairs/Pages/Prepared-Remarks-of-Dr-Mark-A-Calabria-Director-of-FHFA-at-Mortgage-Bankers-Association-National-Secondary-Market-Conference-Expo-2019.aspxI will sit down with my counterparts at Treasury to develop a responsible plan to end the conservatorships, with a clear road map and mile markers, and to adjust the Treasury share agreements accordingly. And by January 1 of next year, my hope and expectation is that we will be on the path to a new regime where the GSEs can start to build capital.Calabria, yesterday, in prepared remarks:
We will continue to engage with Treasury to develop a responsible plan to end the conservatorships – with a clear road map and mile markers – and to adjust the Treasury share agreements accordingly. And by sometime next year, my hope and expectation is that we will be on the path where Fannie and Freddie can start to build capital.My early guess is that the treasury plan will say something like IPO/Initiate capital build Q1-Q2 2020 to give themselves months of leeway. Both of his statements fit that time period. Vague is the way to go apparently.
Reading through his prepared statement (thanks for the link), the overall plan remains consistent. Even the legislative steps are starting to be clearly laid out - explicit guarantee and authorizing FHFA to issue more charters (I'd be curious what the Treasury plan puts down as administrative alternatives to these two).
Exactly when the implementation starts, this year or later, is a smaller issue. As bankers I think they understand the value of everything being clearly in writing before it is set in stone, especially given ongoing lawsuits and threat of more as well as the political fallout. Clearly, receivership is out and preferreds and commons have a non-zero value. The odds of recap and release continue to increase with consistency of communications. Even a year of delayed execution only brings down the value of FNMAT by a couple of dollars.
The big risks here may be 1) status quo being a less controversial place to be for Treasury if this runs closer to election (so I'll discount NPV by an additional year to account for this) and 2) mechanisms of capital raise and what will happen to current shareholders (so I continue to demand a higher rate of return than alternatives, at least twice as high). Still makes this a good position to hold on to in taxable accounts, and look to add more if prices drop significantly.
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Hi all,
OK. I've been lurking on this board for a while, and I find it very valuable. So thank you to all of you.
I'm 59, coming to the Value Investing game way too late. But I hope to live many more years and I have money in the market, albeit in big dumb blue-chips like Home Depot. So I'm trying to teach myself. I've read many of the recommended books. I'm starting to create my own excel spreadsheets to make calculations from quarterly/annual reports.
I'm sure I can stumble through and teach myself, but it could take me a while. What I lack, and what I really want, is someone who knows what they are doing who can look over my shoulder and tell me what I'm doing wrong. A retiree in my area maybe? I'd even be willing to pay for that advice. Not much though ha ha.
Of course what money I have is with a brokerage firm (Raymond James) and I really like my guy there. But he's not really an investment guru, he's a manager. And he doesn't have the time anyway.
Anybody have any advice? I'm not in a major metro area (I live near Palm Springs) and I don't think there is any real investment club out here.
Thanks. I'll keep plugging way regardless.
Your love of learning and seeking a mentor is to be applauded. Feedback and reflection along with the growth mindset can set a great example for your next generation as well. Please know that a lot of the advice is meant to alert you to limit permanent capital loss that can and likely will happen in the course of learning - and it may be the best peer mentoring advice one can get (speaking from experience). Finding a mentor in your desired investment philosophy and circle of competence eventually will definitely help.
I've been unable to find a good mentor yet as well, but happy to share what I've learnt from my mistakes as a peer (please feel free to DM me if you'd like). I started learning active investing in 2015 at age 39 studying a course on Value investing as part of my MBA - the professor who took the course Anurag Sharma has a nice book called Book of Value if you want to read it - I can't recommend it enough especially the first part. Guy Spier's The Education of a Value Investor also communicates in a story format the mistakes he made early on. Peter Lynch makes it sound too easy, beware of chasing shiny objects. Usually an early good outcome gets you hooked to the field. Most, myself included, make a lot of mistakes early on chasing fairy tales or doubling down on well studied but capital losing bets - one thing that really helped me out is limiting my investable capital account to a separate 10% of portfolio for pre-defined 3 years (think of it as an apprenticeship period). If not for this, I'd be broke and depressed by now, no kidding. You learn so much from your own mistakes. I haven't figured out an answer to the mentor part yet (my developing circle of competence is healthcare and biotech investing), but short of that writing down your thesis and value drivers, even blogging or creating a thread on a forum are helpful tips to putting your thoughts out there and getting peer feedback. Start with an area where you have a circle of competence or would love to develop it, and work on an idea in depth for a week or two to understand the industry, the story and business model, the valuation, the risks, the competitors, the management and their incentives, the headwinds and tailwinds all the companies in the industry are facing, and finally the catalysts and your expectations.
