SR Ranch

[SR Ranch @AlexDeCamp1]

@tifftastic369 Near Monument, Colorado, looking west. 5 and 5:30 pm on December 2nd.

[SR Ranch @AlexDeCamp1]

Colorado Front Range near Monument 5 and 5:30 pm on December 2nd.

[SR Ranch @AlexDeCamp1]

@BillBrewsterTBB In which conflict did he get to work with them?

[SR Ranch @AlexDeCamp1]

@MuntasirArin Thanks Muntasir. Can you elaborate on the undervalued piece?

[SR Ranch @AlexDeCamp1]

Doing some homework today for a $PTON short. What are the top three bull arguments?

[SR Ranch @AlexDeCamp1]

@bkclaims What is your price point? Are you looking to develop raw land?

[SR Ranch @AlexDeCamp1]

@hkuppy @Keubiko @sadvalueinvestr Take it up to room 21; down the hall with my vampire girlfriend…

[SR Ranch @AlexDeCamp1]

@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?

[SR Ranch @AlexDeCamp1]

@chrisvirnig @bkclaims Chris, it sounds like you’re long Aztec. What is the BLUF on your investment thesis?

[SR Ranch @AlexDeCamp1]

@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

[SR Ranch @AlexDeCamp1]

@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.

[SR Ranch @AlexDeCamp1]

@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

[SR Ranch @AlexDeCamp1]

@bkclaims Do you need an attorney or a bail bondsman?

[SR Ranch @AlexDeCamp1]

@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…

[SR Ranch @AlexDeCamp1]

I am Idi Amin. Which murderous villain are you? https://t.co/DumqJcn7nv via @idr_labs

[SR Ranch @AlexDeCamp1]

@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.

[SR Ranch @AlexDeCamp1]

@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.