BG2008

Blackstone bought warehouses while Brookfield bought malls - Blackstone 1 Brookfield 0 Others?

Perhaps ... https://pbs.twimg.com/media/EbTNx76UwAA6mZV?format=jpg&name=900x900 It is very curious that U.S. is the only country showing these dynamics. Canada, as an example, has increased testing but decreased cases and hospitalizations despite reopening. And our cases are also skewing younger. And it is very strange how the sunbelt was largely spared in March but seems on the edge of a major outbreak now. So weird. I also found this to be weird. Maybe it's because in the sunbelt, the winters are milder so that people tend to go outside in March. But June is hot and scorching so people tend to stay indoors in AC. So you have the opposite of the NYC in winter dynamic where everyone is coup up inside. Can't really go outside that much in Texas during the day or Vegas for that matter.

Brookfield - Can't be any nicer https://www.ft.com/content/0a09ef0c-bf72-4680-89b6-e9ad7cd8c048

I think if you add up the dividends that you got during this time, LAACZ will beat GLD Distributions were 2009 - $42 2010 - $46 2011 - $47 2012 - $47 2013 - $56 2014 - $65 2015 - $80 2016 - $80 2017 - $81 2018 - $85.50 2019 - $93.50 2020 - $25 or $50 $748 to $773 in total distributions during this period. This adds 56% in returns. If you bought more units, this figures will likely be higher over time. You get income versus no income for GLD. Total return would have been roughly 110% versus roughly 100% for GLD from 9/1/2008. LAACZ 9/1/2008 6/30/2009 7/1/2010 7/1/2011 6/30/2012 6/30/2013 6/30/2014 6/30/2015 6/29/2016 6/29/2017 6/29/2018 6/29/2019 6/15/2020 -1345 42 46 47 47 56 65 80 80 81 85.5 93.5 2075 7.5% GLD 9/1/2008 6/15/2020 -79.2 162.6 6.3% If we use a starting point of 2009 after Laacz traded down significantly and GLD has traded up after the market low of March 2009 7/1/2009 6/15/2020 -92.4 162.6 5.3% 7/1/2009 9/30/2009 10/1/2010 10/1/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/29/2016 9/29/2017 9/29/2018 9/29/2019 6/15/2020 -930 21 46 47 47 56 65 80 80 81 85.5 93.5 2075 12.5%

Thanks for the feedback guys. I have noticed that Gold newsletters sells. Some sort of exotic custom strategies piques people's interest. It really resonate with people. There is ideology involved and all. After over 10 years in this game, you notice a thing or two. Back in 2008/2009, I certainly bought into the bear camp which I learned the hard way is correct once every 7-10 years. Now, I am not saying you will do amazing with Laacz over the long run. What I am saying is that if you want inflation protection, if that's precisely what you want, then it is one of the best instruments to protect you. This is especially true if you are someone who needs income. It is one of those widows/orphans stock that will likely live up to its billing and it is a great inflation hedge. It is frustrating for HF managers to own because the management team is so conservative.

Thank you Spek and Bizaro, I seriously thought I was the one losing my mind

I find it fascinating that every time we have a big crisis, people start worrying about inflation and deflation at the same time. During normal times, people tend to use the recent rates. The inflation/deflation debate was quite fierce in 2008/2009 as well. I am a little surprised that people are a lot more intellectually interested in papers and theory. I have mentioned Laacz and levering up your own real estate assets. If we do have significant inflation, owning multi-family will likely be a very good hedge that has a 30 year fixed rate mortgage on it. For some reason people like to postulate about commodities, TIPs etc. Aside from the early 2000s, when has commodities really made money for people? It seems the base rate of success for commodities is pretty bad. No research, but I have personally lost money everytime I touch commodities. But people seem to make money owning real estate, especially in hard to build places. It is weird that when people are handed very valid solutions to their problems, Laacz, they kind of ignore it and instead try to go on some sort of philosophical search. It almost seems like the intellectual quest to understand inflation is more important than looking at a very solid and easy to execute solution. Is it because it seems too easy? I have noticed this kind of indifference both on this message board and elsewhere. It's puzzling to me.

Laacz at roughly a 10% cap rate which consist of mostly valuable Los Angeles and San Diego self storage facilities. They own facilities in Houston, Vegas, and Arizona. But the California assets are about 60-65% of the overall value. If we get inflation, they can increase self storage rates on a quarterly or semi-annual basis. If we get deflation, you bought it at 10% cap rate, they have only $45mm of debt on it. So it is very safe. Self storage facilities do not require much cap ex once they are built and running. I can't imagine a better real asset that protects you in an inflationary environment and not suffer much in a deflationary environment. Multi-family apartments tend to do well in an inflationary environment.

Well, there is clny to give them some stiff competition though the egregious behaviour with regards to excessive compensation and a general lack of shareholder respect was more obvious when it is was Northstar realty prior to becoming Colony. Colony has been pitched so many times by value investors. It really should also be a case study on "how to bait value investors" It is truly a crap show Keep it up guys. This is great.