Being very clear about your goals is the starting point as many have noted. This will help you chart a path in keeping with these goals. And look out for "value" ways of developing yourself - if one of my goals is to enable the next generation in understanding and building wealth to fulfill their needs and desires and contribute to the good of society, then the time I spend teaching my little kids about money is one of the most valuable rewards for my learning actively about personal finance and investing. This makes the journey a lot more fun and sometimes even better than the results we are all looking for - heads you win, tails you don't lose much.
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Both common and prfd not liking presumably Mnuchins comments today. Maybe soon time to buy more if your so inclined.
I dont see the incentive to screw jr prfd shareholders in a private capital recap situation. If a new sweetheart Prfd is issued then Jrs maybe forced to convert at no option but right now those running the show who are involved private capital wise hold Jr Prfd. These guys are not idiots either and not going to standby while others sweep in to get a sweetheart deal. The capital raising is going to be hard enough as it is without pissing off certain groups of potential capital.
Agree on preferred. Personally I have little hope from the legislative side given what's transpired so far, esp Collins. Waiting to buy second half of a 10% position after Collins if the opportunity arrives. Lamberth's opinion on FHFA needing to fairly represent shareholders in any negotiation with Treasury is a silver lining as the capital build unfolds; at the very least they won't want to take actions that generate even more lawsuits rather then making them go away.
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Thank you. Yes, very informative. He said lawsuits are an impediment to any IPO/recap. He may be right. Perhaps both the sweep and the lawsuits are resolved simultaneously. Berko and Paulson may have some leverage after all.Don Layton, CEO of Freddie. This was damned informative. You can infer what is happening behind the scenes. I'm still digesting so I dont have anything immediate to say.
If you are short on time start at 35:55 and watch until the end (9 minutes).
edit: one thing i will say is that anyone reporting on his comments today that says he is skeptical about release from conservatorship is totally wrong, imo.
Exactly- when I try to invert this scenario to envision what a successful recap looks like, the lawsuits need to be resolved prior to recap. A situation like receivership which would increase lawsuits and make some current ones ripe doesn't align with Treasury's interests in maximizing their investment and getting first loss capital ahead of their backstop and FHFA's goal of safety and soundness. That's what made me change my mind and back up the truck after Calabria's interview. It would have taken a lot of back end work for Calabria to mention in public what may happen to preferred and common shareholders (but it's may and not shall so fingers crossed ;D).
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from Glen:
Judge Lamberth entered an order today denying FHFA, Fannie and Freddie’s request that he reconsider his not decision that preserved shareholders’ contractual claims. Judge Lamberth declined FHFA and the GSEs’ invitation. Accordingly, shareholders’ implied covenant breach claims will not be dismissed and will proceed to trial. A copy of Judge Lamber’s decision is attached to this e-mail message.
Court doc attached...
Love it (as a non-legal layperson)...the ruling states on page 3 that implied covenant requires a party (FHFA here) "to refrain from arbitrary and unreasonable conduct which has the effect of preventing the other party (shareholders here) to the contract from receiving the fruits of the bargain".
I hope this ruling helps shareholders when FHFA and Treasury renegotiate terms later this fall re: the Fruits (dividend and liquidation value of preferred shares). This may be just as important as the restitution claims the trial will bring. For the lawsuits "to go away" as Calabria and Treasury desire (rather than continue and even increase), fair treatment is now a greater expectation based on this ruling.
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there is one aspect to Calabria's musings out loud that I like....saying that he felt obligated by HERA to proceed with administrative reform if congress doesn't act...meaning he interprets the conservator's role as a mandate to restore soundness...so how can the litigation proceed with fhfa counsel claiming the exact opposite?
From his Senate hearing testimony statement:
https://www.banking.senate.gov/imo/media/doc/Calabria%20Testimony%202-14-19.pdf
"I have even brought with me today my nearly decade old, dog-eared personal copy of HERA. Whatever the policy issue, my first question will always be “what does the statute say?”"
