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The Investing Edge

Seeking Alpha

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Followers
7
Plays
The Investing Edge

The Investing Edge

Seeking Alpha

15
Followers
7
Plays
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About Us

The Investing Edge features shows from some of Seeking Alpha's top authors, focused on their unique investment strategies and styles. Authors will speak with CEOs and industry experts, break down key market stories and topics, and share insights on how they research new investments.

Latest Episodes

Virtual Investor Forum on COVID-19 and Oil Price War, With Teekay LNG Partners Management

The last time J Mintzmyer and Value Investor's Edge hosted a virtual investor forum featuring industry analysts, management teams, and investors, all the way back in January 2020, it was like another world. IMO 2020 was still the buzzword, post New Year cyclicality was driving behavior, and coronavirus looked like it was a local issue in China. Meanwhile, a virtual investor forum proved to be quite ahead of the curve. A lot has changed in two months. So, last week Mintzmyer and team hosted 15 guests ranging from industry analysts to investors to management teams, with a look at how the shipping situation has changed. The second public episode features Teekay LNG Partners' (TGP) management team, namelyCEO Mark Kremin and CFO Scott Gayton. They discuss how their capital allocation looks under the current climate and whether there are any counterparty risks investors should watch out for. Topics Covered 2:00 minute mark - Direct Coronavirus impacts to current work environment? 5:00 - Any direct COVID-19 impacts to TGP itself? 7:15 - Any fundamental changes for LNG shipping? Oil price war impact? 9:00 - Any shift in longer-term growth projects yet? Qatar plans? 10:45- Concern for counterparties? Force majeure risk? 14:30 - Any exposure left to non-investment grade counterparties? 18:30 - Additional ‘deep dive’ into contracts regarding force majeure? 21:00 - How has this market shifted capital allocation priorities? 24:00 - Reiterating full dividend stability at $0.25/qtr? 25:15 - Opportunistically repurchasing units here? Higher volumes? 27:00 - Is the NOK bond market still open? Revolver extension? 30:15 - Any interest in repurchasing the preferred equity? 33:45 - Any interest in consolidation or equity plays in other firms? 34:30 - Midsize LPG rates holding up? 36:00 - When do forward LNG rates start to matter? 38:00 - Asking for a ‘full pledge’ to keep the dividend regardless of price.

44 MIN6 d ago
Comments
Virtual Investor Forum on COVID-19 and Oil Price War, With Teekay LNG Partners Management

Tech As A Safe Haven, But For How Long?

As the coronavirus bear market continues to roil investors, we talk about what effect its had on the tech sector in general. Is the bubble over? Will the Nasdaq be a safe haven and a future outperformer? We discuss the impact already felt in the market and where things might go. Topics Covered 3:00 minute mark - The seismic shift 6:00 - Change in valuation approach 12:00 - Can the Nasdaq continue to outperform 19:00 - Risk assessment 25:00 - Owning market performance and the loss of margin of safety 34:00 - How ot assess going forward 39:00 - Potential sectors to invest in 48:00 - Are we at a divergence? 56:00 - Does a safe haven now sacrifice future growth? 1:03:00 - The flattening of volatility and the natural reaction 1:09:00 - The longer-term impact 1:12:00 - Close the market?

78 MIN1 w ago
Comments
Tech As A Safe Haven, But For How Long?

Virtual Investor Forum on COVID-19 and Oil Price War, With International Seaways Management

