Sportgamma
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Posts posted by Sportgamma
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Well, perhaps you didn't exercise enough...influence. ;)
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Does anybody have any knowledge as to whether Sitestar management complied to the demands of Jeff and co? If I am not mistaken they had until the 11th of June.
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Native Americans selling Manhattan?
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Sure, Thats me in the middle pushing my car/residence with a couple of friends on my way to a hot date:
http://www.planetcalypsoforum.com/gallery/files/3/2/0/1/pinpinade_1566205965_lada.jpg
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I beg to differ. The way I see it, the hedges are based on their conviction that equity market multiples in NA are too rich and will correct. The CPI trade reflects their view on Europe too a larger extent and they are a bet on a dragged out deflationary environment. Perhaps that scenario is already priced in the eurobank investment. IMO the cpi trade does not imply that they are betting on a crash.
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In retrospect, when I weight the time and effort I´ve spent in trying too understand macro, timing or anything concerning the general market, I´m convinced that the benefits in terms of idea generation and investing performance has carried far less benefit than the time and effort spent, in my case. My best decisions have come from studying individual companies.
The way I see it, if I were only to focus on the biggest exchanges in the US, Canada and Europe I would still have a choice of thousands of listed securities. Currently I am invested in 17 securities and I have never been as diversified. A substantial portion of those securities are small/micro cap. Does it really matter if the general market is under- or overvalued? What is the likelihood of all of those securities being overvalued at once? If my method is to is to identify cheap securities and sell them when their value approximates fair value, do price ratios for the general market matter? I just does not seem to have that much relevance to me and my particular style.
If all of my investments were in private securities, it would sound strange if I would use the Russell 2000 index (or any other) to determine wether I would want to hold or divest any particular private investment. In fact, I make an effort not following price ratios of indices.
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Any idea when the slides from the meeting will be made available?
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I actually prefer not having a rating or "star" system on posts. That way I can judge the merit of individual posts without any pre-conceived bias about the quality.
I agree. When you meet people in person they don´t come with a rating attached, but once you get to know them you develop your own opinion of them. I don´t see any reason for having a ratings system.
I always find it funny when I´m reading something here and I´m thinking to myself "that´s typical Eric/Kraven/Parsad/Gio/Packer/etc." about guys I´ve never even met.
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Is he aiming at taking it public?
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Martin Whitman - They Just Don't Get It
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So, I had problems with the chat thing today. I would really appreciate if some of you who were able to follow could share the most insightful points, in order to quench my curiosity until I get the transcript.
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Holliday greetings to all from snowy Iceland.
Gísli
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This comes to mind:
It's like the old story about the little store with salt all over its walls. And a stranger comes in and says to the storeowner, "You must sell a lot of salt." And he replies, "No, I don't. But you should see the guy who sells me salt." -
I am not sure I would use the term "hijacked" a board seat!!!!! ;)
I can personally attest that in addition to being a skilled stock investor, Jeff is also a capable, skillful, and experienced real estate investor.
I am sure he will be an EXCELLENT addition to Sitestar's board. His real estate experience will help the company immensely.
It will be very interesting to see what happens with Sitestar. I think this stock has a lot of potential. I am VERY happy with my capital gains on it so far, and am looking forward to much more.
Good work Jeff!
I only used hijacked in connection with pirate. I am also aware that Jeff is not a real pirate...
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Congratulations to board member Jeff Moore:
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These are a few points that I have come to learn by trial and error:
1. When you meet, go for a touch directly (f.e. kiss on the cheek)
2. Do not talk about work (and change the subject if she starts talking about hers)
3. Talk about interesting stuff that you have done but do it in a way that you won´t sound arrogant ("I was up in place X and I did this unbelievably stupid thing Y).
4. Ask her silly questions that will make her share her opinion ("are you supposed to floss or brush your teeth first?")
5. Keep on making friendly touches throughout the whole date
6. Don´t compliment her on her looks, just don´t
7. When you ask her questions, do it in an assertive way ("so, tell me..." instead of "can I ask you...")
8. For the rest, I think the best filter is just being yourself. Your trying to find somebody who fits you, not vice versa
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"Incontrovertibly"
Thank you Sardar for exposing me to some fine English words that I otherwise never would have known existed.
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Damn you Aperam Stainless Steel!
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And Prem is already delegating many duties to subordinates such as Paul Rivett and Madhaven Menon to name just a couple.
Wow. Would not want to meet someone with that name in a dark alley, would you?
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Here is the line about the coal deposits:
"Coal deposits aggregating approximately 92,000,000 tons in place with a net balance sheet carrying value of $722,402 at December 31, 2012 are not presently leased or producing coal in commercial quantities."
Where did you get the 10-11 year timeframe? In the annual report they say the lease was extended by 40 years in 2009.
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Beware of hidden assets without a path to monetization. I'm thinking of a coal company that trades for $10m but has reserves of $4b. The name escapes me right now.
I talked to someone who called the CEO a few months back, the CEO said the coal is good and worth mining yet it's under contract with a company that has zero incentive to mine it. He said the contract expires in 10 or 11 years, at that time they'll mine it. So there's a huge hidden asset, this thing could be a 10-100 bagger easily, yet you'd need to wait 10 years. What if the market changes so much in 10 years that it's not worth mining?
