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Eric Rodawig  

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  • RCI Holdings: Improved Financing Hurt By The Oil Slide [View article]
    "I suspect the business is ultimately doomed to failure because it lacks the superior economics of the core nightclub business."

    Just because Robust may not be as great as nightclubs doesn't mean it is doomed to failure.

    While we don't have many updates, it's nice to have vertical integration of something they were buying anyway.
    Oct 21, 2015. 02:33 AM | Likes Like |Link to Comment
  • Seagate Technology Is A Dividend Growth Bargain [View article]
    So that's really interesting. But also look at the numbers of drives in that sample. Some of the high failure rate drives weren't actually purchased often. But the one bought overwhelmingly most often, the Desktop HDD.15, has a lower rate than the WD drives, and just about 1%-1.5% higher than the HGST drives (also WD of course).
    Jun 30, 2015. 05:24 PM | Likes Like |Link to Comment
  • The Caution Light Is Blinking On Penn National Gaming Even After Goldman Raises Price Target To $21 [View article]
    great article, thanks for all the detail.
    Jun 16, 2015. 11:02 PM | Likes Like |Link to Comment
  • Making Promiscuous Profits With RCI Hospitality [View article]
    They had issued a press release and discussed this on the last earnings call, they accrued $10.3mm; they expect maybe $7mm in September and $1.8mm in each of two subsequent annual installment payments.
    May 31, 2015. 11:40 PM | Likes Like |Link to Comment
  • Making Promiscuous Profits With RCI Hospitality [View article]
    There's no excess cash here. In fact, they have to pay out a bunch of cash. But it's obviously way better than them having to pay everything they accrued, especially over time without interest.
    May 28, 2015. 09:43 PM | Likes Like |Link to Comment
  • Making Promiscuous Profits With RCI Hospitality [View article]
    I think you have to be careful using the full non-GAAP earnings here as the patron tax in Texas seems more and more likely to actually be a factor.

    William, yes, they announced on the call they are actually getting bank debt at 5%-6%; in such a loose lending environment, local banks are becoming more concerned with getting a nice asset on the books and loosening what some may call moral standards instead of credit standards.
    May 18, 2015. 03:51 PM | Likes Like |Link to Comment
  • Activision Blizzard: Setting Up For A Tumble [View article]
    this is an insane comment on an interesting article. people who write long and short articles should put their money where their mouths are and be long or short the stock. if you think he's shorting the stock and lying to move a ~$20b stock, then you can't be helped.
    May 15, 2015. 11:53 AM | 3 Likes Like |Link to Comment
  • Gannett: Stock Looks Cheap As Business Split Will Drive Higher Profits [View article]
    Have you read Gannett's financial statements? The stock doesn't actually have a P/E of 7; they marked up their equity stake in when they bought the rest of it in 2014, which is a one-time accounting gain and has nothing to do with the earnings potential of the business.
    May 9, 2015. 04:30 PM | 2 Likes Like |Link to Comment
  • Bombshells May Be The Ticket To Higher Returns For RCI Hospitality Stock [View article]
    Isn't it "pole tax"?
    Feb 12, 2015. 05:34 PM | Likes Like |Link to Comment
  • BlackBerry - Suspicious Trades Around Buyout Rumors Provide Lesson For Investors [View article]
    You have your head in the sand if you "cannot recall ANY case in which the media speculated about a takeover AND that actually turned out to be the case."

    Bloomberg generally has fairly reliable M&A leaks. For example:

    Spoiler alert:
    Feb 6, 2015. 04:21 PM | 3 Likes Like |Link to Comment
  • I'm Not Calling A Bottom In Crude Oil, But Here's Why I Bought U.S. Silica [View article]
    Alex, why would you stick to your stupid strategy of buying low when you could instead buy high like most of these commenters?
    Dec 10, 2014. 05:53 PM | 4 Likes Like |Link to Comment
  • Why I Don't Like Gannett's Spin-Off Strategy [View article]
    I was pretty surprised at the spinoff given how the company had long touted the synergies between local print and local broadcasting and the digital platforms. The stock popped to $35 right on the announcement but then went right back to where it had been.
    Nov 14, 2014. 10:56 AM | Likes Like |Link to Comment
  • I Want To Buy Boardwalk For The Price Of Connecticut Avenue [View article]
    Yeah, Boardwalk is absolutely not the best property to own in Monopoly, it's just the most expensive. Not sure why that was relevant to the article anyway.
    Sep 23, 2014. 10:04 AM | 1 Like Like |Link to Comment
  • Caesars Is Worth $0 Per Share [View article]
    This article is worth $0 because it was very clearly written with 0 understanding of CZR's capital structure. If CZR can lop off the OpCo, which it seems to have done, the stock could be worth $30. The fraudulent conveyance suit for the recent sale to CGP is not that big of a deal either way since in theory the assets were sold at fair market value. The real big deal will be if the removal of the CZR parent guarantee of the OpCo debt ends up being litigated or not, and if so, holds up in court or not. If I were a CZR shareholder or CEOC bondholder, I'd be more concerned about a fraudulent conveyance suit for the Total Rewards JV, because if TR gets out of the OpCo, there's really nothing at all stopping CZR from BKing the OpCo.
    Aug 30, 2014. 12:12 AM | 2 Likes Like |Link to Comment
  • Kingfisher: The Third-Largest Home Improvement Retailer You Possibly Never Heard Of [View article]
    I started looking at them just as you wrote this article. What are your thoughts on their earnings from a few days ago?
    Jul 28, 2014. 12:14 AM | Likes Like |Link to Comment