The last time J Mintzmyer and Value Investor's Edge hosted a virtual investor forum featuring industry analysts, management teams, and investors, all the way back in January 2020, it was like another world. IMO 2020 was still the buzzword, post New Year cyclicality was driving behavior, and coronavirus looked like it was a local issue in China. A lot has changed in two months. As Mintzmyer and the VIE team gather a new round of participants for a COVID-19 and Oil Price War focused forum this week, one of the themes is how that situation has changed. And there's no better place to start than with International Seaways (INSW). CEO Lois Zabrocky and CFO Jeff Pribor took part in the first forum - it was our most recent VIE episode posted - so it offers an easy compare and contrast. Topics Covered 2:00 minute mark: What is the immediate impact of COVID-19 to your markets? 3:15 - How much follow-on activity is coming out of China? 4:45 - Any non-traditional routes developing due to the oil price war? 6:00 - How does INSW benefit from this market? 8:00 - Is the Suezmax market benefitting from this strength? 10:45 - How is the Panamax market performing now? 12:00 - MR product tanker market update? 13:45 - Any indications of potential product market storage? 14:45 - Have you adjusted your operations, shoreside and at-sea for COVID? 17:30 - IMO 2020 transition and scrubber update? 21:15 - Current timeline of scrubber installations in China (60 days!) 22:30 - Can you delay or back-out of scrubber installations? 25:00 - What is your current and target balance sheet leverage? 28:00 - Restrictive covenants in the current debt facility for repurchases? 29:45 - Commentary on dividends and share repurchases?

42 MIN1 w ago
Comments
Virtual Investor Forum on COVID-19 and Oil Price War, With International Seaways Management

Twitter Is No Easy Fix

Elliott Management waged a short-lived and a successful activist campaign against Twitter, at least from the perspective of getting the company to respond. While the long-term results and the fate of Jack Dorsey as CEO are still unclear, we discuss whether Twitter's future is appealing for shareholders, what could actually be done to fix Twitter, and why this might not be the lay-up it seems. Topics Covered: 3:00 - Activist shareholders... Elliot's involvement. 4:30 - Is the goal solely to remove Dorsey? 9:30 - What's wrong with Twitter? 15:00 - Not growing fast enough given its exposure 23:30 - About Scott Galloway 26:30 - Should/shouldn't Twitter be more like Facebook? 29:30 - Strong user base that doesn't like change 33:45 - What do you think is goingto happen with Twitter in the next weeks and months? 38:00 - What would you do in your first year as CEO of Twitter? 48:30 - Facebook excelsat gaining attention, how can Twitter do this better? 53:00 - Twitter has a narrower appeal than Facebook. 1:01:30 - What can a full time CEO do? 1:05:00 - Who would buy Twitter? How to add revenue? 1:23:00 - Buy at this price?

91 MIN2 w ago
Comments
Twitter Is No Easy Fix

Correction City

Four different forces combined to create a big sell-off last week, and then a jagged but strong rebound this week. There's of course the spread of the coronavirus, COVID-19. There is the Democratic primary in the US and what it foretells for the Presidential election in November. There is the, ahem, healthy valuation of the stock market, poised at all-time highs before the 7-session sell-off. And there's the role of the Federal Reserve, both in setting interest rates and in providing liquidity to the markets. We try to break down what matters and what is transient here, while conceding that uncertainty is a big part of the overall outlook. Topics Covered 3:00 minute mark - How are you sizing the current market correction? Does this change your stance? 6:30 - Once you figure out your starting point how much does the virus matter? 11:00 - Is there a risk of market contagion? 20:00 - Was repo buying necessary? 21:30 - Has there been a fundamental change in the market such that it won't bounce back this time? 29:00 - NVDA as an example 31:45 - Have you made changes to your exposure? 40:00 - Does something like this week change people's perspectives? 47:00 - How do you evaluate a "drop" vs a recession? 1:00:00 - The election from a markets perspective... general politics.

