What are you buying today?

[Viking]

Also recently bought a small position in my old employer SAP.TO (Saputo). Stock is trading at close to a 3.5 year low band. Based on current ernings i would not call it crazy cheap. However, as they digest their recent aquisitions in Australia and the UK profitability should improve. This will likely take 12 to 24 months to play out (i am not expecting a quick turnaround). They are now the number one dairy in Canada and Australia, the number 3 cheese producer in the US and the number 1 branded cheese producer in UK. They are a consolidator; they have had to pay up for recent large aquisitions but they are playing the long term game and building out a pretty impressive international platform.

[Spekulatius]

Bought a bit of JNJ today. I also added some FRFHF.

[no_free_lunch]

Bought some CAKE today.  Not going to get rich on this one but it's got a good long term track record and should still be able to slow mo compound.  Throw in 3.75 pct dividend and it can work for me.  It's also trading at a pe of around 15 so there is some optionality on pe expansion.

[BPCAP]

GGG

[gjangal]

TEAM, TTD , FTNT - Very long growth runways for years to come. Valuations maybe stretched for TEAM but opportunity size is big for all these 3 stocks

[Stuart D]

Bought more National Stock Yards (NSYC)

 

Same here. I suspect the pot. SEC action may scare some investors away from dark stocks and cause some selling. I am happy to oblige and provide liquidity if the price is right.

 

Not much public information out for NSYC, though from the Seeking Alpha post in Feb, 2019 it sounds very interesting - especially at a market cap of $9m. I emailed the company to see if they'll send annual reports on request. I don't like my chances, but it's worth a try.

[Spekulatius]

Bought more National Stock Yards (NSYC)

 

Same here. I suspect the pot. SEC action may scare some investors away from dark stocks and cause some selling. I am happy to oblige and provide liquidity if the price is right.

 

Not much public information out for NSYC, though from the Seeking Alpha post in Feb, 2019 it sounds very interesting - especially at a market cap of $9m. I emailed the company to see if they'll send annual reports on request. I don't like my chances, but it's worth a try.

 

I don’t have NSYC’s  annual report either, but there is enough information in Eric’s podcast episode to let me conclude there is a lot of value at current prices:

https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?i=1000429276814

[TwoCitiesCapital]

SRG shares were called as the result of a covered call. Roughly 2% portfolio position.

 

Think it's a good price so rolled proceeds into FCAU, NLY, ZG, and FFXDF - roughly equal amounts into each.

[Gregmal]

Used all that analyst excitement as an opportunity to buy some PTON puts.

[EricSchleien]

Hi Stuart - The article from Feb 2019 is one I wrote. The article was based off a podcast that I recorded which you can check out here: https://ericschleien.com/podcast/anthony-waldichuk-national-stock-yards/

 

 

Best,

Eric Schleien

 

 

Bought more National Stock Yards (NSYC)

 

Same here. I suspect the pot. SEC action may scare some investors away from dark stocks and cause some selling. I am happy to oblige and provide liquidity if the price is right.

 

Not much public information out for NSYC, though from the Seeking Alpha post in Feb, 2019 it sounds very interesting - especially at a market cap of $9m. I emailed the company to see if they'll send annual reports on request. I don't like my chances, but it's worth a try.

[Spekulatius]

Bought back some HHC AH. I also added to WED.V

[TwoCitiesCapital]

Cash.

 

Following the sale of 20% of my S&P 500 puts. Waiting for 30+ VIX to sell more.

 

Have been buying & selling over the last 2-3 weeks. Typically 20-30% of the position. When VIX dropped to 15-17 I was buying and selling those same contracts each time it went to 20+.

 

Entire position has basically been paid for in profits at this point and I purchased more today.

 

 

Sold ~15% of the core put position today when VIX hit 20. Will probably let a bit more go if me move closer to 25, but still waiting for that elusive 30+ print on the VIX to signal panic to let the bulk of the position go.

 

Repurchased these a few days back. Added more today.

 

Still expecting a 30+ VIX move this year, but will keep trading the position.

 

Once again, we've failed to break 3000 sustainably on the S&P and the China trade 'deal' turned out to not really be a deal.

 

Purchased more puts.

 

Was a little concerned this was going to be proven wrong after Monday, but today shows that 3000 appears to be unstoppable resistance. We bounced off it midday just to fall back through it.

 

Increased puts by another 10% today. Rolled covered calls forward on most of my positions.

[Spekulatius]

Bought some NOW AH.

[Gregmal]

DIS

[Broeb22]

Bought some NOW AH.

 

In what world can an enterprise tech CEO with no consumer goods experience transition to become the CEO of the one of the largest athletic shoe and apparel companies in the world?

