What are you buying today?

[Williams406]

Pantheon Resources

[Red Lion]

Rolled out my BX puts down to $70 from $80 for a net credit, although now I'm holding them until June instead of January. I'm still building up my BX position selectively, right now it's trading almost exactly at my cost basis and I think it's likely BX takes out its lows if the market turns south again particularly with this bad news about BREIT redemptions out today. 

[competitive-advantage]

7 hours ago, Aurel said:

interesting valuation.

 

Are there some infos in english? The investor relation site seems to be in danish only.

 

 

I just found this interesting video in english from the founder/CEO (Year 1996-)

 

Summary: Kaare Danielsen, CEO and founder, gave a very entertaining walk through the Jobindex history – probably the first job aggregator in the world. His three key decisions was first to found the company; then change focus from price to service and lastly exploit the financial crisis. Although “founding the company” may seem too obvious as a key decision, Kaare’s thoughts on the matter was: In 1996 the internet was so new and no one used it, so it was a matter of catching the megatrend before it became obvious to the rest of the market. Then, when he had to compete against much larger companies it paid off to focus on service rather than price. That helped retain clients. See the video for a handful of great takeaways for a client focus strategy. Then during the financial crisis Jobindex chose to start advertising heavily and built a strong brand among both job seekers and employers. When the crisis came all the advertisers chose to only use one platform instead of maybe two or three. They were most likely to choose the platform with the biggest brand because that’s where most potential employees would probably search.  A few years later Jobindex were able to buy Stepstone, their main large competitor in the early 2000’s. Now Jobindex is the big player in Denmark – and when asked about competition Kaare is not too worried about head to head competitors, but he admits that being a big company means that you move slower. “It is difficult to be small, but it’s even more difficult to be large,” as he put it.

 

 

 

[Aurel]

17 hours ago, competitive-advantage said:

I just found this interesting video in english from the founder/CEO (Year 1996-)

 

Summary: Kaare Danielsen, CEO and founder, gave a very entertaining walk through the Jobindex history – probably the first job aggregator in the world. His three key decisions was first to found the company; then change focus from price to service and lastly exploit the financial crisis. Although “founding the company” may seem too obvious as a key decision, Kaare’s thoughts on the matter was: In 1996 the internet was so new and no one used it, so it was a matter of catching the megatrend before it became obvious to the rest of the market. Then, when he had to compete against much larger companies it paid off to focus on service rather than price. That helped retain clients. See the video for a handful of great takeaways for a client focus strategy. Then during the financial crisis Jobindex chose to start advertising heavily and built a strong brand among both job seekers and employers. When the crisis came all the advertisers chose to only use one platform instead of maybe two or three. They were most likely to choose the platform with the biggest brand because that’s where most potential employees would probably search.  A few years later Jobindex were able to buy Stepstone, their main large competitor in the early 2000’s. Now Jobindex is the big player in Denmark – and when asked about competition Kaare is not too worried about head to head competitors, but he admits that being a big company means that you move slower. “It is difficult to be small, but it’s even more difficult to be large,” as he put it.

 

 

 

Thank you for the summary and the translation. I'll check that out over the weekend!

 

 

[Spekulatius]

Bought just a little of BX this AM.

[Red Lion]

4 hours ago, Spekulatius said:

Bought just a little of BX this AM.

Nice timing. I was a little to cute on this one and sold $85 puts yesterday, didn't buy this morning because I expected to be assigned on these, now it's looking like they might expire worthless. I think BX is good value at this point, it's already a relatively large position for me but I'd really like to double my position in the $70s which seems quite likely if this bear rally withers on the vine. 

[Spekulatius]

1 hour ago, RedLion said:

Nice timing. I was a little to cute on this one and sold $85 puts yesterday, didn't buy this morning because I expected to be assigned on these, now it's looking like they might expire worthless. I think BX is good value at this point, it's already a relatively large position for me but I'd really like to double my position in the $70s which seems quite likely if this bear rally withers on the vine. 

Thx. My position is quite small at this point. Riding fully and yours and other posters coattails here, but felt it looks beaten up enough to take a small bite at this apple.

 

I also bought KKR a while ago, similar story. Done right these private equity / alternative investment shops are terrific business, that's for sure.

[Red Lion]

3 minutes ago, Spekulatius said:

Thx. My position is quite small at this point. Riding fully and yours and other posters coattails here, but felt it looks beaten up enough to take a small bite at this apple.

