Eldad Posted March 18 Posted March 18 BRO, OTIS, CPRT, DPZ Hopefully we can keep moving down for a while.
Jan Posted March 18 Posted March 18 1 hour ago, valueventures said: Do you have a favorite among your gold miners? Of this group, I have exposure to MKO. MKO would be my favourite for holding for a quick run up and sell its HYMC
Masterofnone Posted March 18 Posted March 18 On 2/19/2026 at 6:48 PM, Libs said: TSLX. It's never been a mistake to buy this near NAV. ( Currently at 1.08X). 9.5% yield. The market is spooked by their 40% software weighting, but these guys are on top of the AI exposure. They've been handicapping it for 2-3 years. Loans generally mature in 4-5 years so they can run any bad ones off, if necessary (which I highly doubt). BDC's suck but this one is cream of the crop. BTW the credit side of software has barely nudged even as the equity side has been massacred. That tells you something - this space is safe in the short-medium term. Thanks again Libs for bringing this to our attention. I bought some after initial due diligence. This recent company release is a terrific insight into their culture and methods: https://sixthstreetspecialtylending.gcs-web.com/static-files/d92761d9-f47a-4cac-b8e4-57fa767f1064
John Hjorth Posted March 18 Posted March 18 I bought a tracker position in BMO.TO - Bank of Montreal today, just so that I can find the stock again!
backtothebeach Posted March 18 Posted March 18 (edited) On 3/6/2026 at 4:52 PM, backtothebeach said: Swapped some CSU for FFH. Not too long ago they were both the same price, now CSU 30% above FFH. Kind of a weird pair trade, but if their prices cross over again I may swap back. On 3/7/2026 at 5:15 PM, backtothebeach said: Seeing CSU outperform FFH over the last month by 30%, and yesterday alone by 7.5%, I thought selling 75 CSU at $2928 [...], and buying 100 beaten down FFH from the proceeds would be a fair bet. Just reversed this "pair trade" early. Probably could have waited for the prices to cross, but this was way too quick! In only 12 days: FFH 2217 -> 2416 CSU 2928 -> 2580 Edited March 18 by backtothebeach
Parsad Posted March 18 Posted March 18 35 minutes ago, backtothebeach said: Just reversed this "pair trade" early. Probably could have waited for the prices to cross, but this was way too quick! In only 11 days: FFH 2217 -> 2416 CSU 2928 -> 2580 Congratulations! Cheers!
Spekulatius Posted March 18 Posted March 18 9 hours ago, John Hjorth said: @ourkid8, Not so far, thank you. Thank you for for sharing your experience and assessments. Timing may be totally wrong with this. I need to own them, to keep my interest intact, so I actually really start messing around with them, to get to know them. That's also why I opted to revive the 'Canadian Banks' topic started many years ago by @Viking. I have always wondered why the coverage of them here on CofB&F has been , uhmm ... sporadic, I would calll it. Next, I'll check if we have separate topics for each of them in the Investment Ideas forum. I don't think that is the case, by recollection. Banks are macro dependent, more so than other business. I also bought a bank stock today AGM (the federally chartered Agricultural lender).
Spekulatius Posted March 19 Posted March 19 Bought: AGM, ABM, CXT (Spinoff as of a couple of years ago, security products), SONY
backtothebeach Posted March 19 Posted March 19 4 hours ago, Parsad said: Congratulations! Cheers! Thanks! If only every trade worked like this.
John Hjorth Posted March 19 Posted March 19 (edited) 2 hours ago, Spekulatius said: Banks are macro dependent, more so than other business. When everything goes to hell, belly up, banks have to pick up the tap for it, and then regulators step in to regulate them, as if they all were the boogey-man to get under control. Terms and conditions for bank investing, you know. Never fall in love with any of them, and don't go beserk, position sizing. It actually works great! ... untill it doesen't. Edited March 19 by John Hjorth
EgonKuhn Posted March 19 Posted March 19 15 hours ago, Spekulatius said: Banks are macro dependent, more so than other business. I also bought a bank stock today AGM (the federally chartered Agricultural lender). Looked at them some months ago being quite impressed about their efficiency (how much loans/assets one employee moves here). So far their leverage scared me away besides not having a stable deposit base. What made you pull the trigger here? Guess you have looked into their loans regarding NPL trends and found nothing scary? Maybe @wabuffo looked at them too and have an opinion about them? For me it looks to be a quite unique model they are driving here - low risk loans/assets with low ROA, highly levered and very efficiently run.
