OdysseyRe Receives Acquisition Proposal from Fairfax
ORH is up to $63 as per the close today. The proposal is for $60. I believe it will go through at around $65, however we are selling the position tomorrow at the open. This will represent a gain of 28% in a couple of months.
This money will be invested in current positions soon.
Tuesday, September 8, 2009
Tuesday, August 25, 2009
Add to Several Positions
Aug 24, 2009 Buy FUR 5,000 $9.6347 $48,173.41
Aug 21, 2009 Buy ORH 2,000 $49.1926 $98,385.20
Aug 21, 2009 Buy MCF 1,500 $46.3308 $69,496.13
Aug 21, 2009 Buy FFH 100 $338.04 $33,804.00
The portfolio now consists of the following stocks
Aug 21, 2009 Buy ORH 2,000 $49.1926 $98,385.20
Aug 21, 2009 Buy MCF 1,500 $46.3308 $69,496.13
Aug 21, 2009 Buy FFH 100 $338.04 $33,804.00
The portfolio now consists of the following stocks
Symbol/Price/Shares/Market Value/% of Portfolio
FFH click me $340.89 380 $129,538.20 10.07%
MCF click me $46.99 2,700 $126,873.00 9.86%
FUR click me $9.77 10,860 $106,102.20 8.24%
ORH click me $49.93 2,000 $99,860.00 7.76%
BRK.B click me $3,340.00 25 $83,500.00 6.49%
KTII click me $82.80 840 $69,552.00 5.40%
GDX click me $39.48 1,700 $67,116.00 5.22%
WAT click me $52.16 1,100 $57,376.00 4.46%
FFH click me $340.89 380 $129,538.20 10.07%
MCF click me $46.99 2,700 $126,873.00 9.86%
FUR click me $9.77 10,860 $106,102.20 8.24%
ORH click me $49.93 2,000 $99,860.00 7.76%
BRK.B click me $3,340.00 25 $83,500.00 6.49%
KTII click me $82.80 840 $69,552.00 5.40%
GDX click me $39.48 1,700 $67,116.00 5.22%
WAT click me $52.16 1,100 $57,376.00 4.46%
Cash $546,000 42.5%
Articles to Read 8/25/09
1. Luxury Hotel Chains Dropping Five-Star Ratings to Conserve Cash
Occupancy rates for luxury hotels worldwide fell to 57 percent in the year through July from 71 percent in the same period a year earlier, a bigger drop than for other types of accommodation, according to Smith Travel Research.
The average daily room rates at the most luxurious hotels around the world dropped 16 percent to $245.13, the Tennessee- based hotel-data company estimates. Prices for mid-range hotels fell about 13 percent to $87.12.
“If a five-star hotel was downgraded to a four star, most people would be just as happy.”
2. Burger King Says Profit Rose 16%, Beating Estimates
3. Lowe’s Bets on Australia Home Starts With Woolworths
“We can improve the pricing, product range and experience for customers,” Woolworths Chief Executive Officer Michael Luscombe said in the statement. “At the moment, the sector is dominated by one major big box player so there is a real opportunity for increased competition.”
4. Medtronic Profit Falls on Costs From Legal Settlement
The company reaffirmed its earnings per share guidance for fiscal year 2010 of $3.10 to $3.20 when certain costs were excluded. It said it still expects sales to increase 5 percent to 8 percent in fiscal 2010
Medtronic fell 41 cents, or 1.1 percent, to $37.59, at 10:33 a.m. in New York Stock Exchange composite trading. The shares had declined 33 percent in the 12 months before today.
-MDT is trading for around 12X earnings. This seems cheap for such a high growth, wide moat company.
-A must read article on the winners of the recession
Occupancy rates for luxury hotels worldwide fell to 57 percent in the year through July from 71 percent in the same period a year earlier, a bigger drop than for other types of accommodation, according to Smith Travel Research.
The average daily room rates at the most luxurious hotels around the world dropped 16 percent to $245.13, the Tennessee- based hotel-data company estimates. Prices for mid-range hotels fell about 13 percent to $87.12.
“If a five-star hotel was downgraded to a four star, most people would be just as happy.”
2. Burger King Says Profit Rose 16%, Beating Estimates
3. Lowe’s Bets on Australia Home Starts With Woolworths
“We can improve the pricing, product range and experience for customers,” Woolworths Chief Executive Officer Michael Luscombe said in the statement. “At the moment, the sector is dominated by one major big box player so there is a real opportunity for increased competition.”
