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  • Regis Resources Has Dropped Much Too Far [View article]
    Thanks Itinerant, appreciate you getting back to me.

    Value looks reasonable on those numbers. Best of luck with your investment!
    Jun 10 10:11 PM | Likes Like |Link to Comment
  • Regis Resources Has Dropped Much Too Far [View article]
    Thanks for your reply Itinerant, appreciate the hard work you put in to your work.

    I generally agree with your work but I do feel that in this particular instance the DR used in this analysis is too liberal.

    10YR yield on Kangaroo bonds is currently 3.77% subtracting a country risk premium based on Damordaran's work I have got a risk free rate for Australian equities of approx. 3.2%. Do you really think that the equity risk premium is 1.8% for this kind of stock?

    Would be very interested to see the numbers based on a DR of 8 - 9%.

    I generally don't pay as much attention to insider buys as other investors but in this case I think it is pretty valid, last time CEO bought shares was in 2010 (greater than $1m).

    Thanks for your time,
    Jun 9 11:13 AM | Likes Like |Link to Comment
  • Regis Resources Has Dropped Much Too Far [View article]
    Discount rate 5%?
    Jun 4 12:34 PM | Likes Like |Link to Comment
  • Tower Group Errata [View article]
    Thanks for your insights, good to hear the views of an actuary on this deal. I too read through the proxy and was put off by the onerous break clauses placed upon Tower.

    However, I must ask, is there a price at which you think the risk/reward justifies a position?
    Apr 8 09:15 AM | Likes Like |Link to Comment
  • Ruby Tuesday: The Next Great Turnaround Play [View article]

    Given that you have included the value of future sale leasebacks, would it not be appropriate to deduct any future lease payments that the company will now be required to make as a result of the sale leaseback transactions?
    Mar 4 09:01 PM | Likes Like |Link to Comment
  • Bear Of The Day: Perfect World [View article]
    Don't agree with the author's (robots) methods either (not even a mention of DOTA2), though that is a very useful chart. Would anyone be able to verify if it is from bloomberg or another source?
    Nov 26 03:22 PM | Likes Like |Link to Comment
  • Billabong: Accounting Principles Say Brand Is Worthless, But The Business Isn't [View article]
    Hi Mike,

    Good to see an article on BBG here. As you well know, there has been substantial noise surrounding the mechanics of the two deals in mainstream financial media. I think what investors have lacked is a coherent portrayal of the company's financials going forward. Without this, it is most difficult to justify a position given the brand equity of many BBG lines is now in question.

    Interesting post.
    Sep 8 08:38 AM | Likes Like |Link to Comment
  • Reputable PRC Company Taking A Big Bet On Perfect World [View article]
    Very thorough analysis, thank you for sharing your hard work. I am looking in to subscribing to your research firm.

    Do you know what impact the leasehold tenure would have on PWRD's ability to sell their properties? Is the CCP fine with this practice?
    Apr 28 08:37 PM | Likes Like |Link to Comment