maplevalue Posted December 1, 2021 Share Posted December 1, 2021 MRG (TSX) Link to comment Share on other sites More sharing options...
matthew2129 Posted December 2, 2021 Share Posted December 2, 2021 More ATCO plus a pinch of SVXY at the close to keep things spicy Link to comment Share on other sites More sharing options...
Lance Posted December 2, 2021 Share Posted December 2, 2021 CLPR Thanks Lance Link to comment Share on other sites More sharing options...
CafeB Posted December 2, 2021 Share Posted December 2, 2021 On 11/29/2021 at 7:43 PM, KPO said: I also bought FMX several times in March of 2020 and still hold it. I’d be interested in your thesis if you don’t mind sharing. Convenience stores can be good businesses and can be even better in developing markets, to the extent that they have greater "strategic importance" than they would have in developed markets--as elaborated by www.notboring.co/p/femsa . Strong family ownership provides stewardship in a part of the world that I don't know much about. Link to comment Share on other sites More sharing options...
Gregmal Posted December 2, 2021 Share Posted December 2, 2021 CLF, CLPR, CLI and AIV Link to comment Share on other sites More sharing options...
Spekulatius Posted December 2, 2021 Share Posted December 2, 2021 1 hour ago, CafeB said: Convenience stores can be good businesses and can be even better in developing markets, to the extent that they have greater "strategic importance" than they would have in developed markets--as elaborated by www.notboring.co/p/femsa . Strong family ownership provides stewardship in a part of the world that I don't know much about. how do you think about FMX valuation? Optically it does not look cheap and part of it is due to holding structure (47% KOF and ~14.8% Heineken ownership). The owners see very little of these cash flows. Link to comment Share on other sites More sharing options...
CafeB Posted December 2, 2021 Share Posted December 2, 2021 31 minutes ago, Spekulatius said: how do you think about FMX valuation? The position is really only a placeholder. I am interested in learning more about investing in Mexico and Latin America. For now I defer to Cook & Bynum [ https://www.cookandbynum.com/wp-content/uploads/Cook-Bynum-03.31.21-Semi-Annual-Report-FINAL.pdf ]: "Using current market prices/values for its Heineken and Coca-Cola FEMSA stakes (which are themselves modestly undervalued), FEMSA’s retail stub currently trades at 9x 2021 enterprise value-to-EBITDA and 16x 2021 enterprise value-to-EBIT. This is an attractive valuation for a retailer that is largely immune from e-commerce and has the potential to grow earnings well into the double digits for the next ten years at high returns on capital." Link to comment Share on other sites More sharing options...
NotSoWise Posted December 2, 2021 Share Posted December 2, 2021 I have pretty bad experience with LATAM countries via LILAK and TIGO, the extra growth potential does not offset extra risks IMO. Dont plan to invest there anymore (and countries they operate are above average for LATAM): - you have political risks (Chile riots, Venezuela, Nicaragua, Bolivia, etc), high inequality within societies - in some countries you have currency risks (not pegged to USD) - in some places you have significant climate risks - hurricanes, droughts, etc - poor countries deal worse with: recessions, pandemics - the declines are much worse (e.g. CHTR was flat during peak pandemics or even grew, LILAK had some declines - prepaids, SMEs, etc) - some corruption - organized crime So for me the "extras" and lower valuations do not compensate for much more risks which you dont have in USA/ EU. Link to comment Share on other sites More sharing options...
Spekulatius Posted December 2, 2021 Share Posted December 2, 2021 1 hour ago, CafeB said: The position is really only a placeholder. I am interested in learning more about investing in Mexico and Latin America. For now I defer to Cook & Bynum [ https://www.cookandbynum.com/wp-content/uploads/Cook-Bynum-03.31.21-Semi-Annual-Report-FINAL.pdf ]: "Using current market prices/values for its Heineken and Coca-Cola FEMSA stakes (which are themselves modestly undervalued), FEMSA’s retail stub currently trades at 9x 2021 enterprise value-to-EBITDA and 16x 2021 enterprise value-to-EBIT. This is an attractive valuation for a retailer that is largely immune from e-commerce and has the potential to grow earnings well into the double digits for the next ten years at high returns on capital." 16x EBIT is not cheap at all for Mexico imo. On top of that, I think the holdings of KOF and Heineken need to be discounted as it is deadwood in a sense. A 20% Holding discount at a minimum is appropriate for indirect stock holdings. Link to comment Share on other sites More sharing options...
