Sony’s top-grossing movies: http://www.the-numbers.com/market/distributor/Sony-Pictures If you take out the three Spider-Man movies, Sony Pictures looks lackluster and I think they already milked as much as they could out of the franchise. What hit is going to replace it? And I haven’t looked at the music business, but that’s definitely in worse shape. Sony hasn’t had […]
Today I bought Jan 2014 $40 puts on TSLA for $2.35. I put about 1% of capital behind the trade. For various reasons you can find online, I think the fundamental case is really strong. It’s just that the market has hit an extreme. This is like Netflix at $200. A crash is more likely […]
Andy Beal is a smart guy. Here’s his Wikipedia page: http://en.wikipedia.org/wiki/Andrew_Beal Beal started his own bank and bought up distressed assets, usually at the bottom of the business cycle. He’s made a lot of money doing so. WTF is a numbers theorist? Apparently Beal is a really good poker player, too. Unfortunately for him he […]
May 2 was a great day for us. Imperial announced that it secured a 15-year $300 million line of credit from Andy Beal. (I owe you a drink, Andy!) The stock went up 40% that day. Today at $6.08 per share–a $129 million market cap–the stock is still tremendously mispriced. I’m going to explain this […]
Video Good to hear investors talk about the good old days and clearly identify where they had a competitive advantage. James Dinan had a guy at the SEC reference room who would fax over filings a day before most people had access to them. Today that informational edge is gone thanks to EDGAR. “Today, quite […]
Fascinating article on the Texas Hold ‘Em craze: http://mises.org/daily/6361/Monetary-Origins-of-the-Poker-Bubble It’s really cool to watch how humans get interested in fads and then watch all the interest disappear. That the poker bubble occurred during the housing bubble makes me think that human folly tends to happen all at once, when animal spirits are high. Where are […]
Soros was out on Bloomberg TV saying that fund managers and their investors are too volatility-averse to deliver good performance. “Outperforming the market with low volatility on a consistent basis is an impossibility,” Soros said. “I outperformed the market for 30-odd years, but not with low volatility.” This is coming from a guy who told […]
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