Despite closing my ACAS position nearly two months ago (see my reasons here), I still get more traffic and questions on ACAS than on any other stock. A reader thoughtfully sent in a petiton regarding ACAS’ plan to issue shares below NAV. I’ve stopped following the stock and don’t know much about the details of [...]
Click here to view the spreadsheet containing all disclosures for my complete equity portfolio, including initial entry points, YTD returns, total returns, etc. THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: -18.1% YTD (including dividends) DJIA: -33.4% Nasdaq: -42.1% S&P 500: -39.0% DJ WIlshire 5000: -39.6% Russell 2000 (smallcap): -38.2% The portfolio sagged ever lower, finishing November down [...]
A reader emailed a question regarding ACAS: “I really like you posts on ACAS. I have lost so much money on this wooffer that is beyond pain. No, actually the pain is still there. Without holding you liable in any way, shape or form, is this thing going under? If you take a two year [...]
Seth Klarman is one of the more secretive money managers out there so I don’t know what returns Baupost has generated in 2008. Here are some recent stories with his thoughts on current market conditions. Looking at his SEC filing, I see a few interesting moves: Klarman didn’t open any bold new positions other than [...]
Usually, I do not post portfolio adjustments but once a month as I update the holdings spreadsheet but with all my commentary on ACAS in recent months, I felt an obligation to readers to disclose I’ve sold out of ACAS @ $6.20 for a 70% loss. I’ve been thinking about this damn stock for a [...]
With the conference call is out of the way, first some key numbers, major developments and then my take going forward: Results $0.74 NOI per diluted share, $0.72 realized EPS, -$2.63 loss per share. The realized number includes $54M of taxes on retained capital gains while the loss number includes $698M of unrealized depreciation centered [...]