4. Medtronic Profit Falls on Costs From Legal Settlement
The company reaffirmed its earnings per share guidance for fiscal year 2010 of $3.10 to $3.20 when certain costs were excluded. It said it still expects sales to increase 5 percent to 8 percent in fiscal 2010
Medtronic fell 41 cents, or 1.1 percent, to $37.59, at 10:33 a.m. in New York Stock Exchange composite trading. The shares had declined 33 percent in the 12 months before today.
-MDT is trading for around 12X earnings. This seems cheap for such a high growth, wide moat company.
-A must read article on the winners of the recession
Monday, August 24, 2009
Articles to Read 8/24/09
1. Goldman's Trading Tips Reward Its Biggest Clients
For comments on this article by ZeroHedge Blog click here
2. Shipping-Cost Index Drops
Some 1,000 dry bulk ships are expected to be launched this year, and another 1,000 are due in 2010, said Amrita Sen, a London-based analyst at Barclays Capital. In the past five years, the average has been 300 new ships.
In Rotterdam, Europe's largest port by volume handled, the volume of iron ore, also called throughput, was down 76% in the second quarter from a year earlier. Iron-ore throughput at Antwerp, Europe's second-largest port, collapsed 97% in the second quarter from a year earlier.
-Not good news for any dry bulk shipping stocks such as DRYS, SSW, or 1919.HK (China Cosco)
3. Bulls of March Look Set to Trade In Their Horns
Now, the chairman of Boston asset-management firm GMO and his colleagues say the S&P 500 has zoomed right past what they consider fair value of about 880, based on earnings estimates and historical price-to-earnings ratios.
Though he now suggests the market could be due for a pause after its breakneck rally, Mr. Darda says he believes the economic recovery will be more robust than most investors expect, driving the S&P 500 to 1200 or 1300 next year.
Like Mr. Grantham, Mr. Catalano now thinks stocks are slightly overvalued. He thinks the S&P's fair value is closer to 945, based on earnings estimates and traditional P/E ratios, and could retreat to that point, or lower, in a hurry, possibly as soon as autumn.
For comments on this article by ZeroHedge Blog click here
2. Shipping-Cost Index Drops
Some 1,000 dry bulk ships are expected to be launched this year, and another 1,000 are due in 2010, said Amrita Sen, a London-based analyst at Barclays Capital. In the past five years, the average has been 300 new ships.
In Rotterdam, Europe's largest port by volume handled, the volume of iron ore, also called throughput, was down 76% in the second quarter from a year earlier. Iron-ore throughput at Antwerp, Europe's second-largest port, collapsed 97% in the second quarter from a year earlier.
-Not good news for any dry bulk shipping stocks such as DRYS, SSW, or 1919.HK (China Cosco)
3. Bulls of March Look Set to Trade In Their Horns
Now, the chairman of Boston asset-management firm GMO and his colleagues say the S&P 500 has zoomed right past what they consider fair value of about 880, based on earnings estimates and historical price-to-earnings ratios.
Though he now suggests the market could be due for a pause after its breakneck rally, Mr. Darda says he believes the economic recovery will be more robust than most investors expect, driving the S&P 500 to 1200 or 1300 next year.
Like Mr. Grantham, Mr. Catalano now thinks stocks are slightly overvalued. He thinks the S&P's fair value is closer to 945, based on earnings estimates and traditional P/E ratios, and could retreat to that point, or lower, in a hurry, possibly as soon as autumn.
Friday, August 21, 2009
Articles to Read 8/21/09
1. Reader’s Digest Bankruptcy Derails Collins’s Media Ambitions
2. More Single-Hull Supertankers May Be Scrapped, Supporting Rates
“Any significant increase in tanker scrapping could put the brakes on asset values from dropping still further and may have a positive effect on market rates,” Gibsons said.
3. Window Closing on Talent Exodus From Banks, GFI’s Gooch Says
“For a company like ours to very successfully change our business mix so that we reemphasized cash corporate fixed-income and made up for what we were effectively losing in credit derivatives, that was a very short window of opportunity,” Gooch said. “Now you’re hearing about signing bonuses and guarantees again for corporate fixed-income traders and salespeople. It’s been a very rapid change of fortune.”
-Gooch has been a heavy buyer of GFIG stock under $3, however these purchases were small compared to his overall stake in the firm of 44%.
