“Floyd Mayweather Got Knocked Out in Real Estate By Not Taking a Mortgage” screams the headline on this article at the TheStreet.com. The article would have us believe that the billionaire boxer has made a huge mistake by paying for a $26 million Beverly Hills mansion in cash, rather than taking out a mortgage. Some celebrities have chosen… Read More »
If all goes according to plan, in June 2017, Disney(DIS) will take full ownership of Euro Disney(EUDSF) and finally end the embarrassing cycle of public bailouts and recriminations from minority investors. As recently as 2015, Disney owned just 40% of Euro Disney. A bailout that year increased its stake to 77% and led to an outcry from investors… Read More »
For those who thought the Ron Johnson era at J.C. Penney(JCP) was long over, a reminder this week that the results of his disastrous 17 month tenure continue to linger. Johnson was fired in 2013, but, despite strides under new CEO Marvin Ellison, the company remains a shadow of what it was prior to Johnson’s tenure. Incredibly, Johnson… Read More »
I have made no secret of my displeasure with Steven Kiel. Having never faced a vote by Sitestar(SYTE) shareholders, Steven Kiel became a Board member through a settlement and CEO when the Board fired previous management. He then added his supporters to the Board, sold shares to his fund and his friends at below market prices. This massive… Read More »
One year ago, in announcing an agreement with SRS Investment Management, Avis Budget Group(CAR) CEO Ronald Nelson had nothing but praise for SRS. We are pleased to welcome Brian to the Board and are confident that the skills and expertise that he and the other new independent director will bring to the Board will add valuable insight as… Read More »
Sitestar’s(SYTE) shareholder meeting was held today, and it seems that I wasn’t the only one who withheld my votes for Steven Kiel and his cronies. There were 95,812,187 shares voted for directors. Officers and Directors collectively own 85,839,497 shares. I believe it is safe to assume that those were all voted and were all voted in favor of management’s slate.… Read More »
It won’t matter. Steven Kiel made sure of that when he seized control of Sitestar(SYTE) without a shareholder vote or a control premium. In fact, Mr. Kiel went from 6% of shares to 42.5% by buying new shares at a significant discount to market price. In an August 11 post on Corner of Berkshire and Fairfax, Mr. Kiel… Read More »
Maybe, but not for the reason Ken Goldberg suggests at TheStreet.com. Goldberg, the subtitle(“Technical analysis makes a case for lightening up on shares of Buffett’s BRK.B stock”) would indicate, is devotee of divining future stock price movements from the entrails of birds, err, technical analysis. The answer for such a person is a resounding yes- sell Berkshire Hathaway.… Read More »
Appliance sales may be the answer for growth for brick and mortar retailers Best Buy(BBY) and JC Penney(JCP). Best Buy has shown consistent growth in appliance sales while struggling with its core electronics business. JC Penney announced plans to expand a pilot selling appliances to many additional stores. At the same time, moribund Sears Holdings(SHLD), once the clear… Read More »
In December, Sardar Biglari was successful in his push for two Board seats at Insignia Systems(ISIG), entering into a standstill agreement with Nick Swenson’s Groveland Capital. You may recall that the Maxim editor-in-chief serendipitously found value in both Insignia and Air-T(AIRT), both companies which Groveland had significant involvement, immediately after Swenson dared to challenge Biglari’s control of the… Read More »