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Charles Moscoe  

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  • Iamgold Is Priced Like It Is Highly Leveraged But It Is Sitting On A Ton Of Cash [View article]
    It has only been a few days and early to make any definitive determinations but since I wrote this article gold is down about 0.8% and the stock is up 7%. That is the type of outperformance that I am after here. I think this trend continues. Meaning if gold just stabilizes in the US$1200 range I think this stock is more fairly valued around $4 and if gold appreciates (like I am expecting) then the stock will react exponentially higher.
    Apr 15, 2015. 01:07 PM | Likes Like |Link to Comment
  • A New Way To Follow Your Favorite Seeking Alpha Authors [View article]
    I think this is a case of buyer beware. It isn't even certain if Seeking Alpha will indeed refund the entire subscription cost based on Richard's request. It also isn't certain if Richard will actually make that request. And as you mentioned Debutant - there is a risk that the recommendations themselves can cause losses that exceed the membership price.
    Apr 15, 2015. 10:28 AM | 4 Likes Like |Link to Comment
  • Iamgold Is Priced Like It Is Highly Leveraged But It Is Sitting On A Ton Of Cash [View article]
    Management is strong operationally, but has made some poor strategic decisions (in hindsight) with early hedges on oil and currencies as well as arguably overpaying for assets like Cote. But with that said you are getting at least a 50% discount because of this perceived incompetence. Good value as they don't make a 50% difference going forward.
    Apr 15, 2015. 12:11 AM | Likes Like |Link to Comment
  • A New Way To Follow Your Favorite Seeking Alpha Authors [View article]
    That is a fair offer Richard but has SA agreed to refund people on this basis of your requests?
    Apr 14, 2015. 10:14 PM | Likes Like |Link to Comment
  • Turtle Beach: This Victim Of Circumstance Is About To Turn The Corner [View article]
    With regards to gaming headset product quality, this is an excerpt of an email sent to me today by Joshua Weisbord who is in Business Development and IR for Turtle Beach:

    I have seen in some of the comments that readers have responded to you questioning the quality of our products. I am happy to point you to the best place a consumer can find this information (Amazon Reviews) as we have consistently for years been known to have extremely high quality product, and scored considerably well in both Amazon Reviews, Best Buy Reviews as well as Independent studies and Public Articles. We put a tremendous time and effort into producing high quality headsets and we are well known for it, so these comments go against the very grain of what we do.


    Amazon Reviews:

    Note their are between 150-1000 review’s per product by consumers.

    Elite 800-
    http://amzn.to/1CWL59H
    Stealth 500X-
    http://amzn.to/1CWL59O
    Stealth 500P-
    http://amzn.to/1CWL7i5
    X04 Stealth-
    http://amzn.to/1CWL7yl
    XO7 Pro-
    http://amzn.to/1CWL59W
    XO1-
    http://amzn.to/1CWL85m


    Recent Articles written around release dates for the Elite 800/X01/500P/500x:

    "Turtle Beach calls its Elite 800 the ultimate gaming headset, and based on what we’ve seen so far, we’re inclined to agree."
    http://bit.ly/1CWL85o


    "...A quality gaming headset should be a top priority, and the Turtle Beach XO One is one of the best affordable choices on the market right now."
    http://bit.ly/1CWL7yq

    "It's an all-around great headset that stays comfortable as it powers through multiple lengthy sessions ... with the nice bonus of auxiliary phone connectivity."
    http://bit.ly/1CWL7yw


