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Lazarus Investment Partners

 
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  • MannKind Corporation: Back To The Fundamentals [View article]
    You know, you are breaking with MNKD tradition by discussing fundamentals. Much more common to make baseless accusations and unsupported claims when discussing this stock. Investors are so emotional about this one! In your future articles, you may wish to consider keeping the facts out of the conversation. :)

    Thank you for the article.
    Aug 20 04:01 PM | 3 Likes Like |Link to Comment
  • Where Almost Counts: Horseshoes, Hand Grenades, And Silver Bull [View article]
    Silver Bear is not the same company as Silver Bull, although with names like that, we see why it's easy to confuse the two.
    Aug 20 02:30 PM | Likes Like |Link to Comment
  • Where Almost Counts: Horseshoes, Hand Grenades, And Silver Bull [View article]
    Re: the Nevada question - we are not aware of any reason other than it's just a state where many companies get incorporated due to low cost and a friendly corporate/legal environment, similar to the way Delaware attracts many corporations.
    Aug 7 08:40 PM | Likes Like |Link to Comment
  • Where Almost Counts: Horseshoes, Hand Grenades, And Silver Bull [View article]
    We are delayed by a few weeks on getting the interview out due to our travel schedules, so thank you for your patience . . . have not forgotten about it!
    Aug 7 08:37 PM | Likes Like |Link to Comment
  • Synthetic Bio up big on no news [View news story]
    The company was on the road meeting with funds on 7/28, the day before the pop. Maybe somebody they met with liked what they heard??
    Aug 5 11:41 AM | 1 Like Like |Link to Comment
  • An End To Our Relationship With Yahoo, A New Era For Equity Research [View article]
    Google Docs' version of excel gives free stock price quote. you can also pull other basic data about a given ticker.
    Jul 31 03:45 PM | Likes Like |Link to Comment
  • Where Almost Counts: Horseshoes, Hand Grenades, And Silver Bull [View article]
    If they so choose, the current management team could take the company into production. We don't see that as likely since their expertise and interest is in exploration, not production. The co could also stay independent and change mgmt to folks with production expertise. In either scenario, the company would need to raise significant capital to enter production themselves. The current business plan however calls for getting the company to the point where it's attractive to a larger co who will have the resources and experience to start producing. This is very common in industries such as mining and pharma where it's one skill set to create an asset, and another to mine/market that asset. That's why the small guys look to create asset value but then have a larger partner take it from there.
    Jul 31 11:52 AM | Likes Like |Link to Comment
  • Where Almost Counts: Horseshoes, Hand Grenades, And Silver Bull [View article]
    We've been in SVBL for some time as well, and it's been a long ride. We hear your point on not making themselves vulnerable. They have cash into 2017 (assuming the Gabon sale closes) so we think they are in good shape. Also, when M&A interest returns to the sector, we think suitors will be bidding against each other for assets, so we aren't worried about any 1 buyer acting like a vulture. Tim (NYSE:CEO) has made the point that in good times the big boys have the attitude of "I can't miss out" and will be forced to look at acquisitions. We remain patient.
    Jul 31 11:46 AM | Likes Like |Link to Comment
  • Where Almost Counts: Horseshoes, Hand Grenades, And Silver Bull [View article]
    Thanks for mentioning two other companies that interest you. We don't know them well. The other miner we like and own in size is UR-Energy (ticker URG). It's uranium, not silver though. We have a couple of articles on URG on this site in case you are interested.
    Jul 31 11:40 AM | Likes Like |Link to Comment
  • Where Almost Counts: Horseshoes, Hand Grenades, And Silver Bull [View article]
    Thank you for the comment.

    That's one of the questions we asked Tim in the interview, so look for that. He has told us that the # they used was industry standard, and relevant because >70% of the production is from silver.

    To our point in the article though, even if you raise the discount rate it doesn't really change the thesis. Jack it up by 40% to a 7% rate and you still have a project with close to $500M in pre-tax NPV and $350M after-tax NPV. A 10% rate is aggressive, but even there the pretax NPV is over 8x the current market cap. After tax is lower, but again still multiples of today's stock price.

    Since they intend to sell the project to a larger co, the cost of capital would presumably be lower for the buyer than for SVBL.
    Jul 31 11:37 AM | Likes Like |Link to Comment
  • Silver Bull Resources Is For Silver Bulls Only [View article]
    Well done article, Ben. We appreciate your work even if we don't share your conclusion and are more bullish on SVBL than you. We like that you disagreed with us, but explained why and brought specific, fact-based arguments to the table. That makes for a good conversation. There are so many SA readers that when they disagree with an article lash out at the author with ridiculous accusations and generic criticism -- especially in the comments where they can hide in anonymity. Instead, you brought a thoughtful counter-piece to the table which we respect.
    Jul 24 05:48 PM | Likes Like |Link to Comment
  • Why I Invested $2 Million In Barfresh [View article]
    We spoke to management recently and they seemed really energized and excited about their business. They encouraged us that the big things they are working on are moving forward. They acknowledged that the newsflow has been slow but that does not reflect the progress behind the scenes. They feel that they are getting very close on a number of fronts and will be announcing specifics as soon as they are able. They are in a somewhat awkward spot because they are not able to disclose details yet and that's what the market wants to hear, but they feel that they are doing all the right things and are getting an enthusiastic reception from their partners.

    We think a little (not a lot) of patience is appropriate here. We know skeptics will just say, "I'll believe it when I see it" and we get that. You know what our opinion is on this company, and we've put significant money where our mouth is.
    May 29 01:45 PM | 1 Like Like |Link to Comment
  • Fear, Greed, And Prudent Risks: A Clarion Call To The Keepers Of The MannKind Flame [View article]
    Anybody who can elicit this many comments (including a poem) is doing something right!
    Mar 26 11:23 AM | Likes Like |Link to Comment
  • Why I Invested $2 Million In Barfresh [View article]
    Cora,

    We put in $500,000 of the $2.5M. We have spoken to all, or nearly all, of the investors in this round and believe the stock is well placed. Insider participation is a sign of confidence. It is not our place to publicly name the other investors although you may see some of the larger ones become SEC filers on the stock. As for your question on management, there are some new hires at the company, with more to come we believe.

    Are you a shareholder?
    Mar 21 05:05 PM | 1 Like Like |Link to Comment
  • Cbeyond Won't See Beyond 2014 [View article]
    We hear you. We think it would be a much more appealing investment if the core business was more solid -- then you'd have a higher probability of winning on this one with our without a buyout. If the business has challenges as you suggest, perhaps that shifts the likelihood towards a strategic rather than a financial buyer. If they could be part of a larger offering, that would address some of their biggest issues.
    Feb 28 12:19 PM | Likes Like |Link to Comment
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43 Comments
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