What are you buying today?

[woltac]

KMI

[CorpRaider]

KIM and VER

 

Thanks

Lance

 

Hey Lance,  Did you take a look at the potential damages in the VER shareholder class action suit (you're an ESQ too right)? I didn't, but I'm a lazy sumbitch and do not work with class action suits.

[Lance]

KIM and VER

 

Thanks

Lance

 

Hey Lance,  Did you take a look at the potential damages in the VER shareholder class action suit (you're an ESQ too right)? I didn't, but I'm a lazy sumbitch and do not work with class action suits.

 

Hi CR - yes, I am and I'm also a lazy sumbitch (I have a few articles on the suit at my office, but have not read them yet).  VER is a small position for me and part of a basket of beat down real estate stocks - i.e. BRX, DDR, KIM, SKT and VER.  Skimmed your blog and enjoyed it, am looking forward to reading more.

 

Thanks

Lance

[CorpRaider]

Thanks man!  Yeah, me too.  I read a moody's or S&P credit write-up and they didn't seem to think the upper limit would impact the credit ratings.

 

Bought a little GPT at a ~10x P/FFO.  I like mgmt. and the industrial portfolio seems pretty, pretty, pretty nice.

[frommi]

Sold a put (closed a short position) on BF.B because it didn`t fit my short strategy anymore.

Bought some more WSE:SOL,WSE:NTT,WSE:KDM,TYO:7922,TYO:9885,HKG:0398,ASX:MHI for the NCAV portfolio.

Sold puts on EAT. (a long position)

Bought MPW, FAST and ES futures to bring my net long position back up to 25% (120% long,95% short).

 

------------

Pretty fast market, so i had to do a little more:

Sold puts on OTEX because the last numbers were not that bad and i had to increase my net long position, now 30% long.

[Lance]

Closed SVXY short and added to JNJ.

 

Thanks

Lance

 

[Cardboard]

T-CPG

 

Cardboard

[Fairfaxnut]

FFH

[John Hjorth]

BRK.B, today [A lot, a lot just below 196, more just below 197, and some at 199] At around 35 percent position now.

[woltac]

More KMI.

[kab60]

Bought some Townsquare

[boilermaker75]

BRK.B, today [A lot, a lot just below 196, more just below 197, and some at 199] At around 35 percent position now.

 

I wrote March 9 185-strike puts. Averaged around $3 per share for them.

 

I had planned on writing some 52-strike BK puts but got busy and never got the order in before the price went back up.

[gfp]

That's a lot of premium Mike - good trade.  Is that you, all 5 contracts of open interest!?

 

BRK.B, today [A lot, a lot just below 196, more just below 197, and some at 199] At around 35 percent position now.

 

I wrote March 9 185-strike puts. Averaged around $3 per share for them.

 

I had planned on writing some 52-strike BK puts but got busy and never got the order in before the price went back up.

[boilermaker75]

Thanks, actually 2 of the 185-strike puts and 2 of the 187.5 strike puts that I wrote at the same time.

 

That's a lot of premium Mike - good trade.  Is that you, all 5 contracts of open interest!?

 

BRK.B, today [A lot, a lot just below 196, more just below 197, and some at 199] At around 35 percent position now.

 

I wrote March 9 185-strike puts. Averaged around $3 per share for them.

 

I had planned on writing some 52-strike BK puts but got busy and never got the order in before the price went back up.

[frommi]

Bought ES futures to bring my net long position back up to 25% (120% long,95% short).

 

In hindsight that was not a good idea and i sold the future for a slight loss. Timing was really miserable and i punched myself several times for that move. What i wanted to achieve was to increase my net long exposure without having such a high impact on my available margin. But it felt wrong all the time. Next time i will probably just sell some of my puts. But my real problem is that most of my netnets are not marginable. Has someone an idea to change that?

[knight933]

Liberated Syndication (LSYN). Check them out - $40M unknown OTC traded company that is the leader in podcasting hosting. By hosting, I mean they earn a recurring monthly fee from every podcast on their platform (on top of a chunk of their advertising) for providing this service so people don't have to host on their own website and crash it. They have about 25%-30% market share from my best estimate so they have a real moat. Growing +20% a year, EBIT margins over 41%, and almost no capex so it is a FCF machine. Stock has sold off from $1.90 to $1.60 even AFTER they did an M&A deal beginning of this year that nearly doubles earnings and is super accretive. By my guess it trades at 5x - 7x FCF using very conservative assumptions. Check out the yahoo message board - there is more discussion on it there. (I might start a new message thread here about it actually).

