Charter Oak Capital

[Charter Oak Capital @Charteroakcap]

@_nishankj I disagree. The value is the scaffolding around the model

[Charter Oak Capital @Charteroakcap]

@BennieGThompson Foolish idiot

[Charter Oak Capital @Charteroakcap]

@garrytan How is this different than simply using obsidian wiki?

[Charter Oak Capital @Charteroakcap]

@signulll Raise your standards. There are not beautiful people everywhere in nyc!

[Dirt Cheap Banks @dirtcheapbanks]

You don't understand. Nobody understands. I'm at a wedding last weekend and the groom's father asks me what I do and I say I invest in community banks and his eyes glaze over before I finish the sentence and I keep talking anyway. I tell him about a thrift in central Pennsylvania trading at 0.7x tangible book with a 12% Tier 1 ratio. He's looking for an exit. There is no exit. I have driven 400 miles to attend a shareholder meeting in a town with one stoplight to ask the CEO why their efficiency ratio went up 80 basis points. The answer was "we replaced the HVAC." I wrote it in a notebook. I have a notebook. I subscribe to three regional newspapers because that's where the small-bank M&A leaks first. My Google Alerts include "deposit franchise," "succession plan," and the name of every chairman over 72 in the FDIC database. I have not met a banker under 60. They all wear the same brown shoes. They all drive the same car. They all have a son named Greg who doesn't want to take over. Greg is why I'm rich. Last year I made 31% on a Texas community bank that got bought by a slightly larger Texas community bank and the local paper wrote three paragraphs about it and I framed the article. It is in my office. Next to a photo of my wife. She is closer to the door.

[Charter Oak Capital @Charteroakcap]

@CathPoaster Wrong path for the majority. Find something you are actually interested in, use AI to scale it

[Charter Oak Capital @Charteroakcap]

@blc_16 @AnthropicAI Lmao corgi hilarious

[Charter Oak Capital @Charteroakcap]

@blc_16 @AnthropicAI Lmfao manhattan project

[Southern Mama @SouthernMB82]

Now that I’m in my early 40s, I have seen this type of situation play out over time. There have been more than a few instances in which the couple divorced. The man married a younger woman and immediately had children. The women my age have been left alone with bitter hearts. In all but a few cases, these women have turned to political activism and animal rescue organizations to fill the void. It’s really sad to watch.

[Noah Ryan @NoahRyanCo]

There are very few true luxury experiences anymore. Most are just hyper-commoditized slop in an uncanny wrapper. Lounges, clubs, restaurants, hotels, travel. Its all one big racket. The only reason these exist is because the most insecure person you know still buys into the fake status these services conjure.

Cheap and authentic is better than faux luxury.

[Charter Oak Capital @Charteroakcap]

@DarioCpx Lmfao ok

[Charter Oak Capital @Charteroakcap]

@SenWarren Idiot. Spirit couldn’t handle the volatility, which showed they needed to merge; this why they went bankrupt twice. And you can’t see it. What an idiot.

[Dirt Cheap Banks @dirtcheapbanks]

The CEO of a $90 million market cap community bank in rural Indiana has not opened his email since 2017. His secretary, who has worked there since 1991, prints the important ones and puts them in a manila folder on his desk. He goes through the folder once a week, on Friday afternoons, with a red pen.

If he writes “OK” on it, she replies. If he writes nothing, she does not. If he writes “ask Carl,” she calls Carl, who is the EVP of lending, who does not have email either, but who has a flip phone that he answers on the second ring, always, except during the high school football game on Friday nights, during which the bank, as a matter of unspoken policy, does not exist.

The bank has $340 million in deposits, a 12% return on equity, no charge-offs in nine years, and trades at 0.79x tangible book value.

An investor relations consultant from Chicago flew out in 2019 to pitch them on building a website. They listened politely. They served him coffee. They did not build the website. The consultant is now divorced and works at a Chipotle.

The bank is going to be acquired in 2027 at 1.8x book by a regional that has spent four years trying to figure out how to even contact them, and which finally, in desperation, sent a letter, by mail, addressed to the CEO, who opened it, in his office, with a letter opener his father used, and who wrote on the bottom of the letter, in red pen, “OK,” and handed it to his secretary, and the deal closed six months later for $164 million in cash, and the secretary retired the following spring, and Carl bought a boat.

[Dirt Cheap Banks @dirtcheapbanks]

My wife left me in the spring of the year I bought my seventh community bank. She said I had become unreachable. She was correct. I had spent the previous eleven months reading 20-year charge-off histories for a $62 million market cap bank in eastern Tennessee and I had, in a literal sense, stopped hearing her when she spoke.

I was not ignoring her. I was underwriting. There is a difference, but it is not a difference that matters to the person on the other side of it. She took the dog. She took the good couch. She left the filing cabinet, which contained, among other things, 14 years of annual reports from banks in towns she had never heard of and would never visit.

I sat on the bad couch for a long time. Then I got up and I kept buying the banks. The Tennessee bank was acquired 31 months later at 1.8x tangible book. The return paid for the divorce and the couch and a down payment on a house I live in alone.

I do not recommend this life. I am describing it, not prescribing it. But I will tell you that the banks never left. The banks paid their dividends every quarter, on time, for 14 years, through two recessions and one pandemic and one divorce, and the banks are still here, and the banks will be here when I am not, and there is a version of fidelity in that which I have stopped trying to explain to anyone who has not felt it.

[Charter Oak Capital @Charteroakcap]

@ick_real Gertrude Grace Belle

[Charter Oak Capital @Charteroakcap]

@MurrayHillGuy1 Sorry your job sucks bro. Sorry your job sucks and u live in shitty apartment bro

[Dillon Freed @dillonfreed]

You know what going out in NYC every weekend is like? It's groundhog's day. Every party is the same, every lounge, every club every bar, nearly every conversation. Even a lot of the art and music is just lame repeats. You trick yourself into thinking that you are really living and being "free" (YOLO!), but you are actually in an eternal re-run.

And no one really grows, you have fake friends, superficial connections, and tedious interactions with banal, repressed intellectuals or overexcitable, emotionally unhinged morons. If you are really shallow, you might have some "thrilling" dalliances with trash. What a life lol.

[Shaun @ShaunQ62]

@SahilBloom Honestly unless you are a raging alcoholic that needs to go to a club/bar 2-3x a week, almost everything you can do with well behaved kids but it's more fun sharing with them. You also have family to babysit on a date night once a month to go to a trendy bar/restaurant if desired

[Charter Oak Capital @Charteroakcap]

@michaeljburry Wow

[Charter Oak Capital @Charteroakcap]

@elerianm Bonds barely moving