TwoCitiesCapital Posted July 16, 2021 Posted July 16, 2021 Not all today, but recent moves in the past week or so. Opened put positions in HYG Locked in bulk of profits from my TLT call spreads. Rolled my long put spreads in Apple forward to October Reopened put spreads in American Airlines to October Added to FIH with intention of participating in the tender with my newly acquired shares Added to FFH as I cannot fathom how it continues to trade so cheap as book value is exploding
Gregmal Posted July 16, 2021 Posted July 16, 2021 27 minutes ago, TwoCitiesCapital said: Added to FFH as I cannot fathom how it continues to trade so cheap as book value is exploding Anyhow, added a good bit to MSGE. Not sure what kind of retard is selling at this valuation...from those I've talked with mainly its folks who dont like that its not a "pureplay" or have concerns about Dolan....ironically enough, basically the type of people who make those claims but then own crap like Viacom or the Malone entities....(hint, Dolan has destroyed Malone in terms of capital allocation over the past decade, but let the narrative persist). Anyhow, at $75 you can basically write down the entire Sphere to land plus scrap and still get upside. And who knows, maybe Boyar is right about MSGN and its worth 50% more than they paid(I dont see that, but who knows?)
TwoCitiesCapital Posted July 16, 2021 Posted July 16, 2021 30 minutes ago, Gregmal said: Anyhow, added a good bit to MSGE. Not sure what kind of retard is selling at this valuation...from those I've talked with mainly its folks who dont like that its not a "pureplay" or have concerns about Dolan....ironically enough, basically the type of people who make those claims but then own crap like Viacom or the Malone entities....(hint, Dolan has destroyed Malone in terms of capital allocation over the past decade, but let the narrative persist). Anyhow, at $75 you can basically write down the entire Sphere to land plus scrap and still get upside. And who knows, maybe Boyar is right about MSGN and its worth 50% more than they paid(I dont see that, but who knows?) I think that's too simple of an answer. This shit traded at $550-600 USD/share back in 2018/2019 with the same guy in charge and the same historical mistakes. I made the case back then it was hard to see how they'd get a reasonable return on the share price from that level and sold my entire position. A commentary on the market environment and forward looking returns - not Prem. Now, 3 years later, book value has caught up to that share price range and Prem and co have delivered wonderfully on the environment of the past 3 years: insurance cos, subsidiaries, equity investments, TRS/share repurchase, all are performing wonderfully and no one wants to pay more than $425-450 for it. I'm buying hand over fist - a commentary on market environment and forward looking returns - not Prem.
Dynamic Posted July 16, 2021 Posted July 16, 2021 Wrote some puts on BRK.B dated 30 Jun 2021 and 06 Aug 2021 all at $275 strike in Boilermaker75 style.
adesigar Posted July 16, 2021 Posted July 16, 2021 54 minutes ago, Dynamic said: Wrote some puts on BRK.B dated 30 Jun 2021 and 06 Aug 2021 all at $275 strike in Boilermaker75 style. Jun?
StubbleJumper Posted July 16, 2021 Posted July 16, 2021 16 minutes ago, adesigar said: Jun? The most successful puts are those that are written using the benefit of a time machine! Sign me up... SJ
IceCreamMan Posted July 17, 2021 Posted July 17, 2021 3 hours ago, StubbleJumper said: The most successful puts are those that are written using the benefit of a time machine! Sign me up... SJ Although that used to be the case, the alpha from time travel option selling has been almost completely arbitraged away.
bizaro86 Posted July 17, 2021 Posted July 17, 2021 2 hours ago, IceCreamMan said: Although that used to be the case, the alpha from time travel option selling has been almost completely arbitraged away. I'd like to exist in the multiverse where all the options I sell expire unexercised.
Dynamic Posted July 17, 2021 Posted July 17, 2021 Love these responses guys. Turns out on checking my account I wrote 30th July options by mistake -fat fingers, eh! -so I'm missing out on the time travel arbitrage after all. But I think it's still a heads I win, tails I win situation so I got lucky!
boilermaker75 Posted July 17, 2021 Posted July 17, 2021 I have some July 23 and July 30 puts I wrote on BRKB. Most of my put writing has expiration dates less than two weeks away. I like to write puts on Wednesday that expire on Friday.
