SI2020

[SI2020 @SI20209]

@StockpickingA Thanks. Well agree if they can become profitable but not sure they will

[SI2020 @SI20209]

@TimyanBankAlert Do these banks have a name?

[SI2020 @SI20209]

@valuedontlie Wow. Watch VSNT double if they don’t buy it, and halve if they do

[SI2020 @SI20209]

@Bkclaims Thanks for sharing. If I may steel your homework, which one do you like better and why? The Eugene Meyer book or Michael steinhardt?

[SI2020 @SI20209]

@Bkclaims Interesting and also funny article

[SI2020 @SI20209]

@Bkclaims Amazing, thank you. What about page 69 and 71?

[SI2020 @SI20209]

@FocusedCompound Italians love dilution almost as much as pasta, maybe not through stock based comp but through one-off restructurings every 3 years

[SI2020 @SI20209]

@ohcapideas On top of that a 14x IFRS EBITDA multiple usually translates to much more than a 14x GAAP EBITDA multiple since they capitalize so much over there

[SI2020 @SI20209]

@thewritser Not sure about that table. Looks like $7/share in YPF TBV and $3/share in non-YPF TBV

[SI2020 @SI20209]

@valuedontlie Oh interesting, what are your thoughts on CBIZ?

[SI2020 @SI20209]

@dirtcheapbanks What’s the conversion option?

[SI2020 @SI20209]

@AnxanumC @dirtcheapbanks What’s interesting about them?

[SI2020 @SI20209]

@MikeFritzell What was his point/thesis?

[SI2020 @SI20209]

@dirtcheapbanks Don’t get how that’s stupid. Yes a little less tax efficient, but you are getting 1x BV on the capital that is distributed while the thing trades at 0.3x. Considering liquidity constraints, they should probably do both, dividends and buybacks

[SI2020 @SI20209]

@valuedontlie Not sure you would want a conversion given the dilution to the dividend

[SI2020 @SI20209]

@RitzerAdam That is correct. Everything is always so easy in hindsight

[SI2020 @SI20209]

@thepupil11 I like how open minded you are. But this might be like buying $UDFI in 2014

[SI2020 @SI20209]

@SmallcapInv1 @finphysnerd Up 150% in one year counts as a response in my book

[SI2020 @SI20209]

@benbstwits I don’t get it. Was it mistake he continued to make (selling too early)? Or is he saying that he was wrong and that holding on can actually be a mistake?