dwy000

Reds, have you noticed that all the cult members, when unable to rationally support whatever stupid thing has been done lately, always, always, always refer back to "whataboutism" instead of discussing the actual point. As Parsad has pointed out, two wrongs dont make a right.

I will admonish anyone from any administration for not releasing the Epstein files. Its understandable that the attention is multiplied when the current president is supposed to be in them and promised to release them.

What do you mean lied? Who lied? Trump is a threat to democracy and many SC decisions have upheld actions that make him worse. Its not irrational to wonder what they'll do in what should be an easy decision. And.why insult people who are concerned about democracy? You can disagree on things but surely hoping to retain democracy isnt a bad thing

If the tariffs get overturned, it seems odd to insult people for insisting the President doesnt breach the laws and the constitution - and being disappointed that it took over a year to get it corrected. And celebrating "told ya so" that the inflation and negative economic impacts of an unconstitutional and irrational trade policy weren't as terrible as they could have been is an odd flex.

I completely get why they did it and why its the case - and have no issue with it. I just think it can be confusing and misleading if you are applying the wrong share count to the reported numbers (which is very easy to do with this set up).

Looking at the BWIN results and I dont get why it's up 10% today. Yes organic revenues were up 5% but the company just isnt profitable- which is shocking for a low capital business like this. And I mean cash profitable. I'm beginning to think that short seller had a very valid point in them hiding commissions in earnout payments that are both non expenses as well flowing thru finance statement not cash flow statement. The company actually added $250m of debt thru 9 months this year (closer to $150m net of cash) and this is after adding back $50m of share based comp. The more I look at them the more happy I am to have switched over to BRO. Congrats to holders on the 10% pop today but there are just such better, more opaque operators out there I'm happy to miss this one.

Not sure about the sunset but they do convert to regular a shares which you will see some of it happening in the filings each quarter/year. Its not dilution since they are still owners just of different share classes (which have equal ownership). I should qualify im not a lawyer, I just read all the docs when I originally invested 2 years ago (dont hold it now)

As I understand it, the TRA and dual class structure reflect what remains of the pre-IPO partnership structure. The publicly traded company owns about 70% of the partnership interests in the primary operating/holding entity as well as the managing partner. The other 30% are the partners who did not want to convert their partnership into the publicly traded shares (probably for tax reasons) and still hold partnership interests. They can convert into regular shares at any time or upon tranafer. Because the partnership entity is a pass thru for tax purposes the partners become personally liable for the taxes instead of the operating/holding company being liable. The TRA equalizes it to pay the partners the tax that the corporate pays for the normal shareholders. That was always my understanding of it. As a shareholder this shouldnt affect your holding because it happens below the holding company you own. But keep in mind that the market cap and ownership you see is really just the 70% that is not held by partners. So when you see a $2bn market cap, that's just the 70% of the business thats publicly traded and not the entire, fully converted market cap.

The funky structure for BWIN is below the publicly traded entity. The tax sharing and ownership reflects the partnership structure from previous IPO. There wasnt anything impacting your share ownership as a normal share if I recall correctly

Interesting chart showing the bifurcation in the market. Only 45% of S&P500 stocks are trading above their 100 day moving average.

That 4% is organic growth too. Most of the top 5 have been very acquisitive which is where most of the growth has come from. If they can buy out smaller competitors at lower multiples than theyre trading at - and for debt over equity, then youre winning at both.

Insurance: chubb, progressive, allstate, countless others Retail: Abercrombie, american eagle, Macy's, Lululemon, gap, etc Telecom: at&t, Verizon, charter, comcast, etc Drugs: merck, pfizer, gsk, etc There are a lot in energy and oil and gas. Etc. Just do a filter search. And this doesnt count the companies that normally trade in the 30x range that have come down to less than 20x. Bargains abound.

I know its been mentioned but I cant recall ever seeing such bifurcation in the market. The indices hit new highs and the AI related stocks are at nosebleed levels but there are so many strong cash flowing stocks at single digit (or pre-teen) multiples. A value investors playground.

The key quote there, from a medical professional is that he starts with "heck if I know". Monday morning quarterbacks are always perfect. Its like arguing the details of what generals should have done during WWII years after the fact. I have zero problem with a government response that is based in "protect my citizens' lives first, worry about the fallout later". One of the few things I credit Trump with was pushing thru and funding the covid vaccine as fast as possible. We can argue years later how good it was but at least we are all alive to argue it. The people who faced smallpox and the plague had other things to worry about.

Thats not what he said at all. His argument is that there's too many resources focused on climate when it can now be better spent on disease and poverty. Its a somewhat tongue in cheek response to the US cutting aid and investment in disease research.

Fire sale continues. Didn't think id get the chance to add at $80 but here we are (and i did)

There was certainly increased scrutiny following covid but that was dying down until the leading proponent of conspiracy theories Kennedy got named HHS secretary. Either way, the ones who get harmed in all this are the kids.

??? I didnt bring it up. I responded to you bringing it up in a reply to me.

I did not say that. My whole point is that almost nobody had issues with childhood vaccines until Kennedy got involved. The issue of mandated vs by choice was almost moot because everyone followed the science and the only ones not wanting to vaccinate were so few and far between it didnt really matter much. Now politics has upended science and its innocent children who will suffer from it.

I thought that was the point you were making because getting into the granularity of vaccine A vs vaccine B was besides the point. If everyone acted with common sense and followed real medical advice the list would be up to medical experts. Unfortunately common sense on vaccines has become a political issue instead of a medical issue.

I dont understand what point youre making. That parents should not get vaccines for their kids? I fully agree we shouldnt need or have mandates for vaccines. If common sense prevailed. Unfortunately we have a government actively trying to get parents to NOT vaccinate - which is the only reason I would think of supporting a mandate because there are swaths of people too stupid to listen to their doctors and will take medical advice from a heroin addict with a brain worm just to own the libs. As Greg suggests, stupid people need to be forced to do things if their stupidity is harming innocent people. We all wish it wasnt necessary.

Very few kids get Hep B for the same reason that very few get measles. The vaccines work.

I'm not aware of an ebola or aids vaccine but if there was one id get it for my kids. The mandated vaccines are for communicable diseases. If you've ever had a kid in school you know that those classrooms are petrie dishes for colds and viruses and lice and anything you could possibly get thru proximity. Theres no mandate for the HPV vaccine. But we are on the verge of seeing it wiped out because common sense parents have flocked to it.

Exactly again!! If that's not how you want to live, dont live there! But the whole great freedom part is that people who do want to live like that can. Great American freedom.

Stupid people need to be told what to do. Exactly!!!! The problem is stupid people dont know they're stupid. Nobody would care if stupid people only harmed themselves. Its when stupid people harm others that laws tend to pop up to stop it. So if people find those laws to be restrictive, maybe they just fall on the wrong side of stupid.