 

I also bought KKR a while ago, similar story. Done right these private equity / alternative investment shops are terrific business, that's for sure.

 

I agree that done right they're terrific businesses. This is why about 1.5 years ago I decided to swallow my pride and put these stocks into a basket, I think overall I'll definitely make a good return, but I like diversifying between the different players here. Currently long BAM/APO/KKR/BX/ARES. BX is half the size of the first 3 because it's traded at such a premium valuation all along. ARES is less than half the size of BX for the same reason, premium valuation. 

 

A basket of APO/KKR/BAM/BX seems like a really good bet at this point, at least that's where about 20% of my liquid net worth is invested right now which is my biggest position. 

[Saluki]

I trimmed some positions and bought a little more Coupang and ATEX.  I think the truckers strike in South Korea and sabre rattling by North Korea is giving a nice opportunity to add to CPNG on the overselling.  It's now at the price it was prior to the most recent blowout earnings call. ATEX is still selling for less than the value of the value of their FCC licenses (in my opinion) and it's a capital light business that should do well in inflation b/c the licenses were paid for in past dollars and the contracts should come in future dollars at higher nominal prices without needing to expend more in capex. 

 

I added to JOE and GOOG yesterday, but I am already really overweight on these and am reluctant to keep adding more unless it goes from a great deal to "are you kidding me!" 

 

Full transparency:  CPNG and ATEX are small positions and GOOG and JOE are my number 2 and 3 positions behind BRK

[Luke]

So i bought more Amazon, Micron and TSMC. I am planning to buy more of all of these if things get cheaper.

Edited December 7, 2022 by Luca

[WFF]

BAC,  buying back the shares after the wash sale windows expires and added a little. 

[Williams406]

Yesterday JOE and Pantheon adds.

[Red Lion]

More BX. 

[Mephistopheles]

3 hours ago, Williams406 said:

Yesterday JOE and Pantheon adds.

Congrats on Pantheon! I just bought a small position based on Twitter research. I feel one needs to be a geologist to understand the true risk reward lol. What are your thoughts?

[Williams406]

3 hours ago, Mephistopheles said:

Congrats on Pantheon! I just bought a small position based on Twitter research. I feel one needs to be a geologist to understand the true risk reward lol. What are your thoughts?

Only geologists with access to Pantheon's data room. Without David Hobbs' input based on his team's work, I'm not making this investment, or at least not sizing it the way I did. But even Hobbs went with the 80% success probability for Alkaid 2, which strikes me as something of a guess. An informed guess, sure. The dilemma: if the oil flows commercially, this investment can change one's financial future if sized sufficiently. If it doesn't flow well, you will be facing some quasi permanent capital impairment unless one of the other plays flows. Everyone is going to have a different answer about making the investment and how to size it.

 

I won't lie--today was fun and reminds me of my $2,000 win day-trading Safeskin a few decades ago (one and only day trade--took the wife out to Chili's to celebrate). Just a few more zeroes now and I'm not in this one for 20% gains. May we both do well.

[KJP]

MSG Entertainment

[Gregmal]

Shorted puts on HHC and MSGE

[Spekulatius]

Bought a small Spec position in $PUBM this AM. Looks bombed out but is profitable (Sell side ad market place). It looks like something that could get bought out.

 

Bull case here:

 

[Castanza]

ALCO

[Gregmal]

OTM March puts on TSLA

[tnathan]

March '23 VIRT $26 calls...I think this has a decent chance of another huge run up at some point next year if we see any kind of volatility.

[Red Lion]

Even more BX since my $85 puts were assigned. 

[no_free_lunch]

Bought a little MMM (1% position).   This is a stalwart, some moat, long history of slowly chugging forward.  Not something you will get rich on but also priced to underperform.   It's down over 50% from all time high and now trades around 12-13x earnings with a 4.7% dividend.   Anyone else looking at this one?

[LC]

52 minutes ago, no_free_lunch said:

Bought a little MMM (1% position).   This is a stalwart, some moat, long history of slowly chugging forward.  Not something you will get rich on but also priced to underperform.   It's down over 50% from all time high and now trades around 12-13x earnings with a 4.7% dividend.   Anyone else looking at this one?

I owned in the past- thanks for bringing it up, I’ll take another look. Generally I was successful buying as it approaches 10x earnings and selling as it approaches 20x.

 

I also thought it would be a decent takeover target for Berkshire.

[Dinar]

Has it been able to grow ahead of inflation in recent years?  When I looked at it last, I was shocked by lack of growth.