What are you buying today?

[giulio]

TEDU, PRM

[Dave86ch]

Added to VitaDAO after converting some of them into an IP-NFT named VITA-FAST which is a governance token representing the ownership of the IP of a rasearch on autophagy conducted by Viktor Korolchuk's lab.

This is a governance token that represents the ownership of intellectual property from research on autophagy conducted by Viktor Korolchuk's lab.

Although it's a micro position, it presents an interesting concept I'm keen to delve into.

[Spekulatius]

On 6/27/2023 at 1:59 PM, RedLion said:

I bought CLPR today. This is an example of tax loss harvesting that actually worked. I sold my highest basis CLPR shares at between $5.82-$5.90 for a short term loss on May 26. Just replaced all of those shares today plus a little more (my limit price moved the market a bit I think because this is so illiquid, so it remains to be seen whether my full order fills). 

I tray to do more of these tax loss swaps. Selling a losing position in A and buy a correlated stock B with proceeds. Maybe cycle back into A after 31+ days.

 

I did this a while ago with some high cost shares in Porsche, putting proceeds into VW3

Did a similar thing with USB shares (tax loss sales) and bought BAC.

 

I like my initial positions better, but I think it's unlikely that they outperform the correlated equities I picked much in a month.

[cwericb]

Added a little more of both Fairfax India (FIH.U) & Clarke Inc. (CKI)

[Luke]

14 hours ago, cwericb said:

Added a little more of both Fairfax India (FIH.U) & Clarke Inc. (CKI)

Joining you as well. Reduced my Berkshire Position and shifted proceeds into FFH and FIH

[cm2]

"PMIR" $825mm NOL shell (p18), 2.1mm shares, sb trading $20+/share based on comps (typically 5-10% nominal NOL) , but "Expert Market" / full service brokers only

Lancer Capital / Avram Glazer ($MANU, Tampa Bucs etc) lead investor

Happy to discuss -

https://d1io3yog0oux5.cloudfront.net/_70d6eb29082d14d5c271e79d3d83f75e/pmigrp/db/224/391/pdf/staples_scan.pdf

[longlake95]

CVE

[Malmqky]

MSGE buying spree continues. Got a bit yesterday, more today.

[Gregmal]

Started CARR 

[Frank Takens]

Last week I bought small positions in Vidrala (VID.MC), Verallia (VRLA.PA) and Heineken Holding (HEIO.AS).

[Gregmal]

Bought a good chunk of $190 IWM puts exp January 24. Always done well following up a monster H1 by using a portion of the gains to hedge out giving them back in H2. Its a near certainty Ill spank the Almighty 5% treasury this year. 

[Gregmal]

Who needs to boycott Bud Light when you have great vodka? My guy came through with some goods for Americas birthday. No Gold unfortunately.

 

[JAK]

18 hours ago, Gregmal said:

Who needs to boycott Bud Light when you have great vodka? My guy came through with some goods for Americas birthday. No Gold unfortunately.

 

I stocked up on a bunch of that last year fearing it would be impossible to get. Then, last week I walk into my local wine store in a suburb of Paris, and randomly, they suddenly have Beluga, when they didn't have it previously... owner said no issue with supply either, which kind of puzzles me. Thought imports would've been blocked, and the store doesn't strike me as the back channel kind of place. 

[Spekulatius]

Bought some Canadian ice wine (and ice cider) on my trip to Toronto recently, before climate change …

Stopped at a winery on a hunch when it was pouring and was the only customer in the store and spent more than I like but the woman there was pretty good at selling. Had to leave before my wife starts to roll here eyes and the downpour was over anyways.

[Gregmal]

23 minutes ago, JAK said:

I stocked up on a bunch of that last year fearing it would be impossible to get. Then, last week I walk into my local wine store in a suburb of Paris, and randomly, they suddenly have Beluga, when they didn't have it previously... owner said no issue with supply either, which kind of puzzles me. Thought imports would've been blocked, and the store doesn't strike me as the back channel kind of place. 

Even if they weren’t blocked, a lot of the export companies more or less gave up because it was impossible getting stuff through the process dealing with anything Russian made. I think Beluga even sold its international distribution rights. So it’s very tough, but doable. They bottles also have production dates so you can see when they were made. These were late 2021 before everyone went bananas.

[Gregmal]

Yea here.

 

https://belugagroup.ru/en/investors/news/changes-in-the-beluga-vodka-brand-ownership-/#:~:text=Due to the current political,to the trademark in Russia.

 

Reading this really just highlights the propaganda element to so much of our local media. China for instance, look at all the superbly branded “national security measures” and “sanctions” and “restrictions” that WE have put in place on them. Russia too. When we do it, it’s branded as patriotic and heroic. “Protecting our interests” even. When they sanction us or impose similar restrictions on their products we re the first to scream foul and cry about financial terrorism….we cut off Russian oil bc it’s “the right thing”…Russia threatens to cutoff nat gas to Europe! On no the humanitarian horrors! It’s all just a stupid game. 

