what are you selling today?

[EgonKuhn]

56 minutes ago, John Hjorth said:

 

We can't win them all, Egon [ @EgonKuhn ]. Please remember, it could be worse, it could be raining. [Like here today!]

In the end, it's often the same pattern with Chinese stocks. Whenever an industry generates decent profits, some kind of showdown is staged, new regulations are invented or tightened, or something else. A bit like Hotel California: attracting capital to invest (here specifically in toll roads), and then, when it's time to reap the rewards, suddenly they say, "Well, that wasn't what we intended."

[Spekulatius]

Sold $BAH - ~7% loss on worse than expected earnings. I may get back into that one. I like the business, but the results were way worse than what I was expecting.

Edited October 25, 2025 by Spekulatius

[dealraker]

13 hours ago, Spekulatius said:

Sold $BAH - ~7% loss on worse than expected earnings. I may get back into that one. I like the business, but the results were way worse than what I was expecting.

My niece works for Booz and says the stress is intense presently but that these earnings were expected by many...and expected to get worse before improving.  I have no skin in the game but did buy her 100 shares a few years back at $26 when she began there.

Edited October 25, 2025 by dealraker

[Spekulatius]

1 hour ago, dealraker said:

My niece works for Booz and says the stress is intense presently but that these earnings were expected by many...and expected to get worse before improving.  I have no skin in the game but did buy her 100 shares a few years back at $26 when she began there.

Their revenues  are down high single digits -8% in topline and it’s accelerating. Headcount is down by about the same amount. BAH are gettin caught by the shifts in spending in Washington. I think BAH is fine LT but the next 12 month the could be rough.

 

I am taking a look at SAIC here which is not as good of a business but in fact is very cheap. They are talking about $13/ share in FCF while shares trade at $93.

 

So I don’t get them all, but if I lose 7% when I am wrong and 30-50% if I am right I need only be right half the time and I will do well. That’s how I think about those bets generally speaking.

[Spekulatius]

Reducing RTX and VNT.

[WayWardCloud]

I sold out of Lululemon today. Thank you for the idea Parsad and good luck to everyone. I believe you will do very well here but I realized I was just not comfortable holding fashion in general. The same thing happened to me in the past with LVMH. I understood the thesis but once I became an owner I never felt at ease. Trends and other people's taste are so subjective and mysterious... It freaks me out to depend on it.

 

Also felt like raising a little cash wasn't the worst idea.

[lnofeisone]

On 10/25/2025 at 11:46 AM, Spekulatius said:

Their revenues  are down high single digits -8% in topline and it’s accelerating. Headcount is down by about the same amount. BAH are gettin caught by the shifts in spending in Washington. I think BAH is fine LT but the next 12 month the could be rough.

 

I am taking a look at SAIC here which is not as good of a business but in fact is very cheap. They are talking about $13/ share in FCF while shares trade at $93.

 

So I don’t get them all, but if I lose 7% when I am wrong and 30-50% if I am right I need only be right half the time and I will do well. That’s how I think about those bets generally speaking.

BAH is also realigning their workfrce. They are laying people off in soft areas (project management, etc.) and hiring in AI areas. They fully expect downward revision in revenue + margin compression in the next 12 months. They are also very aggressive in alliance development (Google, Azure). 

[Spekulatius]

1 hour ago, lnofeisone said:

BAH is also realigning their workfrce. They are laying people off in soft areas (project management, etc.) and hiring in AI areas. They fully expect downward revision in revenue + margin compression in the next 12 months. They are also very aggressive in alliance development (Google, Azure). 

Yes the personal reduction in line with revenue reduction in the high single digits let me believe that the adjustment period

will take a while. Looking back into the sequestering days in 2014 or so, the stock tears at 1x revenue to EV which would be around $70/share. I figure this is the worst case scenario. I am going to buy into $BAH again as this plays out the next 9-12 month.

Edited October 28, 2025 by Spekulatius

[Malmqky]

Sold out of LNF.to for a decent gain. Sold 10% of my warrior met position.

 

Need cash for some limit orders

[bizaro86]

AER in my registered account. I just think everything that can reasonably go right for them macro-wise has (low oil prices, huge travel demand, restricted airplane production) and that doesn't seem likely to continue forever. With yesterday's jump its now well above book value.

[Saluki]

I trimmed some IBKR and POWW to free up some cash. Still like IBKR long term, but valuation is a little high, and POWW is still cheap, but it was a 50 cent dollar that probably won't grow past a dollar and it became a 60 cent dollar in a month, so what the heck. 

[This2ShallPass]

Sold a portion of Eurobank (used funds to add to fairfax).

[EgonKuhn]

Sold my EXPE position.

[Sweet]

Sold out of NVR, just felt a bit meh with the position, had it a good while and it’s done very little.  Think these compounders are always better bought at the lower PE especially if revenue is flat coming on four years

[John Hjorth]

Sold NRDF [Nordfyns Bank A/S] this morning, at 610, bought it at 314 on 31^th March 2025, so realized 94 percent gain ex. commisions in about 8 months.

