Viking Posted August 14, 2019 Share Posted August 14, 2019 BAC, MS, LUV, SU.TO, FFH, WFT.TO Still about 70% cash Link to comment Share on other sites More sharing options...
Agrippa07 Posted August 14, 2019 Share Posted August 14, 2019 added to BRK.B, MO and WFC Link to comment Share on other sites More sharing options...
Spekulatius Posted August 14, 2019 Share Posted August 14, 2019 GRIF Same here. Got some GRIF at the close. Also added to FOX, BNTGY, WMB,WAB and a starter in DD (rebought). Link to comment Share on other sites More sharing options...
Mephistopheles Posted August 14, 2019 Share Posted August 14, 2019 M - Macy’s. I think 3 of their prime properties - Herald Square NY, State Street Chicago and Union Square SF are worth like half the EV of the entire company ($9 b as of today) Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted August 15, 2019 Share Posted August 15, 2019 M - Macy’s. I think 3 of their prime properties - Herald Square NY, State Street Chicago and Union Square SF are worth like half the EV of the entire company ($9 b as of today) But as learned with Sears, it matters not what those properties are worth if they're not sold OR if the proceeds from the sale prop up the retail business. Not saying that M is going the way of JCP or Sears - just that I'm skeptical of the value department styles provide overall given my own shopping habits and prior investment experiences Link to comment Share on other sites More sharing options...
Gregmal Posted August 15, 2019 Share Posted August 15, 2019 M - Macy’s. I think 3 of their prime properties - Herald Square NY, State Street Chicago and Union Square SF are worth like half the EV of the entire company ($9 b as of today) But as learned with Sears, it matters but what those properties are worth of they're not sold OR if the proceeds from the sale prop up the retail business. Not saying that M is going the way of JCP or Sears - just that I'm skeptical of the value department styles provide overall given my own shopping habits and prior investment experiences Macy's needs to demonstrate it is different than everyone else. The playbook for every failing business is more or less SHLD. Sell your valuable assets and keep the crap floating. Macys should immediately spin off a SRG like REIT, sell the Macys retail operations, and then just refocus on Bloomingdales. People buy cheap knock off shit on Amazon all the time. Whereas the moat of Bloomingdales is that no one buys that kind of designer shit they sell online due to knock offs. Link to comment Share on other sites More sharing options...
Gregmal Posted August 15, 2019 Share Posted August 15, 2019 Just snagged a decent starter chunk of GRIF as the opening spread was fairly narrow. Link to comment Share on other sites More sharing options...
bizaro86 Posted August 15, 2019 Share Posted August 15, 2019 Bought a bit of CARV this AM. Small NYC bank that is down 90% today. Released (not very good) earnings yesterday, but capital ratios still look reasonable and I couldn't find any enforcement actions or anything. Link to comment Share on other sites More sharing options...
brycepeterson Posted August 15, 2019 Share Posted August 15, 2019 Nibbling on FOX $33-$35. FCF should range $1.6-$2.0 = 6.25% to 7.5% FCF to EV. Good assets (Fox News, Fox Sports). Fairly steady cash flow. That's a good price vs. all other bizs in market, and considering quality of biz. I'd buy a lot more, but have reservations on the next generation Murdoch(s) running it. Just paid $300 million for acq that I don't understand. Worry it's a trend. Link to comment Share on other sites More sharing options...
Saluki Posted August 15, 2019 Share Posted August 15, 2019 Bought some more BRK and PBF. Just starting a new position in EAF. Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted August 15, 2019 Share Posted August 15, 2019 Bought a bit of CARV this AM. Small NYC bank that is down 90% today. Released (not very good) earnings yesterday, but capital ratios still look reasonable and I couldn't find any enforcement actions or anything. I'm not familiar with this company whatsoever, but is it actually down by ~90% today? What service is showing it as being down that much? I've checked several and only Seeking Alpha is showing down by ~90%. Link to comment Share on other sites More sharing options...
writser Posted August 15, 2019 Share Posted August 15, 2019 Agreed. I hope that is not the reason you bought it. Link to comment Share on other sites More sharing options...
