Author Topic: SRG - Seritage Growth Properties  (Read 534264 times)

Spekulatius

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Re: SRG - Seritage Growth Properties
« Reply #510 on: March 03, 2018, 09:44:51 AM »
Coatailing is always dangerous ‘cause it makes the coatailer less suspicious. I’m a shareholder and I’m increasing my position at current prices, but I dont’t think this is a fast trade, it will take years for the underlying value to surface and it’s not sure thing!

Thanks, i am guilty. Thinking about it it is funny that i got lured into this "growth" investment just because Buffet is involved. I should just stick to my quant models, i feel much more comfortable there.

One rule in investing is to never coattail. It doesn’t matter who you coattail, but I have personally found that it never works.  Now, I use other investor buys as an idea generator, but I would never buy a stock that falls out of my own comfort zone, just because somebody else does.

I feel the rule to never ever coattail should be written in stone.

I might buy SRG at some point down the road, but I think I will get the same, if not a better rice than Buffet.
Life is too short for cheap beer and wine.


DanielGMask

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Re: SRG - Seritage Growth Properties
« Reply #511 on: March 03, 2018, 04:40:11 PM »
Coatailing is always dangerous Ďcause it makes the coatailer less suspicious. Iím a shareholder and Iím increasing my position at current prices, but I dontít think this is a fast trade, it will take years for the underlying value to surface and itís not sure thing!

Thanks, i am guilty. Thinking about it it is funny that i got lured into this "growth" investment just because Buffet is involved. I should just stick to my quant models, i feel much more comfortable there.

One rule in investing is to never coattail. It doesnít matter who you coattail, but I have personally found that it never works.  Now, I use other investor buys as an idea generator, but I would never buy a stock that falls out of my own comfort zone, just because somebody else does.

I feel the rule to never ever coattail should be written in stone.

I might buy SRG at some point down the road, but I think I will get the same, if not a better rice than Buffet.

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You should follow me on twitter @ManSalceda

scorpioncapital

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Re: SRG - Seritage Growth Properties
« Reply #512 on: March 04, 2018, 01:36:14 AM »
I thought I saw what Buffett saw in SRG too, and I still do. However now I suspect it's more of a roller coaster ride q to q...likewise, probably slower pace than expected. I remember he said at the annual he thought SRG would do just fine, but BRK would do even better. Of course this doesn't take purchase price into consideration and today at $36 I think it may be roughly equal to his purchase price 2 years ago. Guess he's a patient guy :)

beaufort

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Re: SRG - Seritage Growth Properties
« Reply #513 on: March 06, 2018, 12:49:44 PM »
Berkowitz controlled in his 3 funds as of Nov 30, 2017 according to his report dated Feb 1, 2018:
1.  Fairholme 2185,580;
2.  Income fund 568,000;
3.  Allocation fund 687,318.

Has anyone done a count on how many shares he's disposed of since the above date?

Foreign Tuffett

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Re: SRG - Seritage Growth Properties
« Reply #514 on: March 08, 2018, 03:26:36 PM »
Does anyone have the most recent Boenning & Scattergood report on SRG? Barring that, a summary of its contents would also be much appreciated.
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Sunrider

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Re: SRG - Seritage Growth Properties
« Reply #515 on: March 08, 2018, 11:16:47 PM »
Does anyone have the most recent Boenning & Scattergood report on SRG? Barring that, a summary of its contents would also be much appreciated.

.. would also appreciate a copy via PM.
Thanks!

beaufort

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Re: SRG - Seritage Growth Properties
« Reply #516 on: March 09, 2018, 07:28:24 AM »
Does anyone have the most recent Boenning & Scattergood report on SRG? Barring that, a summary of its contents would also be much appreciated.

.. would also appreciate a copy via PM.
Thanks!

I would also like a copy.

forest81

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Re: SRG - Seritage Growth Properties
« Reply #517 on: March 09, 2018, 08:48:31 AM »
Small position here. Thinking of making it a large position. I am not sure I get why the market is in such a flap about this. I mean essentially the story is still the same $4 square foot into $17. It may take ten years but then it will be a treble roughly dependent on valuation. I think maybe Berkowitz forced liquidation maybe forcing the price down creating an attractive price? The only thing that concerns me is potential dilution to raise funds for the redevelopment. Surely they could raise funds from somewhere else other than diluting????

Spekulatius

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Re: SRG - Seritage Growth Properties
« Reply #518 on: March 09, 2018, 09:57:37 AM »
The path to get to. $17/Sqft is tougher than initially thought , but more importantly cap rates appear to be dropping due to retail malaise and higher interest rates. I donít really have a hard time envisioning cap rates of 8% for B-malls, which is essentially what you are getting when buying KIM right now.

Many will question the need to take on development risk like with SRG, when you can buy fully developed properties cheap as well.
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CorpRaider

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Re: SRG - Seritage Growth Properties
« Reply #519 on: March 09, 2018, 10:38:10 AM »
Looking at Kim too?  Did you catch that Patrick O-Shag-Hennessy podcast with those Sorin Capital dudes?   
« Last Edit: March 09, 2018, 11:15:00 AM by CorpRaider »