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Politics / Re: Snowflake Fabrications
« Last post by cubsfan on Today at 09:06:54 PM »

Sensationalism won't work here, none of this has any relevance to the previous point.

The only thing that doesn't work with you LC is cold hard logic.
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Investment Ideas / Re: ALS.TO - Altius Minerals
« Last post by linealdin on Today at 06:37:41 PM »
https://www.thereminder.ca/news/local-news/search-is-on-for-northern-manitoba-s-next-mine-1.23387174

Assabgui also provided updates for operations near Flin Flon, stating that efforts to extend the lifespan of 777 mine were underway.

“Today, our business plan has the mine closing in 2021, but we’re looking to extend that life with the possibility of adding reserves with remnants. We’re working on that today,” said Assabgui.

Assabgui also confirmed Hudbay is conducting drilling operations near Flin Flon and Snow Lake, including ongoing operations near Centoba Park and at the Pen deposit near Lalor mine.

*

“Adding reserves with remnants.” I like the sound of that. I want to see 777 mine open through 2024.
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Investment Ideas / Re: BH - Biglari Holdings
« Last post by pcm983 on Today at 06:23:20 PM »
Interesting thanks a lot for the thoughts, really appreciate it.
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Investment Ideas / Re: BH - Biglari Holdings
« Last post by NBL0303 on Today at 06:09:26 PM »
Thanks for the comments. Was actually reading about those two. Basically this company is sub 15mm mkt cap and no one owns controlling stake. MGMT owns less than 5pct of the stock. Curious if this is doable with say 500k-1mm and you don't even get a controlling stake and then pitch the rest of shareholders that the company is being mismanaged and needs new management. Ton of non core assets that can be sold and the business is way underperforming margin levels it should.

Again, each of these situations is unique - without knowing more no one can say that is impossible, but generally it would be difficult with that amount of money but not impossible. The challenge is the cost of the proxy contest. Even for a small company you would probably spend hundreds of thousands and if you've never run a proxy contest before than it would add an element of regulatory stress to your life because if you mess up one thing then you can have legal issues. You obviously wouldn't have a large enough stake to come close to constructive control and with less than 10% your vote is helpful but doesn't mean that much. The whole battle would come down to your proxy contest. And many battles have been won by parties with less than 10% ownership. It comes down to whether you can win over the other shareholders - and so again the specific shareholder makeup would be very important. Someone owns the company's shares - knowing who they are and why they own it would be very important. With a company this small sometimes you can't even get the shareholders to pay attention enough vote or vote anything other than management's recommendations. But if you can put in the time and resources to contact all of those shareholders and then you are persuasive enough, or your arguments or plans are persuasive enough, then it is not impossible. Often, it simply comes down to Total Shareholder Return. If shareholders have experienced recent significant losses on the stock, they'll listen. If not, they won't. As sad as that is, that is often what proxies like you are proposing come down to.

One of the difficulties of these micro-cap proxy battles is that there are lots of eager investors who would look for these opportunities so they can take over a company and have a vehicle of their own to make a run at Berkshire :)  So any of the obvious targets or easy to win proxy battles involving micro-caps have already been picked over. Not that it is impossible to find an opportunity, but usually its just quite difficult. But as Charlie would say, "It should be difficult. Otherwise everyone would do it." Or, "Anything that can make your really rich is going to involve some work and some headaches."
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Investment Ideas / Re: BH - Biglari Holdings
« Last post by pcm983 on Today at 05:25:24 PM »
Thanks for the comments. Was actually reading about those two. Basically this company is sub 15mm mkt cap and no one owns controlling stake. MGMT owns less than 5pct of the stock. Curious if this is doable with say 500k-1mm and you don't even get a controlling stake and then pitch the rest of shareholders that the company is being mismanaged and needs new management. Ton of non core assets that can be sold and the business is way underperforming margin levels it should.
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Books / Re: Books on the concept of Time
« Last post by obtuse_investor on Today at 04:57:25 PM »
I read this one last year and enjoys it thoroughly. It was quite amazing, at times.

Time Travel: A History

https://books.google.com/books/about/Time_Travel.html?id=5XfbnAAACAAJ
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Investment Ideas / Re: BH - Biglari Holdings
« Last post by Sportgamma on Today at 03:02:51 PM »
Curious if anyone on the board has ever considered pursuing something along the lines of what Sardar did at BH - not including all the self-dealing but more the turnarounding a microcap company that's being mismanaged.

Sitestar/Enterprise Diversified - was a turnaround of a microcap executed by two very smart CoBFers (and some other people connected to those two were also involved in the turnaround) who fought for and achieved control of the company and then executed the turnaround, recap, and transformation of the company.

Curious what sort of % stake you think is needed to garner control.

This is completely dependent on the specific details of the company. Especially with microcaps, often management will have a controlling stake or a near-controlling stake or some other party will have a large stake. The % you need to win effective control can vary greatly depending on the current makeup of the shareholders, the structure of the company and its bylaws, and other often idiosyncratic factors.

There's also Solitron and Premier Diversified:

Solitron Devises - SODI
Premier Diversified - PDH
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General Discussion / Re: A very bad idea IMO
« Last post by LC on Today at 02:30:15 PM »
Lol at companies and CEOs like Nooyi blaming quarterly reporting for their inability to focus on LT.  They can always choose to not play the game of giving guidance and the meet and beat but then how they will justify their $$$$ bonuses and keep options in the money in shitty quarters.. Amazing how often shitty quarterly results are delivered with maintaining full-year guidance or 100 reasons why there are 1x charges to blame.   

If you actually want LT focus, demand executive comp be tied to LT shareholder / company results reported under GAAP with no ability for the board to accelerate LT awards on retirement etc..  But OMG thats communism. how can you dictate how much private companies pay. But yeah lets dictate how often companies report to their owners.

100% agree.
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Politics / Re: Snowflake Fabrications
« Last post by LC on Today at 02:26:46 PM »
We're talking past each other.

Quote
Your argument is ridiculous because science has firmly established there is a life in there.

doc75 has already provided the response to this argument, which has gone unaddressed:

http://www.cornerofberkshireandfairfax.ca/forum/politics/snowflake-fabrications/msg342373/#msg342373


Quote
Your argument is very simple:  The unborn have NO rights.  Slaves had NO rights. The unborn is property of mom. Slaves are property of the slave owner.   Rich, white Northern males have NO say in either matter.

So much for your ridiculous progressive ideals LC.
Sensationalism won't work here, none of this has any relevance to the previous point.
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Investment Ideas / Re: BH - Biglari Holdings
« Last post by NBL0303 on Today at 02:23:36 PM »
Curious if anyone on the board has ever considered pursuing something along the lines of what Sardar did at BH - not including all the self-dealing but more the turnarounding a microcap company that's being mismanaged.

Sitestar/Enterprise Diversified - was a turnaround of a microcap executed by two very smart CoBFers (and some other people connected to those two were also involved in the turnaround) who fought for and achieved control of the company and then executed the turnaround, recap, and transformation of the company.

Curious what sort of % stake you think is needed to garner control.

This is completely dependent on the specific details of the company. Especially with microcaps, often management will have a controlling stake or a near-controlling stake or some other party will have a large stake. The % you need to win effective control can vary greatly depending on the current makeup of the shareholders, the structure of the company and its bylaws, and other often idiosyncratic factors.
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