    "Turtle Beach's Stealth 500x headset may be the only true wireless option for Xbox One, but it's also a great one."
    http://bit.ly/1CWL85x
    Apr 14, 2015. 03:47 PM | 1 Like Like |Link to Comment
  • Iamgold Is Priced Like It Is Highly Leveraged But It Is Sitting On A Ton Of Cash [View article]
    Jan - What you are saying does not jive with the management's guidance of AISC's trending downward. Remember the entire cost structure has been re-aligned. There are other things that affect AISC's than simply rock grades. Also you are ignoring the potential high grade bonanza from Boto just to name one shining star prospect. I'll likely do a follow up here maybe after earnings with more of a geological slant. Right now my thesis is basically predicated in IAG outperforming Gold as an asset. So far in 2 days since this was published Gold is down about 1.2% and IAG is up about 2.5%. That is what I'm after. The moment gold starts going up, IAG will really outperform. All of this of course is predicated on gold ultimately at least stabilizing in the $1200/oz range. If it drops below $1000 no miner will do well, everybody knows this. But I still believe in this case IAG will outperform significantly as it is one of the least leveraged, despite having higher costs than some others. Like buying a stock based on income stream this can change quickly. I always prefer buying assets really cheap. In this case net cash where we stand today you buy IAG for an EV of $400M. Tell me how that isn't an extraordinary deal even in a worst case scenario for gold pricing?
    Apr 14, 2015. 03:41 PM | Likes Like |Link to Comment
  • Iamgold Is Priced Like It Is Highly Leveraged But It Is Sitting On A Ton Of Cash [View article]
    Challenge is finding one with a strong balance sheet. I looked at AUY extensively and while its a lower cost miner its just too highly leveraged for me to be comfortable.
    Apr 14, 2015. 02:00 PM | Likes Like |Link to Comment
  • Iamgold Is Priced Like It Is Highly Leveraged But It Is Sitting On A Ton Of Cash [View article]
    But what if he makes a good decision for once? Everybody is assuming a worst case decision like him buying some high high AISC African mine for twice what its worth.
    Apr 14, 2015. 10:02 AM | Likes Like |Link to Comment
  • Iamgold Is Priced Like It Is Highly Leveraged But It Is Sitting On A Ton Of Cash [View article]
    I did note that as the major risk factor. At least strategically he has proven to have made bad decisions in hindsight. Operationally I think he is quite competent.
    Apr 14, 2015. 10:01 AM | 1 Like Like |Link to Comment
  • Iamgold Is Priced Like It Is Highly Leveraged But It Is Sitting On A Ton Of Cash [View article]
    Thanks for reading and appreciate the link for clarity of the technicals.
    Apr 14, 2015. 09:58 AM | 1 Like Like |Link to Comment
  • Iamgold Is Priced Like It Is Highly Leveraged But It Is Sitting On A Ton Of Cash [View article]
    I wrote that "IAG needs to continue to lower AISC to make a profit in this pricing environment." So not sure what you mean?
    Apr 14, 2015. 09:57 AM | 1 Like Like |Link to Comment
  • Iamgold Is Priced Like It Is Highly Leveraged But It Is Sitting On A Ton Of Cash [View article]
    If IAG paid its debt off with current cash it would be sitting with net cash near $300M and no debt and an EV of about $400M which is a little over 1x OCF ttm. The stock would have to be re-rated mich higher.
    Apr 14, 2015. 09:54 AM | Likes Like |Link to Comment
  • Turtle Beach: This Victim Of Circumstance Is About To Turn The Corner [View article]
    Those numbers are in line with mine. I haven't looked at the tax treatment however but before tax operating income is where I am at. Remember though that historically the headset business in the peak of the cycle has been 20-25% EBITDA margins. So the business can be quite profitable for about 4 or 5 years at a time. The peak of that would be the time to sell.
    Apr 13, 2015. 09:02 PM | Likes Like |Link to Comment
  • Turtle Beach: This Victim Of Circumstance Is About To Turn The Corner [View article]
    Thank you for reading and your comment. I appreciate the contribution as this is advanced level thinking and very relevant. Your ASP number might be high. Remember that HEAR predominantly wholesales to retailers domestically that resell with a reasonable margin. Internationally HEAR sells through distributors who then wholesale to the retailers. ASP would be an interesting number to know but I doubt that the company will provide it for competitive reasons.
    Apr 13, 2015. 08:32 PM | Likes Like |Link to Comment
  • Higher One Is A Classic Asymmetric Risk-Reward Story That Has Been Unfairly Skewed Negative By Media Hype [View article]
    My guess is as good as yours. I've never been one to be able to predict short term prices. I think in a 2-3 window it has a good chance of seeing double digits again and a very good chance of seeing $6. The day to day stuff is of little concern to me.
    Apr 13, 2015. 03:34 PM | Likes Like |Link to Comment
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