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What are you buying today?


LowIQinvestor

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4 hours ago, bathtime said:


What’s your thesis on CRBU in relation to other CRISPR companies? Thanks!

 

Caribou has long been a private market white whale of mine. I generally have pretty good luck snagging private shares in companies I like but this one always evaded me, including a few ROFRs. I wrote up the entire CRISPR theme here some years ago, and like most wildly successful investments here, it was largely an unpopular thread and IIRC met with a lot of skepticism or critique. At the time, you could buy every real public market CRISPR play for a valuation of less than $5B. Today that number is north of $40B or so. Theres been some major developments, but in terms of the players, the main thing is that EDIT is an established turd and NTLA has made some serious progress. 

 

The only two major players that Im aware of that remained non public were Caribou and Synthego. So now that CRBU is public I just bit the bullet and bought a position. I dont even think the valuation, net cash, is that egregious. Caribou has always kind of been more secretive and stands out IMO as having the greatest IP protections and pipeline to new CRISPR uses through the platform along with maybe BEAM.

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5 hours ago, Gregmal said:

 

Caribou has long been a private market white whale of mine. I generally have pretty good luck snagging private shares in companies I like but this one always evaded me, including a few ROFRs. I wrote up the entire CRISPR theme here some years ago, and like most wildly successful investments here, it was largely an unpopular thread and IIRC met with a lot of skepticism or critique. At the time, you could buy every real public market CRISPR play for a valuation of less than $5B. Today that number is north of $40B or so. Theres been some major developments, but in terms of the players, the main thing is that EDIT is an established turd and NTLA has made some serious progress. 

 

The only two major players that Im aware of that remained non public were Caribou and Synthego. So now that CRBU is public I just bit the bullet and bought a position. I dont even think the valuation, net cash, is that egregious. Caribou has always kind of been more secretive and stands out IMO as having the greatest IP protections and pipeline to new CRISPR uses through the platform along with maybe BEAM.

 

Thanks, that's great color on both Caribou and other CRISPR names! Appreciate it. And really interesting to hear that you've been tracking it for so long — and rate the IP as quality. 

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15 hours ago, bathtime said:

 

Thanks, that's great color on both Caribou and other CRISPR names! Appreciate it. And really interesting to hear that you've been tracking it for so long — and rate the IP as quality. 

 

At $16/share, if underwriters exercise their option for additional shares, CRBU has market cap of approx. $916m with cash of approx. $398m. Seems like a relative value compared to other CRISPR companies.

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1 hour ago, bathtime said:

 

At $16/share, if underwriters exercise their option for additional shares, CRBU has market cap of approx. $916m with cash of approx. $398m. Seems like a relative value compared to other CRISPR companies.

Yea the bankers quite regularly seem to fall back on internal models which price these based on what phase a biotech company is in or how far away they are from generating revenue. Same thing happened with BEAM and not much later it was a 5 bagger. Not saying the same occurs with CRBU, but what I will say is that I would have paid more than the current market cap to own shares pre IPO. So I like it here. Doesnt take much to start moving the needle, as we just saw with NTLA the past year. 

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Not really a value stock but bought Xiaomi - 3CP today. Plan to sell off some of it at 3eur. Been looking at Xiaomi for a while. I bought a load of their Asian market stuff like a steam cleaner, vacuum, robot vacuum, pens, notebooks, defusiers and a few other bits. The quality is good! And not just Chinese good.

 

I will do a write up soon.

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Added to FFH.TO (book value growth and multiple expansion?), SPLK (migration of successful business model to a SaaS model will be more than successful?), and SPOT (founder owned, TAM, TAM, TAM?) yesterday. Bought DG (don't bet against the American consumer?) earlier this week.

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7 hours ago, dalekirkwood said:

What made you buy this? It seems I am missing something 😄

The simplified version is, if all goes well, they'll be growing over a million pounds of weed in a few years, at a cost of $150 a pound. A pound of cannabis in CA goes for $2,000 a pound now. 

Market cap is under $500MM now.

Small, obviously very speculative position. There's a thread. My contention is CA will not suffer from oversupply and the selling price will hold up.

 

 

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