104 MIN3 w ago
Comments
Correction City

International Seaways' Management On The Tanker Markets

J Mintzmyer of Value Investor's Edge Live spoke with Lois Zabrocky and Jeff Pribor, CEO and CFO of International Seaways (INSW), to discuss their views on the tanker markets and IMO 2020. This followed on INSW's investor day in January, and comes in advance of the company's Q4 earnings report. Topics Covered 1:15 minute mark - Any surprises or different impacts in the markets? 3:00 - Impact from the lightering business? Additional EBITDA? 5:00 - Rate and fixture guidance? Old VLs doing well, Aframaxes poor? 7:45 - Difference between spot and TC fixture guidance? 8:45 - How do today’s rates compare to last year’s levels? 10:00 - Anything else impacting the market? Just seasonality? 12:45 - How are the Suezmax and Aframax spot markets doing? 13:30 - Priorities for cash flow allocation post-refinancing? 16:30 - Plans for INSW-A baby bonds? Call this summer? 19:15 - How do you balance dividends and repurchases now? 23:30 - Thoughts on current NAV range? How far underneath? 27:00 - What are some of the top risk factors in this market? 31:00 - If China imports from US, what sources are they replacing? 36:45 - Current status of the scrubber program? Any additions? 40:00 - All 2020 capex ($70M) internally financed from cash? 40:45 - More risks in the market which aren’t getting reviewed? 42:30 - Willing to look for time-charters? Where are they at now? 49:15 - Viewpoints on FSO joint-venture? Core to business? 53:00 - Closing comments- MR market, any resilience there?

56 MINFEB. 27
Comments
International Seaways' Management On The Tanker Markets

PagerDuty On Value Alert

PagerDuty was a screaming short last summer, an example of SaaS's over-competitive landscape and trading at a high valuation to boot. But with half the valuation and a stronger competitive advantage than expected, has the page turned for this tech company? Akram's Razor explains why he's taken the other side of the trade, and why the moat for PD has held up versus new entrants. Topics Covered 3:00 minute mark - What does the competitive landscape look like? 5:30 - What is PD's space exactly? 9:15 - How wide a moat? 11:00 - Why are you long? 17:00 - Are they attracting new business? 20:00 - Pricing discussion 25:15 - Have competitors had any success at slowing down PD? 30:45 - Net dollar retention going in the wrong direction? 39:30 - What are you looking for in terms of the stock at this point? 42:00 - Acquisition candidate? 54:00 - Why own "value SAAS"?

70 MINFEB. 20
Comments
PagerDuty On Value Alert

Frontline CEO Robert Hvide Macleod On Crude Tanker Markets

On January 14th, Value Investor's Edge Live hosted Robert Hvide Macleod, CEO of Frontline (FRO), to discuss the crude tanker markets and their balance strategy to IMO 2020. Frontline is one of the largest tanker operators in the world and is backed by shipping legend John Fredriksen. FRO is set to pay large dividends in this market and they have maintained a premium valuation ahead of peers. Robert discusses the various tanker segments and his overall viewpoints and areas of focus into the new year. Topics covered: 0:50 minute mark - Start of discussion: How is IMO 2020 impacting tankers? Any surprises? 3:00 - What is your current scrubber uptake status? Global fleet percentage? 4:30 - What is the current spread dynamic? Any plans to expand scrubbers? 7:15 - Will the time charter markets follow the strength in the spot markets? 10:00 - What is driving Suezmax strength and Aframax strength? 13:45 - Will eco-vessels improve your TCE results? How much? 14:45 - Confirm fleet splits of scrubber installations? 15:45 - Any broad market concerns for tankers? Why are stocks stalling? 17:30 - What are your capital allocation priorities besides the dividend? 19:15 - FRO trades at a premium, why is that a potential benefit? 22:00 - What is your target leverage? Planned split between spot and TC? 25:45 - Why is LR2 weak compared to the strong Aframax market? 28:00 - What are some of the key risks and uncertainties in the market? 31:00 - If placing a newbuild order, what type of design? LNG? Scrubber? 34:00 - How long are yards backed up with scrubber conversion work? 35:15 - Any potential for consolidation in the tanker sector? Frontline role? 36:00 - How many ships are laid up for COSCO sanctions? Potential impact? 40:00 - What is the market missing right now?

