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What are you buying today?


LowIQinvestor

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2 hours ago, Gregmal said:

About 60. 

Whaaaaat? You're making me nervous. The way you talk about AIV, CLPR, & MSGE, I figured that would be 30% of your portfolio right there. I might have a larger weight in your ideas than you do! haha.

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MSGE low teens

AIV high single digits but more options than common so notional is close to double

CLPR ~4% after swinging some of that into ALX in 250s. My NYC basket of CLPR, VRE and ALX is low teens total. 

 

These # are for informational and entertainment purposes only though. Not advice. 

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12 minutes ago, Gregmal said:

MSGE low teens

AIV high single digits but more options than common so notional is close to double

CLPR ~4% after swinging some of that into ALX in 250s. My NYC basket of CLPR, VRE and ALX is low teens total. 

 

These # are for informational and entertainment purposes only though. Not advice. 


 

how about BKEP?  Do you just use it as a cash substitute until you find better investments or are you long and looking for the potential long term upside, or a combination of both?

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BKEP is a bit of a hybrid. Had a small single digit position from under $2 then after the buyout offer the profile changed dramatically so I upped a good bit. So there's an investment portion of the position and then also an event driven cash sub element to a much bigger part of it. Will adjust accordingly as things evolve. 

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Bought a bit of AJRD for $43 at the close. AJRD is supposed to merge with LMT for $51 but now the vote on this merger got delayed. I think the downside is protected even if the merger doesn’t take place. AJRD trades at similar multiples in term of EV/EBITDA and P/S than other defense primes and it is a unique and irreplaceable asset  with an EV of a mere $3.3B.

After it was floundering for a long time, current management has started to run the company well and their balance sheet is in great shape (net cash position).

 

I also think it will ultimately have to merge because the industrial logic to combine rocket propulsions manufacturing with the rocket itself is indisputable. I do think it’s possible that AJRD gets split into pieces that go to different competitors (NOC would be one, maybe even SpaceX), if the merger with LMT fails to get approval.

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1 hour ago, Spekulatius said:

Bought a bit of AJRD for $43 at the close. AJRD is supposed to merge with LMT for $51 but now the vote on this merger got delayed. I think the downside is protected even if the merger doesn’t take place. AJRD trades at similar multiples in term of EV/EBITDA and P/S than other defense primes and it is a unique and irreplaceable asset  with an EV of a mere $3.3B.

After it was floundering for a long time, current management has started to run the company well and their balance sheet is in great shape (net cash position).

 

I also think it will ultimately have to merge because the industrial logic to combine rocket propulsions manufacturing with the rocket itself is indisputable. I do think it’s possible that AJRD gets split into pieces that go to different competitors (NOC would be one, maybe even SpaceX), if the merger with LMT fails to get approval.

Were you the one who posted the VIC write-up with the same logic on Friday evening?

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10 hours ago, Spekulatius said:

Bought a bit of AJRD for $43 at the close. AJRD is supposed to merge with LMT for $51 but now the vote on this merger got delayed. I think the downside is protected even if the merger doesn’t take place. AJRD trades at similar multiples in term of EV/EBITDA and P/S than other defense primes and it is a unique and irreplaceable asset  with an EV of a mere $3.3B.

After it was floundering for a long time, current management has started to run the company well and their balance sheet is in great shape (net cash position).

 

I also think it will ultimately have to merge because the industrial logic to combine rocket propulsions manufacturing with the rocket itself is indisputable. I do think it’s possible that AJRD gets split into pieces that go to different competitors (NOC would be one, maybe even SpaceX), if the merger with LMT fails to get approval.

 

@Spekulatius I like these all cash risk arbitrage plays. I do it by writing puts when they look attractive like this. The 40-strike, Jan 21 expirations puts were going for $0.60 at the close on Friday. I'll likely write these first thing Tuesday morning. If the Jan 21 puts change dramatically by then I'll be looking at the Feb. 18 expiration puts, which were going for $1.70 at the close on Friday. I like to play these with puts because the time frame is known.

 

Thanks for the heads up.

Edited by boilermaker75
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