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LowIQinvestor

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Keep in mind FWIW that Munger's foreign investments haven't done as well as his WFC, BAC, USB US bank investments (or that 10% corporate bond that he bought and sold).

- Posco (PKX) - sold most of it at break-even to a loss.  Did a writedown during his ownership for acctg purposes.

- 005389.KS (Hyundai Pfd 3) - sold all of it at a loss.  Did a writedown during his ownership for acctg purposes.

- 1211.HK - his initial purchases back in 2011 didn't do great and he wrote down most of it to FMV.  Its performance has largely been due to its big pop in 2020 - otherwise its been "meh" for most of his holding period.  He sold probably 15% of it last year IIRC (too early - before the pop).  Probably sold another 25% this Q to fund the BABA purchase.

Not saying it won't work out.  Just pointing out the mixed-track record of buying/selling Asian stocks.

wabuffo

Edited by wabuffo
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On 10/28/2020 at 12:40 PM, wabuffo said:

NVEC - small cap ($225m mkt cap).  Consistent, after-tax net income margins of 45-55% year-after-year.  Dividend yield of 8.5% currently.  Nice, safe, boring, little Minnesota tech company.

 

wabuffo

Sold rest of NVEC today - thanks for the great idea Wabuffo!

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1 hour ago, wabuffo said:

Keep in mind FWIW that Munger's foreign investments haven't done as well as his WFC, BAC, USB US bank investments (or that 10% corporate bond that he bought and sold).

- Posco (PKX) - sold most of it at break-even to a loss.  Did a writedown during his ownership for acctg purposes.

- 005389.KS (Hyundai Pfd 3) - sold all of it at a loss.  Did a writedown during his ownership for acctg purposes.

- 1211.HK - his initial purchases back in 2011 didn't do great and he wrote down most of it to FMV.  Its performance has largely been due to its big pop in 2020 - otherwise its been "meh" for most of his holding period.  He sold probably 15% of it last year IIRC (too early - before the pop).  Probably sold another 25% this Q to fund the BABA purchase.

Not saying it won't work out.  Just pointing out the mixed-track record of buying/selling Asian stocks.

wabuffo

I sized it accordingly (smallish at 1.6%) mainly because of the aforementioned issue re: Chinese ADR’s.

www.reuters.com/article/us-usa-sec-foreigncompanies/chinese-tech-stocks-slump-as-u-s-sec-begins-rollout-of-law-aimed-at-delisting-idUSKBN2BG2AI

I think it’s worth a shot since I missed out on Amazon.

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Planetel SpA, small Italian fiber telco which IPO'd in december. Insiders didn't sell a share and own most of the stock. User growth of 20 pct. in 2020, ebitda up 35 pct. y/o/y, long runway for growth and massive margin expansion yet trades at 6,5x21 ebitda versus local peer Intred which is closer to 14x. Analyst has it at 4,4x2022 ebitda. Potential multibagger with a combination of revenue growth, margin and multiple expansion.

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On 4/6/2021 at 9:34 AM, wabuffo said:

Keep in mind FWIW that Munger's foreign investments haven't done as well as his WFC, BAC, USB US bank investments (or that 10% corporate bond that he bought and sold).

- Posco (PKX) - sold most of it at break-even to a loss.  Did a writedown during his ownership for acctg purposes.

- 005389.KS (Hyundai Pfd 3) - sold all of it at a loss.  Did a writedown during his ownership for acctg purposes.

- 1211.HK - his initial purchases back in 2011 didn't do great and he wrote down most of it to FMV.  Its performance has largely been due to its big pop in 2020 - otherwise its been "meh" for most of his holding period.  He sold probably 15% of it last year IIRC (too early - before the pop).  Probably sold another 25% this Q to fund the BABA purchase.

Not saying it won't work out.  Just pointing out the mixed-track record of buying/selling Asian stocks.

wabuffo

Munger was also a big fan of Tesco at one point to the point of saying "Tesco is God Almighty in England".  He led Berkshire into making an investment in Tesco, but it had to be sold at a loss.

Edited by LearningMachine
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On 3/5/2021 at 4:51 PM, RichardGibbons said:

Bought some UAN Aug $30 calls.

Because why wouldn't one want to make a leveraged bet on a company whose business strategy is basically "take on huge operational leverage and then wait for fertilizer prices to increase"? Double the leverage, double the fun!

(This describes why UAN is an interesting speculation. Note that the price of UAN32 fertilizer futures have almost doubled YoY, with almost all that increase coming in the past two months. If today's prices hold for six months, I think the options will work out well. If not, they will likely be worthless.)

I rolled these calls over in to UAN AUG $50 calls. The original calls cost $2.60 and I sold them for around $19.

My belief that Canadian capital gains taxes might increase on April 19 played a role in the decision to make the trade right now.

Edited by RichardGibbons
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9 hours ago, KJP said:

Not sure if this is a talk show or what, if any financial background the guys have, but I watched a few minutes because someone sent me a link saying they talked about APTS.

For one, if you look at ~$300M in NOI, and then (incorrectly) look at a $3B EV, and dont conclude this is 1) too good to be true, and 2) something must be off otherwise its the bargain of a lifetime...well, I think that says a lot. It certainly doesnt scream "financially in the know", at least to me. 

Otherwise, this exact process is a big part of the reason PAC is where it is, and the opportunity exists. I mean, people, qualified people, looked at SPG at $50/60/70 post covid crash and wanted nothing to do with it. And thats the cream of the crop, A rated credit company. So its no wonder a company like PAC gets left for dead. Microcap REIT. Still probably listed as externally managed. Profile says MF, retail, and office. $2.5B+ in debt against ~350M in market cap. Cut dividend. Still with me? Well, maybe you are you brave and diligent soul...and then you dig into the filings and boom get the whole $2B+ of preferred dropped on your head....at which point even the most arduous person probably goes, OK, fuck this...pass. Those clouds shall pass though. 

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