gokou3 Posted October 9, 2019 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.
EricSchleien Posted October 9, 2019 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.
Viking Posted October 10, 2019 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.
John Hjorth Posted October 10, 2019 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.
Spekulatius Posted October 10, 2019 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!
DooDiligence Posted October 10, 2019 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
Spekulatius Posted October 10, 2019 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.
Gregmal Posted October 11, 2019 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.
Foreign Tuffett Posted October 11, 2019 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.
Gregmal Posted October 11, 2019 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.
Spekulatius Posted October 14, 2019 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.
lnofeisone Posted October 15, 2019 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.
Gregmal Posted October 15, 2019 Posted October 15, 2019 Little more GRIF. Feeling like $36 is the new $35.
Lance Posted October 15, 2019 Posted October 15, 2019 VIIX (Credit Suisse AG Nassau Velocity Short Term ETN 500 VIX Mid Term Future) Thanks Lance
TwoCitiesCapital Posted October 15, 2019 Posted October 15, 2019 Cash. Following the sale of 20% of my S&P 500 puts. Waiting for 30+ VIX to sell more. Have been buying & selling over the last 2-3 weeks. Typically 20-30% of the position. When VIX dropped to 15-17 I was buying and selling those same contracts each time it went to 20+. Entire position has basically been paid for in profits at this point and I purchased more today. Sold ~15% of the core put position today when VIX hit 20. Will probably let a bit more go if me move closer to 25, but still waiting for that elusive 30+ print on the VIX to signal panic to let the bulk of the position go. Repurchased these a few days back. Added more today. Still expecting a 30+ VIX move this year, but will keep trading the position.
Broeb22 Posted October 15, 2019 Posted October 15, 2019 In short: The business solves a problem for its customers (vets) The end market is attractive (pet care) given its recession-resistance The valuation looks increasingly attractive given a price for the entire enterprise of $2.3 billion and unlevered free cash from the legacy Henry Schein business of about $150 million, giving us a 6.7% unlevered free cash yield on just Henry Schein. This effectively values Vets First Choice, which is why everyone was so excited about the stock in the first place, at zero. I've purchased twice now, once around $13 per share and again yesterday below $11. It's a small position for me given the leverage and somewhat limited free cash flow. In a downturn, they will generate cash from inventory liquidation, but still the free cash could be ugly and people who don't understand the business now really won't want to own it in a downturn. So, I've left some room to average down further because I think I could get a chance to. https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=csplusresearchcp&document_id=1080485861&serialid=LwV70A1WGcAVwyFsrunHo7%2BWJh%2FyveCGDQap19XIDWs%3D&cspId=1928917291656192000
Spekulatius Posted October 15, 2019 Posted October 15, 2019 In short: The business solves a problem for its customers (vets) The end market is attractive (pet care) given its recession-resistance The valuation looks increasingly attractive given a price for the entire enterprise of $2.3 billion and unlevered free cash from the legacy Henry Schein business of about $150 million, giving us a 6.7% unlevered free cash yield on just Henry Schein. This effectively values Vets First Choice, which is why everyone was so excited about the stock in the first place, at zero. I've purchased twice now, once around $13 per share and again yesterday below $11. It's a small position for me given the leverage and somewhat limited free cash flow. In a downturn, they will generate cash from inventory liquidation, but still the free cash could be ugly and people who don't understand the business now really won't want to own it in a downturn. So, I've left some room to average down further because I think I could get a chance to. https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=csplusresearchcp&document_id=1080485861&serialid=LwV70A1WGcAVwyFsrunHo7%2BWJh%2FyveCGDQap19XIDWs%3D&cspId=1928917291656192000 To invert this, with CVET doing poorly, it seems that HSIC (from which CVET was spun off) dodged a bullet and ought to be a better business now. It seems reasonably valued too. I put it on my watch list together with CVET. I would be more inclined to buy HSIC here than CVET.
lnofeisone Posted October 16, 2019 Posted October 16, 2019 In short: The business solves a problem for its customers (vets) The end market is attractive (pet care) given its recession-resistance The valuation looks increasingly attractive given a price for the entire enterprise of $2.3 billion and unlevered free cash from the legacy Henry Schein business of about $150 million, giving us a 6.7% unlevered free cash yield on just Henry Schein. This effectively values Vets First Choice, which is why everyone was so excited about the stock in the first place, at zero. I've purchased twice now, once around $13 per share and again yesterday below $11. It's a small position for me given the leverage and somewhat limited free cash flow. In a downturn, they will generate cash from inventory liquidation, but still the free cash could be ugly and people who don't understand the business now really won't want to own it in a downturn. So, I've left some room to average down further because I think I could get a chance to. https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=csplusresearchcp&document_id=1080485861&serialid=LwV70A1WGcAVwyFsrunHo7%2BWJh%2FyveCGDQap19XIDWs%3D&cspId=1928917291656192000 Helpful and I'll continue watching. Thank you.
boilermaker75 Posted October 16, 2019 Posted October 16, 2019 Wrote WFC 47.5-strike Nov 15 expiration puts for $0.50 per share.
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