[boilermaker75]

I put in an order to write TPR March 9 48-strike puts at $0.85. Only 2 executed before the price dropped. I still have an order in to write more if the price of the puts goes back up.

 

Volatility is my friend.

[Guest Schwab711]

Liberated Syndication (LSYN). Check them out - $40M unknown OTC traded company that is the leader in podcasting hosting. By hosting, I mean they earn a recurring monthly fee from every podcast on their platform (on top of a chunk of their advertising) for providing this service so people don't have to host on their own website and crash it. They have about 25%-30% market share from my best estimate so they have a real moat. Growing +20% a year, EBIT margins over 41%, and almost no capex so it is a FCF machine. Stock has sold off from $1.90 to $1.60 even AFTER they did an M&A deal beginning of this year that nearly doubles earnings and is super accretive. By my guess it trades at 5x - 7x FCF using very conservative assumptions. Check out the yahoo message board - there is more discussion on it there. (I might start a new message thread here about it actually).

 

The issue with them is they were spun out of FAB Universal, which ended up being a fraud. Other spin-offs from FAB have done terribly. LSYN still uses the same auditor that FAB used (Gregory & Associates, which is literally one guy in Utah). Almost all of G&A's clients have ended in bankruptcy or fraud. G&A has failed both of their PCAOB audits. The only semi-legitimate client G&A has ever had is AMNF. The cynic in me says clients use G&A for reasons other than auditor attention.

 

I also passed on LSYN at 40-ish cents so I may be biased now. I have no opinion on LSYN otherwise.

[TorontoRaptorsFan]

Chipotle (CMG)

 

I enjoy catching dropping knives...

[rpadebet]

Liberated Syndication (LSYN). Check them out - $40M unknown OTC traded company that is the leader in podcasting hosting. By hosting, I mean they earn a recurring monthly fee from every podcast on their platform (on top of a chunk of their advertising) for providing this service so people don't have to host on their own website and crash it. They have about 25%-30% market share from my best estimate so they have a real moat. Growing +20% a year, EBIT margins over 41%, and almost no capex so it is a FCF machine. Stock has sold off from $1.90 to $1.60 even AFTER they did an M&A deal beginning of this year that nearly doubles earnings and is super accretive. By my guess it trades at 5x - 7x FCF using very conservative assumptions. Check out the yahoo message board - there is more discussion on it there. (I might start a new message thread here about it actually).

 

The issue with them is they were spun out of FAB Universal, which ended up being a fraud. Other spin-offs from FAB have done terribly. LSYN still uses the same auditor that FAB used (Gregory & Associates, which is literally one guy in Utah). Almost all of G&A's clients have ended in bankruptcy or fraud. G&A has failed both of their PCAOB audits. The only semi-legitimate client G&A has ever had is AMNF. The cynic in me says clients use G&A for reasons other than auditor attention.

 

I also passed on LSYN at 40-ish cents so I may be biased now. I have no opinion on LSYN otherwise.

 

Auditor for LSYN might be a different G&A LLC than the G&A LLC auditor of AMNF.

 

LSYN guys seem to be from Ocean City, MD

AMNF guys seem to be from Salt Lake City, Utah

[Guest Schwab711]

Liberated Syndication (LSYN). Check them out - $40M unknown OTC traded company that is the leader in podcasting hosting. By hosting, I mean they earn a recurring monthly fee from every podcast on their platform (on top of a chunk of their advertising) for providing this service so people don't have to host on their own website and crash it. They have about 25%-30% market share from my best estimate so they have a real moat. Growing +20% a year, EBIT margins over 41%, and almost no capex so it is a FCF machine. Stock has sold off from $1.90 to $1.60 even AFTER they did an M&A deal beginning of this year that nearly doubles earnings and is super accretive. By my guess it trades at 5x - 7x FCF using very conservative assumptions. Check out the yahoo message board - there is more discussion on it there. (I might start a new message thread here about it actually).

