Williams406

Three Floyds is phenomenal. Zombie Dust, Dreadnought, Robert the Bruce. Had the pleasure of eating at the pub before they closed it. Food was nearly as good as the beer.

Have an almost full bottle of Michters bourbon.

USLM. Lime quarries and processing. Financials are straightforward. Complicating factor is the large discrepancy between EV and MC due to net cash pile, teasing out maintenence cap ex.

PTHRF

Long-time admirer of Alleghany (though not for as long as Buffett!) and former CEO Weston Hicks. Current CEO? Joe Brandon. $22 billion investment portfolio.

You had me at "free." And "baseball." And "beer." I would actually like to make a meet up in DC work.

FRPH as well sub $54. The right types of assets, balance sheet, and management for my temperament. Second only to BRK in size for me.

Second, third, or fourth the Fever Tree specifically for tonic and the importance generally of not wasting good gin on mediocre tonic. Mediocre gin and mediocre tonic is a great drink in my book, but they must be equally yoked or you're wasting money. If you have Koval gin in your area, give it a try. Chicago-based distillery with limited distribution but I've seen it in other states. Best I've had.

Added to INDT around $57 and change. double-checked the ticker on my orders since I didn't want to inadvertantly buy something like "Independence Trucking" stock. GRIF was easier. Change is hard.

I 2nd, 3rd, 4th, whatever the protest on Gregmal's ban. The board has less value be/c of his absence. Sanjeev, it's your board, but I just don't see this one.

+1 and if there is a pathway out of conservatorship how on earth SPdfs are not dealt? I think we are just getting nuked with pieces of misinformation. My best gin waiting in the fridge in case we have a happy ending LOL And your best gin is?

Nice thread by CMLA: Nothing that hasn't been said by many here many times, but it succinctly states my thought process in the dark hours of this trade that kept me in.

Also, Warner and Crapo took Mnuchin out to dinner Wednesday night, after the hearing in which Warner said nothing negative about GSE's and Crapo was positive. Forgot to give link: On Wednesday night, Senators @MarkWarner & @MikeCrapo took Secretary Mnuchin to dinner, two sources tell me. Among other topics, they discussed the bipartisan COVID relief framework. Warner is one of the Dems most involved - so here's another way lawmakers are working the WH. As luck would have it, I may have been dining at the same restaurant that night. Upon seeing the trio, I sent over an appetizer of beautifully plated goose-eggs benedict to Warner and offered to pick up the tab for them if anything positive for junior preferreds was finalized at the dinner. Crapo said if I was a taxpayer I would be picking up the tab either way. When I said "that doesn't sound like protecting the taxpayer to me" Mnuchin just shrugged.

If we are celebrating victory here with libations, I'll be enjoying Zacapa 23--neat--from an island in the Caribbean. That drink recommendation serves as, quite easily, my most important contribution to this board.

My optimism is starting to wain with speed of things. All it took was to remember the captial rule was supposed to be published for comment by the end of 2019 and here we are ~1 year since Calabria made that comment. Reading Tim Howard's take on Calabria's comments related to the GSE's poor corporate culture is the latest Huh? moment for me with respect to Calabria. The capital rule levels were another. I've wanted to add to my preferred position many times over the past year, but just can't get confident enough to do so. Having the advisers engaged is a big positive, but I'm much less confident in the principal players than I was during the Otting "all in alignment" days. I think the ball gets over the end line here, but it will have been more of a three-yards-and-a-cloud-of-dust grind than it probably had to be. And we aren't there yet.

Second Hand or Left Hand Milk stout? I've heard of the latter. The former makes me think about Cousin Eddie's beer in Vacation. "You look like like you could use a cold one!" Eddy says, handing his half-drunk beer to Clark as he cracks open a fresh one for himself.

"If you like Scottish Ales, his is a good one, Robert the Bruce." Three Floyd's is special...just finished a Zombie Dust. Have not had a single beer from them I didn't think was top notch. I've not tried Robert the Bruce, but it's now on the list. If you live near the brewery, the restaurant is a must-try whenever it re-opens.

I think Calabria and Mnuchin could do enough in a lame duck period to cut out future Treasury involvement. But would they? It seems clear to me that steps are being taken that, cumulatively, will have the effect of changing the DC momentum cherzeca has talked about in explaining the continued legal battles. But based on how each has acted, can I look at either Calabria or Mnuchin as a caped crusader trying to right a wrong? No. A principal who feels strongly about acting to recap/release? Maybe. Not sure. An agent of an administration who has thus far not chosen to expend much political capital trying to reverse actions taken by two prior administrations neither of which it is on great terms with? Maybe. If the latter model applies to either one, I'm not sure shareholders can count on irreversible action in a lame duck period.

I agree "it's very weak they don't have the guts to do the right thing and bravely tackle this in the open pre-election." Once the brakes were put on post Otting's "all in alignment" comments, I lost a lot of confidence about the administration's commitment with respect to releasing the GSE's. Yes, significant positive steps have occurred since then, but are they really committed to getting this done come hell or high water? Don't know.

Sounds like somebody scored a bargain. Out of curiosity, what would a house like that rent for...ballpark?

Paraphrasing Buffett: "We know of one insurer that will have a lot of claims relative to their size related to business interruption coverage."

Luke 5:32, I'm grateful for the notes. Thank you.

Look over the books carefully. I've never bought a private business, but have heard some stories about accounting issues. Occupancy # is interesting. Most of the larger players are running closer to 90%. Could be a local market issue, a pricing issue, or an opportunity if you can figure out how to boost that without cutting lease prices. If you don't wish to manage the business, Global Self Storage does have a third-party management business: https://www.globalselfstorage.us/third-party-management If you're comfortable posting some updates on this, I'd be interested to hear more down the road.

Is your interest in Midwest mobile home parks a function of that region being particularly attractive vs. other regions, for some reason. Or is it your stomping grounds? If you have some history with this asset class, what have you seen in terms of cap rate compression?

U.S. Lime: limestone quarries and processor in TX, AR, OK, and CO. $360 million MC, $54 million cash, no debt. That's after paying a $30 million special divvie in 2019 and funding a $44-$50 million kiln upgrade at one of its plants. Won't likely be a top performer in a recovery, but fits profile requested.