Recent Posts

Pages: [1] 2 3 ... 10
Investment Ideas / Re: CABO - Cable One
« Last post by austin37 on Today at 02:05:54 PM »
Cable ONE to Acquire NewWave Communications

US$735m deal
11.5x adjusted 4Q annualised EBITDA
6.6x after synergies and tax benefits

Deal funded from US$650m loan and cash on hand.

Press release:

Presentation (pdf):

General Discussion / Why Buffett stocks "defy" EMH
« Last post by Graham Osborn on Today at 02:02:03 PM »
In case anyone finds this interesting, I did a simulation illustrating why Buffett defies the efficient market hypothesis.  Even if one knew the future free cash flows of Company X precisely, the intrinsic value of the company according to a DCF analysis fluctuates over time.  Therefore, if one buys a company where the future free cash flows can be predicted to increase for a number of years, the stock should rise significantly over the coming years even when all information has been discounted, as the graph shows.  One can also see that once FCF stops growing, intrinsic value will stop growing as well.  The decline in intrinsic value shown here would only happen if the company started dying, which many companies do sooner or later if they are too big to be acquired.
Investment Ideas / Re: AAPL - Apple Inc.
« Last post by Liberty on Today at 01:58:53 PM »
Those of you into programming should probably check out the latest episode of the ATP podcast with guest Chris Lattner:
Books / Re: Modern Security Analysis - Martin Whitman Worth?
« Last post by InspireByReason on Today at 01:33:09 PM »
Thanks everyone for the input and suggestions. I'll definitely heed some advice.  8)
wilbur ross confirmation hearing for commerce scty just ended.

mostly a love fest, for today at least.

(remember he was the one who brought up the GSEs unsolicited in the fox nov30 interview).

no mention of GSEs today, to my knowledge.
No. It was Steven Mnuchin.
Investment Ideas / Re: SAP.BR - Sapec SA
« Last post by Jurgis on Today at 12:59:04 PM »
1. Max return of capital just E26/share
2. Tax will be 30%

If you are talking about US, then your statement 2 does not make sense, sorry. :) It's either qualified divvie and you pay qualified divvie tax rate or it's not qualified divvie and then you pay income marginal tax rate. Maybe you are saying that it's not a qualified divvie, but then the rate will depend on your marginal tax rate and not gonna be 30%. 30% Belgian tax is mostly irrelevant to US investors, since they can write it off at tax time.
Paying 30% and writing of 15% isn't the same as paying 15%.

And that's not at all what happens.
Have you ever dealt with foreign qualified divvies in taxable account where foreign country taxes the divvie?

To spell out:
- You get divvie $D and are taxed X% by country Y. Amount of the tax $D*X%
- At US tax time you do two things:
- You declare $D as your divvie income and calculate US divvie tax $D*US%.
- You declare $D*X% as foreign tax paid and you get credit for it from your US taxes one-for-one. (You can also reduce your income by $D*X%, but that's bad choice and nobody does it).

So ultimately amount of X% is irrelevant. You get it all back. (And you pay US% which does matter).

There are limitations AFAIK. I've never run into them so far. Possibly because my foreign divvies and taxes on them have not been in huge amounts.
Investment Ideas / Re: FELP - Foresight Energy
« Last post by Patmo on Today at 12:55:25 PM »
Hi, Guys, I have a question regarding the new shares that will be issued to redeem the $350M PIK. Would they be considered as sub units?  Otherwise, wouldn't the MQD apply to them as well and further delay Murray's pay day? Thanks.

I imagine they would be considered common units, which is a reason why Murray will probably try to take company private ASAP.

Has anybody talked to someone affiliated with Murray about this or are we inferring based on the incentives perceived?
Investment Ideas / Re: NDLS - Noodles & Company
« Last post by awindenberger on Today at 12:52:37 PM »
Noodles needs to stop focusing on growth and start focusing on improving SSS and margins. It does seem like the company has plans to do this, as they are cutting their new store development to only 10-15 in 2017, with most of those openings front-loaded.

I'm interested in starting a position, but if the company is doing this poorly now, what happens when a recession hits?

I'd love to see Biglari take a significant position here and impose some discipline, but I don't think he would consider Noodles a strong enough brand.
Investment Ideas / Re: MEG - Media General
« Last post by writser on Today at 12:44:44 PM »
Deal closed. Did not turn out spectacular but got a little bit lucky. Last trading day the market valued CVR's at ~$0.30. I still own a few, curious to see what they will pay out in the end.
Investment Ideas / Re: SAP.BR - Sapec SA
« Last post by wachtwoord on Today at 12:42:11 PM »
If you're Dutch how do you request the 15% of Belgian tax above the 15% treaty back from the Belgian government? What would the fee be for that?

If they do a tender, how do they proceed? (I mean simply tendering would cause them to buy back only some shares).

Could they not do a stock split and then a tender for 100% of the float of one?
Pages: [1] 2 3 ... 10