bizaro86 Posted August 15, 2019 Share Posted August 15, 2019 Bought a bit of CARV this AM. Small NYC bank that is down 90% today. Released (not very good) earnings yesterday, but capital ratios still look reasonable and I couldn't find any enforcement actions or anything. I'm not familiar with this company whatsoever, but is it actually down by ~90% today? What service is showing it as being down that much? I've checked several and only Seeking Alpha is showing down by ~90%. Thanks! I saw it on the SA biggest losers list, pulled up the 10-Q and checked the P/B and whether it was actually bankrupt and bought a few hundred shares. The $13MM in trust preferreds that haven't been paid for years is a pretty significant factor in the current valuation that I also missed. I though this was an illiquid fat finger type deal, and it wasn't, so I've sold. Thanks to you both for helping keep my loss on carelessness <$100. Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted August 15, 2019 Share Posted August 15, 2019 Bought a bit of CARV this AM. Small NYC bank that is down 90% today. Released (not very good) earnings yesterday, but capital ratios still look reasonable and I couldn't find any enforcement actions or anything. I'm not familiar with this company whatsoever, but is it actually down by ~90% today? What service is showing it as being down that much? I've checked several and only Seeking Alpha is showing down by ~90%. Thanks! I saw it on the SA biggest losers list, pulled up the 10-Q and checked the P/B and whether it was actually bankrupt and bought a few hundred shares. The $13MM in trust preferreds that haven't been paid for years is a pretty significant factor in the current valuation that I also missed. I though this was an illiquid fat finger type deal, and it wasn't, so I've sold. Thanks to you both for helping keep my loss on carelessness <$100. No worries. Link to comment Share on other sites More sharing options...
gokou3 Posted August 15, 2019 Share Posted August 15, 2019 More WFC Link to comment Share on other sites More sharing options...
sarganaga Posted August 16, 2019 Share Posted August 16, 2019 Bought some Birchcliff Energy (BIREF, BIR.TO) yesterday & today. Has looked cheap for awhile, even cheaper now. Good long term assets, appears to have pretty competent management, Kitimat project (assuming it completes) should add value. Link to comment Share on other sites More sharing options...
Gregmal Posted August 19, 2019 Share Posted August 19, 2019 PCG puts, wish me luck. Bravo Link to comment Share on other sites More sharing options...
EricSchleien Posted August 19, 2019 Share Posted August 19, 2019 More TRUP Link to comment Share on other sites More sharing options...
Ahab Posted August 20, 2019 Share Posted August 20, 2019 PCG puts, wish me luck. Bravo Thanks 8) Link to comment Share on other sites More sharing options...
BG2008 Posted August 20, 2019 Share Posted August 20, 2019 Just snagged a decent starter chunk of GRIF as the opening spread was fairly narrow. How many shares did you snag? Just curious about your view on GRIF. Link to comment Share on other sites More sharing options...
Gregmal Posted August 20, 2019 Share Posted August 20, 2019 Just snagged a decent starter chunk of GRIF as the opening spread was fairly narrow. How many shares did you snag? Just curious about your view on GRIF. Got 2,000 between 34.86 and $35, First, your/the thesis is right. You won't lose money on GRIF at $35 unless you're a forced seller. I just think you're a bit early. Full disclosure, on a quick bounce to high 30's I'm probably out. I think this is the low end of an opportune trading range. Done it a couple times before. Longer term, I think this is something that fits the FRP/CTO mold in that its transformational while under the radar. A couple years out I think they've got a shot at doing $30M NOI. That puts the share price at $55+ with the other assets valued at nil. Gabelli is + much like Winters was at CTO. Management is so far, from what Ive observed, capable. Not outstanding but not a detriment. Basically, Im cool with FRPH here, and I see CTO going parabolic with it's catalysts between now and next year's AGM, so I want to line up my next one. GRIF doesn't have the liquidity to just hop on in, so this is a good starter spot IMO. I believe Ive shared with you my position on CTO. Im fine going there with GRIF as well if we get $30 or below. There might not be a hard catalyst, but one of my favorite catalysts is when people say "there's no catalyst". More often than not that is when the catalyst is right around the corner. Link to comment Share on other sites More sharing options...
Gregmal Posted August 20, 2019 Share Posted August 20, 2019 Added some MSG under 270. Couldn't help it. Always sells off on earnings. Earnings for MSG don't matter. Hopefully the market never learns... Link to comment Share on other sites More sharing options...
Spekulatius Posted August 20, 2019 Share Posted August 20, 2019 Added some MSG under 270. Couldn't help it. Always sells off on earnings. Earnings for MSG don't matter. Hopefully the market never learns... Added some too, but it didn’t sell off on earnings as I first thought. It was the news about the MSG Sphere project cost increase (from $1.2b assumed to $1.7B proposed) and the delayed spinofff do the sports assets that caused the drop, in my opinion. I do agree that earnings shouldn’t matter. Link to comment Share on other sites More sharing options...
alpha Posted August 20, 2019 Share Posted August 20, 2019 Added to FIH.U Link to comment Share on other sites More sharing options...
Lance Posted August 21, 2019 Share Posted August 21, 2019 MSGN Thanks Lance Link to comment Share on other sites More sharing options...
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