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Bruce is blasting out. 300m in redemption since mid-december. this hasent worked out for him, sears hasnt worked out for him, nothing has worked for him.

im out of this completely also. have been for a month or so. its basically up to the administration....look at that shit show. anyways good luck.
Strategies / Re: Changes in operating assets and liabilities:
« Last post by SharperDingaan on Today at 06:41:52 AM »
Thanks for the link. Seems one has to check funding status and flow of funds. It seems more like a non-operating expensive but most certainly a liability over time if not funded.

The reality is that working capital is not predictable. We CAN model it based on past behaviour, but a predicted number +/- 20% is not particulary useful. For ratio purposes treat it as negative debt at money market rates, & common size the historic financials. Most of the working capital distortion will disappear.

Pension and postretirement benefit plan contributions. It's an indicator of a DB pension plan, is the sponsors contribution, & is based primarily upon payroll. To predict, you must know how the DB plan works, and how demographics affect these plans. About once every 10-20 years DB plans will become 'overfunded' relative to their obligations, and the 'overfunding' will be shared equitably amongst plan participants as contribution holidays, discounted service buybacks, etc.


Investment Ideas / Re: CHTR - Charter Communications
« Last post by scorpioncapital on Today at 06:37:01 AM »
Maybe we should ask what makes for a prudent vs an inprudent asset financed with leverage?

1. The rates should be fixed as long as possible at a low rate.
2. The asset side - the business - must have ability to grow prices above the rate of inflation (studies show cable companies can raise prices inflation + some positive amount)
3. The leverage ratio overall should not be totally imprudent.
4. Refinancing risk should be eyed in relation to possible cash-flows a few years out.
5. Business should not be in decline or have a risk of being in decline.

However volatility is higher no matter what because perception of debt differs from reality of debt. So these assets could very well dip much lower than other stocks along the way. I think if you will invest in stocks that use internal leverage, your own personal leverage - if any - should be very strictly controlled. If you invest in stocks that use no leverage - or float, you can afford perhaps a little more leverage yourself. However I am forewarned by what Buffett said that even Berkshire can go down 50% and they have float, permanent, zero cost borrower beware!
Investment Ideas / Re: CHTR - Charter Communications
« Last post by Liberty on Today at 06:10:52 AM »
Malone ran his levered cable model at much higher interest rates for decades, I don't think the currently historically still very low rates will be a problem. Charter had some M&A premium and every time those expectations deflate a bit, a bunch of M&A focused HFs probably move on...
Interesting link with a graph focusing on the export/import component of the savings imbalance.

-The trade deficit has grown much faster than GDP.
-Diminishing imports seems to be an inconvenient way to effectively improve the balance.
-Breaking trends with growth of the trade deficit has a nasty tendency to coincide with periods where automatic stabilizers kick in.
Reading? Here is a description of the project:

Please read these links and form your own opinion.

Do not fall for those making misleading statements and pursuing some agenda.

Of course, that is unless you believe that these links represent "fake news" or some conspiration.

General Discussion / Re: search function
« Last post by Cigarbutt on Today at 05:34:54 AM »
"To me, always contributing posts from you, thank you. Please keep them coming!"
It would be great to have a comment or two about the Ferengi Rules of Acquisitions.
Quark's version is similar to Mr Buffett's criteria if you remove the amiable and folksy coating.
I don't know about Canada, but the U.S. has Code of Federal Regulations related to construction and maintenance of oil and gas pipelines.  I wouldn't be very concerned about safety of the new pipeline.  I would focussing my concern on the safety of the 50+ year old pipelines these companies are trying to retire.  They are retiring it for a reason.
Politics / Re: Interesting small business models or examples?
« Last post by Morgan on Today at 05:33:33 AM »
On real estate the key success is being able to do repairs on your own. Need to put in manual labor first to later go hands off.

This is very true. You just won't have cash from operations to grow if you hire outside contractors for everything.
Investment Ideas / Re: KMI - Kinder Morgan
« Last post by JRM on Today at 05:22:19 AM »
I didn't mention the FERC statement or any other U.S regulatory risk because I think they are complete non-factors at this point for KMI.
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