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  • Are Howard Hughes Shareholders Suffering From Irrational Exuberance? [View article]
    Martin, actually I did base my value of $HHC on its cash flows.

    $34/share of my $89/share intrinsic value is based on its future projected NOI growth.
    Dec 31, 2014. 02:19 PM | Likes Like |Link to Comment
  • Are Howard Hughes Shareholders Suffering From Irrational Exuberance? [View article]
    Mike, actually, I included Seaport's potential in my analysis of the Operating Assets division. It represents a third of my projected NOI for 2018.

    Of my $89/share value for HHC, $12/share represents potential income from the Seaport redevelopment. If anything, I think I was generous in attributing value to the Seaport project considering it will take at least two years and $366M in additional expenditures in order to complete Phase 1. I didn't model in costs complete the other phases, if I did, my valuation would have been lower.

    Your fellow HHC bull Todd Sullivan projected that the Seaport project would generate $70M/year in NOI (before debt service) from its combined phases, so I think your estimate for $70M-$80M/year from Phase 1 is wildly optimistic.
    Dec 31, 2014. 02:16 PM | Likes Like |Link to Comment
  • Leucadia Is An Undervalued 'Baby Berkshire' Trading At A 20% Discount To Book Value [View article]
    jraskib, we first started following it last year when it was at $27/share and it was at 1X book value. We believe its most recent low was an ideal price point to begin accumulating a position.

    However, its recent record of underperformance prevents us from considering it as a strong buy.
    Dec 31, 2014. 12:33 PM | Likes Like |Link to Comment
  • Are Howard Hughes Shareholders Suffering From Irrational Exuberance? [View article]
    We saw their article in Kiplinger's. Whatever his reasons were, he didn't go into much detail in that article. In Our Humble Opinion, we think that whatever rosy estimates that $HHC bulls are projecting are already embedded in the price.
    Dec 31, 2014. 12:08 PM | Likes Like |Link to Comment
  • More On Saibus And Howard Hughes [View instapost]
    No comments to Todd's post? Well, we'd sure hate to disappoint him.
    http://seekingalpha.co...
    Dec 31, 2014. 11:54 AM | Likes Like |Link to Comment
  • Howard Hughes Is Still Overvalued! [View article]
    All, check out our latest report on $HHC.
    http://seekingalpha.co...
    Dec 31, 2014. 11:49 AM | Likes Like |Link to Comment
  • Howard Hughes Is Still Overvalued! [View article]
    Trayjay, we already responded to your post on Todd's thread. We don't know why you refused to respond there and insisted on regurgitating your post here?

    As we said before, we quoted the financials Howard Hughes reported in its 2010 Annual Report, as well as its 10-12B Registration form in order to determine Howard Hughes's performance when it was trading as a subsidiary of GGP.
    http://1.usa.gov/1zbEZo7
    Dec 15, 2014. 11:44 AM | Likes Like |Link to Comment
  • Howard Hughes Is Still Overvalued! [View article]
    Do you have a discount rate for those cash flows?
    Dec 15, 2014. 11:31 AM | Likes Like |Link to Comment
  • Howard Hughes Is Still Overvalued! [View article]
    Aw, we missed you too smurf.
    Dec 14, 2014. 08:48 PM | Likes Like |Link to Comment
  • Howard Hughes, Book Value, And Oil [View article]
    We quote the financials Howard Hughes reported in its 2010 Annual Report, as well as its 10-12B Registration form.
    http://1.usa.gov/1zbEZo7
    Dec 14, 2014. 04:40 PM | Likes Like |Link to Comment
  • Citigroup Is Catching Up To Its Peers [View article]
    Since 2010, it has bulked up its capital, increased its deposit base, reduced its leverage and shed non-core assets and operations.

    It has also reduced its credit losses as well as its headcount.
    Dec 10, 2014. 03:26 PM | Likes Like |Link to Comment
  • Citigroup Is Catching Up To Its Peers [View article]
    Thank G-d they got rid of Charlie Prince.

    We're still scratching our head as to why they had to buy Vikram Pandit's hedge fund though.
    Dec 10, 2014. 03:18 PM | Likes Like |Link to Comment
  • Apple's Big Deal With IBM Will Help Boost Its Business Sales [View article]
    Indeed. We think that 2013 was a one-year hiccup for Apple.
    Jul 23, 2014. 11:53 AM | Likes Like |Link to Comment
  • Apple's Big Deal With IBM Will Help Boost Its Business Sales [View article]
    That's a heck of an idea, thank you.
    Jul 23, 2014. 11:44 AM | 1 Like Like |Link to Comment
  • Brookfield's High Dividend Yield And Solid Growth Continues [View article]
    Thanks Matthew
    Jun 26, 2014. 09:48 AM | Likes Like |Link to Comment
COMMENTS STATS
1,172 Comments
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