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batbeer2  Batbeer

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  • softdude2000 2017-06-16 05:51
    batbeer2: Hi Softdude,

    Yes and no. This is a pretty simple business with a lot of revenue. They are not generating enough cash now but that IMHO is a choice. T
    SHOS management is investing(in IT infra and rebranding) as if there is no doubt as a going concern for this business. Market is treating as if they are going to close doors.
  • softdude2000 2017-06-15 18:34
    Other than balance sheet, do you see any safety in cash flow statement/income of SHOS.
  • softdude2000 2017-06-03 17:18
    batbeer2: Hi Softdude,

    Bricks and mortar are expensive but so is IT infrastructure.

    I don't think the IT expenses are on the downstream side (webshop). I thi
    Thanks for the reply.

    Is this IT system worth anything if they close down their business?
    I am trying to understand if there is any resale value from IT system in addition to NCAV discount we see.
  • softdude2000 2017-06-03 05:13
    I was reading latest 10-Q for SHOS. what caught my attention is that they spent 10M, 15M in 2015 and 2016 for IT related stuff. They are planning another $20M in 2017 and ~0 in 2018. 1. I dont get this. A company with 70M marketcap spending $45M on IT expenses. Did I understand this right? Did they forget we are in cloud computing era? Is there any referral fee for AWS :) I can charge them. 2. Does this mean huge upside waiting in 2018 that frees up $15M average annual expense? 3 ...
  • batbeer2 2016-06-23 10:24
    Hi brinsley, thanks for the heads-up on Kone. Hadn't really looked at that one for a while and the P/E is not as high as it used to be last time I checked. I don't mnd the currency they report in. If Schindler moves its head office to Luxemburg then they start reporting in euros but the company remains otherwise unchanged. What matters is their costs. I would have to check out the Swiss headcount as compared to the total to determine if I'm worried about currency fluctuations. best, ...

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All batbeer2's Activities

  • batbeer2 commented on Ben Reynolds's article 06-19 13:06
    Better 5% Dividend Yield Telecom: AT&T or Vodafone?
    Published by Bob Ciura Telecom stocks are widely favored by income investors, thanks to their high dividend yields. For example, AT&T (T), the...
    View all 1 comment
    batbeer2 06-19 14:06
    • Perhaps it is worth noting that the CEO of Vodafone (Colao) has returned more dividends to his shareholders than any other CEO in the history of publicly traded stocks. 

      I might be wrong though. Feel free to correct me if you know of a CEO who has paid out more. Also, this excess cash (actual cash-in-hand owner earnings) were hidden from the cash flow statement. The statement you use a proxy for owner earnings.

      In other words,

      You might find it worth your effort to adjust FCF for minority interests if a company is run by Colao.
  • batbeer2 commented on Geoff Gannon's article 06-17 15:09
    Pick the Winners First – Worry About Price Second
    I buy very few stocks. Right now, 65% of my portfolio is in two stocks (Frost and BWXT). And 30% of my portfolio is in cash. So I’m less fully...
    View all 4 comments
    batbeer2 06-17 16:09
    • Very good stuff, thanks!

      I'd add that if none of the "inevitables" is cheap enough the investor can:

      1) Go fishing and come back another day.

      2) Go out and earn some money to have even more cash to invest when the time does come.

      3) Learn more about other industries or do more research on familiar industries.

      To me, the single most striking similarity between Lynch, Graham, Fisher, Schloss, Buffett... is that they spent most of their time learning. Lynch did it by personally doing  grassroots research (scuttlebut). Buffett does a lot of reading (so did Schloss). Graham wrote. Of course, writing is just another way of learning.

      In other words, when there's nothing to buy, this does not mean there is nothing to do for the investor.
  • batbeer2 uploaded a new picture 04-22 11:42
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