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Jonathan Liggett, CFA  

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  • Why Zynga's Earnings Are A Non-Event [View article]
    You should look at the value of their real estate as well given the run up in San Fran market. If you back out cash and real estate you end up with a much lower current market value. Value of real estate could be double the price they paid for it.
    Jul 29, 2014. 10:15 PM | 1 Like Like |Link to Comment
  • Why Research In Motion Is an Attractive Takeover Target for Apple [View article]
    I would own RIMM on a valuation case alone here. I would say the target scenario is just potential opportunity, not something that completely makes sense. I think its hard to argue that their isn't tremendous opportunity for many mobile handset makers in this market. In a world where some company exposes a major security break everyday, RIMM at least offers comfort to IT departments.

    I believe a) mobile usage will keep growing b) RIMM will continue to participate materially in that upside c) the playbook was a major failure and d) apple's UI is far superior to RIMM's.

    I carry an iPhone, not a blackberry. In fact, the last time i had a blackberry, i thought it sucked. I could have easily written this article to say Microsoft could buy them as well. God knows that would make a lot more since than buying skype. RIMM is a pimple on the ass for most of their competitors in terms of price. Just makes since. Further, given the company has no debt, its not going to zero. At least your margin of safety here is decent. It trades at 2.5x EV/EBITDA (forward looking). I buy anything that's that cheap with no debt, and growth opportunity. I would argue that if AAPL or MSFT bought them here, stock holders would be getting robbed.

    So, we all know RIMM sucks. But its cheap.
    Jun 21, 2011. 11:01 AM | Likes Like |Link to Comment
  • S.F. Fed: QE2 Causing Commodity Prices to... Fall? [View article]
    I agree that the research piece was useless. If they had chosen the Jackson hole speech as the starting point or factored in market expectations of the move over several months I think they would have come to drastically different conclusion. I assume someone told this guy to do some data mining to get the conclusion he wanted.
    Apr 4, 2011. 06:53 PM | Likes Like |Link to Comment
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