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Friday, November 17, 2017

Liberty day follow up and some other stuff


Some follow ups from the Liberty Investor Day and some other stuff I liked

Monday, November 13, 2017

Liberty Investor day meet up

Given my obsession with Charter (disclosure: long) and the different Liberty trackers, it would be investing malpractice for me to skip the Liberty IR day this week, so I'll be heading there for the full day Thursday. If you're a fellow Liberty groupie and are planning on going / would like to meet up, shoot me a note / tweet and we can figure something out!

Tuesday, November 7, 2017

One last New York REIT update $NYRT

My last post on New York REIT (NYRT; disclosure: long / bagholder) was quickly followed by two announcements the company had sold 3 buildings in total (1440 Broadway and 229 W 36th / 256 W 38th). I’ve gotten a ton of questions on the sales, so I figured I’d post something quickly discussing the sales.

Monday, November 6, 2017

AMC is beating analyst estimates and taking names $AMC

I've written several times about what a mammoth bagholder I am in AMC Entertainment (AMC; disclosure: sadly long). Sure, the box office has been awful this year, but much of the company’s problems have been self-inflicted. They did three mammoth acquisitions within a year, their big U.S. acquisition (Carmike) has been a disaster, and with hindsight the multiples paid for the European businesses have gone from aggressive to downright laughable. The company just had to massively revise guidance down for the full year, and this downward revision came on the heels of radioactive Q2, which featured earnings (or, more accurately, losses) and full year guidance that analysts called "shocking" and "dramatic". Shares are down >60% YTD and probably headed lower tomorrow.

Wednesday, November 1, 2017

Podcasts, articles, and other things I found interesting

Some recent articles, podcasts, and other things that got me thinking:

Friday, October 27, 2017

Bagholding with $NYRT

Upfront note: this post is long and dives into the weeds a bit. If you want the Twitter version, it’s 1) NYRT’s trading at a huge discount to their last reported NAV of $9.21, 2) that NAV is almost certainly overstated, 3) despite that overstatement, even using a set of pretty conservative assumptions it’s tough to come up with a NAV that isn’t a good deal higher than today’s price, 4) I’m very bullish on the remaining WW piece and think it could create significant value. Full post below.

Friday, October 20, 2017

A few quirky things that caught my eye


Based on my recent focus on Charter (CHTR, disclosure: long) and Netflix, you might figure I spend all of my time in the telecom / media space, but that's more a recent focus and, in general, I actually follow mostly smaller and quirkier companies. One of the things you learn quickly about smaller / quirkier companies is that the potential for head scratching moves and shenanigans are way higher. Sometimes the shenanigans can be a good thing (a quirky / charismatic leader making investments and experiments no one else is willing to make / try / see that pay off in the long run), sometimes the shenanigans can be a bad thing (a financially illiterate monster running your company into the ground while collecting fat paychecks), but at a minimum it’s normally interesting. Here are a few of the quirkier things I’ve seen recently.