Yeah, I almost forgot about these guys. Wow what a sh*t show those guys.

Senvest used to have a fairly active thread. What happened with them?

j3sg.com

I want to bump this list because I think it is great resource. For those arguing whether this is or isn't mistreatment of minority, I respectively suggest that you refrain from that discussion as it may clog up the thread. The goal is to curate a list that we can add to and share and act as a reference. If you really wanted to debate that, you can create a different thread. We are all "big boys and girls" here on this forum and we can decide whether or not certain players are Sh*t actors on our own. But curating a preliminary list that comprehensive is important and achieves a valuable goal. Thank you.

Garret Motion is a case study on how to bait value investors Honeywell spin this company off and saddle it with asbestos liability Look at this presentation from 2018 - It just looks beautiful https://s2.q4cdn.com/726657224/files/doc_events/2018/09/1/Presentation.pdf On VIC, people mentioned something that was very interesting. They said that the IR guy who works for GTX is very loosey goosey with his facts and has a reputation for unmitigated disasters. At first, I kind of brush it off. There was a very sexy siren song of deep value. Trading at 3-4x P/FCF, 20% EBITDA margin, lots of patents, asset light, etc. The problem is that turbo chargers is a band aid solution till we get to electric vehicle. Everyone knows that. So GTX is really a terminal business with lots of asbestos liabilities. I once asked the IR guy why Honeywell structured the deal the way they did. He simply said "because they can"

Dave Portnoy is a genius in that he is getting a ton of free press. Barstool is also owned by Penn National Gaming. With no sports now, Barstool is creating content with Portnoy trading like a maniac. Portnoy's followers are likely the same kind that will go to Penn National casinos. I doubt that Dave Portnoy is genuinely like that in person (no idea). But there is a bit of tongue-in-cheek ness to this all

Got involved in low mid teens, very involved in high single digits company was bid@ $14/5, sold most around there, eventually went for $17 and change to DR Horton but not for all of the company. Stock got as high as $20’s and is now $16 again (ticker FOR) as a land company for DR Horton Forestar had incompetent management and activist got them out / to change / sell company. I wouldn’t call them bad actors. There’s a long thread on it. It’s pure 100% pure pupil (hodge lodge real estate, starter position “hey there could be some value here, 30-50% drawdown, “well that escalated quickly”, but I think there’s still value here, and value was realized at slight premium to initial entry but high premium to average cost)...I think I should just short my starter positions, then go long. Bad management, not bad actors in the criminal or extremely parasitic sense though and they eventually got what small crap value activist target managements get: paid off and laid off. I was going to do a big write up on it and couldn't finish it. That is usually a sign that the investment is not as good as is. I tried to do it for Macy's once and my intern spend a month figuring which mall Macy's owns. At the end of the day, I didn't feel comfortable sharing it. That was my cue that it wasn't as good of an idea as I thought.

Alliance Healthcare/Oaktree Oaktree sold 51% of the shares (control) to a Chinese buyers and left minority shareholder out to dry. Oaktree sold at $18 I believe. The Chinese buyer eventually forced everyone out at $13. Oaktree did not bother to get a price for the minority. I have noticed that distressed investors in equity investments means that they will likely screw minority equity. In hindsight, it is fitting that Brookfield bought Oaktree.

Former management team of Forestar This was a real estate company in Texas that had a land lot business, water rights, etc. I think ThePupil was very involved with. They somehow got into the O&G business and their performance metrics was trying to double or triple their EBITDA. Sure EBITDA from O&G production and EBITDA from RE are comparable. Activists eventually got involved and one of the big home builders bought them

BG2008, Thank you, the list is actually appreciated for my personal part to consider, but how do you consider your "on the banking side" post relevant today from an investment perspective? [To me, it has no actual relevance at all]. John, I am not perfect...just naming the ones that I can remember

I am genuinely trying to compile a list of bad actors that I can steer clear of when I invest. I have found that I don't really want to be invested in a company if I have a chance of getting screwed even if it is at a very deep discount to intrinsic value.

Sino Forest which is an out right fraud and Luckin Coffee

David Sokol buying Lubrizol stock before the deal

Oh man, how can I forget about Dryships? What a sh*t show that was. I have been to a shipping companies' office and I would say that the offices are wayyyy toooo nice for how much money they lose for their shareholders.

I don't want this to devolve into a fierce and meaningless political back and forth. Here is my come back. Let's just call it that we have some disagreement and move on and curate a good list. Quite a few people have mentioned that they find this list useful even if they haven't submitted anything yet.

On the Banking Side Citigroup - Chuck Prince who famously said "if the music is on, you must dance" and then Citi went from $50 to $1 Lehman Brothers - Dick Fuld, he YOLOed his way into bk Wachovia - Forgot who the CEO was Countrywide - Angelo Mozilo