Gregmal Posted July 19, 2021 Posted July 19, 2021 Just put another 3/2 waterfront townhome under contract. 30 year fixed FTW. YOLO.
Broeb22 Posted July 19, 2021 Posted July 19, 2021 35 minutes ago, Gregmal said: Just put another 3/2 waterfront townhome under contract. 30 year fixed FTW. YOLO. Maybe you'll be underwater on that (the townhome and the mortgage) by 2040
Gregmal Posted July 19, 2021 Posted July 19, 2021 Yea gonna have to confer with the scientists on how to "float it"...LOL
fareastwarriors Posted July 19, 2021 Posted July 19, 2021 15 minutes ago, Gregmal said: Yea gonna have to confer with the scientists on how to "float it"...LOL Private boat launch from the balcony. Usually have to pay extra for that
changegonnacome Posted July 19, 2021 Posted July 19, 2021 (edited) On 7/16/2021 at 1:15 PM, Gregmal said: Anyhow, added a good bit to MSGE. Not sure what kind of retard is selling at this valuation...from those I've talked with mainly its folks who dont like that its not a "pureplay" or have concerns about Dolan....ironically enough, basically the type of people who make those claims but then own crap like Viacom or the Malone entities....(hint, Dolan has destroyed Malone in terms of capital allocation over the past decade, but let the narrative persist). Anyhow, at $75 you can basically write down the entire Sphere to land plus scrap and still get upside. And who knows, maybe Boyar is right about MSGN and its worth 50% more than they paid(I dont see that, but who knows?) MSGE dip today couldn’t resist YOLO’ing into some $110 Dec 16 2022 call options..….got filled at $4.80 Thing with Delta is that it’s rapidly driving the US towards herd immunity such that Dec/Jan/Feb period prior to Delta I was concerned would be the the last COVID scare period that could reduce attendance at MSGE assets….the fall COVID spike has IMO been brought way forward I think….put it this way…..if you haven’t had a vaccine yet…..don’t worry Delta will hook you up with some antibodies in the next 6-8 weeks I think just given it’s infectiousness….. MSGE Q4 2021 & the Rockettes will be selling to packed houses Edited July 19, 2021 by changegonnacome
Gregmal Posted July 19, 2021 Posted July 19, 2021 15 minutes ago, changegonnacome said: MSGE dip today couldn’t resist YOLO’ing into some $110 Dec 16 2022 call options..….got filled at $4.80 Thing with Delta is that it’s rapidly driving the US towards herd immunity such that Dec/Jan/Feb period I was concerned as COVID last scare period has IMP been brought way forward I think….put it this way…..if you haven’t had a vaccine yet…..don’t worry Delta will hook you up with some antibodies in the next 6-8 weeks I think just given it’s infectiousness. MSGE Q4 2021 & the Rockettes will be selling to packed houses Yea me too(not calls but more shares). Looking at more aggressively selling some puts too. Its kind of dumb whats going on right now. Are people really stupid enough to get tricked into selling their stocks again? Today the market plummeted...in the real world home prices are at records, gas is the highest its been in years, HRC is near ATHs, and folks are going out like never before. Seems bizarre for the market to be so caught off guard by a predictable July 4th surge...
changegonnacome Posted July 19, 2021 Posted July 19, 2021 6 minutes ago, Gregmal said: Yea me too(not calls but more shares). Looking at more aggressively selling some puts too. Its kind of dumb whats going on right now. Are people really stupid enough to get tricked into selling their stocks again? Today the market plummeted...in the real world home prices are at records, gas is the highest its been in years, HRC is near ATHs, and folks are going out like never before. Seems bizarre for the market to be so caught off guard by a predictable July 4th surge... Yep lines around the block for Tao NY Downtown last weekend….. Read a couple of interviews with various touring groups/comedians in the last couple of months…..there are literally fights breaking out between acts looking to book venues for 2022…..I expect utilization rates for MSG/Radio City/Beacon/Chicago Theatre to be sky high with the roster packed with established high attendance/margin performers.
nwoodman Posted July 20, 2021 Posted July 20, 2021 More FFH for me too. Given information available, just too compelling (for me) to ignore at these levels.
Dynamic Posted July 20, 2021 Posted July 20, 2021 Wrote more BRK.B Puts - this time 13 Aug 21 at $270 strike.
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