
Market Musings - December 30, 2017
We continue our blog series: Market Musings, Volume 1, Edition 18, giving our (hopefully not too random) thoughts on recent goings-on in the markets. Today, we present Drive-By Analysis: National CineMedia (NCMI) Edition. Today, we present a brief look at National CineMedia (ticker NCMI). As of the end of Q3 2017, NCMI owned 48.8% of National CineMedia, LLC ("NCM LLC", i.e., the operating company), which sells movie theatre advertising under long-term exhibitor services agree


Seven Corners Issues Long Thesis on Emergent Capital (ticker EMGC)
Seven Corners today issued its writeup regarding Emergent Capital (ticker EMGC). Specifically, we are long the stock and believe that EMGC is worth approximately $1.27 to $1.28/share, representing upside of nearly 235% from the current trading level. Please visit our Research Section to obtain a PDF copy our full writeup on EMGC.

Market Musings - December 21, 2017
We continue our blog series: Market Musings, Volume 1, Edition 17, giving our (hopefully not too random) thoughts on recent goings-on in the markets. Today, we present Genworth's Plan B. We have a medium-sized position in Genworth Financial (ticker GNW), which in October 2016 signed an agreement to be acquired by China Oceanwide for $5.43/share in cash (see merger PR here). We previously posted our analysis of the likelihood of completion of this merger (see here). GNW's mana

Market Musings - December 19, 2017
We continue our blog series: Market Musings, Volume 1, Edition 16, giving our (hopefully not too random) thoughts on recent goings-on in the markets. Today, we present Don't Override the Model and A Few Thoughts on the Crypto Stock Mania. 1. Don't Override the Model - An interesting article on quant hedge fund Renaissance Technologies (RenTech) founder James Simons appears in the most recent issue of the New Yorker (link here). Most of the article centers on his philanthropic

Market Musings - December 17, 2017
We continue our blog series: Market Musings, Volume 1, Edition 15, giving our (hopefully not too random) thoughts on recent goings-on in the markets. Today, we present Disney's Fox Purchase Indicates Viacom's Strategic Value Is $59.50/Share. If Disney's (ticker DIS) recent agreement to purchase most of the media assets of Twenty-First Century Fox (ticker FOXA) for $52 billion in DIS stock tells us anything, it illustrates what the going rate for such assets is today in the ha

Market Musings - December 11, 2017
We continue our blog series: Market Musings, Volume 1, Edition 14, giving our (hopefully not too random) thoughts on recent goings-on in the markets. Today, we present Bitcoin and the Obsession With Market Quotations. If the current Bitcoin craze elucidates anything, it shows how deeply the gambling instinct is ingrained in the human psyche. Here we have something that isn't actually a thing at all (unlike gold or tulip bulbs, you can't hold or touch bitcoin), but rather exis

Market Musings - December 8, 2017
We continue our blog series: Market Musings, Volume 1, Edition 13, giving our (hopefully not too random) thoughts on recent goings-on in the markets. Today, we present How to Buy a Fertilizer Plant (or Two) at 34% Off of List Price. Ever have a desire to buy a fully-functioning fertilizer plant or two for a dirt cheap (pun intended) price (namely, a one-third discount to actual value), it's your lucky day. Got dung? Oh yeah, we do--read on... Meet CVR Partners (ticker UAN; in

Market Musings - December 6, 2017
We continue our blog series: Market Musings, Volume 1, Edition 12, giving our (hopefully not too random) thoughts on recent goings-on in the markets. Today, we present Buffett's Way to Wealth. We came across an intriguing graphic recently, showing the progression of Warren Buffett's net worth was by age: Interestingly, Buffett has been able to consistently increase his personal net worth at a high compounding rate throughout his life (without excessive variation in his CAGR,

Market Musings - December 4, 2017
We continue our blog series: Market Musings, Volume 1, Edition 11, giving our (hopefully not too random) thoughts on recent goings-on in the markets. Today, we present Further Thoughts on Viacom. We previously presented our long thesis on Viacom's B shares (ticker VIAB) via a 20+ page writeup in late October (for reference, see here). We followed this up about a month ago with a blog post comparing Viacom to Netflix (ticker NFLX) (for reference, see here). Since our initial c