What are you buying today?

[igotthisnow]

On 4/12/2022 at 4:21 PM, Ross812 said:

Added to GOOG and GOOGL

 

So did I.  With Facebook facing advertising issues, I think Google will be the winner.  We'll see when numbers are reported.

[Spekulatius]

Added back a bit of PINS and PKE ( I really like PKE’s management). I also bought a starter of SONY in one account.

[formthirteen]

5 hours ago, Spekulatius said:

Added back a bit of PINS and PKE ( I really like PKE’s management). I also bought a starter of SONY in one account.

 

What's your thesis and view on the management of PINS? I see a profitable company with 743m FCF, 2.5B cash in 2021, MSFT and PYPL trying to acquire the company ~50B vs. current EV of ~14B, ~80% gross margins, ~20% operating margins, 500m MAUs. I have a tracker position and for some reason I find it difficult to make it any bigger.

 

[Spekulatius]

2 hours ago, formthirteen said:

 

What's your thesis and view on the management of PINS? I see a profitable company with 743m FCF, 2.5B cash in 2021, MSFT and PYPL trying to acquire the company ~50B vs. current EV of ~14B, ~80% gross margins, ~20% operating margins, 500m MAUs. I have a tracker position and for some reason I find it difficult to make it any bigger.

 

It’s a website /social network ideally suited for discovery & shopping. I don’t think they will be independent in 5 years, someone is going to buy it eventually.  It‘s already profitable  and relatively cheap. Not a major bet yet, but worth a small position. User trend KPI‘s are a concern.

 

I have a position in PYPL as well.

[formthirteen]

On 4/15/2022 at 1:55 PM, Spekulatius said:

It’s a website /social network ideally suited for discovery & shopping. I don’t think they will be independent in 5 years, someone is going to buy it eventually.  It‘s already profitable  and relatively cheap. Not a major bet yet, but worth a small position. User trend KPI‘s are a concern.

 

I have a position in PYPL as well.

 

Mr. Market does not like tech companies that have FCF. I have a tracker position in PYPL as well (5B FCF, growing ~20% / year). DBX is another one (1B FCF 2024E vs. current ~9B EV).

[Libs]

SCHW - again.

 

Thank you, Mr. Market.

[cubsfan]

KMX 91.50

[Spekulatius]

On 4/17/2022 at 12:49 AM, formthirteen said:

 

Mr. Market does not like tech companies that have FCF. I have a tracker position in PYPL as well (5B FCF, growing ~20% / year). DBX is another one (1B FCF 2024E vs. current ~9B EV).

Mr Market hates tech companies without FCF even more so than tech companies with FCF. I may add some PYPL as well, just added added a bit more to PINS.

[rkbabang]

Opened small positions in COIN and SQ.  Added to MSTR and PYCO.

 

[throw123]

KMX

[Castanza]

adds AIV, PCYO, PINS, INTC

 

new (small position) CMMC.TO trading at levels from 1 year ago with balance sheet improvements. Hit some operational issues Q4 but are expected to resolve by 2H 22. Trading at like 2.5x cash compared to 9x industry average. Upcoming call April 26th…will be interesting to hear updates on AUS mine. 

 

Anyone else looking at the copper/metals segment? Definitely open to ideas as this area is not my forte….

 

 

[PJH111]

15 hours ago, Castanza said:

adds AIV, PCYO, PINS, INTC

 

new (small position) CMMC.TO trading at levels from 1 year ago with balance sheet improvements. Hit some operational issues Q4 but are expected to resolve by 2H 22. Trading at like 2.5x cash compared to 9x industry average. Upcoming call April 26th…will be interesting to hear updates on AUS mine. 

 

Anyone else looking at the copper/metals segment? Definitely open to ideas as this area is not my forte….

 

 

For copper, have a look at ARG.TO. They process tailings from one of Chile's largest state owned copper mines. Leveraged to copper prices but limited capex requirements as they are not directly mining (also a nice ESG angle). Low cash operating costs and favorable long-term power supply agreement with locked in prices for the next 15 years. CAD$320m market cap, net cash, and at today's prices are generating in the range of CAD$90 - $100m in FCF per year. Big focus on capital returns...currently paying a 6.5% div yield and buying back stock - in addition to NCIB in place they completed an SIB at the end of last year scooping up shares at 1.30 with stock now trading at 1.80. And mgmt has recently committed to return all excess cash back to shareholders in the form of special divs (subject to min cash need of US$25m). They are currently sitting on about USD $75m of cash at the end of Q1...  

[Castanza]

40 minutes ago, PJH11 said:

For copper, have a look at ARG.TO. They process tailings from one of Chile's largest state owned copper mines. Leveraged to copper prices but limited capex requirements as they are not directly mining (also a nice ESG angle). Low cash operating costs and favorable long-term power supply agreement with locked in prices for the next 15 years. CAD$320m market cap, net cash, and at today's prices are generating in the range of CAD$90 - $100m in FCF per year. Big focus on capital returns...currently paying a 6.5% div yield and buying back stock - in addition to NCIB in place they completed an SIB at the end of last year scooping up shares at 1.30 with stock now trading at 1.80. And mgmt has recently committed to return all excess cash back to shareholders in the form of special divs (subject to min cash need of US$25m). They are currently sitting on about USD $75m of cash at the end of Q1...  

 

Thanks for the idea, not sure if I'm interested though. I think geographical locations will matter quite a bit moving forward for commodities and I'm not sure I want to put a stake down in Chile. From an outsider perspective, South American commodities have long been a risky investment. Also the reliance on state owned assets is a bit concerning (even with contract in place). 

 

Edit: I will say the capital return emphasis looks interesting, but still not sure if that's enough

Edited April 20, 2022 by Castanza

[Ross812]

22 minutes ago, Castanza said:

 

Thanks for the idea, not sure if I'm interested though. I think geographical locations will matter quite a bit moving forward for commodities and I'm not sure I want to put a stake down in Chile. From an outsider perspective, South American commodities have long been a risky investment. Also the reliance on state owned assets is a bit concerning (even with contract in place). 

 

Edit: I will say the capital return emphasis looks interesting, but still not sure if that's enough

Might want to look at Grupo Mexico. I posted a write-up a few weeks ago. 

[Castanza]

4 hours ago, Ross812 said:

Might want to look at Grupo Mexico. I posted a write-up a few weeks ago. 

Thx looks pretty interesting, a whole mess of add ons at a seemingly reasonable valuation

[KJP]

Leatt Corp.

[GordonGekko69]

added a bit to Tencent (0700.HK)

[lnofeisone]

added to NOV and THNPY. 

[backtothebeach]

99 WFG @ 89.01 for an odd lot tender attempt.

[Castanza]

SNC

[sleepydragon]

baba

[sleepydragon]

3 minutes ago, sleepydragon said:

baba

It could be a stupid speculation: I am betting Munger sold half Of his baba due to tax harvesting not due to his view changed on baba, and someone is going to ask him on 4/30

[adesigar]

15 minutes ago, sleepydragon said:

It could be a stupid speculation: I am betting Munger sold half Of his baba due to tax harvesting not due to his view changed on baba, and someone is going to ask him on 4/30

 

If asked I don't think he will answer. Its got nothing to do with BRK and they don't answer questions about individual stocks.

[throw123]

FB and GOOG

[Agrippa07]

added a bit to Spot and Netflix, small (<1%) positions in portfolio