43 MINFEB. 13
Comments
Frontline CEO Robert Hvide Macleod On Crude Tanker Markets

The Uneven Scrutiny Around Facebook

Facebook entering an election year is about as hot-button a topic as there is in the market outside Tesla. Akram's Razor has called it a compelling buy on two previous podcasts this year, and after the company sold off on its earnings, it seemed good time to revisit the story in full. With comparisons to Amazon and Google, as well as news media and the inevitable diversion into the issue of political ads, we try to tease out the case for Facebook. Topics Covered 1:30 minute mark - Is Facebook a consensus buy despite the sell off? 9:00 - Pulling in Amazon as a proxy 14:15 - Amazon, Facebook, Google and the tech conglomerate benefit or discount 18:30 - Facebook's PR challenge vs. their profit rush 26:30 - What is Facebook's "product"? 34:00 - Drilling into what's different about the modern tech companies vs. traditional media 44:00 - The actual effect of the scrutiny on Facebook's business - opportunity set and costs to overcome 52:30 - Finalizing the scrutiny arbitrage play, the e-commerce upside, and the $300 stock trading for $200

65 MINFEB. 6
Comments
The Uneven Scrutiny Around Facebook

Shipping Market Update With VesselsValue (Bonus Episode)

On January 17th, Value Investor's Edge Live spoke with Adrian Economakis, COO of VesselsValue, about the shipping markets and particular asset pricing cycles. Adrian reviewed some of the features of their research platform, which include trade analytics and a full database of all vessels and transactions. He also discussed some of the key observations from a review of asset cycle pricing across sectors. Tankers were on a run and not particularly cheap at the time, whereas there is some intriguing deep value opportunities in some ancillary shipping sectors such as Panamax Containerships and Offshore Support Vessels. Topics Covered 1:00 minute mark - Background of VesselsValue? What research features are available? 5:45 - How accurate have are the valuations compared to deals? 9:15 - Which asset classes are the most depressed? Deep value plays? 20:30 - Views on tanker asset values versus historical levels? 25:00 - Discussion on demand indications in the market. 30:00 - Vessel tracking models- storage impact? 31:30 - What are the COSCO ships doing? Laid up? Storage? 34:00 - IMO 2020 market impacts thus far? Scrubber installations? 39:30 - Specific scrubber metrics and valuations for IMO 2020? 44:10 - Any other risks or weird activity to watch out for? 46:00 - Commentary on the latest VLCC resale levels ($105-$107M)?

52 MINFEB. 5
Comments
Shipping Market Update With VesselsValue (Bonus Episode)

Latest Episodes

Virtual Investor Forum on COVID-19 and Oil Price War, With Teekay LNG Partners Management

The last time J Mintzmyer and Value Investor's Edge hosted a virtual investor forum featuring industry analysts, management teams, and investors, all the way back in January 2020, it was like another world. IMO 2020 was still the buzzword, post New Year cyclicality was driving behavior, and coronavirus looked like it was a local issue in China. Meanwhile, a virtual investor forum proved to be quite ahead of the curve. A lot has changed in two months. So, last week Mintzmyer and team hosted 15 guests ranging from industry analysts to investors to management teams, with a look at how the shipping situation has changed. The second public episode features Teekay LNG Partners' (TGP) management team, namelyCEO Mark Kremin and CFO Scott Gayton. They discuss how their capital allocation looks under the current climate and whether there are any counterparty risks investors should watch out for. Topics Covered 2:00 minute mark - Direct Coronavirus impacts to current work environment? 5:00 - Any direct COVID-19 impacts to TGP itself? 7:15 - Any fundamental changes for LNG shipping? Oil price war impact? 9:00 - Any shift in longer-term growth projects yet? Qatar plans? 10:45- Concern for counterparties? Force majeure risk? 14:30 - Any exposure left to non-investment grade counterparties? 18:30 - Additional ‘deep dive’ into contracts regarding force majeure? 21:00 - How has this market shifted capital allocation priorities? 24:00 - Reiterating full dividend stability at $0.25/qtr? 25:15 - Opportunistically repurchasing units here? Higher volumes? 27:00 - Is the NOK bond market still open? Revolver extension? 30:15 - Any interest in repurchasing the preferred equity? 33:45 - Any interest in consolidation or equity plays in other firms? 34:30 - Midsize LPG rates holding up? 36:00 - When do forward LNG rates start to matter? 38:00 - Asking for a ‘full pledge’ to keep the dividend regardless of price.

