Author Topic: Interview with Spekulatius on QUCT  (Read 7068 times)

LC

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Re: Interview with Spekulatius on QUCT
« Reply #30 on: January 11, 2019, 04:19:46 PM »
Your point being? Posters are not allowed to create a new account because then you lose the context to say “get the fuck out of my area code you pervert” when they post a podcast? I’d say that is actually a great reason to argue for the opposite.

This is an anonymous board. If somebody with 5 posts pitches a stock: be skeptical. If somebody with 500 posts pitches a stock: be skeptical. If somebody with 5000 posts pitches a stock: be super skeptical.

Post whatever, as whomever, you want but if there’s context I’m not going to ignore it.
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johnny

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Re: Interview with Spekulatius on QUCT
« Reply #31 on: January 14, 2019, 04:12:37 AM »
im absolutely shocked to learn that a poster on my beloved value board has been getting involved in poorly thought out situations in largely ignored markets, oblivious to parentco and litigation issues

Spekulatius

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Re: Interview with Spekulatius on QUCT
« Reply #32 on: April 10, 2019, 06:47:16 AM »
Annual report is out. Cliffs notes:

Trust fund assets and under management and revenues up +15% YoY after stagnating for a while
Earnings ~$70/share ( some extraordinary gains from 1031 swap of RE included)
Book value ~$1050/ share
~$600/ share in bonds and cash
Some investments in RE and startup ventures initiated ($20/ share)
$53 revenue/ share in real estate rents
0.52 acre/ share CA farmland

I am very pleased with the pickup of the trust business.
To be a realist, one has to believe in miracles.

Foreign Tuffett

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Re: Interview with Spekulatius on QUCT
« Reply #33 on: April 10, 2019, 03:41:52 PM »
Annual report is out. Cliffs notes:

Trust fund assets and under management and revenues up +15% YoY after stagnating for a while
Earnings ~$70/share ( some extraordinary gains from 1031 swap of RE included)
Book value ~$1050/ share
~$600/ share in bonds and cash
Some investments in RE and startup ventures initiated ($20/ share)
$53 revenue/ share in real estate rents
0.52 acre/ share CA farmland

I am very pleased with the pickup of the trust business.

Thank you for the update on this.

Janeo

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Re: Interview with Spekulatius on QUCT
« Reply #34 on: May 15, 2019, 04:37:19 AM »
Hi there, I got interested in the stock after listening to the podcast. So I googled around and found something interesting regarding the 25,000 acres of land.

So here's a bio (http://straighttalktv.com/bios/henry_walker.html) of Henry Walker pre-2010. I assumed this because it states that QUCT's AUM is $1.2b and in 2010 the AUM is ~$2b. In that bio, it states that QUCT has a 25,000 acre working cattle ranch, and other commercial/retail investment properties located throughout Southern California.

And this is a bio (http://labusinessjournal.com/news/2017/sep/26/money-book-w-henry-walker/) of Henry Walker published in 2017. I quote the relevant parts: "Queen City Investments, a multifaceted holding company that owns F&M Trust Co., California’s oldest chartered trust company with assets under management of $2 billion, a more than 50,000-acre working cattle ranch, and other Southern California commercial-retail investment properties. "

Am I missing something here or did the amount of land QUCT owns actually doubled over the past decade?  :o

Spekulatius

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Re: Interview with Spekulatius on QUCT
« Reply #35 on: May 15, 2019, 03:12:55 PM »
Hi there, I got interested in the stock after listening to the podcast. So I googled around and found something interesting regarding the 25,000 acres of land.

So here's a bio (http://straighttalktv.com/bios/henry_walker.html) of Henry Walker pre-2010. I assumed this because it states that QUCT's AUM is $1.2b and in 2010 the AUM is ~$2b. In that bio, it states that QUCT has a 25,000 acre working cattle ranch, and other commercial/retail investment properties located throughout Southern California.

And this is a bio (http://labusinessjournal.com/news/2017/sep/26/money-book-w-henry-walker/) of Henry Walker published in 2017. I quote the relevant parts: "Queen City Investments, a multifaceted holding company that owns F&M Trust Co., California’s oldest chartered trust company with assets under management of $2 billion, a more than 50,000-acre working cattle ranch, and other Southern California commercial-retail investment properties. "

Am I missing something here or did the amount of land QUCT owns actually doubled over the past decade?  :o

I don’t think that anything has changed with respect to QUCT‘s Land holdings. I have been tracking this stock since at least Y2010 and I don’t think there were some larger land purchases. They continue to shuffle around their commercial real estate holdings den possibly some plots near Long Beach. Buying another 25,000 acres would have been in the news, that’s a size of 40 sq miles and that’s a lot of land!.

What I did find is that  the ranch is held via Messer Land &Development, which is registered in 12707 Huasna Road in Arroyo Grande. When you look this up in the San Luis Obispo county website, you can look at some plots there, but they are only part of part if the land  apparently.

https://assessor.slocounty.ca.gov/assessor/pisa/Search.aspx

Pro Tip, search for the street number 12707 and a couple of parcels will pop up. The parcels are named Huasna Rancho, which is actually from a Mexican land grand from hr 19 century ( for 22k acres back then), but I don’t think that the areas for Messer Land ranch and the land grant are a exactly the same, but I think they overlap.

Anyone is welcome to do  do more sleuthing, I have spent already enough time in this rabbit hole  :o
« Last Edit: May 15, 2019, 03:16:46 PM by Spekulatius »
To be a realist, one has to believe in miracles.

marrob

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Re: Interview with Spekulatius on QUCT
« Reply #36 on: June 08, 2019, 10:21:54 AM »
This is old information but the 1996 Walker's Manuals lists that they own "a 27,000 acre ranch in Arroyo Grande, California. The company also leases 25,000 acres from the U.S. Government and raises cattle on the properties." Maybe that is where the roughly 50,000 acres comes from.