KPO Posted December 2, 2021 Share Posted December 2, 2021 8 minutes ago, Spekulatius said: 16x EBIT is not cheap at all for Mexico imo. On top of that, I think the holdings of KOF and Heineken need to be discounted as it is deadwood in a sense. A 20% Holding discount at a minimum is appropriate for indirect stock holdings. I’m showing about 5X TTM EBITDA for the remainder, and I believe KOF and Heineken are close to fair value currently. I view this as reasonably priced, but not cheap, exposure to Latam through a fairly steady business. It was a fair bit cheaper when I bought, but I’ll hold here for the geographic diversification. That said, I am scratching my head at the distribution acquisitions in the US, but this hasn’t yet been material to their business. I’ll continue to monitor though. Link to comment Share on other sites More sharing options...
fareastwarriors Posted December 2, 2021 Share Posted December 2, 2021 (edited) CLPR and APTS MSGE too Edited December 2, 2021 by fareastwarriors Link to comment Share on other sites More sharing options...
WFF Posted December 3, 2021 Share Posted December 3, 2021 FRPH. Thanks for the sale Mr. Market Link to comment Share on other sites More sharing options...
backtothebeach Posted December 3, 2021 Share Posted December 3, 2021 A stupid little trade on BABA. "Poor man's Covered Call": BOT BABA Jan20'23 100 CALL 32.80 SLD BABA Jan21'22 130 CALL 5.20 Link to comment Share on other sites More sharing options...
backtothebeach Posted December 3, 2021 Share Posted December 3, 2021 BOMN @ 27.86 Link to comment Share on other sites More sharing options...
Gregmal Posted December 3, 2021 Share Posted December 3, 2021 AAPL Puts Link to comment Share on other sites More sharing options...
Williams406 Posted December 3, 2021 Share Posted December 3, 2021 FRPH as well sub $54. The right types of assets, balance sheet, and management for my temperament. Second only to BRK in size for me. Link to comment Share on other sites More sharing options...
BG2008 Posted December 3, 2021 Share Posted December 3, 2021 13 minutes ago, Williams406 said: FRPH as well sub $54. The right types of assets, balance sheet, and management for my temperament. Second only to BRK in size for me. Can we have a CoB meet up for FRPH next fall in DC. Free baseball game, free property tour, and there are lots of beer gardens Link to comment Share on other sites More sharing options...
Williams406 Posted December 3, 2021 Share Posted December 3, 2021 Just now, BG2008 said: Can we have a CoB meet up for FRPH next fall in DC. Free baseball game, free property tour, and there are lots of beer gardens You had me at "free." And "baseball." And "beer." I would actually like to make a meet up in DC work. Link to comment Share on other sites More sharing options...
thepupil Posted December 3, 2021 Share Posted December 3, 2021 51 minutes ago, Williams406 said: FRPH as well sub $54. The right types of assets, balance sheet, and management for my temperament. Second only to BRK in size for me. Just let FRPH overtake it (via addition) Think COBF bout to own a decent chunk of this float. Link to comment Share on other sites More sharing options...
CorpRaider Posted December 3, 2021 Share Posted December 3, 2021 <Cat reading paper> I should buy some stocks. Link to comment Share on other sites More sharing options...
BG2008 Posted December 3, 2021 Share Posted December 3, 2021 40 minutes ago, thepupil said: Just let FRPH overtake it (via addition) Think COBF bout to own a decent chunk of this float. May just as well have a CoB rager at the Navy Yard next fall Bakers above the Buff Dog! Wow! Link to comment Share on other sites More sharing options...
Viking Posted December 3, 2021 Share Posted December 3, 2021 Stelco, Suncor and a smaller amount of RFP. Oil looks very interesting. I was listening to an analyst from JPM. He said very little new investment will be going into oil moving forward. The investors who are left in oil and gas are VERY RETURN FOCUSSED. And they want a high return on their investment. So we should see growing demand as the world learns to live with covid and limited new supply coming on stream. $100 oil in 2022 is not a crazy high number. Link to comment Share on other sites More sharing options...
Dave86ch Posted December 3, 2021 Share Posted December 3, 2021 Added to 9988hk Alibaba Link to comment Share on other sites More sharing options...
drzola Posted December 3, 2021 Share Posted December 3, 2021 Cenovus maybe the better buy of the large caps viking. Link to comment Share on other sites More sharing options...
Spekulatius Posted December 4, 2021 Share Posted December 4, 2021 Added a bit to various positions - SWMAY, VNT, PSMT, PINS. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now