44 MIN6 d ago
Comments
Virtual Investor Forum on COVID-19 and Oil Price War, With Teekay LNG Partners Management

Tech As A Safe Haven, But For How Long?

As the coronavirus bear market continues to roil investors, we talk about what effect its had on the tech sector in general. Is the bubble over? Will the Nasdaq be a safe haven and a future outperformer? We discuss the impact already felt in the market and where things might go. Topics Covered 3:00 minute mark - The seismic shift 6:00 - Change in valuation approach 12:00 - Can the Nasdaq continue to outperform 19:00 - Risk assessment 25:00 - Owning market performance and the loss of margin of safety 34:00 - How ot assess going forward 39:00 - Potential sectors to invest in 48:00 - Are we at a divergence? 56:00 - Does a safe haven now sacrifice future growth? 1:03:00 - The flattening of volatility and the natural reaction 1:09:00 - The longer-term impact 1:12:00 - Close the market?

78 MIN1 w ago
Comments
Tech As A Safe Haven, But For How Long?

Virtual Investor Forum on COVID-19 and Oil Price War, With International Seaways Management

The last time J Mintzmyer and Value Investor's Edge hosted a virtual investor forum featuring industry analysts, management teams, and investors, all the way back in January 2020, it was like another world. IMO 2020 was still the buzzword, post New Year cyclicality was driving behavior, and coronavirus looked like it was a local issue in China. A lot has changed in two months. As Mintzmyer and the VIE team gather a new round of participants for a COVID-19 and Oil Price War focused forum this week, one of the themes is how that situation has changed. And there's no better place to start than with International Seaways (INSW). CEO Lois Zabrocky and CFO Jeff Pribor took part in the first forum - it was our most recent VIE episode posted - so it offers an easy compare and contrast. Topics Covered 2:00 minute mark: What is the immediate impact of COVID-19 to your markets? 3:15 - How much follow-on activity is coming out of China? 4:45 - Any non-traditional routes developing due to the oil price war? 6:00 - How does INSW benefit from this market? 8:00 - Is the Suezmax market benefitting from this strength? 10:45 - How is the Panamax market performing now? 12:00 - MR product tanker market update? 13:45 - Any indications of potential product market storage? 14:45 - Have you adjusted your operations, shoreside and at-sea for COVID? 17:30 - IMO 2020 transition and scrubber update? 21:15 - Current timeline of scrubber installations in China (60 days!) 22:30 - Can you delay or back-out of scrubber installations? 25:00 - What is your current and target balance sheet leverage? 28:00 - Restrictive covenants in the current debt facility for repurchases? 29:45 - Commentary on dividends and share repurchases?

42 MIN1 w ago
Comments
Virtual Investor Forum on COVID-19 and Oil Price War, With International Seaways Management

Twitter Is No Easy Fix

Elliott Management waged a short-lived and a successful activist campaign against Twitter, at least from the perspective of getting the company to respond. While the long-term results and the fate of Jack Dorsey as CEO are still unclear, we discuss whether Twitter's future is appealing for shareholders, what could actually be done to fix Twitter, and why this might not be the lay-up it seems. Topics Covered: 3:00 - Activist shareholders... Elliot's involvement. 4:30 - Is the goal solely to remove Dorsey? 9:30 - What's wrong with Twitter? 15:00 - Not growing fast enough given its exposure 23:30 - About Scott Galloway 26:30 - Should/shouldn't Twitter be more like Facebook? 29:30 - Strong user base that doesn't like change 33:45 - What do you think is goingto happen with Twitter in the next weeks and months? 38:00 - What would you do in your first year as CEO of Twitter? 48:30 - Facebook excelsat gaining attention, how can Twitter do this better? 53:00 - Twitter has a narrower appeal than Facebook. 1:01:30 - What can a full time CEO do? 1:05:00 - Who would buy Twitter? How to add revenue? 1:23:00 - Buy at this price?