 

The issue with them is they were spun out of FAB Universal, which ended up being a fraud. Other spin-offs from FAB have done terribly. LSYN still uses the same auditor that FAB used (Gregory & Associates, which is literally one guy in Utah). Almost all of G&A's clients have ended in bankruptcy or fraud. G&A has failed both of their PCAOB audits. The only semi-legitimate client G&A has ever had is AMNF. The cynic in me says clients use G&A for reasons other than auditor attention.

 

I also passed on LSYN at 40-ish cents so I may be biased now. I have no opinion on LSYN otherwise.

 

Auditor for LSYN might be a different G&A LLC than the G&A LLC auditor of AMNF.

 

LSYN guys seem to be from Ocean City, MD

AMNF guys seem to be from Salt Lake City, Utah

 

Where do you see Ocean City, MD? I'm pretty interested if there is another G&A or if they have a satellite office. That would be news to me.

 

I went off CIQ so they could be wrong but I just looked at the 10-k and it looks like the same G&A.

[writser]

Bought ES futures to bring my net long position back up to 25% (120% long,95% short).

 

In hindsight that was not a good idea and i sold the future for a slight loss. Timing was really miserable and i punched myself several times for that move. What i wanted to achieve was to increase my net long exposure without having such a high impact on my available margin. But it felt wrong all the time. Next time i will probably just sell some of my puts. But my real problem is that most of my netnets are not marginable. Has someone an idea to change that?

 

Don't do macro, don't do derivatives & don't have a large short book :) .

[rpadebet]

Liberated Syndication (LSYN). Check them out - $40M unknown OTC traded company that is the leader in podcasting hosting. By hosting, I mean they earn a recurring monthly fee from every podcast on their platform (on top of a chunk of their advertising) for providing this service so people don't have to host on their own website and crash it. They have about 25%-30% market share from my best estimate so they have a real moat. Growing +20% a year, EBIT margins over 41%, and almost no capex so it is a FCF machine. Stock has sold off from $1.90 to $1.60 even AFTER they did an M&A deal beginning of this year that nearly doubles earnings and is super accretive. By my guess it trades at 5x - 7x FCF using very conservative assumptions. Check out the yahoo message board - there is more discussion on it there. (I might start a new message thread here about it actually).

 

The issue with them is they were spun out of FAB Universal, which ended up being a fraud. Other spin-offs from FAB have done terribly. LSYN still uses the same auditor that FAB used (Gregory & Associates, which is literally one guy in Utah). Almost all of G&A's clients have ended in bankruptcy or fraud. G&A has failed both of their PCAOB audits. The only semi-legitimate client G&A has ever had is AMNF. The cynic in me says clients use G&A for reasons other than auditor attention.

 

I also passed on LSYN at 40-ish cents so I may be biased now. I have no opinion on LSYN otherwise.

 

Auditor for LSYN might be a different G&A LLC than the G&A LLC auditor of AMNF.

 

LSYN guys seem to be from Ocean City, MD

AMNF guys seem to be from Salt Lake City, Utah

 

Where do you see Ocean City, MD? I'm pretty interested if there is another G&A or if they have a satellite office. That would be news to me.

 

I went off CIQ so they could be wrong but I just looked at the 10-k and it looks like the same G&A.

 

I looked at the OTC Markets website for both. They could be a satellite office or maybe the OTC site has it wrong

[rpadebet]

Pretty interesting that their filings refer to auditor in salt lake city

On OTC Markets website it is Ocean city, MD with same name, same phone number but different email id to the one in salt lake city or the one covering amnf. Did he just move? Does he maintain different email ids for different clients?

 

The PCAOB audits though indicate deficiencies with convertible debt accounting in 2015 and good will in 2011. Not much debt in AMNF (would be more concerned if there was some revenue recognition deficiency) - but I know this argument still doesn't kill the one cockroach theory. It just seems to me that they are an inexpensive auditor. Those audits also don't indicate presence of any other offices except for the ones in Salt Lake City.

 

 

 

 

[frommi]

Don't do macro, don't do derivatives & don't have a large short book :) .

 

Haha, but it is really fun especially the last days. :)