How could a company have no incentive to mine it if mining and selling the coal is economical? I obviously don't know the specifics of the situation, but hard for me to see how there can be no incentive.
The company is paid some flat fee, they don't get paid more to mine more, so they mine what that need and that's it. I think the company is Central Natural Resources, I should look into them again.
So in 10 years the contract will expire and they'll contract someone to extract the $4b worth of coal, guess this is probably worth considering.
how sure are you about this. For this kind of money at stake i am sure a lot of things can be done to unlock value
How sure? Do two things, first read their annual report, it discusses their coal reserves. You can figure out how much they're worth based on current prices.
Secondly call the CEO and ask why they haven't developed those reserves and you'll hear about the contract. No one is allowed to develop the reserves except for the company under contract right now.
I'm not disputing that it can't be developed, the CEO stated it could, it's just that the structure of the contract means the current miner will never do it, so investors/the company needs to wait until the contract expires.
PROPERTIES: Mineral Ownership (Coal)
Currently, coal deposits in Sebastian Co., AR and LeFlore Co., OK totaling approximately 84,000,000 tons are leased to Wilkem, Inc., an assignee of the original lessee of the lease made in June 1969 for a period of 40 years (hereinafter referred to as the “Coal Lease”) which was renewed by the lessee in 2009 for another 40 year term (through June 2049). In 2006, the current lease was amended so that, in addition to the $90,000 per year minimum annual royalty, the Company may receive an additional payment in the amount of $79,375 annually from Wilkem to be treated as part of the minimum annual royalty under the Coal Lease, dependent on payments Wilkem receives from a sublessee of a portion of the subject property. Should the subject property be successfully developed by the sublessee, the Company may also receive an additional amount up to $190,625 per year as a further minimum annual royalty amount. Certain other changes in the Coal Lease were made that will not materially change directly and immediately any payments received by the Company.
Since the inception of the lease in 1969, the Company has received minimum annual royalty payments which may be credited against future royalty payments owed by the assignee for coal mined and shipped. In 2010, a new sublessee purchased the bankrupt entity and is now operating the mine. As the mine property contains coal owned by Central (leased to Wilkem as explained above), as well as coal owned by other parties, including the sublessee, it is often the case that little to no coal owned by Central is being produced for sale despite ongoing mining activity. This scenario existed at the end of 2012, resulting in
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minimum production and sales of the Company’s coal from the property during the year. Since royalties due on production and sale amounts in the past two years was less than the minimum annual royalty payments, the prepaid credit toward future royalty payments increased over the time from 2011 through 2012. Even if mining should increase, there is no guarantee that coal will be produced in sufficient quantities to exhaust the prepaid royalty amounts that have accrued since the inception of the lease.
Coal deposits aggregating approximately 92,000,000 tons in place with a net balance sheet carrying value of $722,402 at December 31, 2012 are not presently leased or producing coal in commercial quantities.
Detailed and updated descriptions of the Company’s coal properties are available on the Company’s website at www. centralholdings.com.
http://centralholdings.com/files/CTNR_2012_AnnualReport.pdf
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"the appearance of variety is an optical illusion"
Forbes article:
So, what’s the deal with Luxottica? The Milan-based company started off pretty small back in 1961 with now chairman Leonardo Del Vecchio selling small parts to the optical industry.By 1971, the company was producing a finished pair of glasses from start to finish, and was wholesaling its first collection of eyewear.
Today, Luxottica controls the whole operation and cutting out the middleman. Not only is it making the glasses it but it’s also selling them directly through Sunglasses Hut, Lenscrafters, Pearle Vision–all are owned by Luxottica.
That kind of model is known as vertical integration. It’s risky but it can work out very well and be extremely cost efficient.
60 Minutes on CBS last year interviewed Luxottica CEO Andrea Guerra about his company’s dominance in the eyewear space. He estimated some 500,000 people were wearing his sunglasses around the world.
In addition to its 7,000 retail stores and its roughly 10 production facilities the company owns some of the brands it sells like including Ray-Ban which is bought in 1999, Oakley which is bought in 2007, Vogue, Oliver Peoples, Persol, Alain Mikli, Arnette and REVO. These proprietary brands accounted for 70% of frame sales with Ray-Ban and Oakley making up nearly 45% of the sales.
It licenses the other designer brands including Bulgari, Burberry, Chanel, Coach, Dolce & Gabbana, Donna Karan, Paul Smith, Polo Ralph Lauren, Prada, Stella McCartney, Tiffany, Tory Burch, Versace and Armani.
The agreements with these brands are exclusive meaning no other manufacturer can make their glasses. They last from three to ten years.
Luxottica pays the designers a royalty of 5% to 14% of net sales and a marketing fee of 5% to 10% depending on the agreement. Prada and Dolce & Gabbana are the big money-makers for the company making up 3.9% and 2.6% of sales respectively.
60 Min. coverage:
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That was a beautiful post Nate...
BH letter to the board or shareholder proposal to remove the trademark deal
in General Discussion
Posted
Is this for real?!