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John Vincent  

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  • Tracking Ken Fisher's Fisher Asset Management Portfolio - Q2 2015 Update [View article]
    Hi Solocup,


    Thank you for your comment.


    Fisher manages money from over 23,000 private clients (high-net-worth individuals - $500k up) & over 100 institutional accounts. Further, each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "Portfolio performance" which would be the performance of the the sum total of all such monies is an unknown.

    We do know that Ken Fisher is very talented and can consistently generate alpha - his Forbes picks are his most visible performance cues and those have outperformed the S&P 500 in the vast majority of years.


    All the best,
    John.
    Jul 31, 2015. 11:56 AM | Likes Like |Link to Comment
  • Tracking Alex Roepers' Atlantic Investment Management Portfolio - Q1 2015 Update [View article]
    Hi Anonymous Valueinvestor,

    Thank you for your feedback. I will be sure to look into Glevnview Capital for the next round.

    All the best,
    John.
    Jul 6, 2015. 10:59 PM | Likes Like |Link to Comment
  • Tracking Mohnish Pabrai's Portfolio - Q1 2015 Update [View article]
    Hi SocraticBruin,

    Thank you for your kind words - I will definitely look into it.

    All the best,
    John.
    Jun 25, 2015. 09:25 PM | 1 Like Like |Link to Comment
  • Why Honda Motor Won't Lose Steam Anytime Soon In India [View article]
    Nice article - just pointing out a small typo in the Conclusion section - "India is an important market for India"

    Regards,
    John.
    Jun 17, 2015. 09:27 AM | Likes Like |Link to Comment
  • Sears Holdings: Common, Warrants, And Seritage Rights Are Substantially Mispriced [View article]
    Hi kerborte,

    Thank you for your comment.

    Yahoo Ticker: SRG-RI, Marketwatch: SRG.R . The Yahoo ticker SRG-RWI you used was for the when-issued. The rights has gone down around 43% in the last three days.

    All the best,
    John.
    Jun 17, 2015. 05:22 AM | 1 Like Like |Link to Comment
  • Sears Holdings: Common, Warrants, And Seritage Rights Are Substantially Mispriced [View article]
    I have added a note to indicate this forthcoming adjustment.

    Regards,
    John.
    Jun 17, 2015. 12:32 AM | Likes Like |Link to Comment
  • Sears Holdings: Common, Warrants, And Seritage Rights Are Substantially Mispriced [View article]
    Hi Fliper2058,

    Thank you for pointing this out - covering the short rights was probably one main reason for the price spike early on in the rights.

    All the best,
    John.
    Jun 15, 2015. 10:09 PM | Likes Like |Link to Comment
  • Sears Holdings: Common, Warrants, And Seritage Rights Are Substantially Mispriced [View article]
    Hi Sedric,

    Thank you for your comment.

    The straight-line valuation would be ~$135 per share: ~1450*2.67B/(270*106.6...

    My $52 per share estimate was based on what was in the balance sheet and what they actually realized in the Seritage transaction and applying that same ratio for the remaining properties.

    All the best,
    John.
    Jun 15, 2015. 10:05 PM | 2 Likes Like |Link to Comment
  • Sears Holdings: Common, Warrants, And Seritage Rights Are Substantially Mispriced [View article]
    Hi boobaluu,

    Thank you for your comment.

    Per the prospectus, the strike & warrant count will both be adjusted based on the fair value (FV) of the distribution & the closing regular-way stock price (July 9th close - ~$36.50) as follows:

    New Strike (NS) = 28.41 * ((36.50 - FV)/36.50)
    New warrants for each old Warrant = 28.41/NS

    The fair value is not disclosed yet and the board has ten days. The wording in the prospectus is as follows:

