Value Investing What's a good index for international exposure? |
- What's a good index for international exposure?
- Sources for historical and estimated gross merchandise values (AMZN, WMT)
- 2017 Q4 Semper Augustus Letter: Double, Double, Toil and Trouble
- Beijing Takes Over Anbang Insurance Group
- What are your favorite investment theses?
- Earnings Call Transcripts
- Compensation Policy and link to private market acquisition
- Blue buffalo thoughts
- Looking for a good book about investing in gold, silver, etc and in the producing companies
| What's a good index for international exposure? Posted: 23 Feb 2018 09:00 PM PST |
| Sources for historical and estimated gross merchandise values (AMZN, WMT) Posted: 24 Feb 2018 03:14 AM PST Looking for reliable data sources on GMV for the large U.S. retailers including estimates if available. Thanks for any lead [link] [comments]  |
| 2017 Q4 Semper Augustus Letter: Double, Double, Toil and Trouble Posted: 23 Feb 2018 04:44 PM PST |
| Beijing Takes Over Anbang Insurance Group Posted: 23 Feb 2018 04:03 AM PST |
| What are your favorite investment theses? Posted: 23 Feb 2018 05:43 PM PST |
| Posted: 23 Feb 2018 02:23 PM PST Hey Guys, where do you guys get your earnings call transcripts from? It seems seekingalpha is now charging and asking me to upgrade to Pro. I don't mind paying as I believe they deserve to be compensated for the service they provide. However, I just want to see what options are available before committing. Thanks [link] [comments]  |
| Compensation Policy and link to private market acquisition Posted: 23 Feb 2018 01:34 PM PST Hi all, I know this post is (almost) completely unrelated to this sub, but I greatly admire the amount of brainpower here so maybe I get some leeway from our mods. I am an investor with the same philosophy & methodology as most of the members around here & I think it's fair to say that we spent a considerable amount of our time on researching 10Ks, the footnotes to financials and other intricate details. One of those details is often management compensation to determine whether management is properly aligned with the business (low base salary, required stock investment, bonus compensation based on per share metrics or ROIC/IRR metrics and so on). I was wondering whether any of you ever encountered a compensation policy that you thought was very creative and/or very correct for both management and the company. The reason I'm asking is because I am in the process of acquiring a small business with around EBITDA +/- 1 mn. I delivered a first indication of interest (with ballpark valuation based on the estimates for 2017) somewhere in December and further talks were on hold until the official 2017 results became available. The actual results were +/- 20% below the forecasted results, this was mostly due to a lack of sufficient personnel, (it's a project based business), and when I channel check the existing backlog I can see that a higher % of work has been transferred to 2018 (so the projects are still there, they'll just happen later). Of course, for me as buyer, the 20% lower EBITDA causes a significant penalisation in the company valuation (I am using a typical LBO financial structure for this transaction) and my talks with banks for acquisition financing etc will become slightly more difficult given the lower growth (it's a good thing I did not share any forecasted results with the banks). For the seller however, it's much more difficult to comprehend that his business has become +/- 750k less worth over the span of a couple of months, especially as he sees the backlog which looks as healthy as ever. I very much understand his point of view and am now looking and thinking about creative ways of how I can structure a payoff for the 750k in "value disappearance" that will create some kind of win/win scenario for both parties. My current offer already consists of him reinvesting around 15% in equity (with a predetermined takeout in 3-5 years), + he will extend a vendor loan as additional financing and receive an earnout after x years given certain targets. Examples: Structure an additional earnout on gross profit/EBITDA/realisation of certain projects but cash flow wise this is not very desirable When taking out his equity, increase multiple paid determined by certain metrics (gross profit, EBITDA, ... ). Use performance units linked to certain metrics which vest year after metrics are obtained? ... Any thoughts would be greatly appreciated!! Thanks! Sorry to the mods if this causes any inconvenience.. [link] [comments]  |
| Posted: 23 Feb 2018 05:11 AM PST I took a quick glance at the company to see why general mills was willing to pay $8b for the company because it seemed like a lot. It looks like a lot imo and the operational growth would have to be like 10x to get a solid return on that purchase price. So what is general mills seeing? [link] [comments]  |
| Looking for a good book about investing in gold, silver, etc and in the producing companies Posted: 23 Feb 2018 05:21 AM PST |
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