Chuck Noland

What year is it?

[Chuck Noland @roicmatters]

@Prominent_Bryan Hint: they own two cars

[Chuck Noland @roicmatters]

@DrunkDividends Depreciation? Or something else?

[Chuck Noland @roicmatters]

@sohaibab9 Mgmt clearly didn’t know what they had, unfortunate

[Chuck Noland @roicmatters]

@BarrySchwartzBW @ErnestWongBWM If private markets for SAAS are not seeing the same turmoil as public, how is this not a bad thing for CSU?

[Chuck Noland @roicmatters]

@AKWilk Not to mention the upside when bitcoin runs to $10 mil, surfacing hidden value from their crypto treasury

[Chuck Noland @roicmatters]

@ErnestWongBWM Meaning they will struggle to earn their cost of capital on private M&A?

[Chuck Noland @roicmatters]

@tsxman https://t.co/grQ9epBTXw

[Chuck Noland @roicmatters]

@tsxman That TD analyst has consistently had terrible calls, despite being one of the few remaining with 10+ yrs covering OFS

[Chuck Noland @roicmatters]

@CDInewsletter @tbonecapital 2025 FFO $172 mm, subtract $40 mm capex, $80 mm leasing costs, $14 mm cash interest = $38 mm FCF. If you double their lease costs (REIT spinout), the retail ops generated -$42 mm FCF

[Chuck Noland @roicmatters]

@ShaleTier7 It’s basically a dropshipping company

[Chuck Noland @roicmatters]

@JalalSali Why is CEO not buying? He sold 150k shares in August before the stock dumped

[Chuck Noland @roicmatters]

@DivGrojourney You’re comparing a car loan to a margin loan. I’m comparing a margin loan to a margin loan. On this basis it is a shitty rate. Pretty simple

[Chuck Noland @roicmatters]

@DivGrojourney Actually they are often lower, 4.45% is a shitty rate

[Chuck Noland @roicmatters]

@DivGrojourney It’s a margin loan, they can be margin called if their collateral falls below a certain level. This is not a new or innovative financial product

[Chuck Noland @roicmatters]

@MarkMcGrathCFP Nicola should hire you as the spokesperson for their gated fund

[Chuck Noland @roicmatters]

@MarkMcGrathCFP @canandre12 @jasonpereira It’s interesting as a society that we demonize active investing in companies but we heavily encourage entrepreneurship (when the survival rates are equally abysmal). Not a value judgement, just an odd contradiction

[Chuck Noland @roicmatters]

@ShaleTier7 Not to mention fwd price deck is above mid cycle which warrants a low multiple

[Chuck Noland @roicmatters]

@SteveWps Not sure CAD is the answer 😆

[Chuck Noland @roicmatters]

@DrunkDividends Impressive, book value is pretty conservative