rebv

I'm nobody & have nothing to sell.
Blog simply functions as diary of investing thots/ideas I think are interesting. Tweets are filler as I watch 90 Day Fiance.

[rebv @rebv808]

$LB (LandBridge Co): An exchange trading floor in the Delaware basin

[rebv @rebv808]

Exchanges IMO... $CME $CBOE
Do lmk if I’m missing something major here.

[rebv @rebv808]

$CBOE, $CME, $HKXCY, $ICE, $JPXGY, $LNSTY, $NDAQ, $SPXCY
To invest in the index or in the exchanges that collect from traders of the index (and derivatives)?
Not all exchanges are created equal and we want not just alpha, but low corr. & positive asymmetry, else risk beta-riding.

[rebv @rebv808]

BTW, the "plus more" restrictions appear to nullify the most relevant ways that a BoD seat for $HKHC would benefit either them or $TPL shareholders.

[rebv @rebv808]

$HKHC has renewed rep. on $TPL BoD.
Other than the ability to vote their shares as they choose (and disclose their vote), which they were already able to do after Stahl's passing, they agreed to every prior restriction plus more.
https://t.co/GW6xUP7r72
https://t.co/sxxs4gE2ed

[rebv @rebv808]

$HKHC has renewed rep. on $TPL BoD.
Other than the ability to vote their shares as they choose (and disclose their vote), which they were already able to do after Stahl's passing, they agreed to every prior restriction plus more.
https://t.co/GW6xUP7r72
https://t.co/sxxs4gE2ed

[rebv @rebv808]

https://t.co/gbkSgFz9Ux

[rebv @rebv808]

$AGYS $CASS $CCLD $CLBT $ROP $TBTC
After taking a beating YTD on so-called “SaaSpocalypse” fears, thot it would be interestng to pick thru the software rubble for any babies thrown out too harshly w/ the bath water & those that may be least affected by or even beneficiaries of AI

[rebv @rebv808]

@CovfefeAnon https://t.co/hmgeYAlqCN

[rebv @rebv808]

Many such cases

[rebv @rebv808]

https://t.co/SLfe5zyBRX

[rebv @rebv808]

$CBOE, $CME, $HKXCY, $ICE, $JPXGY, $LNSTY, $NDAQ, $SPXCY
To invest in the index or in the exchanges that collect from traders of the index (and derivatives)?
Not all exchanges are created equal and we want not just alpha, but low corr. & positive asymmetry, else risk beta-riding.

[rebv @rebv808]

Many such cases

[rebv @rebv808]

$CCLD, $AGYS, $CLBT
Some additional SaaSpocalypse victims (mostly more VMS platforms) that I’ve been picking through and think are interesting.
(FD: I own *small* amounts of all companies listed here; may sell or add at any time).

[rebv @rebv808]

$ROP
As smoke clears re SaaSpocalypse fears of AI becoming an infinite appstore, software's shown relative strength during US/Iran vol; won’t try to “post-dict” as to why. Interesting to go thru the rubble for names maybe least affected by AI concerns.
IMHO, VMS rollup ROP is one

[rebv @rebv808]

@MS10312008 Indeed, I'm sure many others are going to feel that absence in ways not yet fully anticipated come the next round of calls from which many knew his voice.

[rebv @rebv808]

I’ve read nearly everything Murray Stahl ever published at HK and listened to or read nearly every earnings call (and occasional interview) he ever gave and cannot recall detecting anything other than class, humility, intelligence, and patience.

[Acorn Capital @acorn_capital]

Rest in peace, Murray Stahl.

I have learned so much because of you, you will be missed by many.

https://t.co/x8AdjLimdg

$FRMO $HKHC $TPL $MIAX

[rebv @rebv808]

@MS10312008 Wow very interesting.
Given many of the FRMO calls largely functioned as HK-wide interviews themselves, it's too bad there weren't just a bit more like the former from outside.
What was it like being at the co. in those early years as it was being built (especially thru the GFC)?

[rebv @rebv808]

https://t.co/yJCJcQjmOk

[rebv @rebv808]

Quick thoughts on the $TPL situation and renewed opportunity for change by it's largest shareholder, in full.
The governance dynamic that kept Horizon handcuffed no longer applies and the setup for renewed activist pressure appears cleaner than it's ever been.
Bio link.

[rebv @rebv808]

$TPL
The situation is interesting.
As I read it, HK is no longer restrained by the 2023 Cooperation Agreement
==> HK now has no *contractual rights* to BoD representation, but also no longer obligated to vote their shares w/ existing BoD nor restrained by standstill agreements.

[rebv @rebv808]

@UnHedgedChatter I'm just hoping HK doesn't waste what leverage they have and that they go for max shareholder alignment; CEO would still be on 100% cash comp under the trust structure were it not for Stahl et al. Hopefully HK was tempered by the loss in the stock-split case and can re-strategize

[rebv @rebv808]

$TPL
The situation is interesting.
As I read it, HK is no longer restrained by the 2023 Cooperation Agreement
==> HK now has no *contractual rights* to BoD representation, but also no longer obligated to vote their shares w/ existing BoD nor restrained by standstill agreements.

[Au79alpha @au79alpha]

@310Value @LeoNelissen Materially diminished, as in, no one is left on that board who gives a damn about the shareholder. Murray Stahl was TPL governance. Been a shareholder for nearly decade...unlikely I'll stick around unless Steven Bregman or Peter Doyle join the board.

[rebv @rebv808]

Older HK writings of Stahl's that are no longer available on their updated site can be found in the year-2020 snapshot in the sitemap archive here:
https://t.co/NPiW5OX9xl

[rebv @rebv808]

Others may be interested in this 2021 interview with Stahl, which is the only one I've found where he discusses his early life (along with building HK and FRMO):
https://t.co/KwBXF3ylLY
(alt) https://t.co/nMTLQ9p7aI