[Luke]

1 hour ago, Gregmal said:

Yea here.

 

https://belugagroup.ru/en/investors/news/changes-in-the-beluga-vodka-brand-ownership-/#:~:text=Due to the current political,to the trademark in Russia.

 

Reading this really just highlights the propaganda element to so much of our local media. China for instance, look at all the superbly branded “national security measures” and “sanctions” and “restrictions” that WE have put in place on them. Russia too. When we do it, it’s branded as patriotic and heroic. “Protecting our interests” even. When they sanction us or impose similar restrictions on their products we re the first to scream foul and cry about financial terrorism….we cut off Russian oil bc it’s “the right thing”…Russia threatens to cutoff nat gas to Europe! On no the humanitarian horrors! It’s all just a stupid game. 

Noam Chomsky recently stated a nice comment in an interview on this whole war with Russia: "The hypocrisy of the west is astonishing"

[thowed]

On 7/3/2023 at 3:31 PM, Gregmal said:

Bought a good chunk of $190 IWM puts

If you don't mind me asking, why IWM?

 

My guess would be either:

a) It's got more low quality companies in it (never understand why S&P600 isn't standard for small-cap).

b) Too many hype stocks on other indices that could go up for longer than is rational.

c) you think domestic might struggle more than international.

 

Whatever reason, seems entirely reasonable after the first half.

 

Cheers.

 

Incidentally, I'm amused, despite myself, at the troll on the other thread.  Though this reflects the novelty of it, due to the overall high quality of people on this board.  If it was another forum/twitter etc., half of the people would probably be like that.....

[Gregmal]

1 hour ago, thowed said:

If you don't mind me asking, why IWM?

 

My guess would be either:

a) It's got more low quality companies in it (never understand why S&P600 isn't standard for small-cap).

b) Too many hype stocks on other indices that could go up for longer than is rational.

c) you think domestic might struggle more than international.

 

Whatever reason, seems entirely reasonable after the first half.

 

Cheers.

 

Incidentally, I'm amused, despite myself, at the troll on the other thread.  Though this reflects the novelty of it, due to the overall high quality of people on this board.  If it was another forum/twitter etc., half of the people would probably be like that.....

Yea IWM it’s kind of all the above. I don’t even know if it’s right but saw a PE of 12 on it as well. But it’s more torquey to economic sensitivity and less propped up by quality. Average company has harder time getting financing than a S&P component as well. The flip is it’s still off way more than the other indexes but a lotta time you wanna pay attention to strength.
 

Mainly though where things are setup after H1 I think we could easily see a no big deal 2H where the market loses 5-10% just because 1H got so many people chasing their tails. Last 2 weeks of June IMO were some of the most obvious performance chasing into the quarter end I’ve ever seen. So we could even just give a little bit of that back for no reason and this will do 50% in short order.

 

Most important part of the hedge, and it’s really just that, is the strike though. One thing I hate with options is that when you go out of the money you can’t average down because it’s more and more likely to be worthless when it goes against you. Which sucks because OTM options are really where you hit your home runs. So you have to find the line and straddle it. At $190 we are slightly in the money. If the index moves 10% against me….shit, I’ll be a happy camper on the longer side. But it’ll be still close enough to then swing at it again as an OTM option and probably only cost a few bucks. Vs if I go for say a $170 strike right now and the trade goes against me to $210….have very little room or margin for error needing a decline that big. 
 

Done stuff like this often after big H1s over the years and just generally taking ~10% of the the gains on the year and positioning them so that if we give a lot of it back the hedge will warp into a 20-30% position and liquidity source is just kind of a good prop IMO. So the $190s currently about $9-10. If you get a 20% pullback they’ll 4x. Even a 10% pullback is a double. If the market doesn’t go anywhere  period for the rest of the year I’m still a few bucks in the money and I lose like 4%. 

[Red Lion]

Opened a starter position in Macquarie Group, MQG. 

[Luke]

Sold some BRK and Nintendo for FFH

[Xerxes]

I am happy to report that I had zero buy/sell transactions in Q2. And barely one in Q1. 
 

My aggregate H1 return is 14% or so. 
 

 

Edited July 5, 2023 by Xerxes

[no_free_lunch]

4 hours ago, Luca said:

Sold some BRK and Nintendo for FFH

Any thoughts on valuation?  I have a big chunk in ffh but have no added. 

[Luke]

9 hours ago, no_free_lunch said:

Any thoughts on valuation?  I have a big chunk in ffh but have no added. 

I think @Viking provided tremendous work on FFH in the Fairfax thread. We also discussed Intrinsic Value in a specific threat there quite recently. Just use the search option

[ICUMD]

 BNS in the $63s CDN with 6.5% dividend.