valueventures

Starter position in BOC

https://www.cnbc.com/2024/02/01/activist-elliott-builds-roughly-13percent-stake-in-etsy-secures-board-seat.html Elliott going after ETSY now. Thoughts?

I view conglomerates as a "semi-passive" approach. I've been putting new capital into FFH, NNI, etc. since I view them as more attractively valued at the moment, but I don't need to worry so much about the idiosyncratic risks associated with stocks that only operate a single business line, product, etc.

I can't speak for others but based on the 2024 portfolio thread, JOE is still one of the most commonly held / heavily weighted positions. Kuppy recently commented on valuation on his Twitter (this is his largest position), reiterating that there is still a significant discount to NAV despite the run-up in price.

IWGFF, looking to benefit from transition to capital-light model

Could you just remind us newbies of what your current top 5 is? I followed you and others into JOE recently and would be curious to know. Thanks!

What are your thoughts on $LMN valuation after the significant run-up in price post-spinoff?

https://www.wsj.com/finance/tinder-owner-match-draws-elliott-investment-4a2b6996 Elliott going after MTCH now. Thoughts?

Headed to Los Cabos in early March for a family trip! Anyone have any recommendations on what to do, where to eat, etc.? Thanks!

How does this Canadian withholding for US investors in taxable accounts work if you buy FRFHF (OTC) vs. FFH.TO (TSE) or FFXDF (OTC) vs. FIH-U.TO (TSE)?

Thanks! And just one more question - how do you think about APO/KKR vs. BN/BAM broadly? Given your 23% exposure to APO, I assume you've done some work around understanding the US vs. Canadian opportunity set.

Nice portfolio! How do you view the opportunity set / valuation in APO vs. KKR? I recently started a position in KKR given momentum around the completed acquisition of Global Atlantic, likely inclusion in the S&P 500, etc.

Interesting. BABA and TCEHY seem to be very popular picks for 2024. Out of curiosity, assuming you own Fairfax, how are you sizing Fairfax relative to Fairfax India?

Has anyone watched The Boys in the Boat yet? Looks good and definitely on my watchlist.

What are your thoughts on / logic for buying EBAY over PYPL?!

Safe stock: NNI. Good value here after trailing the market in 2023. Sizable position for me Riskier stock: GLASF. Expecting rescheduling ahead of the election

Starter position in Strathcona (STHRF). Canada's 5th largest oil company. Waterous owns 90% of the business, and it's traded down since its recent reverse merger of Pipestone.

Bought some BUR

Big fan of these holdings. Curious to hear how you’re weighting them. Thanks!

Highly recommend The Dropout on Hulu for an easy 3-hour binge!

Starter position in AOUT. Cash-rich balance sheet and buy-and-build strategy that I expect to work well over the coming years.

@Spekulatius what is your thesis on Nextdoor? I agree it could be huge, but don't think I've seen it posted on the forums here yet. What are your thoughts on valuation too? Would be curious to hear your take. Thanks!

CWH. Surprised more aren't talking about this one. Marcus Lemonis led (with significant skin in the game), P/E of 7, dividend yield of 5% (just doubled), and growing optionality. Long-term, I think the perceived cyclicality of RVs is an overblown concern.

I like this idea too, but competition (and more importantly, regulatory risk) continue to be hurdles for me. Per WSJ a few days ago: https://www.wsj.com/articles/congress-ends-trump-era-rule-enabling-payday-lenders-to-avoid-interest-rate-caps-11624563763 Kaplan has indicated OppFi plans to hedge against interest rate caps by diversifying its revenue streams (e.g., OppFi Credit Card), but it's hard for me to bet on peripheral businesses that we haven't yet seen materialize. If I did pull the trigger, I'd probably be more inclined to do so indirectly (e.g., via a position in BTN). Anyone have updated thoughts here?

Started a position in NNI