 

This can't be a positive sign for Nike. John Donahoe is a Meg Whitman type of CEO; full of consulting-based platitudes and not a lot of execution.

[Spekulatius]

Bought some NOW AH.

 

In what world can an enterprise tech CEO with no consumer goods experience transition to become the CEO of the one of the largest athletic shoe and apparel companies in the world?

 

This can't be a positive sign for Nike. John Donahoe is a Meg Whitman type of CEO; full of consulting-based platitudes and not a lot of execution.

 

Besides the bravado around macro, Druckenmiller basically pitched cloud plays and specifically mentioned NOW. I put it on my watch list around. $165 and it now trades at ~$220. Not bad at all. It would have been better if I had bought it myself. ::)

 

 

I don’t care to much about NKE, maybe they want a techie CEO. NOW stock was down a lot because of general weakness in the SAAS group and the CEO transition heightened the concern that the CEO change portents bad results. I thought that the more likely explanation for NOW’s CEO is that he wants to do something completely different.

 

I had NOW on my watchlist since Druckenmiller mentioned it in late 2018 at around $165 as a disruptor. It’s now even roughly at the same price in terms of price/sales relatively speaking, so I thought I dip my toe a bit into this. It’s one of the more moaty business in this space and might be a good value, if they keep growing and improve profitability. They are no slouch in terms of stock related comp, but are a bit better than WDAY.

[Gregmal]

Covered OPK short.

[longlake95]

added to GIL.TO

[kab60]

Some Ulta, ECL

 

[Broeb22]

 

 

 

I don’t care to much about NKE, maybe they want a techie CEO. NOW stock was down a lot because of general weakness in the SAAS group and the CEO transition heightened the concern that the CEO change portents bad results. I thought that the more likely explanation for NOW’s CEO is that he wants to do something completely different.

 

I had NOW on my watchlist since Druckenmiller mentioned it in late 2018 at around $165 as a disruptor. It’s now even roughly at the same price in terms of price/sales relatively speaking, so I thought I dip my toe a bit into this. It’s one of the more moaty business in this space and might be a good value, if they keep growing and improve profitability. They are no slouch in terms of stock related comp, but are a bit better than WDAY.

 

Having observed and used NOW at my prior job as a kind of procurement tool for my group, the UI was not super impressive to me. My teammates constantly complained about NOW's functionality.

[kab60]

added to GIL.TO

Mind sharing a bit of your thesis? Thx

[longlake95]

I'll post and update on the Gildan thread

[Gregmal]

Which puts Gregmal if you don't mind?

 

They are crazy expensive due to shorts/volatility but, yeah I can see this going way down in time. Everybody can make this shit even Maple Leaf Foods and Tyson. $10 billion market cap is nuts for something that will be commoditized.

 

I bought some Jan 2021's ranging from $50-$100 strikes. Its basically a 2-3 month trade idea. I think the lockup easily takes 25% off the share price. The thinking goes, yea... straight short you're paying 175% neg borrow which can be yanked at any time and the rate can and likely will go up. Shorter dated puts are insanely expensive and a sucker bet. 2021s that are out of the money that far are only pricing in time value. Ive got like 16 months til expiration and if 2-3 expire, there s still a whole lot of time value likely for those options which still have a good chunk of value whether the stock goes up, down, or sideways. But if I'm right, and we get a 20-30% or greater move down on lockup expiring(which really isn't much of a stretch given how some of these things trade, let alone if you follow what TLRY did)....we eat well.

 

Not all of them work out as planned, but this was pretty freaking easy. There's still likely a bit of downside, but the IV and derivative effects of that are probably peaking, so it's time to close this out. I'd again encourage those interested to look at TLRY chart to see where this ends up 3, 6, 12 months from now.

[hummbaby]

Greg, Looking at the TLRY chart, why not hold a portion of the BYND LEAPs for longer?

Still substantial downside ahead, especially over the longer term...

 

 

 

[Gregmal]

Greg, Looking at the TLRY chart, why not hold a portion of the BYND LEAPs for longer?

Still substantial downside ahead, especially over the longer term...

 

Because the IV is massive right now since we are a week(less than) away from lockup expiration. For instance the $60 Jan 21s are now $10. If you spare some downside, you can probably re enter the trade as a straight short(or even possibly through options) with a much lower negative carry hurdle. TLRY was 450% heading into lockup and trading in the $80s. Several months later you could short it outright in the $60 for a tiny fraction of that cost. Once all those lockup shares start coming to market, the cost to borrow comes down. From there the downward spiral is all but locked in, and then valuation typically becomes the primary driver of value.