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NumquamPerdo

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  1. Well, at present they still have sweet FA. Not sure why they couldn't just tell us that after the close instead of halting the stock all day.
  2. I don't know if anyone still follows this but it's had a nice pop lately and this is why: http://www.marketfolly.com/2011/10/guy-gottfrieds-long-brick-presentation.html Fairfax has made a pile on them since they bent them over when they restructured a couple of years ago. They now own 33% of the company and a good chunk of the 12% debs.
  3. I've been invested in YAK since the first financing. They recently raised $20 million at $3.51 so the P/NAV is much lower than what you're suggesting. You're also paying up for a much smaller company and a much higher domestic GDP growth rate than the other companies you mentioned. Having said that, it is much riskier. I've known Calonego for quite a while now and Kuppy for about a year. These are two really impressive young men who are exactly the type of owner/operators who I enjoy investing alongside. They don't pay themselves any salaries and invest at the same terms as everyone else (excl. the initial seed money). They don't pay themselves bonuses or grant themselves options, etc. They make money from share price appreciation and have a significant amount of their own capital in the company. They also have some of the sharpest business minds I've come across. They've got some very interesting things planned, including building a P&C company from scratch (although with highly experienced people) and buying up chunks of Ulaanbaatar. It's impossible to value based on the books and is very much a bet on Kuppy and Jordan and their judgement. You can gain a little more colour by reading the monthly posts on their web site or some of the other posts on the adventuresincapitalism site.
  4. I think this does speak to how hard it is going to be to replace Warren & Charlie. Top tier investment managers would be better off managing their own money or building smaller versions of BRK on their own.
  5. Dude, don't even get us started on shorting FFH. :P
  6. Pretty funny: http://www.bloomberg.com/news/2010-11-26/what-to-do-when-the-fbi-raids-your-hedge-fund-commentary-by-jonathan-weil.html
  7. At the same time, if you happen to see a guy being arrested in a dark blue, wool PEA COAT, considered to be a wolf on Wall Street who eats investor sheep, you'll know why ICAN believe in conspiracies. Very subtle; I love it. How about this: Those who have been MILKIN' the system since the 80's will be brought to justice.
  8. Consultants and soft dollars.... right.
  9. +1 Sanjeev's statement. I think most people who are around from the bear raid days have a negative association with Tilson. Maybe he was new in the business and a little naive with whom he surrounded himself? He certainly did piggyback some pretty nefarious (imo) guys. Chanos as a key speaker at the VIC? Seriously?
  10. BRK carries a wide range of products but I'm sure the bulk of their volume is low-end and poorer quality. Gregson is a merchandising genius with a great track record so I expect continued improvement. I know the guys at FFH are very impressed with him. However, they diluted the crap out of it when they restructured a couple years ago so I wouldn't hope to see previous highs for decades. I'm long the warrants (they often trade with no time value) since the restructuring and plan on holding for the foreseeable future. FWIW
  11. Not really material but I must say I did smile a little. http://www.reuters.com/article/idUSTRE63555C20100406 Snicker...
  12. It was quadruple witching too - might have been some options-related activity.
  13. Hey Sanj, Patrick has basically said Stevie Cohen is the Sith Lord: http://www.deepcapture.com/someday-i-may-sac-up-and-be-more-explicit-about-the-sith/ If we hadn't lived through it I would still think this stuff is far-fetched.
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