Castanza Posted October 8, 2019 Share Posted October 8, 2019 Building a position in STNG (scorpio tankers) and bought a tiny bit in SALT (scorpio bulkers) which owns a big slug of STNG. Added to my large position in SSW (Seaspan) and bought some more JOE on the dip. Curious if you have looked at Ardmore Shipping ASC at all? Link to comment Share on other sites More sharing options...
Saluki Posted October 8, 2019 Share Posted October 8, 2019 Building a position in STNG (scorpio tankers) and bought a tiny bit in SALT (scorpio bulkers) which owns a big slug of STNG. Added to my large position in SSW (Seaspan) and bought some more JOE on the dip. Curious if you have looked at Ardmore Shipping ASC at all? Only very briefly. I'm not done with my "deep dive" on shipping yet, so STNG and SALT are not big positions for me yet. IIRC, ASC's product tanker fleet is about 6.5 years old on average and STNG's is about 4.5 years old on average. Since I think newer fuel efficient ships will have a big advantage over the older ships, it's the first thing I zoned in on. I'll take a look at it and if it looks good, maybe do a basket approach. What do you like about it? SSW I started buying about 1.5 years ago. When Sokol became Chairman, I looked at it as a bet on the jockey, not the horse, but I think the way he's fixed the balance sheet and added flexibility in the financing could be a game changer. Basel III made it more unattractive (in required net capital)for banks to lend on ships, so I think a lot of financing is going to move towards private equity and patient money deals like what SSW did with Fairfax. I started looking at STNG when I saw a writeup about it on Adventures in Capitalism. I came across his website when he did a bullish writeup on my 3rd largest position (JOE). It sounded like a smart idea so I started digging. Besides investor presentations, I'm on my 3rd book on shipping (already read Shipping Man, Dynasties of the Sea and now on Viking Raid) and I'm learning a lot as I go. The CEO of STNG (Bugbee) was on a podcast recently. He sums up the bull thesis (IMO 2020 causing a shortage of available ships and driving up pricing) pretty well. It's hard to find anything that floats that is trading above book value now because the sector has been suffering for so long. I don't like the debt that they all have either, but it looks interesting and I hope will get better. Terrible industries with debt that get worse make me sad if I have money in them. Link to comment Share on other sites More sharing options...
Castanza Posted October 8, 2019 Share Posted October 8, 2019 I did do some reading in Ardmore about a year ago and it seemed that their tankers were specifically equipped to ship low sulfur fuel which is going to become the standard fuel option for ships due to emission regulations. Again take this with a grain of salt as I quickly lost interest in the sector and didn’t do any type of deep dive. But it seemed that although their fleet was a bit older they were better positioned and sort of cornered the market on distributing this fuel. Link to comment Share on other sites More sharing options...
Spekulatius Posted October 8, 2019 Share Posted October 8, 2019 I did do some reading in Ardmore about a year ago and it seemed that their tankers were specifically equipped to ship low sulfur fuel which is going to become the standard fuel option for ships due to emission regulations. Again take this with a grain of salt as I quickly lost interest in the sector and didn’t do any type of deep dive. But it seemed that although their fleet was a bit older they were better positioned and sort of cornered the market on distributing this fuel. I get a sinking feeling when I read about value in the shipping sector. Link to comment Share on other sites More sharing options...
elliott Posted October 9, 2019 Share Posted October 9, 2019 EAF 30% of the target position if numbers & story, not just pabrai, convince me Link to comment Share on other sites More sharing options...
lathinker Posted October 9, 2019 Share Posted October 9, 2019 Bought some BMW prefs on Monday @48.50 EUR Link to comment Share on other sites More sharing options...
no_free_lunch Posted October 9, 2019 Share Posted October 9, 2019 Added to GUD.to Link to comment Share on other sites More sharing options...
gokou3 Posted October 9, 2019 Share Posted October 9, 2019 More AZP.PR.A. A solid Canadian 8% yielder, would benefit if interest rate goes downward and the company further leverages. Link to comment Share on other sites More sharing options...
EricSchleien Posted October 9, 2019 Share Posted October 9, 2019 Increased my position in Trupanion, GrafTech, and also initiated an arb position for a small thinly traded company that's tendering out shareholders. Link to comment Share on other sites More sharing options...
Viking Posted October 10, 2019 Share Posted October 10, 2019 Bought a small sliver of FFH. Stock is at 52 week (and 5 year) low. What i like: insurance businesses and large cash position they have in their investment portfolio. Will be interesting to learn over time what new hires in invesmtent team decide to do with portfolio. Link to comment Share on other sites More sharing options...
kab60 Posted October 10, 2019 Share Posted October 10, 2019 CLG:LN, VTU:LN Link to comment Share on other sites More sharing options...
John Hjorth Posted October 10, 2019 Share Posted October 10, 2019 Bought a small sliver of FFH. Stock is at 52 week (and 5 year) low. What I like: insurance businesses and large cash position they have in their investment portfolio. Will be interesting to learn over time what new hires in investment team decide to do with portfolio. Frankly, I've been waiting for months now to observe this happen! [ : - D ] Viking's modus operandi : Stay out in the weeds, and then step in on the stage, when just about everybody is leaving at near maximum negativism. -And pretty evident to me, that Viking knows FFH very well, after following or being long FFH for many years. Link to comment Share on other sites More sharing options...
Spekulatius Posted October 10, 2019 Share Posted October 10, 2019 Bought a starter in PAYP (premarket yesterday) and also DD (rebuy). On an unrelated note, Fidelity went commission free today - yay! Link to comment Share on other sites More sharing options...
