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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jurgis Bekepuris who wrote (61681)	2/7/2019 12:09:58 PM
From: Graham Osborn	Respond to of 78715

I looked at BIDU in more detail this morning. The interesting thing was how net income was generally higher than operating income. The reason for this seems to be that, like a lot of Chinese tech companies, BIDU derives part of its earnings from operations and part from trading shares in other businesses, much like a private-equity or hedge fund. While that may be great, I don't invest in financial firms generally speaking. Operating income has really not grown much over the past few years, and the operating PE is about 20 (higher for the net). The business is probably valued similarly to Google when you exclude the trading gains. Another thing to be aware of is the local government subsidies - from what I can tell these are minor relative to the trading gains, but they do appear to further goose net income. I don't think there is any valuation advantage to this vs Facebook or Google. Not buying Facebook in December was one of my greater mistakes last year, although I do hope for another shot.

To: Jurgis Bekepuris who wrote (61681)	3/10/2019 11:41:39 AM
From: Jurgis Bekepuris	Read Replies (2) \| Respond to of 78715

My top (>2%) positions in no particular order: BRKB, FRFHF, FB, JPM, LSXMA, EXXRF, DISCK, MKL, AAPL In: Out: ISTB - sold part Fixed income: 2% Cash: 12% Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 8%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 19%, Various owner-operators (not included in other categories): 10% New positions: STNE Positions increased: BRKB, GOOG, BAM, FB, TRRSF, BKNG, DIS Positions reduced: FRFHF Positions eliminated: CTL bond Sold CTL bond as bond went up on dividend cut. Swapped some FRFHF into TRRSF. Bought new position in STNE. Added to BRKB, GOOG, BAM, FB, BKNG, DIS.

To: Jurgis Bekepuris who wrote (61681)	4/3/2019 12:45:31 PM
From: E_K_S	Read Replies (1) \| Respond to of 78715

Nielsen jumps 6.2% on word P-E sale is close Apr. 3, 2019 12:35 PM ET\|About: Nielsen Holdings plc (NLSN)\|By: Jason Aycock, SA News Editor After hanging on steady 1% gains most of today, Nielsen Holdings (NYSE: NLSN) has spiked 6.2% amid chatter that it's close to a deal to sell to private equity. That would come via a final-round bid said to be in the low-$30 range for shares, which are currently up to $25.59. Previously: Nielsen -9.5% amid weaker case for sale (Mar. 28 2019) Previously: Nielsen -10% on report Blackstone's out of auction for company(Mar. 27 2019) ----------------------------------------- Had this as a value play last time they missed on earnings(7/2018). Picked up a few shares at $21/share and sold in a few weeks at/near $26/share. The GN valuation was high $20's so at the time seemed low risk. Now this report w/ Private Equity company is interested. Still think it is a dying business unless they can change their business model towards online (what AMZN & Google do now). EKS