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Berkshire Hathaway / Re: Buffett/Berkshire - general news
« Last post by longinvestor on Today at 02:15:45 PM »
A bunch of realtors wouldn't want to cut out investment bankers would they?  Heresy

Seriously though, the investment bankers probably still get paid on most of these bolt-on acquisitions

Don't believe so. Not if it is a for-sale-by-owner. I'm talking about the "finder's fee" which is the hefty part. Besides, Peltier, as Chariman of Home Services probably knows / will know more about the business than any analyst or deal guy will ever know. Being unencumbered with running the business is huge. Berkshire is doing this across-the-board.

 
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General Discussion / Re: I have given up value investing
« Last post by CorpRaider on Today at 02:04:01 PM »
Don't take this the wrong way but I've long thought you might be a great candidate for an index product, like a low ER balanced or target date fund (or like a low fee RIA).  You could also consider whether being a "dividend-growth" type investor might help you with some of the behavioral issues we all face.  Many of the other options are inferior to what you've been doing and you will probably lose more money (e.g., growth or momentum/technical investing or "trading").
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Investment Ideas / Re: LILA - Liberty Global Latin America tracker
« Last post by WayWardCloud on Today at 01:59:31 PM »
Some notes after watching the Nasdaq introduction conference

- I'm VERY impressed with Mauricio Ramos. Is there a chance he could lead the whole company operationally going forward and Malone lets Balan Nair focus on M&A (Sorry Balan!)? It would make sense since he's been doing so great running Millicom's assets, which are going to be the majority of the new company's assets, plus he used to run old LILA (Chile + PR) so he already knows those two well.
- Their broadband mix is >90% HFC docsis 3.0 (to answer my own question from a few posts ago) BUT their average customer only pays for 5Mb speed (!!). They have a lot of marketing power thanks to their ability to upsale speeds from 5 to 1000 with little (no?) added capex.
- They have a very interesting FinTech operation under "services" operations doing micro-lending in several of their countries under the Tigo brand but management expresses desire to focus on cable + 4G convergence execution for now.
- When it comes to Panama they can't say it but it is very clear they're anticipating a merger with Liberty's assets and are excited about joining forces there.
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Investment Ideas / Re: PWE - Penn West Petroleum
« Last post by Pelagic on Today at 01:53:06 PM »
I cannot explain this action... it's beyond bizarre.

Years back, NTP CEO did this (early exercise of options slightly out of the money) due to ill-liquidity and obscene (mis)valuation of the shares...

however, while I would agree that OBE is vastly cheap on an asset basis, and it's not "liquid" excercising >100% above price options without first trying to buy seems odd.

Anyone have a (rationale) explanation?  Trying to force cash into OBE for some reason?  Trying to do something weird for taxes?  Seems too far from the market to explain unless they contractually agreed to exercise when the price was higher...

I don't get it.

I'll agree it's bizarre. The ill-liquidity explanation makes the most sense. He represents a hedge fund with something in the order of 25M shares and from what I understand, .90 is still below their cost basis. Makes a lot more sense to buy at .50 or whatever it would end up being as their purchases presumably push the market price up, but I guess they can still do that too if they want.

The other explanation I've read that makes some sense is if the options converted to shares represent a longterm taxable gain whereas buying shares now and selling within a year wouldn't.

Still, not something you see very often.
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Investment Ideas / Re: BAC-WT - Bank of America Warrants
« Last post by John Hjorth on Today at 01:41:44 PM »
gfp,

With regard to the right place to post, I just did a search in the Investment Ideas forum, and there is no separate topic for the BAC common [as such]. So I suppose this is the right place to post about BAC in general. We [at least I do] also post comparative considerations here about the Big Four US banks, because the topic for BAC has the best traction among those four banks. [BAC is a CoBF darling, somehow.]

