whistlerbumps

I hear you on not changing economic reality but it will change reported numbers. Since rent will become D&A and interest for operating leases, EBITDA (and to a lesser extent EBIT) will be inflated by IFRS 16. Thus you will either need to adjust down those numbers or include the liabilities in your calculation to keep it apples-apples

How are people dealing with IFRS 16 with regards to their EV calculations?

Thanks... that would make sense given their history and the size of the position.

I know they used to but I thought AUM had declined a lot in recent years. I don't remember them do a lot of non-US longs/non-equity or holding a lot of cash so I would think that 13F should capture the bulk of their assets no?

Kerrisdale has filed owning 8.6mln shares of I which is a ~160mln position. Their last 13F showed only ~140mln of equity positions and no shares of I... Even assuming they bought it early in the quarter, their cost is probably no less than $7 per share which is still a $60mln position (40%) in a $150mln fund at minimum. Is there something I am missing here (single stock SPV etc) or do they really run that concentrated?

Does anyone have a recommendation for a good sell-side broker in Mexico? I am looking for local firm (ie not a bulge with a desk down there) that ideally has a value bent. Any suggestions would be greatly appreciated...

DCI LN- 3rd Point just bought more stock in the offer at 21. Tough to value precisely but potential for upside to 60-80...

Thanks for the thoughts. Jefferies is certainly an option. I generally agree about people overrating the value of the prime, however for my fund specifically, I need someone with good international clearing abilities. IB is very good but has some wholes in some overseas markets. Used to be that the solution was the mini-primes (Merlin, BTIG) where the assets would be custodied by JPM/GS etc... however with JPM shutting down that business it seems like there are far fewer options.

Thanks Matts. IB is definitely an option but they do have some shortcomings in smaller international markets.

Does anyone have a recommendation of a good prime broker for smaller funds that has good international coverage? Looking for someone who can handle Europe (Italy, Norway, Spain Portugal etc) and Asia (Japan, HK, Korea etc). Also needs to be able to handle some of the secondary exchanges (ex AIM in the UK). Any help would be greatly appreciated.

What are people's opinions on tax loss selling? Specifically do you think it is more prevalent in years with large gains (2013) where people need something to offset income or in years with losses where people are just puking losers? Also, what do people think of 10/31 (mutual funds) vs. 12/31 end dates?

Does anyone know the specific history of Buffett's AXP investment in 1964? Someone mentioned to me that the stock declined significantly even after Buffett bought the majority of his stake before recovering. Any information on when/what price he bought it at and the subsequent share price performance would be greatly appreciated.