91 MIN2 w ago
Comments
Twitter Is No Easy Fix

Correction City

Four different forces combined to create a big sell-off last week, and then a jagged but strong rebound this week. There's of course the spread of the coronavirus, COVID-19. There is the Democratic primary in the US and what it foretells for the Presidential election in November. There is the, ahem, healthy valuation of the stock market, poised at all-time highs before the 7-session sell-off. And there's the role of the Federal Reserve, both in setting interest rates and in providing liquidity to the markets. We try to break down what matters and what is transient here, while conceding that uncertainty is a big part of the overall outlook. Topics Covered 3:00 minute mark - How are you sizing the current market correction? Does this change your stance? 6:30 - Once you figure out your starting point how much does the virus matter? 11:00 - Is there a risk of market contagion? 20:00 - Was repo buying necessary? 21:30 - Has there been a fundamental change in the market such that it won't bounce back this time? 29:00 - NVDA as an example 31:45 - Have you made changes to your exposure? 40:00 - Does something like this week change people's perspectives? 47:00 - How do you evaluate a "drop" vs a recession? 1:00:00 - The election from a markets perspective... general politics.

104 MIN3 w ago
Comments
Correction City

International Seaways' Management On The Tanker Markets

J Mintzmyer of Value Investor's Edge Live spoke with Lois Zabrocky and Jeff Pribor, CEO and CFO of International Seaways (INSW), to discuss their views on the tanker markets and IMO 2020. This followed on INSW's investor day in January, and comes in advance of the company's Q4 earnings report. Topics Covered 1:15 minute mark - Any surprises or different impacts in the markets? 3:00 - Impact from the lightering business? Additional EBITDA? 5:00 - Rate and fixture guidance? Old VLs doing well, Aframaxes poor? 7:45 - Difference between spot and TC fixture guidance? 8:45 - How do today’s rates compare to last year’s levels? 10:00 - Anything else impacting the market? Just seasonality? 12:45 - How are the Suezmax and Aframax spot markets doing? 13:30 - Priorities for cash flow allocation post-refinancing? 16:30 - Plans for INSW-A baby bonds? Call this summer? 19:15 - How do you balance dividends and repurchases now? 23:30 - Thoughts on current NAV range? How far underneath? 27:00 - What are some of the top risk factors in this market? 31:00 - If China imports from US, what sources are they replacing? 36:45 - Current status of the scrubber program? Any additions? 40:00 - All 2020 capex ($70M) internally financed from cash? 40:45 - More risks in the market which aren’t getting reviewed? 42:30 - Willing to look for time-charters? Where are they at now? 49:15 - Viewpoints on FSO joint-venture? Core to business? 53:00 - Closing comments- MR market, any resilience there?

56 MINFEB. 27
Comments
International Seaways' Management On The Tanker Markets

PagerDuty On Value Alert

PagerDuty was a screaming short last summer, an example of SaaS's over-competitive landscape and trading at a high valuation to boot. But with half the valuation and a stronger competitive advantage than expected, has the page turned for this tech company? Akram's Razor explains why he's taken the other side of the trade, and why the moat for PD has held up versus new entrants. Topics Covered 3:00 minute mark - What does the competitive landscape look like? 5:30 - What is PD's space exactly? 9:15 - How wide a moat? 11:00 - Why are you long? 17:00 - Are they attracting new business? 20:00 - Pricing discussion 25:15 - Have competitors had any success at slowing down PD? 30:45 - Net dollar retention going in the wrong direction? 39:30 - What are you looking for in terms of the stock at this point? 42:00 - Acquisition candidate? 54:00 - Why own "value SAAS"?