 

A merger went through at an EGM yesterday afternoon with agreed merger equvivalent 620 with Middelfart Sparekasse [Middelfart Savings and Loans bank], no way I'm going to accept getting stuffed into my throat tier 2 capital [called garantbeviser] with no upside, only potential downside], so likely Middelfart Sparekasse stiffing me for DKK 10 per share, taking advantage of me.

 

In the spring NRDF entered into an agreement to merge with FYNBK [Fynske Bank A/S], the largest shareholder in NRDF, SJF Bank, it's CEO Lars Petterson, got so pi**ed over been hold out of the loop, that he sold all NRFDF shares to Middelfart Sparekasse, witch started picking up  even more shares, thereby able to block the merger with FYNBK. Game over. Middelfart Sparekasse CEO Erik Baltser taking over the whole thing by force.

 

- - - o 0 o - - -

 

The Lady of the House and I were at an information meeting arranged and set with management at NRDF, by the Danish Shareholders Association, Funen branch on the evening of 26^th February 2020, and my thoughts and impressions from NRDF CEO Holder Bruun was 'Why hasen't this man not retired yet?'. The chairman of the board Per Maegaard, a goldsmith in the tiny Northern Funen coastal town called, where NRDF had it's head quarter before moving it to Odense in a then brand new and very nice building in Odense. A totally incompetent chairman in my opinion.

 

They literally gave up running the bank. *shaking head* It was a perfect fit for Fynske Bank. Oh, well.

 

At least I got a new friend,  activist Jakob Have, running and CEO of Nordic Compound Invest out of Copenhagen. [Such things like this is his turf, really!]

 

So much for riding three horses in the same sitution. It's very confusing, actually. 

Edited December 2, 2025 by John Hjorth

[John Hjorth]

1 hour ago, John Hjorth said:

Sold NRDF [Nordfyns Bank A/S] this morning, at 610, bought it at 314 on 31^th March 2025, so realized 94 percent gain ex. commisions in about 8 months.

 

A merger went through at an EGM yesterday afternoon with agreed merger equvivalent 620 with Middelfart Sparekasse [Middelfart Savings and Loans bank], no way I'm going to accept getting stuffed into my throat tier 2 capital [called garantbeviser] with no upside, only potential downside], so likely Middelfart Sparekasse stiffing me for DKK 10 per share, taking advantage of me.

 

In the spring NRDF entered into an agreement to merge with FYNBK [Fynske Bank A/S], the largest shareholder in NRDF, SJF Bank, it's CEO Lars Petterson, got so pi**ed over been hold out of the loop, that he sold all NRFDF shares to Middelfart Sparekasse, witch started picking up  even more shares, thereby able to block the merger with FYNBK. Game over. Middelfart Sparekasse CEO Erik Baltser taking over the whole thing by force.

 

- - - o 0 o - - -

 

The Lady of the House and I were at an information meeting arranged and set with management at NRDF, by the Danish Shareholders Association, Funen branch on the evening of 26^th February 2020, and my thoughts and impressions from NRDF CEO Holder Bruun was 'Why hasen't this man not retired yet?'. The chairman of the board Per Maegaard, a goldsmith in the tiny Northern Funen coastal town called, where NRDF had it's head quarter before moving it to Odense in a then brand new and very nice building in Odense. A totally incompetent chairman in my opinion.

 

They literally gave up running the bank. *shaking head* It was a perfect fit for Fynske Bank. Oh, well.

 

At least I got a new friend,  activist Jakob Have, running and CEO of Nordic Compound Invest out of Copenhagen. [Such things like this is his turf, really!]

 

So much for riding three horses in the same sitution. It's very confusing, actually. 

 

Børsen - boersen.dk [December 2^nd 2025, 10:51 AM] : Nordfyns Bank and Middelfart Sparekasse meet all conditions for bank merger

 

Nordfyns Bank - Press release # 40-2025 [December 2 2025] Holger Bruun : Nordfyns Bank and Middelfart Sparekasse meet all conditions for bank merger

 

- - - o 0 o - - -

 

' The Danish Financial Supervisory Authority has today, on 2 December 2025, granted permission for the merger between Aktieselskabet Nord-fyns Bank (“Nordfyns Bank”) and Middelfart Sparekasse (“the Merger”) pursuant to Section 204 of the Financial Services Act. All conditions for the Merger have now been met.

 

The merger is being implemented today by registration in the Danish Business Authority's IT system, whereby Nordfyns Bank is dissolved and ceases to exist as an independent legal entity. Nordfyns Bank's activities, including all assets and liabilities, are transferred as part of the Merger to Middelfart Sparekasse as the continuing institution.

 

The last trading day for shares in Nordfyns Bank on Nasdaq Copenhagen is today.