4. Dr Pepper Snapple CEO in ‘Catbird Seat’ Before PepsiCo Talks
2. More Single-Hull Supertankers May Be Scrapped, Supporting Rates
“Any significant increase in tanker scrapping could put the brakes on asset values from dropping still further and may have a positive effect on market rates,” Gibsons said.
3. Window Closing on Talent Exodus From Banks, GFI’s Gooch Says
“For a company like ours to very successfully change our business mix so that we reemphasized cash corporate fixed-income and made up for what we were effectively losing in credit derivatives, that was a very short window of opportunity,” Gooch said. “Now you’re hearing about signing bonuses and guarantees again for corporate fixed-income traders and salespeople. It’s been a very rapid change of fortune.”
-Gooch has been a heavy buyer of GFIG stock under $3, however these purchases were small compared to his overall stake in the firm of 44%.
4. Dr Pepper Snapple CEO in ‘Catbird Seat’ Before PepsiCo Talks
Thursday, August 20, 2009
Articles to Read 8/20/09
1. Sears Shares Drop as Recession Drags Down Sales
Sales at U.S. Sears stores open at least 12 months declined 13 percent as consumers bought fewer washers, dryers and refrigerators and clothing, the Hoffman Estates, Illinois-based company said today in a statement. Same-store sales at Kmart fell 3.9 percent.
2. Five-Star Hotel Rates to Drop, Hotwire’s Bason Says
Average U.S. daily hotel rates fell 8.7 percent to $98.66 in the first half of the year from a year earlier, while occupancy tumbled 11 percent to 54.6 percent, according to data compiled by Smith Travel Research Inc.
3. Stanley Ho Shows He Makes Macau Money Vegas Men Can’t Replicate
Las Vegas Sands and Wynn got more than 60 percent of their revenue from Macau last year.
In the first six months of 2009, Las Vegas Strip casino revenue fell 15 percent -- adding to what had been a record 11 percent decline in 2008. Macau’s gambling revenue dropped 10 percent in the first seven months of this year in part because of the visa restrictions. Atlantic City’s revenue was down 15 percent in that period.
Sales at U.S. Sears stores open at least 12 months declined 13 percent as consumers bought fewer washers, dryers and refrigerators and clothing, the Hoffman Estates, Illinois-based company said today in a statement. Same-store sales at Kmart fell 3.9 percent.
2. Five-Star Hotel Rates to Drop, Hotwire’s Bason Says
Average U.S. daily hotel rates fell 8.7 percent to $98.66 in the first half of the year from a year earlier, while occupancy tumbled 11 percent to 54.6 percent, according to data compiled by Smith Travel Research Inc.
3. Stanley Ho Shows He Makes Macau Money Vegas Men Can’t Replicate
Las Vegas Sands and Wynn got more than 60 percent of their revenue from Macau last year.
In the first six months of 2009, Las Vegas Strip casino revenue fell 15 percent -- adding to what had been a record 11 percent decline in 2008. Macau’s gambling revenue dropped 10 percent in the first seven months of this year in part because of the visa restrictions. Atlantic City’s revenue was down 15 percent in that period.
Wednesday, August 19, 2009
Articles to Read 8/19/09
1. Tishman Faces Office Downturn
The Speyers point out that their firm has made more than 20% annual returns on investments since its inception three decades ago, and currently has more than $2 billion of liquidity to invest in new deals.
2. Private Equity Holds Its Cash ...And Waits
IFSL's research showed the private-equity industry manages $2.5 trillion in funds, a 15% increase from the 2007 figure, which IFSL said was because of strong fund raising in the first half of last year. Funds available for investment totaled $1 trillion, about 40% of total assets under management.
3. KKR Affiliate Sees Value Increase
"We characterize the current environment as one of stabilization," said firm co-founder Henry Kravis on an earnings call Tuesday. "Capital markets have calmed, liquidity has improved, but, as a general rule, businesses continue to drive earnings growth more through cost reductions than earnings growth."
KKR's assets have fallen from $60.8 billion a year ago to $50.8 billion today, a reflection largely of depleted values across the firm's portfolio. KPE closed Tuesday at $8.38, up 29 cents. That price is a sharp discount to its $14.66 net asset value, indicating shareholders are still skeptical of the valuations of KPE's assets.
4. Lincoln Sells Fund Unit to Macquarie in Post-TARP Cash Raiser
Lincoln National Corp., the insurer that took a $950 million U.S. bailout, agreed to sell its asset management unit to Macquarie Group Ltd. for $428 million as the firm positions itself to repay a portion of the federal funds.
