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Ian Bezek

 
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  • Rosetta Stone: Misleading Financials Mask Continued Deterioration In Business [View article]
    Yep, that's been my short thesis since 2011 and it's worked great. Defective products generally don't lead to growing businesses over time.
    Dec 24, 2014. 10:07 AM | Likes Like |Link to Comment
  • China Biotics' Fraud Casting Doubt on All Chinese RTOs [View article]
    Three years later, 7 out of 8 delisted, other one trades under a buck.
    Dec 23, 2014. 04:19 PM | Likes Like |Link to Comment
  • Update: MeetMe Upgrades Its Icebreaker Feature: User Growth Continues [View article]
    Do you have any more to say about why the bears are wrong? Merely stating it does not make it so.
    Dec 23, 2014. 01:45 PM | Likes Like |Link to Comment
  • Rosetta Stone: Misleading Financials Mask Continued Deterioration In Business [View article]
    Fantastic article Jay. I'm short RST and have been working on a short article on it myself, this adds the missing piece to explain why their EBITDA still seemed alright even as the rest of the business' metrics continue to slip. It didn't make sense why they can't even hit high end of guidance for the year when their last earnings call claimed just about everything was good, optimistic, better than expected and all that.

    Thanks for your fine contribution.

    At the end of the day, despite all their talk, revenues are still lower than they were in 2011. Pretty sad given all the cash they've utilized on acquisitions along the way.
    Dec 23, 2014. 12:08 PM | 2 Likes Like |Link to Comment
  • Rosetta Stone: Misleading Financials Mask Continued Deterioration In Business [View article]
    It actually makes sense they would pull this accounting stunt. Once you've worked at the SEC, you know exactly how far the envelope can be pushed before they'd take action. Regulatory immunity more or less once you've seen how the machine works.
    Dec 23, 2014. 12:05 PM | 2 Likes Like |Link to Comment
  • Don't Let The Bears Snow You: Why Peak Resorts Is Worth $13/Share [View article]
    The dividend supports the stock price, which allows them to make acquisitions that are accretive to earnings. It's a virtuous circle (that's the goal anyway). The dividend is funded out of cash flow formerly used to service debt, so they essentially traded an unpleasant debt obligation to EPR for much friendlier terms from their new equity partners.
    Dec 18, 2014. 11:13 AM | Likes Like |Link to Comment
  • Don't Let The Bears Snow You: Why Peak Resorts Is Worth $13/Share [View article]
    Correct in that $16 million or so is already funded. Also correct that the specific money must be used for CAPEX that creates jobs.

    That said, when you have a load of nearly interest free money coming in, it gives them a lot of room to fund other things (like the dividend) out of their free cash flow using the EB-5 money to fund the big Mt. Snow expenses.

    In regards to Jay Peak and it's lax accounting, I'd venture that this is par for the course with any government "jobs" program. In the end, the foreigners want to invest, and Peak wants to build stuff, why would Vermont block that economic stimulus?
    Dec 18, 2014. 11:12 AM | Likes Like |Link to Comment
  • Avalanche Biotechnologies: Unsustainable Price Presents Attractive Short Opportunity [View article]
    Tip for the author: You don't value development stage biotechs by their revenues or P/S ratios, as they don't have meaningful revenues, and you can't divide by zero.
    Dec 15, 2014. 07:53 PM | 2 Likes Like |Link to Comment
  • MeetMe? I'd Rather Not [View article]
    11 positive articles. 1 negative one. Reality rather than hopes and wishes dictate long-term share prices.
    Dec 15, 2014. 04:54 PM | Likes Like |Link to Comment
  • MeetMe? I'd Rather Not [View article]
    Excessive executive compensation is a great red flag to look for when considering investments in microcap companies. Good comment.
    Dec 15, 2014. 04:53 PM | 1 Like Like |Link to Comment
  • MeetMe? I'd Rather Not [View article]
    Thanks for the comment Chris. I didn't try the app, so I appreciate your feedback.
    Dec 15, 2014. 04:52 PM | 1 Like Like |Link to Comment
  • MeetMe? I'd Rather Not [View article]
    To head off any potential comments, yes I'm aware this is a dating/meet new people App rather than one where you chat with your existing friends. So you might say, Ian, the network effect doesn't matter since I'm meeting new people.

    I'd reply that these other sites still rely heavily on network effects and social spread. I remember being in NY, one week I'd never heard of Tinder, next week, 4 different friends come up to me: Hey man, you heard of this CRAZY new App? Same thing when you're thinking of joining a dating site, you ask your buddies, what you think and they say this one's good, that one's full of scammers, and whatnot. The network effect is still in full play, without word of mouth, your brand won't be going places
    Dec 13, 2014. 12:17 PM | Likes Like |Link to Comment
  • MeetMe? I'd Rather Not [View article]
    Great, thanks for taking a look at the article and looking forward to your further comments.
    Dec 13, 2014. 12:14 PM | Likes Like |Link to Comment
  • Don't Let The Bears Snow You: Why Peak Resorts Is Worth $13/Share [View article]
    Correct, it's been a long week, making silly errors.

    They had roughly $175mn, paid off $75mn, have $100mn left. Can't edit comment above, not sure why not. Thanks.
    Dec 12, 2014. 04:18 PM | Likes Like |Link to Comment
  • Leshi Is Moving Into Electric Vehicles: Negative Implication For Tesla [View article]
    What about Kandi, China's leading EV company? Why didn't you mention them?

    Couldn't make it through typing that with a straight face, sorry...
    Dec 12, 2014. 02:48 PM | 4 Likes Like |Link to Comment
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