Sold My NZME

September 14, 2017 11:20 PM


Back in February, I wrote about NZME LTD (NZM – Australia), the dominant and highly undervalued media group in New Zealand. At the time, I said that “results will probably range between meh and bleh…,” which is what first half 2017 results showed—declining revenue and stable EBIT. While the stock is certainly cheap at about five times cash flow and an 11.5% dividend yield, NZM was always a place-holder for me until something better came along. I’m increasingly finding better opportunities that c... more

Categories: Current Investments
Positions Mentioned: none
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Mall Tour 2017 (Part III)

August 27, 2017 10:40 PM


Ever since the first Sears catalog was published in 1888 (the Amazon.com of its day), pundits have called for the death of retail establishments. It’s easy to see why they would think that such a thing was happening—namely stores around them were closing in rapid succession. Of course, these successive waves of retail disruption (the appearance of Woolworth’s, SS Kresge, K-Mart, Wal-Mart, the advent of malls, big box stores, the birth of suburbia, online shopping, etc.) have occurred and only se... more

Categories: Travels
Positions Mentioned: none
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Cheaper & Less Risky...

August 13, 2017 9:13 PM


Part of what makes the stock market so lucrative, is that it often responds in unexpected ways to new data—offering outsized profits to those that take advantage of these opportunities. Take the curious case of Aimia Inc (AIM – Canada) which I wrote about previously. The bear argument at the time, was that the Aeroplan business was permanently impaired by the pending termination of a partnership with Air Canada in 2020. At the time, I made the case that as long as the Aeroplan business did not h... more

Categories: Current Investments
Positions Mentioned: AIM CN
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That Was SNAPtacular...

August 3, 2017 10:25 AM


Less than a month ago, I warned of SNAPageddon in SNAP Inc. (SNAP – USA) as venture capital shares unlocked and were dumped on the market. Shares of SNAP have now declined by approximately 30% since then—hence my puts increased in value by a few hundred percent.  While I expect earnings next week to be abysmal, followed by more share unlocks, I’m cognizant of not being greedy after a few hundred percent gain in such a quick period of time. I’m ringing the register here and exiting the trade.On a... more

Categories: Current Investments
Positions Mentioned: none
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Who's long Greece?

July 22, 2017 7:34 AM


My good friend Chris, over at Capitalist Exploits has a new service named Insider Trade Alert. Needless to say, I’m a big fan. The strategy is a focus on “asymmetric risk/return scenarios” in un-followed and un-loved securities. When was the last time you even thought of Korean ship builders? When was the last time you thought that long-dated call premiums on European insurance stocks that will be leveraged to an increase in interest rates—or at least a return from negative interest rates, w... more

Categories: General
Positions Mentioned: none
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