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Investment Ideas / Re: SYTE - Sitestar
« Last post by Phaceliacapital on Today at 12:57:48 AM »
Well given the talks I had with him during FFH dinner events I think he'll do really well (also he has this little track record that says the same thing ...).

Congrats!
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General Discussion / Re: Value of VIC/Anybody a member of that board?
« Last post by racemize on March 26, 2017, 09:06:30 PM »
I wrote up AIG to get in, but then someone else happened to post on it at the same time, so it didn't count for my idea.  I never posted another one after that, but I still look at write-ups from time to time with the delay they have.  So I think it's not too bad on that front, but I haven't spent the time to stay current. 
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Investment Ideas / TIPT - TipTree Inc.
« Last post by lemsinge on March 26, 2017, 07:46:42 PM »
TipTree Inc. is a holding company that has investments in specialty insurance, asset management, senior living and specialty finance.
Current Price: $6.65
Mkt. Cap: $190m
Tangible Book Value: 212m
P/E: 8.32
P/S: 0.34
P/B: 0.68
P/FCF: 6.81
EV/EBITDA*: 4.8x

It's a pretty small company with very little volume, no coverage and tricky to understand accounting due to its various holdings.

Very simple valuation gets me to about $8.80/share after dilution;
((Tangible BV + Depreciation of Real Estate + Net Market Value of Real Estate) / Diluted Shares) - ITM options
212 + 38.2 + (404.75-326.90) / 36.437 = $9 - 0.19 = ~$8.81/Share

The diluted shares outstanding include class b shares which are exchangeable for class A shares with partnership units. The net market value of real estate is what I projected to be an estimated value (12month forward NOI / 6% cap rate). The current options management owns from 2007 that will expire this year and are ITM. They have stated it will dilute BV by $0.19. TIPT also has a 1.5% dividend and share buyback program (6 mil in the last year).

Seems to be pretty ignored by the market on an intrinsic standpoint, let alone potential growth and a strong variety of businesses. TIPT Management is also not much of an activist in these companies and aim to provide long term risk adjusted returns and book value growth. They are happy to let the CEOs do their job.

*EV/EBITDA comes from adjusted numbers which can be explained more in-depth on the investor presentation. These are adjusted to not include asset specific debt (such as debt to leverage real estate holdings)
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General Discussion / Re: Value of VIC/Anybody a member of that board?
« Last post by DTEJD1997 on March 26, 2017, 07:44:55 PM »
I'm not, but I personally know members of this board who are. I don't want to publish names as I'm not really clear on the etiquette of discussing other boards on this one.
RB:

I don't need to know who is and who isn't specifically.  I am just wondering in general if it is worth it.  Don't want/need any specifics, just looking for the view from 30k feet up.
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General Discussion / Re: Value of VIC/Anybody a member of that board?
« Last post by rb on March 26, 2017, 07:26:01 PM »
I'm not, but I personally know members of this board who are. I don't want to publish names as I'm not really clear on the etiquette of discussing other boards on this one.
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General Discussion / Value of VIC/Anybody a member of that board?
« Last post by DTEJD1997 on March 26, 2017, 06:51:44 PM »
Hey all:

I very strongly suspect that some members here are also members of the "Value Investors Club".  Can anybody confirm this?

I've often thought that if one was a member of VIC, you would be very employable as an analyst, as you would get access to the ideas as they are posted.

Additionally, through the years, some of my investments have been the winners of the contest.  Not very often, but probably six times in the last ten years maybe.

So for anybody who is a member, is it worth the time/effort?
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General Discussion / Re: How would you teach children about investing?
« Last post by chrispy on March 26, 2017, 05:42:22 PM »
The most important and simple concept is learning to save and not be a borrower. 

I believe Rockefeller's dad would first tax all of John's income as a kid and then send 10-20% of the remaining to the church.  You could put 10-20% away into savings every time they get income.  Maybe match it to really prove a point (similar to employer matching 401k contributions) or give them ~10% interest.  Provide them with quarterly statements and work through the math.
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General Discussion / Re: Advice to the Lazy and Unmotivated
« Last post by CorpRaider on March 26, 2017, 03:40:35 PM »
Just saying, half the posts on the VRX threads and SHLD are about whether it is a zero.  Markel probably has no where near the number of posts but is much more reflective of a consensus long. 

I just question whether selecting based on post count reflects positivity about investment outcome.  I would be more interested in seeing figures for all posts, but really I'm not that interested.

I definitely continually assert that VOE, RPV, VBR, etc... are likely to kick most of our asses over the long term.

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General Discussion / Re: How would you teach children about investing?
« Last post by Mephistopheles on March 26, 2017, 02:38:50 PM »
Related question:

Anyone have good investing/business/life book recommendations for children? I am going to a kid party where they specifically requested books as gifts

Bump. Any ideas guys?
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General Discussion / Re: TrumpCare
« Last post by Cigarbutt on March 26, 2017, 01:27:52 PM »
Sunrider,
Trying to have a balanced view here. This is not a conspiracy but medical errors are a huge issue. (Mostly still unrecognized)
It's hard to admit mistakes. (individually or in organizations)
Here's some links/stats:
http://www.cbc.ca/news/health/medical-errors-deaths-1.3565736
https://en.wikipedia.org/wiki/Opioid_crisis
There are elements now in place that will tend to improve this. We'll have to wait and see.

As far as the US system for training and research, my opinion is that it is the best, by far.
Some say that the system is, at the same time, the best and the worst. Food for thought.
https://www.theatlantic.com/politics/archive/2014/03/us-health-care-is-the-best-and-the-worst/430719/
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