Guest Schwab711 Posted July 21, 2015 Share Posted July 21, 2015 Started a position in WAB. Why? Link to comment Share on other sites More sharing options...
Rainforesthiker Posted July 21, 2015 Share Posted July 21, 2015 EZPW Link to comment Share on other sites More sharing options...
berkshire101 Posted July 22, 2015 Share Posted July 22, 2015 Started a position in WAB. Why? They own 50% of the market in North America. Plenty of growth globally as urbanization takes place. The rail industry requires a lot of regulations, so things have to get certified like the aerospace industry. High switching cost as trains are designed with WAB's parts in mind. Also, since everyone likes platform companies lately, management at WAB is really good with their acquisitions. And you're getting it around at 20 times FCF. Not cheap, but fair. And the business is growing sales and earnings at double-digit rates. Link to comment Share on other sites More sharing options...
valueyoda Posted July 22, 2015 Share Posted July 22, 2015 GDX and CNX bonds Link to comment Share on other sites More sharing options...
TorontoRaptorsFan Posted July 22, 2015 Share Posted July 22, 2015 AMZN Link to comment Share on other sites More sharing options...
rpadebet Posted July 22, 2015 Share Posted July 22, 2015 Over the last few days, sold AAPL completely, AMZN partially, NOV completely, put all proceeds into LILAK. >10% position now. hope to get back into AMZN on any pull backs or if GM stake works out sooner. Link to comment Share on other sites More sharing options...
Travis Wiedower Posted July 22, 2015 Share Posted July 22, 2015 You know my blog :) New Century Group HK (234) <---- this stock is absurd! Soundwill Group HK (878) <----- new investment What's your blog? I've been spending a lot of time on HK stuff recently as well so I'm very interested. Link to comment Share on other sites More sharing options...
orion Posted July 22, 2015 Share Posted July 22, 2015 LBRDA & LILA (influenced by rereading Cable Cowboys ;D ) Link to comment Share on other sites More sharing options...
TorontoRaptorsFan Posted July 22, 2015 Share Posted July 22, 2015 Over the last few days, sold AAPL completely, AMZN partially, NOV completely, put all proceeds into LILAK. >10% position now. hope to get back into AMZN on any pull backs or if GM stake works out sooner. I think the earnings report coming out tomorrow for Amazon will continue to be a positive. They're relentless in going after new and existing markets. Link to comment Share on other sites More sharing options...
sswan11 Posted July 22, 2015 Share Posted July 22, 2015 AAPL Jan 2017 LEAPS Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted July 22, 2015 Share Posted July 22, 2015 Over the last few days, sold AAPL completely, AMZN partially, NOV completely, put all proceeds into LILAK. >10% position now. hope to get back into AMZN on any pull backs or if GM stake works out sooner. I think the earnings report coming out tomorrow for Amazon will continue to be a positive. They're relentless in going after new and existing markets. I don't think it matters. The stock only goes up. Link to comment Share on other sites More sharing options...
BargainValueHunter Posted July 22, 2015 Share Posted July 22, 2015 SHOS, PIR, SRSC, FTP Link to comment Share on other sites More sharing options...
sculpin Posted July 22, 2015 Share Posted July 22, 2015 More Fortress Paper.... http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/ftp-fortress-paper/2450/ http://www.bnn.ca/Video/player.aspx?vid=661893 From Raymond James... FTP.DB (6.5% ’16, X=$37.50, Size $40mm, YTM 30%) and FTP.DB.A (7% ’19, X=$31, Size $69mm, YTM 30%): I haven’t said this in some time but I would own these here. Both are trading on a similar YTM of about 30% but I would lean toward the ‘19 cvts as they are trading 20 points lower and as the balance sheet strengthens they should be the greater short term beneficiary of a tightening of the credit. Also, if the ‘16 cvts are restructured or refinanced in any form the ‘19 cvts will benefit as well. One of the reasons for the ‘16’s trading tighter is a view that in a bankruptcy process they will receive a greater recovery value. I’ve made a few inquiries and this does not appear to be certain. However, a case can be made for either, obviously the ‘16’s are where the companies attentions will be focused over the next 18 months. Some other key points on why to own either of these cvts here: o Landqart (Security paper business) has been progressing over the last couple years with waste rates coming down and its now having record months with a 2 year backlog currently in place In the process of trying to improve the company’s liquidity position they were at one time looking at an inventory backed facility with a European bank which might have raised $10-20mm but they wanted land security as well so FTP had the land appraised. Now it appears there is the potential for a $100-130mm sale leaseback agreement based on the value of the land. A sale leaseback agreement would see FTP pay 4-5mm Swiss Francs per year in rent in exchange for the upfront payment This would certainly be a great way to surface value and reduce debt particularly given no one has ever given them this much credit for these assets Ultimately FTP could sell the business separately if it chose to once the sale leaseback was completed However, its not likely we’ll see anything materialize in the short term (i.e. next month) as structuring the deal will take time so something closer to the end of the year might be achievable o Thurso (Disolving pulp business) appears to be operating more consistently with longer runs between stoppages and fewer and smaller hiccups when they do occur, that being said, they’re probably due for one shortly pricing has also been better lately and costs are coming down so overall a net positive; however, If the Europeans start to see duties imposed on their product then pricing could get more interesting FTP shares have been running as well recently having double over the last 2 months – a healthier equity is obviously healthy for the cvts and leaves the company with more optionality. Again, this company is quietly turning the corner Link to comment Share on other sites More sharing options...
bigbluffzinc Posted July 23, 2015 Share Posted July 23, 2015 Sold GOOG bought CHK. Didn't really want to sell GOOG either but I don't see any way CHK isn't worth substantially more than $8.50/share... Link to comment Share on other sites More sharing options...