Perhaps we should ask Sanjeev to change the topic title [Here : Drop "-WT" & "Warrants" in topic title] ?
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Politics / Re: CNN and the stupidity of the left
« Last post by Gregmal on Today at 01:40:54 PM »
To an extent, yes, but the bigger issue is how this highlights a common trend. Many of these clowns make ZERO attempt to get the information or inform themselves. Instead, they just label/brand people that don't agree with them in these stupid and relatively new terms that have been given negative connotations. White privilege? LOL OK... Sure. To me though, especially in the context of its primary use, is just a lame boilerplate catchphrase used by liberals to deflect answering questions that challenge their ideals. Like when Ocasio Cortex accused Ben Shapiro of "catcalling" when he offered to donate $10K to charity if she debated him...
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Investment Ideas / Re: ATVI - Activision Blizzard
« Last post by Pelagic on Today at 01:40:05 PM »

EA's origin access already offers this at $100/year for full access to their premier titles. They have a lower tier option for $30 for older titles. Whether it's profitable or not remains to be seen.

https://www.origin.com/usa/en-us/store/origin-access


Thanks yep you're right. The problem with this is that you still need to download the games to your PC before you can play them. When these services move to the cloud, and you can comfortably play a huge content game like Battlefield seamlessly via that platform, the industry will be turned on its head. But as I mentioned, the tech just isn't there yet for the average consumer. They are working on it though.

Quote
A bit on Fortnite and its success, I'd attribute a meaningful portion of it to its cross-platform functionality. It's one of the first major games where gamers on different platforms can play together which has had a huge impact on recruiting new players to the game.

Yeah this is another huge point which is very bad for Microsoft/Sony. Those guys earn royalties from the publishers for allowing games to be compatible with the Xbox/Playstation. Fortnite disrupted the back end of this tech by allowing cross platform play. If Fortnite can do it, every one can. So this really harms the guys manufacturing the consoles. In fact, its a reason why I've started to hear some chatter that Sony and Microsoft are thinking about acquiring publishers because thats the only way they may be able to continue making money off of video games.

Are you familiar with Nvidia's GeForce Now?

https://www.nvidia.com/en-us/geforce/products/geforce-now/

I just found out about it after doing some research on cloud based gaming. I discovered I have an account already with access to it so am going to try it out, initial research into it seems quite promising though with people reporting quality game play through their cloud based gaming service. Big name games like PUBG and Fortnite are playable through it, effectively eliminating the need for an expensive PC to play them. I honestly had no idea this was already possible but quite excited to give it a try. I don't see any of the AAA titles like BF:V or CoD in their library but I suspect they'll be able to include them as their user base grows.

Your point regarding the death of hardware manufacturers is well taken, why spend $400 on a console if you're in an area with good broadband. Just apply for (it's currently free) Nvidia's Now experience and play like that. When they end up monetizing it, likely through a subscription package, pay for that instead of the hardware and then Nvidia will have leverage over game designers that want to target users on their Now platform.
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Berkshire Hathaway / Re: Buffett/Berkshire - general news
« Last post by gfp on Today at 01:37:24 PM »
A bunch of realtors wouldn't want to cut out investment bankers would they?  Heresy

Seriously though, the investment bankers probably still get paid on most of these bolt-on acquisitions
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General Discussion / Re: I have given up value investing
« Last post by Broeb22 on Today at 01:37:13 PM »
If I may give my two cents, these reflections about your temperament may mean you would be better suited risking a smaller % of your money in the stock market, and perhaps should own more bonds.

I totally get where you're coming from. Real estate has been a lot easier for me emotionally, so I've been moving more cash to that area.
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Berkshire Hathaway / Re: Howard Buffett
« Last post by gfp on Today at 01:35:13 PM »
yes part II is out but probably not when that person edited Howard's wiki page.  What I gathered from the historical Warren Buffett documents they published was that Warren and Susie were supportive when it was about abortion and stopped supporting the controversial figure when he moved towards being controversial.  "Once supported" is another way of saying "stopped supporting."  But we all know Charlie is racist so I'm sure Warren and Susie are/were as well.  I mean, who's not?  What a hypocrite this Buffett joker
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