DooDiligence Posted October 10, 2019 Share Posted October 10, 2019 Bought a starter in PAYP (premarket yesterday) and also DD (rebuy). On an unrelated note, Fidelity went commission free today - yay! Do you think the price improvements will go away & they'll start selling order flow? https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/press-release/Fidelity-Price-Improvement-Guide-Media-Advisory_02192019.pdf Link to comment Share on other sites More sharing options...
Spekulatius Posted October 10, 2019 Share Posted October 10, 2019 Bought a starter in PAYP (premarket yesterday) and also DD (rebuy). On an unrelated note, Fidelity went commission free today - yay! Do you think the price improvements will go away & they'll start selling order flow? https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/press-release/Fidelity-Price-Improvement-Guide-Media-Advisory_02192019.pdf I really don’t care. I reviewed the price improvements I received this year va commissions paid and they were roughly 5% of the commission cost. (I do a lot of small trades when I scale in and out of positions). If you trade low priced stocks I low liquidity markets, then the price improvement matters, otherwise it has marginal impact. More important is that Fidelity pays higher interest on cash balances than most other brokers, except IBKR. IBKR is best from a cost benefit perspective, but I don’t like to put all eggs in one basket. Link to comment Share on other sites More sharing options...
Gregmal Posted October 11, 2019 Share Posted October 11, 2019 Added a little NVTA. First the VIC write up a couple days ago, now the coordinated SA piece, when once again these thick framed dimwits keep putting on the wrong Einhorn like “oh but the valuation! They lose money!” Short. As if there isn’t enough evidence to point towards this being a terrible short, they just keep banging their heads against the wall wondering why they can’t make money. I remember reading the same pitch verbatim about TDOC at $14... Andrew Left has this correct in his evaluation. Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted October 11, 2019 Share Posted October 11, 2019 Added a little NVTA. First the VIC write up a couple days ago, now the coordinated SA piece, when once again these thick framed dimwits keep putting on the wrong Einhorn like “oh but the valuation! They lose money!” Short. As if there isn’t enough evidence to point towards this being a terrible short, they just keep banging their heads against the wall wondering why they can’t make money. I remember reading the same pitch verbatim about TDOC at $14... Andrew Left has this correct in his evaluation. Why is it a terrible short? I actually thought the Seeking Alpha article that moved the market today was quite well done. Link to comment Share on other sites More sharing options...
Gregmal Posted October 11, 2019 Share Posted October 11, 2019 Added a little NVTA. First the VIC write up a couple days ago, now the coordinated SA piece, when once again these thick framed dimwits keep putting on the wrong Einhorn like “oh but the valuation! They lose money!” Short. As if there isn’t enough evidence to point towards this being a terrible short, they just keep banging their heads against the wall wondering why they can’t make money. I remember reading the same pitch verbatim about TDOC at $14... Andrew Left has this correct in his evaluation. Why is it a terrible short? I actually thought the Seeking Alpha article that moved the market today was quite well done. There’s zero proprietary work for one. It’s basically just another “they don’t make money, issue shares, and seem promotional” piece. Which isn’t ideal, but at the same time, there is absolutely a flip side that justifies why some companies would be at that stage, and regardless, there’s certainly a market/appetite from investors. The gist of the thesis is basically it should be valued like peers and what if every investor wakes up tomorrow and decides they’re done. In other words a no catalyst investment that is basically reliant on macro factors abruptly deviating from the same course they’ve been on for a decade now. An Einhorn short basically. If you need a macro event to be right, well there’s better ways to play that.. Don’t get me wrong, it’s certaibly a very high risk investment, but when looking at it from a risk/reward, and especially from a “what stops it short term?” perspective; sorry, but it’s just another smart guy analyzing a growth company, oblivious to the bigger picture. TDOC, another high risk, dare I even say, shitty company with a great story and big revenue growth runway several years back was/is a good comparison. It’s also comparable to the bull thesis on Macy’s right now. Hey you’re probably right about the company but you have too many other things moving against you. Link to comment Share on other sites More sharing options...
Lakesider Posted October 14, 2019 Share Posted October 14, 2019 Added to EAF on friday. Link to comment Share on other sites More sharing options...
Gregmal Posted October 14, 2019 Share Posted October 14, 2019 GRIF Link to comment Share on other sites More sharing options...
Spekulatius Posted October 14, 2019 Share Posted October 14, 2019 FRFHF. Trying for Swingtrade To $480+. I am thinking we are closer to the bottom here than a top. I do expect a book value loss this quarter. Smallish position, will add If we get closer to the 52w low. I don’t like the stock that much long term, but I do like the risk reward for a swingtrade. Link to comment Share on other sites More sharing options...
shhughes1116 Posted October 15, 2019 Share Posted October 15, 2019 BNP Paribas, on Oct 4. Link to comment Share on other sites More sharing options...
Broeb22 Posted October 15, 2019 Share Posted October 15, 2019 CVET Link to comment Share on other sites More sharing options...
lnofeisone Posted October 15, 2019 Share Posted October 15, 2019 CVET Curious what made you go long. I learned about it by way of me taking my dog to the vet and everything form the appointment to meds was seamless. Really unsure of the price and chart. Link to comment Share on other sites More sharing options...
Gregmal Posted October 15, 2019 Share Posted October 15, 2019 Little more GRIF. Feeling like $36 is the new $35. Link to comment Share on other sites More sharing options...
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