Wednesday, March 21, 2018

Comcast and the "curse" of "diversified holdings" companies $CMCSA

I was swapping thoughts back and forth with a few people on Comcast (disclosure: long) and the cable industry in general last night and thought I'd put some pen to paper.

Monday, March 19, 2018

Lennar Share Class Arbitrage $LEN

In my annual letter, I included a section on finding opportunities to take advantage of the rise of indexation. I know that simply saying “we are taking advantage of increased indexation” is a bit of a nebulous statement and something that almost every small / value fund manager says; in general, they simply mean “we invest in companies that aren’t in the indices.” That’s certainly true to a large extent for me too, but I think there are a few investments we’ve made that are designed specifically to take advantage of the rise of indexation that separates us from such broad stock talk. To show that, I wanted to highlight a specific example to show how we look to take advantage of indexation, so let me present my favorite “take advantage of the index” idea today: Lennar share class arbitrage (disclosure: Long Lennar B shares, short Lennar A shares).

Tuesday, February 27, 2018

Some things and ideas: February 2018

Some internet links and ideas I've liked or found interesting in the past month

Tuesday, February 20, 2018

$YUME $RTHM merger update

Late last year I posted a two part idea (part 1 and part 2) on the YUME / RTHM (disclosure: long) merger arbitrage. The merger closed earlier this month and I’ve got a few new thoughts so I wanted to do an update post. This update will focus on two things: first, some new fundamental info we got on the combined company, and then some thoughts around just how crazy the trading dynamics were heading into the end of the merger.

Monday, February 12, 2018

Venturing through the GCI proxy $LVNTA

Note: I wrote this LVNTA / GNCMA (disclosure: I'm long both) update in late September; however, I didn’t want to post it till the shareholder votes went through. As we inch towards the deal closing / as hordes of investors post the idea on Sumzero (and I’m sure posts on VIC, Seekingalpha, etc. are coming soon), I figured now was as good a time as any to #releasethepost. I’ve mainly left the original post unchanged (except for updating some stock prices) and have included an update insert when I’m adding something I think is new / relevant. I believe everything in the post should be fully up to date but there is a chance a stale number or two slipped through.

Friday, February 9, 2018

Markets in (semi)Panic

As I write this, markets are down ~5% on the year and maybe 11% from their all time highs reached in late January. Markets are up around 11% over the past year.

Wednesday, February 7, 2018

Checking into Rezidor $REZT

Upfront note: Rezidor (trades in Stockholm under REZT; disclosure: long) is an international and relatively illiquid stock. Please do your own research and remember that I am often a bagholder.

Friday, January 19, 2018

Thoughts on the market and where we see upside and opportunity

As I sat down to write my annual letter, I had just read "Are We in a Bubble? - Honestly: Yes" (from the always sublime Geoff Gannon), so I wanted to put some thoughts on market valuations down. My views ended up sharing a lot with this post from Albert Bridge Capital (I had already written my first draft before reading that post and was dismayed to see how many viewpoints we shared, something that happens quite often in investing!). Anyway, the excerpt on market valuations and where we see opportunity is below; enjoy!

Thursday, January 11, 2018

Some things and ideas, January 2018

Some internet links and ideas I've liked or found interesting so far this month.