Delaware, founded in 1929, has more than $125 billion assets under management and provides investment services to retail and institutional investors, Macquarie said in a statement. The combined assets under management of Macquarie and Philadelphia-based Delaware are expected to be over $300 billion once the purchase is completed.
-So LNC sold its Delaware asset management business to Macquarie for .34% of AUM. While we do not know the debt being assumed by Macquarie, this looks like a distressed purchase at a very cheap price.
5. Contango Apparent High Bidder at Western Gulf of Mexico Lease Sale No. 210 and Updates Operations
Since the Company first announced its $100 million share repurchase program in September 2008, we have purchased 1,224,354 shares of our common stock at an average cost per share of $42.30, for a total expenditure of approximately $51.8 million. Our fully diluted share count now stands at 16.5 million shares.”
“With the natural gas futures market trading at a seven year low, it is no surprise that this year’s Western Gulf of Mexico Lease Sale attracted half the bidders on half the number of blocks and half the dollar value of bids, as last year. This is really good new
-We continue to hold MCF and plan to increase the position greatly in the near future.
5. U.S. Gets $115 Million for Offshore Oil, Gas Leases
Today’s sale was a fraction of a March 19, 2008, sale that generated $3.7 billion for the Interior Department.
The U.S. Gulf of Mexico produced 1.2 million barrels of oil a day in 2008, about 24 percent of the nation’s total production, according to government estimates. Gulf drilling produced 21 trillion cubic feet of natural gas, about 11 percent of the U.S. total for last year.
The Speyers point out that their firm has made more than 20% annual returns on investments since its inception three decades ago, and currently has more than $2 billion of liquidity to invest in new deals.
2. Private Equity Holds Its Cash ...And Waits
IFSL's research showed the private-equity industry manages $2.5 trillion in funds, a 15% increase from the 2007 figure, which IFSL said was because of strong fund raising in the first half of last year. Funds available for investment totaled $1 trillion, about 40% of total assets under management.
3. KKR Affiliate Sees Value Increase
"We characterize the current environment as one of stabilization," said firm co-founder Henry Kravis on an earnings call Tuesday. "Capital markets have calmed, liquidity has improved, but, as a general rule, businesses continue to drive earnings growth more through cost reductions than earnings growth."
KKR's assets have fallen from $60.8 billion a year ago to $50.8 billion today, a reflection largely of depleted values across the firm's portfolio. KPE closed Tuesday at $8.38, up 29 cents. That price is a sharp discount to its $14.66 net asset value, indicating shareholders are still skeptical of the valuations of KPE's assets.
4. Lincoln Sells Fund Unit to Macquarie in Post-TARP Cash Raiser
Lincoln National Corp., the insurer that took a $950 million U.S. bailout, agreed to sell its asset management unit to Macquarie Group Ltd. for $428 million as the firm positions itself to repay a portion of the federal funds.
Delaware, founded in 1929, has more than $125 billion assets under management and provides investment services to retail and institutional investors, Macquarie said in a statement. The combined assets under management of Macquarie and Philadelphia-based Delaware are expected to be over $300 billion once the purchase is completed.
-So LNC sold its Delaware asset management business to Macquarie for .34% of AUM. While we do not know the debt being assumed by Macquarie, this looks like a distressed purchase at a very cheap price.
5. Contango Apparent High Bidder at Western Gulf of Mexico Lease Sale No. 210 and Updates Operations
Since the Company first announced its $100 million share repurchase program in September 2008, we have purchased 1,224,354 shares of our common stock at an average cost per share of $42.30, for a total expenditure of approximately $51.8 million. Our fully diluted share count now stands at 16.5 million shares.”
“With the natural gas futures market trading at a seven year low, it is no surprise that this year’s Western Gulf of Mexico Lease Sale attracted half the bidders on half the number of blocks and half the dollar value of bids, as last year. This is really good new
-We continue to hold MCF and plan to increase the position greatly in the near future.
5. U.S. Gets $115 Million for Offshore Oil, Gas Leases
Today’s sale was a fraction of a March 19, 2008, sale that generated $3.7 billion for the Interior Department.
The U.S. Gulf of Mexico produced 1.2 million barrels of oil a day in 2008, about 24 percent of the nation’s total production, according to government estimates. Gulf drilling produced 21 trillion cubic feet of natural gas, about 11 percent of the U.S. total for last year.
Subscribe to:
Posts (Atom)