Now, he says the statute obligates him to get the companies out of conservatorship.
I was wrong, receivership is not his plan of action, neither Treasury's who will lose their investment in such scenario - this risk is disconfirmed based on his statements. Therefore, risk zero is gone, yay!. Competitors will be invited via new charters if Congress legislates, who knows if and when but the bank lobby may get it done eventually. FnF may shrink their footprint over time but this is unlikely to be a problem for a preferred investor (smaller footprint = lesser capital raise needed). He mentions NWS is likely to be gone in the new year, and there will be a negotiated agreement between Treasury and FHFA on the plan ahead and its details, along with what Treasury will do with its stake.
Inverting to what all will be needed to do a successful capital raise and capital retention is a good mental exercise here for me - the preferred will either stay and wait their turn to get dividends turned on, or be converted to common in some ratio I have no control over, or be called at par. All in all, this is now a reasonable thesis to continue to carry forward administratively. The lawsuits do need to go away for the capital raise to occur smoothly, and thus provide a margin of safety, especially if you are represented.
And fwiw what a crisp interview, I'm truly impressed by how well she had prepared and let him do the talking he really likes to do
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"@MarkCalabria is waiting on a plan from @USTreasury on reform for Fannie & Freddie, which he expects this summer. (one of two)"
Entire tweets and replies compiled here, or should I say his stated timeline of activity as per the reporter (video of interview awaited):
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Is there a thing as value trading? Use TA to buy securities from amongst an undervalued pool? If it doesn't work out be patient and make a long term call based on fundamentals...do we do some of this when position sizing? Just curious if there is a sweet spot
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Congrats, that’s quite an accomplishment assuming you started from zero.
I remember first passing the $1m mark because it happened rather quickly thanks to a concentrated position in a stock that went up 5x or something in less than a year. Of course I did a round trip on that one, and it took me a while to get back to $1m again. Hopefully you will only need to become a millionaire once, not twice like me. :)
Thank you for sharing. +1 on the round trip. Slowly working my way back bit by bit :)
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Well.. I am far from being in the same league as those members here who write technically savvy, mathematically thorough, legally correct and well researched posts and answers. Those indeed are priceless. So thank you for overestimating me :)
Just to add some perspective. My cost basis on the Jrs. is 47 cents or about 2 cents on the dollar. If I were to sell today that would mean 1700% correctness. I would love to be wrong this way only 1 more time in my investing journey.Prospects For Fannie/Freddie Recapitalization In An Environment Of Political Risk: An Allegory
https://www.dropbox.com/s/3r34frvf1p0hfgp/The%20Set%20Up.docx?dl=0
Isn't it amazing that every time there was an admin delay, we say "Now the thesis is back to courts", and every time there was a negative court ruling, we say "Courts don't matter. Now the thesis is back to admin reform"? ::)
With that said, I do think Collins is promising. But we have been wrong all along the way. ::)
Hats off to you. Do you think the "house money" makes you less risk averse to a loss from these levels? Or is there loss aversion from threat of a big chunk of profit being taxed? If the security was available at today's prices, would you enter into the investment and build this level of allocation? Just curious. I have enjoyed your comments along the ride a lot, worth much more than 2c on the dollar, closer to priceless!
It's difficult to say where being risk averse is coming from. As you mentioned, the hatred of having to pay a small fortune to the IRS, the greed of perhaps leaving money on the table, the comfort of sitting on large paper profits... all play a part. Maybe it's inertia. Maybe obstinacy. But over the years and after seeing shares losing a lot of ground -on occasions- I came to the conclusion that at 60% of par it may not be worth to wait for full face value. The time and the battle... Believing there may be other "close to doubles" that can fill the gap of Jrs. at 60% helps keep greed in check. Or transplant it, I should say.
Today I would not build the position I originally built back then. Not because of prices nor because risk/reward has changed. But because today's reality (and the information we acquired) is vastly different than the one we faced in 2010. All we had then was our (correct) interpretation of HERA, our correct interpretation of the SPSPAs and a leftist President who had been in office less than 2 years and appeared too timid in the aftermath of decades of Reaganomics. Now we are waking up to the fact the companies had been nationalized and neither courts nor the government seem to know where to go.
