ArminvanBuyout Posted Thursday at 01:09 PM Share Posted Thursday at 01:09 PM On 9/10/2024 at 5:54 PM, Sweet said: I like ABNB too, but think the earnings last year flatter the company and makes it look cheaper than it actually is. Isn't a large part of ABNB earnings from interesting income? Link to comment Share on other sites More sharing options...
Sweet Posted Thursday at 01:18 PM Share Posted Thursday at 01:18 PM 8 minutes ago, ArminvanBuyout said: Isn't a large part of ABNB earnings from interesting income? As of last quarter, about a third of it is interest income. Link to comment Share on other sites More sharing options...
rkbabang Posted Thursday at 03:46 PM Share Posted Thursday at 03:46 PM They are "interesting income." I've never seen it used as a verb that way. Link to comment Share on other sites More sharing options...
Gregmal Posted Thursday at 04:51 PM Share Posted Thursday at 04:51 PM What’s wrong with that? It’s a product of float. Which is one of the more desirable aspects of the business Link to comment Share on other sites More sharing options...
thepupil Posted Thursday at 05:13 PM Share Posted Thursday at 05:13 PM I bought some $95 $IYR puts expiring in January 2025. I expect to lose 100% on these and will use the tax loss in '24 or '25 depending on how things are in December. It hedges some of my REIT exposure after a nice run. I don't think these puts are particularly cheap or anything like that... Link to comment Share on other sites More sharing options...
Red Lion Posted Thursday at 06:48 PM Share Posted Thursday at 06:48 PM (edited) 6 hours ago, StevieV said: No surprise to you, but I think $OWL in the 16s is attractive. My best guess is that they fall a bit short of their $1/share dividend goal for next year, but I think they'll get to at least something like 92 or 96 cents. That's a 5-6% yield for next year for a company with very healthy growth, significant "permanent" capital, mostly steady fee, and a decent variety of strategies. Completely agreed. I couldn't care less about $1 in 2025, but if I have an ~5% forward yield and it's able to continue to grow at double digits for 5-10 years, I find that pretty attractive. At least for an alt asset manager. I'm a pretty big fan of the OWL business model and the emphasis on FRE over carry, and I think this should help it trade at a higher multiple. The most comparable models are BX, BAM, and ARES. And ARES is the most comparable in terms of emphasis on private credit. All of these trade at a richer value, have lower growth, and lower dividend yields than OWL. I'd expect that if OWL avoid a major misstep that this valuation gap will likely close over a period of time, and hopefully will be earning significantly higher FRE/dividends in 3-5 years. Obviously I love APO/KKR/BX/ARES, but I really think OWL has the most upside at these levels. EDIT: Just pointing out that all of the major alts (APO, BX, KKR, BAM, CG, ARES, etc.) have made deals to manage insurance AUM, and it appears that OWL is trying to break into the market as well. I think the smaller scale of OWL sets up some really great growth tailwinds as it won't take nearly as much to move the needle in increasing AUM/FRE/DE. Also, I'm not normally a huge believer in empire builders, but I'm excited about all the tuck in acquisitions that OWL has been pulling off to scale up its credit business. Also I love the general partner business, and I think this has helped OWL identify attractive acquisition targets in addition to being a great source of FRE in itself. Edited Thursday at 06:59 PM by Red Lion Link to comment Share on other sites More sharing options...
ICUMD Posted Thursday at 11:30 PM Share Posted Thursday at 11:30 PM Sold loosers. Bought a lot of Google. Link to comment Share on other sites More sharing options...
Dinar Posted Friday at 05:44 PM Share Posted Friday at 05:44 PM Bought Glenveagh. So @changegonnacome, if it works out, I will owe you a barrel of Guinness or Jamieson/Red Spot. Made it roughly a 4% position. That Irish stamp duty at 1% is annoying. Link to comment Share on other sites More sharing options...
Red Lion Posted Friday at 06:40 PM Share Posted Friday at 06:40 PM 55 minutes ago, Dinar said: Bought Glenveagh. So @changegonnacome, if it works out, I will owe you a barrel of Guinness or Jamieson/Red Spot. Made it roughly a 4% position. That Irish stamp duty at 1% is annoying. Beat me to it, I've been planning to open a position here in the near term. Link to comment Share on other sites More sharing options...
changegonnacome Posted Friday at 07:59 PM Share Posted Friday at 07:59 PM 2 hours ago, Dinar said: Bought Glenveagh. So @changegonnacome, if it works out, I will owe you a barrel of Guinness or Jamieson/Red Spot. Made it roughly a 4% position. That Irish stamp duty at 1% is annoying. Its a deal! And totally hear you on the stamp duty......the UK and Ireland are literally punching themselves in the face from a capital markets point of view attaching stamp duty to share purchases Link to comment Share on other sites More sharing options...
KPO Posted Friday at 08:03 PM Share Posted Friday at 08:03 PM Possibly against my better judgment, but I’m a sucker for a 16-17% free cash yield: Starter in SIRI at the end of trading. Link to comment Share on other sites More sharing options...
nwoodman Posted Saturday at 12:52 AM Share Posted Saturday at 12:52 AM JACK. Last held this 15 years ago. Love me some shitco action. PT $65 per share Link to comment Share on other sites More sharing options...
SafetyinNumbers Posted Saturday at 01:21 AM Share Posted Saturday at 01:21 AM 28 minutes ago, nwoodman said: JACK. Last held this 15 years ago. Love me some shitco action. PT $65 per share Raise your JACK with JAKK! Link to comment Share on other sites More sharing options...
Paarslaars Posted Saturday at 04:11 AM Share Posted Saturday at 04:11 AM (edited) After earnings in July I sold half of my JOE position at 63$ and in the aug 5 dip bought FFH. This week I reversed that trade. Edited Saturday at 04:11 AM by Paarslaars Link to comment Share on other sites More sharing options...
nwoodman Posted Saturday at 09:08 AM Share Posted Saturday at 09:08 AM 7 hours ago, SafetyinNumbers said: Raise your JACK with JAKK! That would really raise issues with my Shitco Anonymous sponsor Link to comment Share on other sites More sharing options...
ArminvanBuyout Posted yesterday at 12:17 AM Share Posted yesterday at 12:17 AM On 9/12/2024 at 12:51 PM, Gregmal said: What’s wrong with that? It’s a product of float. Which is one of the more desirable aspects of the business Neg in a rate cut environment Link to comment Share on other sites More sharing options...
coffeecaninvestor Posted yesterday at 04:03 PM Share Posted yesterday at 04:03 PM NSRGY - another boring company at a reasonable valuation and what I view as limited down side risk. Both JNJ and NSRGY are now 5% positions. Link to comment Share on other sites More sharing options...
KPO Posted 1 hour ago Share Posted 1 hour ago SIRI Link to comment Share on other sites More sharing options...
cubsfan Posted 1 hour ago Share Posted 1 hour ago On 9/11/2024 at 1:30 PM, Gregmal said: ABNB and RTO More RTO Link to comment Share on other sites More sharing options...
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