Posted On May 18, 2021
It's crazy how fast things can change in any part of the corporate landscape once the right dominoe falls. Last week, basically every major media and telecom company was presenting at Moffettnathanson's conference. I follow the media and telecom space pretty closely for reasons that are very obvious to longtime blog readers (my largest positions […]
Posted On May 6, 2021
I love writing this blog. There are tons of great things about writing a free blog that is read by literally dozens of value investors, but the best thing about writing a blog without any oversight or editor or agenda is that I can write about whatever is obsessing me at the moment (though the […]
Posted On April 20, 2021
At the beginning of the year, Comscore (SCOR) announced a "strategic investment" from Charter, Qurate, and Cerberus ("the buyers"). The buyers bought $204m in convertible preferred stock, and in exchange Comscore got cash to pay off basically all of their debt as well as an agreement with Charter (and Comcast!) for "long-term data rights to […]
Posted On March 25, 2021
A few weeks ago, I said the tide was turning in SPAC-land. This week, I think it's safe to say that the tide has completely gone out on SPACs. A few weeks ago, an average SPAC merger announcement would result in a 10% pop. A good SPAC merger announcement (a good deal by a good […]
Posted On March 16, 2021
This post is another in a series I do on an irregular basis. A “quickie” idea is an investment specific idea that I’ve been mulling over and find interesting, but haven’t dove fully into yet. The hope is to provide the jumping off point for a discussion of an idea I find extremely interesting right now, as […]
Posted On March 15, 2021
Something weird is happening in media stocks. Legacy cable channel / media stocks have seen their stocks go on an absolute tear so far this year, while streaming "winners" have been left behind. Year to date, AMC Networks, ViacomCBS, and Discovery have all more than doubled, while DIS is up slightly and NFLX is actually […]
Posted On March 9, 2021
One of my predictions for 2021 was that cruise line stocks would perform poorly as the year went along (see #7). My thinking was pretty simple: on an EV basis, cruise lines were already trading at valuations in line with their pre-pandemic levels. They were still going to be burning hundreds of millions a month […]
Posted On February 26, 2021
Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later […]
Posted On February 24, 2021
This is the fourth (and hopefully final!) piece I'm writing on PSTH. It should be read in conjunction with yesterday's "framing the opportunity" piece; however, my two prior posts (December's curios case of PSTH options and early Feb's implied vol / SPACsanity) are worth revisiting as well. Why am I spending so much time and […]
Posted On February 22, 2021
I wanted to build out the PSTH thesis laid out in my two public posts a little further (ok, a lot further), because I think the risk/reward on the PSTH options is absolutely outrageous. My bottom line is nothing has changed from my two initial posts; I’m hugely bullish on the set up. In fact, […]
