What are you buying today?

[Eng12345]

1 hour ago, Spekulatius said:

Bought just a small starter in $C.

Didn't you just sell USB due to the "yield curve". 

 

Just want to understand your thought pattern. 

 

Proud owner of C and looking forward to 2026ish

[Spekulatius]

27 minutes ago, Eng12345 said:

Didn't you just sell USB due to the "yield curve". 

 

Just want to understand your thought pattern. 

 

Proud owner of C and looking forward to 2026ish

USB has more issues with NIM than C, imo. They have a lot of low yielding paper on their balance sheet for once- C does not have that particular issue. I also want to point out that C for the first time seems to have a decent CEO (Fraser).

 

That said, i am chicken and my C position is just a starter at this point.

 

 

[Red Lion]

2 hours ago, StevieV said:

 

Do you know why APO does convertibles rather than straight debt financing?  If I recall correctly, ARES has done some equity financing in the past as well (at much lower prices).  I assume they have good reasons.

 

I don't know anything other than what I read in the press release. "each share of Mandatory Convertible Preferred Stock will automatically convert into a variable number of shares of common stock on or around July 31, 2026 (subject to postponement for certain market disruption events). The conversion rates, dividend rate and the other terms of the Mandatory Convertible Preferred Stock will be determined at the time of pricing."

 

https://ir.apollo.com/news-events/press-releases/detail/463/apollo-to-offer-series-a-mandatory-convertible-preferred

 

So I'm reading this that we don't the actual conversion rates and other terms until the preferred stock is priced, but I'm HOPING they are doing this with variable number of common shares depending on purchase price so that this is less dilutive to APO shareholders if the share price is substantially higher on July 31, 2026 than it is when the preferred is priced. 

 

Won't really be able to analyze this until the numbers come out, but I know they're actively buying back APO stock and retiring shares, so it's not surprising to me that they're looking for another type of equity security to issue to reduce the dilution so I hope that's what's happening. 

[CorpRaider]

$LAMR

[KJP]

IAC

[Williams406]

small adds to Altius and FRP Holdings

[Eng12345]

NTDOY

[Lance]

STR

 

Thanks

Lance

[thowed]

1 hour ago, Lance said:

STR

 

Thanks

Lance

 

I struggled with management (as a Brigham holder) & the raise is questionable?  I continue to prefer DMLP or BSM (the time to add to TPL seems to have passed).

 

But I get it's down today.

[Gregmal]

Added a good slug of Jan MGK 210 puts as an insurance policy on Wiley Coyote. 

[dipod]

T Bills expiring in 2 months. Have some other positions but good to have easily accessible dry powder in case something breaks.

[brobro777]

1 hour ago, Gregmal said:

Added a good slug of Jan MGK 210 puts as an insurance policy on Wiley Coyote. 

 

Haha the Roadrunner cartoons were great 

 

I'll probably lose money on my QQQ put options but maybe I'll get lucky and big cap tech will crack 

 

 

 

[Gregmal]

28 minutes ago, brobro777 said:

 

Haha the Roadrunner cartoons were great 

 

I'll probably lose money on my QQQ put options but maybe I'll get lucky and big cap tech will crack 

 

 

 

They’re hedges, the only problem with them losing money is if you aren’t making money. When they work I expect my broader portfolio to be declining, and when they work I structure them so they should pay out multiples of the capital I commit which allows me to then redeploy it at much lower levels. The $210s should 5x on a 20% correction.

[changegonnacome]

HSW

[brobro777]

2 hours ago, Gregmal said:

They’re hedges, the only problem with them losing money is if you aren’t making money. When they work I expect my broader portfolio to be declining, and when they work I structure them so they should pay out multiples of the capital I commit which allows me to then redeploy it at much lower levels. The $210s should 5x on a 20% correction.

 

Yea yea, just keep posting so I can continue to make money off your ideas

 

Just keep going bro

 

 

[Cod Liver Oil]

 I begged @Dinar to talk me off the ledge regarding Nintendo. The next day I found this in a used book I bought on Amazon:

I'm fine.

 

[changegonnacome]

HSW

[Luke]

55 minutes ago, Cod Liver Oil said:

 I begged @Dinar to talk me off the ledge regarding Nintendo. The next day I found this in a used book I bought on Amazon:

I'm fine.

 

Pretty bullish sign for all of us

[Whensthepaintdry?]

Added to BOC under 18. 

[Spekulatius]

2 hours ago, Whensthepaintdry? said:

Added to BOC under 18. 

How about $OUT if you like the billboard business. You get a big dividend check as well.

[Whensthepaintdry?]

38 minutes ago, Spekulatius said:

How about $OUT if you like the billboard business. You get a big dividend check as well.

I’m not going to kid myself, I am a sucker for the story on this one. At the current price I’m willing to add. The dilution is worrisome, but if book value continues to go up I can live with it. 

[cubsfan]

^^ No body like the dilution, but it's pretty insignificant if you are building the right business.

The fiber subscriber growth looks pretty damn good - so I really do think they are building the right business. 

[Saluki]

Picked up some shares of NTDOY.  

[CorpRaider]

2 hours ago, Spekulatius said:

How about $OUT if you like the billboard business. You get a big dividend check as well.

Is it ok?   I'm a full on Lamar bro over here.  I did a little work on OUT a few years ago.  I need to update that, if the price is right...and JCDecaux.  Reckon they will distress buy CCO at some point.

 

I'm going to buy some BOC if it gets down below trailing book again....but not for the billboard bidness (and way less than CMCSA and LAMR). 

 

What dilution you talking about, the carry?  I don't really mind the ATM issuance above book since there is zero chance I would pay a big premium to book.

Edited August 11, 2023 by CorpRaider

[Spekulatius]

I would buy BOC, but don’t like the hedge fund like incentive structure. ATM issues are OK at the right price (above NAV) and I think BOC financed themselves well.

 

OUT is a reversal to the mean play,  but quite frankly, I haven’t looked at it very deeply. I just noticed it when I poked a round LAMR.

Edited August 12, 2023 by Spekulatius