@bkclaims Thomas, I use at least three criteria evaluating a land company: 1) what is the unlockable/mispriced catalyst 2) what is the ratio between land value and liquidation timeline 3) what additional factors are driving mispricing
TPL had a big run due to 1 and 3. What do you think?
@chrisvirnig@bkclaims My favorite land-tier 1: BVERS, ALCO
Bucket 2: CAOX, KEWL, MLP
Bucket 3: AZLCZ, WRLC
I have left some out- I am interested in an inflection catalyst if I’m going to pull the trigger on an investment
@chrisvirnig@bkclaims Either they have to piecemeal develop or they can liquidate quickly. This will be reflected in the sales price of their parcels. I have been following them since 2011 and they move slow. It may workout but I don’t want to tie up my capital for years.
@chrisvirnig@bkclaims The time value of liquidating the land toward the $500ish per acre comps is priced in. The CEO is (very) well-compensated for what he does. I had entertained thoughts of organizing an activist push, but it just always gets put in the ‘meh’ pile. A closer comp than TPL may be AXR
@mikk2k2@PeterGWall My first thought was DMG also. Peter said the Terra Pool was moving along but not the priority. So perhaps something else with DMG? Put another RNS on the calendar this year…
@ArgoBlockchain@PeterGWall Well Peter, we know you are not a fan of banks, but can you share how you intend to profit from Argo’s Hodl? When are you going to partner with Kraken to collateralize Argo’s BTC? We can get a first-mover advantage by getting our terms. That‘s when the big bucks start rolling in.
@lolmcshizz@ArgoBlockchain@PeterGWall Yes, you are absolutely right. I had forgotten about that in my pre-coffee fugue. As shareholders, we wouldn’t necessarily mind debt issued after we own shares.
I am working on a capital allocation strategy for miners. Let me know if you’d like me to share.