Lance Posted July 23, 2015 Share Posted July 23, 2015 AXP, BBL, KMI, RDSb and T. Thanks, Lance Link to comment Share on other sites More sharing options...
rpadebet Posted July 23, 2015 Share Posted July 23, 2015 Over the last few days, sold AAPL completely, AMZN partially, NOV completely, put all proceeds into LILAK. >10% position now. hope to get back into AMZN on any pull backs or if GM stake works out sooner. I think the earnings report coming out tomorrow for Amazon will continue to be a positive. They're relentless in going after new and existing markets. I don't think it matters. The stock only goes up. Yes. Very hard stock to get into for value investors, but very easy to hold. You basically can stop worrying about competitive threats because 9 out of 10 news releases will be about how AMZN is the competitive threat to some other business. :) Very difficult decision for me to sell, but I had to fund LILA purchase and this AMZN was up 50% in 6 months, so please pull back!! Link to comment Share on other sites More sharing options...
CorpRaider Posted July 23, 2015 Share Posted July 23, 2015 Bought some ARCP. Been dicking around trying to get an $8 target price for several months; decided to go ahead. Link to comment Share on other sites More sharing options...
TorontoRaptorsFan Posted July 23, 2015 Share Posted July 23, 2015 Over the last few days, sold AAPL completely, AMZN partially, NOV completely, put all proceeds into LILAK. >10% position now. hope to get back into AMZN on any pull backs or if GM stake works out sooner. I think the earnings report coming out tomorrow for Amazon will continue to be a positive. They're relentless in going after new and existing markets. 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) ;D Link to comment Share on other sites More sharing options...
rpadebet Posted July 23, 2015 Share Posted July 23, 2015 Over the last few days, sold AAPL completely, AMZN partially, NOV completely, put all proceeds into LILAK. >10% position now. hope to get back into AMZN on any pull backs or if GM stake works out sooner. I think the earnings report coming out tomorrow for Amazon will continue to be a positive. They're relentless in going after new and existing markets. 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) ;D :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( >:( >:( >:( >:( >:( >:( >:( >:( Link to comment Share on other sites More sharing options...
one-foot-hurdles Posted July 23, 2015 Share Posted July 23, 2015 NTLS and Clarke this week Link to comment Share on other sites More sharing options...
tede02 Posted July 24, 2015 Share Posted July 24, 2015 I purchased NLY and SIR this week. If you're looking for income, they may interest you. I believe both have been punished due to the threat of rising rates. Both are selling comfortably below book which should provide some margin of safety (though I would expect they'll temporarily decline if/when rates rise). But I'll probably just buy more. Added to BXE and CHK this week. Link to comment Share on other sites More sharing options...
SI Posted July 24, 2015 Share Posted July 24, 2015 Here is one I have started legging into, PICO holdings: Pico(written up in the past) was formerly Physicians Insurance Company of Ohio which is to suggest that Pico started life the same way Berkshire(basically)/Markel/Fairfax did by using an insurance company as the foundation of an investment manager. Pico has used its premiums to turn deeper into liquid assets, namely water. Pico controls Vidler Water which owns interests in 45,000 acre-feet of water rights mostly in the Southwest(ex-California). If the Southwest drought can create water scarcity, what drives Pico’s shares is demand that derives from housing, industrialization and urbanization. With more job creation, the sand states should resume their ever increasing population and with it, the price of water assets should return to elevated levels. The slowdown of development in Arizona and especially Nevada has kept water prices in check. As available jobs and later people begun filling back into the sand states, we expect water rights to increase in value. One such driver is the economic development in northwest Nevada which is near an important Vidler water assets. It is worth mentioning that Pico also has one other investment in a homebuilder, UCP(asset value in Monterrey, CA)though the majority of their value stems from their water portfolio. So what has gone on in the stock that has you looking: (1) We are seeing natural resource sellers(maybe even margin calls?!?) (2) index sellers as weight was reduced in the Russell within the past month (3) 3 activists have filed(great write-up of the asset by mutual fund river road from late March in a link here: http://www.valuewalk.com/2015/04/pico-holdings-activism/) (4) and what I have termed the small cap asset value funeral which I think has unearthed a decent price oppty as their shareholders are getting redeemed which I juxtapose with positive fundamentals: (1) After a recent divestiture, there is no cash burn other than small corporate staff and no debt. (2) Builder Mkts intact, where I think we get a transaction as comps trade 1.15x(small caps) and 1.8x BV(large caps). Its homebuilder is 57% controlled by Pico so it has a massive illiquidity discount. (3) Water Mkts that I think have the potential for dynamic upside (4) With water in mkts where development outlook is firm a. The scale daunting with AMZN, Drowns, Tesla, 15 Japanese Battery developers, Apple, Google, etc (5) Mgmt under pressure increases likelihood of water / builder transaction (6) An expensive mkt.... Pico is specifically an asset based player in the water allocation of construction projects with leverage to water, its storage and transportation. I believe the company is setting out to increase the corporate exposure to this valued expertise in the Southwest amidst water scarcity and believe at a 27% discount to its book value – I think investment potential is attractive. Link to comment Share on other sites More sharing options...
ASTA Posted July 24, 2015 Share Posted July 24, 2015 AA, CHK and GM 2% each Link to comment Share on other sites More sharing options...
sethatk Posted July 24, 2015 Share Posted July 24, 2015 AIQ Link to comment Share on other sites More sharing options...
Lance Posted July 24, 2015 Share Posted July 24, 2015 AXP and IAUGY. Thanks, Lance Link to comment Share on other sites More sharing options...
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