Author Topic: What are you buying today?  (Read 1836126 times)

Spekulatius

  • Hero Member
  • *****
  • Posts: 5147
Re: What are you buying today?
« Reply #5440 on: June 24, 2020, 03:45:17 PM »
Various Defense stocks :

Adds: BAESY, NOC
New: LHX

Also GMED add to MSGS and a few shares of PKE.
Life is too short for cheap beer and wine.


Lance

  • Sr. Member
  • ****
  • Posts: 401
Re: What are you buying today?
« Reply #5441 on: June 25, 2020, 08:03:42 AM »
ESRT

Thanks
Lance

LC

  • Hero Member
  • *****
  • Posts: 4913
Re: What are you buying today?
« Reply #5442 on: June 25, 2020, 08:21:11 AM »
SSD
"Lethargy bordering on sloth remains the cornerstone of our investment style."
----------------------------------------------------------------------------------------
akam| brk.b | goog | irm | lyv | net | nlsn | pm | ssd | t | tfsl | v | wfc | xom

Lance

  • Sr. Member
  • ****
  • Posts: 401
Re: What are you buying today?
« Reply #5443 on: June 25, 2020, 06:12:17 PM »
Fairfax India

Thanks
Lance

K2SO

  • Jr. Member
  • **
  • Posts: 66
Re: What are you buying today?
« Reply #5444 on: June 26, 2020, 07:22:34 AM »
PM

Spekulatius

  • Hero Member
  • *****
  • Posts: 5147
Re: What are you buying today?
« Reply #5445 on: June 26, 2020, 05:04:36 PM »
SCHW, LEVI, PDLI and a few adds to existing positions.
Life is too short for cheap beer and wine.

wabuffo

  • Hero Member
  • *****
  • Posts: 503
    • Twitter
Re: What are you buying today?
« Reply #5446 on: June 27, 2020, 07:58:00 AM »
bought more PDLI (a liquidation special situation) and some BRK.B at the lows at the end of the day (couldn't help myself - even though I already own some).

wabuffo

Spekulatius

  • Hero Member
  • *****
  • Posts: 5147
Re: What are you buying today?
« Reply #5447 on: June 27, 2020, 08:22:02 AM »
bought more PDLI (a liquidation special situation) and some BRK.B at the lows at the end of the day (couldn't help myself - even though I already own some).

wabuffo

Same here, got both PDLI and BRK.b.  PDLI’s Management mentioned something about benefiting from Cares tax changes, which can be substantial, since it is replied retroactively. Do you have any idea what sums we are talking about.
« Last Edit: June 27, 2020, 10:08:04 AM by Spekulatius »
Life is too short for cheap beer and wine.

wabuffo

  • Hero Member
  • *****
  • Posts: 503
    • Twitter
Re: What are you buying today?
« Reply #5448 on: June 27, 2020, 09:01:44 AM »
PDLI’s Management mentioned something about benefiting from Cares tax changes, which can be substantially, since it is replied retroactively. Do you have any idea what sums we are talking about.

Spek - the only comments I've seen PDLI mgmt make are from the recent 10-Q in May:
Quote
Income tax benefit from continuing operations for the three months ended March 31, 2020 and 2019, was $14.5 million and $0.8 million, respectively, which resulted primarily from anticipated use of Net Operating Loss carrybacks as allowed by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.
and from the conference call for Q1:
Quote
So, 2020 Cares Act provides the opportunity to carry certain losses incurred in the 2019 and 2020 tax years back five years. PDL, had significant taxable income and paid cash taxes in eligible carryback years.

I can't tell from the 10-Q, if the tax benefit they quote is equal to the expected cash refund they expect to receive.  It's also unclear if they have factored any tax refunds in their original liquidation estimate of $3-$6 per share (including the common shares of EVFM that have since been distributed to PDLI shareholders).

PDLI has 116.3m common shares o/s, IIRC.

wabuffo

lnofeisone

  • Full Member
  • ***
  • Posts: 127
Re: What are you buying today?
« Reply #5449 on: June 28, 2020, 02:54:35 AM »
PDLI’s Management mentioned something about benefiting from Cares tax changes, which can be substantially, since it is replied retroactively. Do you have any idea what sums we are talking about.

Spek - the only comments I've seen PDLI mgmt make are from the recent 10-Q in May:
Quote
Income tax benefit from continuing operations for the three months ended March 31, 2020 and 2019, was $14.5 million and $0.8 million, respectively, which resulted primarily from anticipated use of Net Operating Loss carrybacks as allowed by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.
and from the conference call for Q1:
Quote
So, 2020 Cares Act provides the opportunity to carry certain losses incurred in the 2019 and 2020 tax years back five years. PDL, had significant taxable income and paid cash taxes in eligible carryback years.

I can't tell from the 10-Q, if the tax benefit they quote is equal to the expected cash refund they expect to receive.  It's also unclear if they have factored any tax refunds in their original liquidation estimate of $3-$6 per share (including the common shares of EVFM that have since been distributed to PDLI shareholders).

PDLI has 116.3m common shares o/s, IIRC.

wabuffo


wabuffo - digging through 10Ks/10Qs from 2018-2020, it looks like this is the ballpark of an estimated cash refund they would be eligible to receive from the operational losses they've accumulated and effective tax rate of year's prior (2015-2020). It doesn't look like they included the tax benefit in their estimate however the skeptic in me says I'm missing something somewhere.