Still, in this utter confusion I do see benign signs. Since Lamberth, we've had nothing but good news. Scratch that. News becoming better at a compounding rate. While the smallest victories may have gone unnoticed at first -Sweeney's discovery for one-, news from courts continued to build momentum to the upside in an ever so slightly upward slope. More recently, from Willet's dissent to the En Banc proceedings. Perhaps one day this curve goes parabolic.
In the face of an improving rate of change of court news, under the belief that Otting, Calabria, Mnuchin and Mulvaney are beneficial to shareholders and being close to a price level I would consider satisfactory, would you recommend becoming conservative taking some chips off the table?
In other words, do you think 60% is achievable sometime this year?
Thanks for sharing. If I knew whether this will reach 60% of par, wouldn't that be great. Do I think so, yes more likely than not. My context in this is of a small private investor who is not at the negotiation table in a situation without margin of safety and dependent on the kindness of strangers who I can't bring myself to trust; with the legal system so far not standing behind me to serve its role of enabling trust in contracts.
My asset allocation approach here is to put in only so much that if it reaches par on best case scenario, then it represents what I'd want at steady state in my portfolio; and so little that if it goes to zero or very low then I won't lose sleep. For me this is 2%, and at par 5%, leaving me with another 5% I can allocate after the binary outcome is over. One can argue using Kelly's formula would be another option, and reach a much higher allocation. I'd have to say I have subjectively felt much better after cutting down my allocation from 15% to 2% here in the last few months, but unlike you it was not a 1700% gain, only 150% and much of it helped offset another investment that didn't work out.
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Just to add some perspective. My cost basis on the Jrs. is 47 cents or about 2 cents on the dollar. If I were to sell today that would mean 1700% correctness. I would love to be wrong this way only 1 more time in my investing journey.Prospects For Fannie/Freddie Recapitalization In An Environment Of Political Risk: An Allegory
https://www.dropbox.com/s/3r34frvf1p0hfgp/The%20Set%20Up.docx?dl=0
Isn't it amazing that every time there was an admin delay, we say "Now the thesis is back to courts", and every time there was a negative court ruling, we say "Courts don't matter. Now the thesis is back to admin reform"? ::)
With that said, I do think Collins is promising. But we have been wrong all along the way. ::)
Hats off to you. Do you think the "house money" makes you less risk averse to a loss from these levels? Or is there loss aversion from threat of a big chunk of profit being taxed? If the security was available at today's prices, would you enter into the investment and build this level of allocation? Just curious. I have enjoyed your comments along the ride a lot, worth much more than 2c on the dollar, closer to priceless!
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All in the pool, 79.9% belongs to Treasury, the remaining 20.1% (plus retained capital) will account for capital raise. Either heavy dilution is coming for current shareholders (even if preferred convert to commons in some ratio) or receivership with ultimate release as New Cos. Moelis plan may represent aspiration value but not necessarily base case scenario. All I'm saying is that this remains a very high risk proposition until the capitalization plan is clear.
I dont see treasury negotiating with any Ps. T's value is in warrants. it has been paid off on senior prefs. so what if they lose collins? they will have get rid of senior prefs to recap anyhow.
what people dont seem to understand is that if treasury truly wants to recap GSEs, it is indifferent to the litigation re NWS.
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Just catching up with Calabria confirmation and statements. It is clear that capital raise is coming. It is not clear what the status of current shareholders will be. We all agree to that with varying hopes of what will happen.
FWIW. I'm imagining a current shareholder at the negotiating table with Treasury, FHFA and various flavors of current shareholders. My prior bias was that the administration has been kind to its supporters to date, but when I reflect carefully on people involved in administrative roles or campaign they are either out the door or some of them are on their way to prison. Therefore one cannot bank on the kindness of these strangers without solid legal representation. I sold all individual holdings and placed a very small amount with Fairholme which has the best legal standing. There is no ten bagger here, but a good long term investment especially after enterprises have a plan to be well capitalized and risk of zero is very low. I'm sure most of this board disagrees with me, if I'm wrong I'm more than happy to miss a double from here.
Favorite Book Read in 2019
in General Discussion
Posted
Thanks for sharing. I'm curious if you read the non-fiction ones or listened on Audible etc. Putting the non-fiction ones in my 2020 reading list :)