What are you buying today?

[thepupil]

GLUX - Great Lakes Aviation

VIC and OTC adventures were the sources of the idea.

http://otcadventures.com/?p=495
http://www.valueinvestorsclub.com/value2/Idea/ViewIdea/97245

38MM of tangible equity, comprised of relatively liquid assets (current assets and planes) against a 10.5MM market cap.

Priced for bankruptcy and maybe that happens. I just see it as a never expiring option that pays 3-4:1  in the event they start making money again, pay down their somewhat usurious financing and the EAS program doesn't get axed.

Only a 2% position because of the risks but I like the risk/reward.

[CorpRaider]

Recent purchases in the last month:

DSL - Doubleline income solutions fund
NLY - Annaly
BSBR - Banco Santeder Brazil
SAN - Banco Santander
LCSHF - Lancashire
SHLD - Sears holding

Nicely done, sir.  I picked up a little DSL myself a few days ago in a tax advantaged account. 

[Hawks]

Nibbled at JPM and GM and added to AEG.

[no_free_lunch]

Bought VRX today, 7% position.  My timing is no doubt horrible on this one, with it being up double over past year and 10-fold since 09.  Nevertheless, the more I read on the company the more I feel like I'm reading a case study from "the outsiders".  Their execution has been just incredible and in spite of the huge runup in price, they are still cheap based on next years forecasted earnings.

EDIT: I should also add, thanks to Gio for all the posts on this one.

[constructive]

I've bought a few shares of FRAN and more VRA. VRA has a huge short position - there could easily be a squeeze.

[muscleman]

Bought VRX today, 7% position.  My timing is no doubt horrible on this one, with it being up double over past year and 10-fold since 09.  Nevertheless, the more I read on the company the more I feel like I'm reading a case study from "the outsiders".  Their execution has been just incredible and in spite of the huge runup in price, they are still cheap based on next years forecasted earnings.

EDIT: I should also add, thanks to Gio for all the posts on this one.

I looked at VRX when gio suggested it earlier this year at the $70's. I could not understand it, so I didn't invest. What is your thesis on that?

[Philip Morris IV]

Holy crap - VRA float is 88% sold short?

[constructive]

Holy crap - VRA float is 88% sold short?

Yes - the bearish thesis is that inventory is stale and needs to be marked way down. And also that the brand is faddish, without the staying power of Coach, Michael Kors, etc.

There is some truth to their problems, but with this valuation and level of short interest the risk-reward appears skewed. Personally I like their style and think it could be a very good company if they get inventory under control.

[Liberty]

Bought VRX today, 7% position.  My timing is no doubt horrible on this one, with it being up double over past year and 10-fold since 09.  Nevertheless, the more I read on the company the more I feel like I'm reading a case study from "the outsiders".  Their execution has been just incredible and in spite of the huge runup in price, they are still cheap based on next years forecasted earnings.

EDIT: I should also add, thanks to Gio for all the posts on this one.

I looked at VRX when gio suggested it earlier this year at the $70's. I could not understand it, so I didn't invest. What is your thesis on that?

+1

Really curious to get your thesis and estimate of IV. I find it really hard to figure out how much it is reasonable to pay up for good businesses...

[Palantir]

If you're holding a heavily shorted stock, do you get interest payments if loaned out?