wabuffo Posted March 19 Posted March 19 Maybe @wabuffo looked at them too and have an opinion about them? For me it looks to be a quite unique model they are driving here - low risk loans/assets with low ROA, highly levered and very efficiently run. Don't know them, have not looked at them. What I am buying right now is GDOT (Green Dot). GDOT is a fintech that partners with Walmart, Apple, and Intuit that also owns a bank sub in Utah. GDOT (along with CASH) was one of the pioneers in the development of open-loop prepaid cards in the early aughts. Its a special-situation right now because GDOT is entering into a transaction that was announced last November with a private equity firm + a private AL bank. It will be split in two - the P/E firm is buying the fintech and the AL bank (CommerceOne) is merging with GDOT's bank subsidiary and entering into a long-term MSA to continue to provide BaaS services to the fintech. If it passes regulatory approvals and side-steps a lot of execution risk (both big ifs), for $11.10 per GDOT share you will get: 1) $8.11 in cash, and 2) stock in a new publicly listed bank at <50% of tangible book. But it won't be any ordinary bank - it will be a BaaS bank (like CASH and TBBK). And these banks trade at 2-3x tangible book due to the structurally high ROAs/ROEs from significant non-interest fee incomes & low cost deposits. GDOT has had regulatory issues in its recent past and it had a hiccup which caused it to delay its 10-K from last week into this week so there's some hair on this one. Please do your own due dily here. Bill
EgonKuhn Posted March 19 Posted March 19 1 hour ago, wabuffo said: Maybe @wabuffo looked at them too and have an opinion about them? For me it looks to be a quite unique model they are driving here - low risk loans/assets with low ROA, highly levered and very efficiently run. Don't know them, have not looked at them. What I am buying right now is GDOT (Green Dot). GDOT is a fintech that partners with Walmart, Apple, and Intuit that also owns a bank sub in Utah. GDOT (along with CASH) was one of the pioneers in the development of open-loop prepaid cards in the early aughts. Its a special-situation right now because GDOT is entering into a transaction that was announced last November with a private equity firm + a private AL bank. It will be split in two - the P/E firm is buying the fintech and the AL bank (CommerceOne) is merging with GDOT's bank subsidiary and entering into a long-term MSA to continue to provide BaaS services to the fintech. If it passes regulatory approvals and side-steps a lot of execution risk (both big ifs), for $11.10 per GDOT share you will get: 1) $8.11 in cash, and 2) stock in a new publicly listed bank at <50% of tangible book. But it won't be any ordinary bank - it will be a BaaS bank (like CASH and TBBK). And these banks trade at 2-3x tangible book due to the structurally high ROAs/ROEs from significant non-interest fee incomes & low cost deposits. GDOT has had regulatory issues in its recent past and it had a hiccup which caused it to delay its 10-K from last week into this week so there's some hair on this one. Please do your own due dily here. Bill Thank you very much Bill! I'm already in CASH but never got a handle for TBBK and GDOT, in part because CASH always seemed like the best way to play in this part of the finance sector. But I will look once more into GDOT, probably for the time after the cash distribution for local German tax reasons.
wabuffo Posted March 19 Posted March 19 But I will look once more into GDOT, probably for the time after the cash distribution for local German tax reasons. Here's the presentation about the proposed transaction: https://ir.greendot.com/static-files/76c0c810-100e-46ae-8c7a-85107e3a2669 Bill
EgonKuhn Posted March 19 Posted March 19 Thanks again Bill! Cursory view in TIKR shows a downward trajectory regarding margins especially over the last years. Must look more here what had gone behind the scenes.
hasilp89 Posted March 19 Posted March 19 3 hours ago, wabuffo said: But I will look once more into GDOT, probably for the time after the cash distribution for local German tax reasons. Here's the presentation about the proposed transaction: https://ir.greendot.com/static-files/76c0c810-100e-46ae-8c7a-85107e3a2669 Bill always interested to hear your ideas. How did you come across this one?
Hektor Posted March 19 Posted March 19 (edited) 53 minutes ago, hasilp89 said: always interested to hear your ideas. How did you come across this one? +1. @wabuffo I too am interested in the answer to @hasilp89's question Edited March 19 by Hektor
Spekulatius Posted March 19 Posted March 19 8 hours ago, EgonKuhn said: Looked at them some months ago being quite impressed about their efficiency (how much loans/assets one employee moves here). So far their leverage scared me away besides not having a stable deposit base. What made you pull the trigger here? Guess you have looked into their loans regarding NPL trends and found nothing scary? Maybe @wabuffo looked at them too and have an opinion about them? For me it looks to be a quite unique model they are driving here - low risk loans/assets with low ROA, highly levered and very efficiently run. Yes, the leverage is high in nominal terms but the loans are very safe and even if default occur, the recovery should be high. it’s the only GSE that survived the GFC while Fannie and Freddie went belly up. Due to their GSE charter, they have a funding advantage but they only take a small spread as well. So as long as they don’t screw up credit w d go into things that are too risky, they should print money.
EgonKuhn Posted March 19 Posted March 19 35 minutes ago, Spekulatius said: Yes, the leverage is high in nominal terms but the loans are very safe and even if default occur, the recovery should be high. it’s the only GSE that survived the GFC while Fannie and Freddie went belly up. Due to their GSE charter, they have a funding advantage but they only take a small spread as well. So as long as they don’t screw up credit w d go into things that are too risky, they should print money. Oh. I wasn't aware of their GSE status at all. So thank you very much! Always something to learn here
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