    "... the exercise price in effect prior to such record date will be reduced immediately thereafter or at such later date as our board of directors may determine for purposes of determination of the fair market value of the distribution (but in any event not later than 10 business days after the first date on which our Common Stock trades regular way on the principal national securities exchange on which our Common Stock is listed or admitted to trading without the right to receive such distribution) to the price determined by multiplying the exercise price in effect immediately prior to the reduction by the quotient of (x) the market price (as defined below) of our Common Stock on the last trading day preceding the first date on which our Common Stock trades regular way on the principal national securities exchange on which our Common Stock is listed or admitted to trading without the right to receive such distribution, minus the amount of cash and/or the fair market value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share of our Common Stock divided by (y) such market price on the date specified in clause (x). Any such adjustment will be made successively whenever such a record date is fixed. The number of warrant shares will be increased to the number obtained by multiplying the number of warrant shares issuable upon exercise of a Warrant immediately prior to such adjustment by the quotient of (a) the exercise price in effect immediately prior to the distribution giving rise to this adjustment divided by (b) the new exercise price as determined in accordance with the immediately preceding sentence. If, after the declaration of any such record date, the related distribution is not made, the exercise price and the number of warrant shares then in effect will be readjusted, effective as of the date when our board of directors determines not to make such distribution, to the exercise price and the number of warrant shares that would then be in effect if such record date had not been fixed. ..."

    All the best,
    John.
    Jun 15, 2015. 08:41 PM | 1 Like Like |Link to Comment
  • Sears Holdings: Common, Warrants, And Seritage Rights Are Substantially Mispriced [View article]
    Hi Sedric,

    The capital structure at the store level is unknown. That is why I did not use that for my assertion on the RE value. Instead, I used the ratio of listed value to the value realized in the Seritage transaction and applied the same ratio for the rest of the RE value listed in the books.

    All the best,
    John.
    Jun 15, 2015. 07:56 PM | 1 Like Like |Link to Comment
  • Sears Holdings: Common, Warrants, And Seritage Rights Are Substantially Mispriced [View article]
    The x-date is corrected - Thank you!
    Jun 15, 2015. 12:01 PM | Likes Like |Link to Comment
  • Sears Holdings: Common, Warrants, And Seritage Rights Are Substantially Mispriced [View article]
    Hi Vincent Laudou & another,

    Yes, there will be a strike adjustment that will close the gap. Thank you for pointing this out.

    All the best,
    John.
    Jun 15, 2015. 11:24 AM | 1 Like Like |Link to Comment
  • Sears Holdings: Common, Warrants, And Seritage Rights Are Substantially Mispriced [View article]
    Hi TakeAnotherLook555,

    Glad to help you make money. Rights down ~15% so far today. You probably did not read the article as my thesis on rights had no relation to what Sears traded at on any particular day.

    All the best,
    John.
    Jun 15, 2015. 11:10 AM | 1 Like Like |Link to Comment
  • Tracking Prem Watsa's Fairfax Financial Holdings Portfolio - Q1 2015 Update [View article]
    Hi fcbergeron,

    As of Q1 2015, BV was $394.22. So, 1.13x would be $445.45 which is $547.90 CAD @ 1.23 exchange rate. Compared to long-term averages that bk_h quoted, Fairfax is trading at a ~10% premium.

    All the best,
    John.
    May 25, 2015. 11:07 PM | 1 Like Like |Link to Comment
  • Tracking Ole Andreas Halvorsen's Viking Global Portfolio - Q1 2015 Update [View article]
    Hi BAHAMAS1,

    Thank you for your comment.

    Over the years, I have seen many super-investors including Halvorsen use a strategy that can be termed "nibble and drop or build" - ie, they first purchase a very small starter position and over the following quarters either build on it or eliminate it. You can see what I mean from Viking's following trades this quarter: ANTM, CCE, IR, POT, SHPG, and WMT. They were all starter positions established last quarter but eliminated this quarter.

    All the best,
    John.
    May 25, 2015. 09:37 AM | 1 Like Like |Link to Comment
COMMENTS STATS
355 Comments
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