70 MINFEB. 20
Comments
PagerDuty On Value Alert

Frontline CEO Robert Hvide Macleod On Crude Tanker Markets

On January 14th, Value Investor's Edge Live hosted Robert Hvide Macleod, CEO of Frontline (FRO), to discuss the crude tanker markets and their balance strategy to IMO 2020. Frontline is one of the largest tanker operators in the world and is backed by shipping legend John Fredriksen. FRO is set to pay large dividends in this market and they have maintained a premium valuation ahead of peers. Robert discusses the various tanker segments and his overall viewpoints and areas of focus into the new year. Topics covered: 0:50 minute mark - Start of discussion: How is IMO 2020 impacting tankers? Any surprises? 3:00 - What is your current scrubber uptake status? Global fleet percentage? 4:30 - What is the current spread dynamic? Any plans to expand scrubbers? 7:15 - Will the time charter markets follow the strength in the spot markets? 10:00 - What is driving Suezmax strength and Aframax strength? 13:45 - Will eco-vessels improve your TCE results? How much? 14:45 - Confirm fleet splits of scrubber installations? 15:45 - Any broad market concerns for tankers? Why are stocks stalling? 17:30 - What are your capital allocation priorities besides the dividend? 19:15 - FRO trades at a premium, why is that a potential benefit? 22:00 - What is your target leverage? Planned split between spot and TC? 25:45 - Why is LR2 weak compared to the strong Aframax market? 28:00 - What are some of the key risks and uncertainties in the market? 31:00 - If placing a newbuild order, what type of design? LNG? Scrubber? 34:00 - How long are yards backed up with scrubber conversion work? 35:15 - Any potential for consolidation in the tanker sector? Frontline role? 36:00 - How many ships are laid up for COSCO sanctions? Potential impact? 40:00 - What is the market missing right now?

43 MINFEB. 13
Comments
Frontline CEO Robert Hvide Macleod On Crude Tanker Markets

The Uneven Scrutiny Around Facebook

Facebook entering an election year is about as hot-button a topic as there is in the market outside Tesla. Akram's Razor has called it a compelling buy on two previous podcasts this year, and after the company sold off on its earnings, it seemed good time to revisit the story in full. With comparisons to Amazon and Google, as well as news media and the inevitable diversion into the issue of political ads, we try to tease out the case for Facebook. Topics Covered 1:30 minute mark - Is Facebook a consensus buy despite the sell off? 9:00 - Pulling in Amazon as a proxy 14:15 - Amazon, Facebook, Google and the tech conglomerate benefit or discount 18:30 - Facebook's PR challenge vs. their profit rush 26:30 - What is Facebook's "product"? 34:00 - Drilling into what's different about the modern tech companies vs. traditional media 44:00 - The actual effect of the scrutiny on Facebook's business - opportunity set and costs to overcome 52:30 - Finalizing the scrutiny arbitrage play, the e-commerce upside, and the $300 stock trading for $200

65 MINFEB. 6
Comments
The Uneven Scrutiny Around Facebook

Shipping Market Update With VesselsValue (Bonus Episode)

On January 17th, Value Investor's Edge Live spoke with Adrian Economakis, COO of VesselsValue, about the shipping markets and particular asset pricing cycles. Adrian reviewed some of the features of their research platform, which include trade analytics and a full database of all vessels and transactions. He also discussed some of the key observations from a review of asset cycle pricing across sectors. Tankers were on a run and not particularly cheap at the time, whereas there is some intriguing deep value opportunities in some ancillary shipping sectors such as Panamax Containerships and Offshore Support Vessels. Topics Covered 1:00 minute mark - Background of VesselsValue? What research features are available? 5:45 - How accurate have are the valuations compared to deals? 9:15 - Which asset classes are the most depressed? Deep value plays? 20:30 - Views on tanker asset values versus historical levels? 25:00 - Discussion on demand indications in the market. 30:00 - Vessel tracking models- storage impact? 31:30 - What are the COSCO ships doing? Laid up? Storage? 34:00 - IMO 2020 market impacts thus far? Scrubber installations? 39:30 - Specific scrubber metrics and valuations for IMO 2020? 44:10 - Any other risks or weird activity to watch out for? 46:00 - Commentary on the latest VLCC resale levels ($105-$107M)?

52 MINFEB. 5
Comments
Shipping Market Update With VesselsValue (Bonus Episode)
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