 

Following the Danish Financial Supervisory Authority's approval of the Merger, Nordfyns Bank has today requested Nasdaq Copenhagen to delist and officially list the shares in Nordfyns Bank. Nasdaq Copenhagen has granted the request, which means that the last trading day for the shares in Nordfyns Bank on Nasdaq Copenhagen will be today, December 2, 2025. Shareholders in Nordfyns Bank will therefore not be able to trade their shares in Nordfyns Bank on Nasdaq Copenhagen after December 2, 2025. ...'

 

- - - o 0 o - - -

 

Lucky timing, again, twice, in same bet! 

 

- - - o 0 o - - -

 

Nordfyns Bank Press Release attached.

 

1. English version generated by the use of Google Translate,

2. Danish version, source for 1.

Nordfyns Bank AS - Meddelelse_nr 40-2025 - Holger Bruun - Finanstilsynet meddeler tilladelse til fusionen mellem Nordfyns og Middelfart Sparekasse - English - 20251202.pdf Nordfyns Bank AS - Meddelelse_nr 40-2025 - Holger Bruun - Finanstilsynet meddeler tilladelse til fusionen mellem Nordfyns og Middelfart Sparekasse - Danish - 20251202.pdf

[treasurehunt]

Sold the last of my BYDDY, almost 15 years after I first bought shares in the company.

[Libs]

1 hour ago, treasurehunt said:

Sold the last of my BYDDY, almost 15 years after I first bought shares in the company.

 

Well done!

[Spekulatius]

13 hours ago, John Hjorth said:

 

Børsen - boersen.dk [December 2^nd 2025, 10:51 AM] : Nordfyns Bank and Middelfart Sparekasse meet all conditions for bank merger

 

Nordfyns Bank - Press release # 40-2025 [December 2 2025] Holger Bruun : Nordfyns Bank and Middelfart Sparekasse meet all conditions for bank merger

 

- - - o 0 o - - -

 

' The Danish Financial Supervisory Authority has today, on 2 December 2025, granted permission for the merger between Aktieselskabet Nord-fyns Bank (“Nordfyns Bank”) and Middelfart Sparekasse (“the Merger”) pursuant to Section 204 of the Financial Services Act. All conditions for the Merger have now been met.

 

The merger is being implemented today by registration in the Danish Business Authority's IT system, whereby Nordfyns Bank is dissolved and ceases to exist as an independent legal entity. Nordfyns Bank's activities, including all assets and liabilities, are transferred as part of the Merger to Middelfart Sparekasse as the continuing institution.

 

The last trading day for shares in Nordfyns Bank on Nasdaq Copenhagen is today.

 

Following the Danish Financial Supervisory Authority's approval of the Merger, Nordfyns Bank has today requested Nasdaq Copenhagen to delist and officially list the shares in Nordfyns Bank. Nasdaq Copenhagen has granted the request, which means that the last trading day for the shares in Nordfyns Bank on Nasdaq Copenhagen will be today, December 2, 2025. Shareholders in Nordfyns Bank will therefore not be able to trade their shares in Nordfyns Bank on Nasdaq Copenhagen after December 2, 2025. ...'

 

- - - o 0 o - - -

 

Lucky timing, again, twice, in same bet! 

 

- - - o 0 o - - -

 

Nordfyns Bank Press Release attached.

 

1. English version generated by the use of Google Translate,

2. Danish version, source for 1.

Nordfyns Bank AS - Meddelelse_nr 40-2025 - Holger Bruun - Finanstilsynet meddeler tilladelse til fusionen mellem Nordfyns og Middelfart Sparekasse - English - 20251202.pdf 81.38 kB · 0 downloads Nordfyns Bank AS - Meddelelse_nr 40-2025 - Holger Bruun - Finanstilsynet meddeler tilladelse til fusionen mellem Nordfyns og Middelfart Sparekasse - Danish - 20251202.pdf 60.43 kB · 0 downloads

I agree Middlefart sounds bad.

[John Hjorth]

38 minutes ago, Spekulatius said:

I agree Middlefart sounds bad.

 

*chukle* - Initially I was staring at your post, clueless. The I suddenly got it! -In the Danish Parlament, when there is noble visitors in the house from abroad,, the old fashion status indicator, lighting in green 'her' meaning 'here and avialble', shifts to 'I fart' meaning 'In movement', is taped over!

Edited December 3, 2025 by John Hjorth

[Spekulatius]

Reduced $ABEV a little.

[lnofeisone]

selling some UNG calls. simply numbers game. this thing rallies and then everyone remembers that it's trash. 

[Red Lion]

Sold calls on half my GOOG position today, $340 strike for January 2. 

 

I'm reluctant to sell this position, but this is in a tax deferred account, and I really don't have enough competence in tech to underwrite the valuation here. I'm sitting on just over a double after entering the position during the tariff tantrum when the shares were put to me. 

[Xerxes]

21 hours ago, treasurehunt said:

Sold the last of my BYDDY, almost 15 years after I first bought shares in the company.

one for the books !!

[Cod Liver Oil]

Sold M. Thank you @Parsad!!!!! 

I'll plow that back into UMG, ABNB and AJG soonish.

Edited December 3, 2025 by Cod Liver Oil