KPO

BTI

https://www.dataroma.com/m/holdings.php?m=DJCO Looks like the DJC board decided to sell down a portion of all four positions.

TRC at the open

I do this in my Roth and traditional IRAs for stocks I perceive to be close to full value. Just wrote calls on SMG and some O&G yesterday. I’ve been doing this the last 15-16 years and have rarely been disappointed.

Pipelines like KMI, WMB and ENB are solid options. There’s a little lodging REIT called Sunstone that I came upon at the beginning of COVID that had a neutral cash position at the time and is still under levered with a yield of around 7% on their two preferred issues. In similar vein there’s always HST, which yields around 4%

This is a fantastic post. Thanks for explaining this so clearly.

CPRI repurchased ~45% of S/O in the last decade and almost 25% in the last three years. If the deal falls through I suspect management will fire the repurchases up again.

More BTI

Agreed and was surprised this reference wasn’t picked up earlier. He obviously views the Haslams as scum, which sounds about right based on the fact pattern.

AOS, although it likely doesn’t meet the valuation criteria.

TDOC

SMG

Some of it is dividend differential, but mostly it’s the combination of Venezuelan risk and to a lesser extent the possibility of an antitrust challenge of the deal.

Yeah, I don’t have illusions of meaningful free cash flow growth here, but I do envision per share growth driven by a stable to minimally decreasing business that repurchases shares at a rate that leads to modest FCF per share growth.

It like seems you and I bought EBay around the same time before posting about it. It probably qualifies, although I’d argue there’s a solid base of customers that makes this one more durable than something in obvious secular decline.